XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Available-for-sale marketable securities held as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
|  |  | Gross Unrealized |  |  |  | Classification on Balance Sheet
| Amortized Cost |  | Gains |  | Losses |  | Aggregate Fair Value |  | Short-Term Marketable Securities |  | Long-Term Marketable Securities
As of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Time deposits | $ | 12,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,881 |  |  | $ | 12,881 |  |  | $ | — |
Commercial paper | 4,453 |  |  | 1 |  |  | — |  |  | 4,454 |  |  | 4,454 |  |  | — |
Corporate bonds | 1,028,585 |  |  | 4,735 |  |  | (73) |  |  | 1,033,247 |  |  | 833,613 |  |  | 199,634 |
U.S. government agency obligations | 323,064 |  |  | 1,440 |  |  | (60) |  |  | 324,444 |  |  | 268,970 |  |  | 55,474 |
| $ | 1,368,983 |  |  | $ | 6,176 |  |  | $ | (133) |  |  | $ | 1,375,026 |  |  | $ | 1,119,918 |  |  | $ | 255,108 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Time deposits | $ | 14,426 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,426 |  |  | $ | 14,426 |  |  | $ | — |
Commercial paper | 6,249 |  |  | — |  |  | (5) |  |  | 6,244 |  |  | 6,244 |  |  | — |
Corporate bonds | 1,328,980 |  |  | 6,429 |  |  | (4,201) |  |  | 1,331,208 |  |  | 276,975 |  |  | 1,054,233 |
U.S. government agency obligations | 428,157 |  |  | 2,462 |  |  | (979) |  |  | 429,640 |  |  | 74,369 |  |  | 355,271 |
| $ | 1,777,812 |  |  | $ | 8,891 |  |  | $ | (5,185) |  |  | $ | 1,781,518 |  |  | $ | 372,014 |  |  | $ | 1,409,504 |
The Company offers certain eligible employees the ability to participate in a non-qualified deferred compensation plan. The mutual funds held by the Company that are associated with this plan are classified as restricted equity securities. Additionally, the Company holds certain money market funds that are classified as equity securities. These securities are not included in the available-for-sale securities table above but are included in marketable securities in the interim condensed consolidated balance sheets. Unrealized gains and unrealized temporary losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the interim condensed consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest and marketable securities income, net in the interim condensed consolidated statements of income. As of September 30, 2024, the Company held investments in corporate bonds and U.S. government agency obligations with a fair value of $86.0 million, which are classified as available-for-sale marketable securities and have been in a continuous unrealized loss position for more than 12 months. The unrealized losses related to these securities were insignificant and are included in accumulated other comprehensive loss as of September 30, 2024. The unrealized losses are attributable to changes in interest rates. Based on the evaluation of available evidence, the Company does not believe any unrealized losses represent other than temporary impairments. The fair value measurements within the fair value hierarchy of the Company’s financial assets as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
| Total Fair Value |  | Fair Value Measurements at Reporting Date Using
|  | Level 1 |  | Level 2 |  |
As of September 30, 2024 |  |  |  |  |  |  |
Cash Equivalents and Marketable Securities: |  |  |  |  |  |  |
Money market funds | $ | 146,898 |  |  | $ | 146,898 |  |  | $ | — |  |  |
Time deposits | 58,800 |  |  | — |  |  | 58,800 |  |  |
Commercial paper | 4,454 |  |  | — |  |  | 4,454 |  |  |
Corporate bonds | 1,033,247 |  |  | — |  |  | 1,033,247 |  |  |
U.S. government agency obligations | 324,444 |  |  | — |  |  | 324,444 |  |  |
Mutual funds | 26,739 |  |  | 26,739 |  |  | — |  |  |
| $ | 1,594,582 |  |  | $ | 173,637 |  |  | $ | 1,420,945 |  |  |
As of December 31, 2023 |  |  |
Cash Equivalents and Marketable Securities: |  |  |  |  |  |  |
Money market funds | $ | 177,240 |  |  | $ | 177,240 |  |  | $ | — |  |  |
Time deposits | 39,670 |  |  | — |  |  | 39,670 |  |  |
Commercial paper | 6,244 |  |  | — |  |  | 6,244 |  |  |
Corporate bonds | 1,331,208 |  |  | — |  |  | 1,331,208 |  |  |
U.S. government agency obligations | 429,640 |  |  | — |  |  | 429,640 |  |  |
Mutual funds | 22,942 |  |  | 22,942 |  |  | — |  |  |
| $ | 2,006,944 |  |  | $ | 200,182 |  |  | $ | 1,806,762 |  |  |
As of September 30, 2024 and December 31, 2023, the fair value of the Company's financial assets were determined utilizing a Level 1 or Level 2 valuation. Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or identical assets in an inactive market). The Company did not have any transfers of assets or liabilities between Level 1 or Level 2 of the fair value measurement hierarchy during the nine months ended September 30, 2024. When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about the assumptions market participants would use to estimate the fair value of a financial instrument. Contractual maturities of the Company’s available-for-sale marketable securities held as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Due in 1 year or less | $ | 1,119,918 |  |  | $ | 372,014 |
Due after 1 year through 5 years | 255,108 |  |  | 1,409,504 |
| $ | 1,375,026 |  |  | $ | 1,781,518 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration