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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 |  | Aggregate Fair Value
|  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  | (In thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 216,560 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 216,560 |  |  | $ | — |  |  | $ | — |  |  | $ | 216,560 |
Commercial paper |  | 6,752 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,752 |  |  | — |  |  | 6,752 |
U.S. Treasury bills |  | 22,995 |  |  | — |  |  | — |  |  | — |  |  | 22,995 |  |  | — |  |  | — |  |  | 22,995 |
Total included in cash and cash equivalents |  | 246,307 |  |  | — |  |  | — |  |  | — |  |  | 239,555 |  |  | 6,752 |  |  | — |  |  | 246,307 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 370,611 |  |  | 1,653 |  |  | (8) |  |  | (31) |  |  | 372,225 |  |  | — |  |  | — |  |  | 372,225 |
Non-U.S. government securities |  | 2,909 |  |  | 30 |  |  | — |  |  | — |  |  | 2,939 |  |  | — |  |  | — |  |  | 2,939 |
Corporate debt securities and commercial paper |  | 1,594,751 |  |  | 9,337 |  |  | (560) |  |  | (179) |  |  | 21,049 |  |  | 1,582,300 |  |  | — |  |  | 1,603,349 |
Total debt securities |  | 1,968,271 |  |  | 11,020 |  |  | (568) |  |  | (210) |  |  | 396,213 |  |  | 1,582,300 |  |  | — |  |  | 1,978,513 |
Equity securities |  | 2,470 |  |  | — |  |  | — |  |  | — |  |  | 2,470 |  |  | — |  |  | — |  |  | 2,470 |
Total marketable securities |  | 1,970,741 |  |  | 11,020 |  |  | (568) |  |  | (210) |  |  | 398,683 |  |  | 1,582,300 |  |  | — |  |  | 1,980,983 |
Total financial assets |  | $ | 2,217,048 |  |  | $ | 11,020 |  |  | $ | (568) |  |  | $ | (210) |  |  | $ | 638,238 |  |  | $ | 1,589,052 |  |  | $ | — |  |  | $ | 2,227,290 |
|  | 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, 2024 |  | Aggregate Fair Value
|  |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  | (In thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 207,323 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 207,323 |  |  | $ | — |  |  | $ | — |  |  | $ | 207,323 |
Commercial paper |  | 15,059 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 15,059 |  |  |  |  | 15,059 |
U.S. Treasury bills |  | 2,748 |  |  | — |  |  | — |  |  | — |  |  |  |  | 2,748 |  |  | — |  |  | — |  |  | 2,748 |
Total included in cash and cash equivalents |  | 225,130 |  |  | — |  |  | — |  |  | — |  |  |  |  | 210,071 |  |  | 15,059 |  |  | — |  |  | 225,130 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 379,846 |  |  | 1,243 |  |  | (296) |  |  | (55) |  |  |  |  | 380,738 |  |  | — |  |  | — |  |  | 380,738 |
Non-U.S. government securities |  | 2,909 |  |  | 27 |  |  | — |  |  | — |  |  |  |  | 2,936 |  |  | — |  |  | — |  |  | 2,936 |
Corporate debt securities and commercial paper |  | 1,571,944 |  |  | 6,415 |  |  | (1,594) |  |  | (557) |  |  |  |  | 16,890 |  |  | 1,559,318 |  |  | — |  |  | 1,576,208 |
Total debt securities |  | 1,954,699 |  |  | 7,685 |  |  | (1,890) |  |  | (612) |  |  |  |  | 400,564 |  |  | 1,559,318 |  |  | — |  |  | 1,959,882 |
Equity securities |  | 3,220 |  |  | — |  |  | — |  |  | — |  |  |  |  | 3,220 |  |  | — |  |  | — |  |  | 3,220 |
Total marketable securities |  | 1,957,919 |  |  | 7,685 |  |  | (1,890) |  |  | (612) |  |  |  |  | 403,784 |  |  | 1,559,318 |  |  | — |  |  | 1,963,102 |
Total financial assets |  | $ | 2,183,049 |  |  | $ | 7,685 |  |  | $ | (1,890) |  |  | $ | (612) |  |  |  |  | $ | 613,855 |  |  | $ | 1,574,377 |  |  | $ | — |  |  | $ | 2,188,232 |
Schedule of contractual maturities of marketable securities | The following table summarizes the contractual maturities of debt securities:
|  | As of March 31, |  | As of December 31,
|  | 2025 |  | 2024
|  | Amortized Cost |  | Aggregate Fair Value |  | Amortized Cost |  | Aggregate Fair Value
Financial Assets: |  | (In thousands)
Less than one year |  | $ | 783,522 |  |  | $ | 785,570 |  |  | $ | 684,294 |  |  | $ | 685,091 |
One to three years |  | 1,184,749 |  |  | 1,192,943 |  |  | 1,270,405 |  |  | 1,274,791 |
Total |  | $ | 1,968,271 |  |  | $ | 1,978,513 |  |  | $ | 1,954,699 |  |  | $ | 1,959,882 |

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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 + Details
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