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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The following tables provide the financial assets measured at fair value on a recurring basis:
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
June 30, 2024		Aggregate
Fair Value
Level 1Level 2Level 3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$483,904 $— $— $— $483,904 $— $— $483,904 
Commercial paper15,287 — — — — 15,287 — 15,287 
U.S. Treasury bills68,383 — — — 68,383 — — 68,383 
Total included in cash
    and cash equivalents		567,574 — — — 552,287 15,287 — 567,574 
Marketable securities:
Debt securities:
U.S. Treasury securities433,012 60 (1,234)(198)431,640 — — 431,640 
Non-U.S. government
   securities
8,787 12 — (16)8,783 — — 8,783 
Corporate debt securities and commercial paper1,926,309 2,102 (7,858)(2,031)10,810 1,907,712 — 1,918,522 
Total debt securities2,368,108 2,174 (9,092)(2,245)451,233 1,907,712 — 2,358,945 
Equity securities2,118 — — — 2,118 — — 2,118 
Total marketable
   securities		2,370,226 2,174 (9,092)(2,245)453,351 1,907,712 — 2,361,063 
Total financial assets$2,937,800 $2,174 $(9,092)$(2,245)$1,005,638 $1,922,999 $— $2,928,637 
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
December 31, 2023		Aggregate
Fair Value
Level 1Level 2Level  3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$408,696 $— $— $— $408,696 $— $— $408,696 
Total included in cash
    and cash equivalents		408,696 — — — 408,696 — — 408,696 
Marketable securities:
Debt securities:
U.S. Treasury securities410,665 2,162 (7)(1,665)411,155 — — 411,155 
Non-U.S. government
   securities
83,576 55 (111)(1,209)82,311 — — 82,311 
Corporate debt securities and commercial paper2,859,071 15,366 (10,818)(5,922)16,690 2,841,007 — 2,857,697 
Total debt securities3,353,312 17,583 (10,936)(8,796)510,156 2,841,007 — 3,351,163 
Equity securities4,901 — — — 4,901 — — 4,901 
Total marketable
   securities		3,358,213 17,583 (10,936)(8,796)515,057 2,841,007 — 3,356,064 
Total financial assets$3,766,909 $17,583 $(10,936)$(8,796)$923,753 $2,841,007 $— $3,764,760 
The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s debt securities primarily consist of U.S. Treasury Securities, non-U.S government securities, high credit quality corporate debt securities and commercial paper. Because the Company views its debt securities as available to support current operations, it has classified all available for sale securities as short-term.
Interest earned on debt securities was $23.5 million and $50.6 million in the three and six months ended June 30, 2024, respectively, and $16.7 million and $33.9 million in the three and six months ended June 30, 2023, respectively. The interest is recorded as other income, net, in the accompanying condensed consolidated statements of operations.
The following table summarizes the contractual maturities of debt securities:
As of June 30,As of December 31,
20242023
Amortized
Cost		Aggregate
Fair Value		Amortized
Cost		Aggregate
Fair Value
Financial Assets:(In thousands)
Less than one year$807,283 $802,685 $1,448,256 $1,434,149 
One to three years1,560,825 1,556,260 1,905,056 1,917,014 
Total$2,368,108 $2,358,945 $3,353,312 $3,351,163 
Strategic Investments
As of June 30, 2024 and December 31, 2023, the Company held strategic investments with a carrying value of $31.1 million and $30.7 million, respectively, recorded as other long-term assets in the accompanying condensed consolidated balance sheets. The carrying value of these securities is determined under the measurement alternative on a non-recurring basis and adjusted for observable changes in fair value or impairment. There were no significant impairments or adjustments recorded in the six months ended June 30, 2024 related to these investments. During the six months ended June 30, 2023, the Company recorded an impairment loss of $46.2 million related to one of these investments in other expenses, net, in the accompanying condensed consolidated statement of operations.
Financial Liabilities
The Company’s financial liabilities that are measured at fair value on a recurring basis consist of foreign currency derivative liabilities and are classified as Level 2 financial instruments in the fair value hierarchy. As of June 30, 2024 and December 31, 2023, the aggregate fair value of these liabilities and the associated unrealized losses were not significant.
The Company’s financial liabilities that are not measured at fair value on a recurring basis are its Senior Notes due 2029 (“2029 Notes”) and its Senior Notes due 2031 (“2031 Notes”). As of June 30, 2024, the fair values of the 2029 Notes and 2031 Notes were $453.5 million and $443.3 million, respectively. As of December 31, 2023, the fair values of the 2029 Notes and 2031 Notes were $462.4 million and $452.3 million, respectively.