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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

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 September 30, 2024																		Aggregate Fair Value
																														Level 1						Level 2						Level 3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	380,767					$	—					$	—					$	—					$	380,767					$	—					$	—					$	380,767
Commercial paper						1,400						—						—						—						1,400						—						—						1,400
U.S. Treasury bills						15,969						—						—						—						15,969						—						—						15,969
Total included in cash     and cash equivalents						398,136						—						—						—						398,136						—						—						398,136
Marketable securities:
Debt securities:
U.S. Treasury securities						354,415						3,887						—						(70)						358,232						—						—						358,232
Non-U.S. government    securities						6,643						56						—						(2)						6,697						—						—						6,697
Corporate debt securities and commercial paper						1,730,807						17,690						(1,011)						(396)						13,140						1,733,950						—						1,747,090
Total debt securities						2,091,865						21,633						(1,011)						(468)						378,069						1,733,950						—						2,112,019
Equity securities						2,260						—						—						—						2,260						—						—						2,260
Total marketable    securities						2,094,125						21,633						(1,011)						(468)						380,329						1,733,950						—						2,114,279
Total financial assets						$	2,492,261					$	21,633					$	(1,011)					$	(468)					$	778,465					$	1,733,950					$	—					$	2,512,415

						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 1						Level 2						Level  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 securities						410,665						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 paper						2,859,071						15,366						(10,818)						(5,922)												16,690						2,841,007						—						2,857,697
Total debt securities						3,353,312						17,583						(10,936)						(8,796)												510,156						2,841,007						—						3,351,163
Equity securities						4,901						—						—						—												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

Schedule of contractual maturities of marketable securities

The following table summarizes the contractual maturities of debt securities:

						As of September 30,												As of December 31,
						2024												2023
						Amortized Cost						Aggregate Fair Value						Amortized Cost						Aggregate Fair Value
Financial Assets:						(In thousands)
Less than one year						$	772,631					$	773,324					$	1,448,256					$	1,434,149
One to three years						1,319,234						1,338,695						1,905,056						1,917,014
Total						$	2,091,865					$	2,112,019					$	3,353,312					$	3,351,163

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- References

No definition available.

+ Details

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X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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