v3.24.1.u1

Fair Value Disclosure (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The Company’s financial assets measured at fair value on a recurring basis are as follows (in thousands):

			As of March 31, 2024																		As of December 31, 2023
			Fair Value						Level 1						Level 3						Fair Value						Level 1						Level 3
Assets:
Cash and cash equivalents:
Cash			$	570,464					$	570,464					$	—					$	594,493					$	594,493					$	—
Money market funds			1,485,264						1,485,264						—						1,431,398						1,431,398						—
Restricted cash, current			40,713						40,713						—						40,713						40,713						—
Other non-current assets:
Strategic Investment			54,390						—						54,390						53,816						—						53,816
Total assets measured and recorded at fair value			$	2,150,831					$	2,096,441					$	54,390					$	2,120,420					$	2,066,604					$	53,816

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reflects the changes in the fair value of the Company’s Level 3 financial assets (in thousands):

			Three Months Ended
			March 31, 2024						March 31, 2023
Beginning balance			$	53,816					$	39,468
Purchase of Strategic Investment			—						5,000
Change in estimated fair value of the Strategic Investment			574						3,210
Ending balance			$	54,390					$	47,678

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- References

No definition available.

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