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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 UnrealizedClassification on Balance Sheet
Amortized CostGains
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 paper4,453 1 — 4,454 4,454 — 
Corporate bonds1,028,585 4,735 (73)1,033,247 833,613 199,634 
U.S. government agency obligations323,064 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 paper6,249 — (5)6,244 6,244 — 
Corporate bonds1,328,980 6,429 (4,201)1,331,208 276,975 1,054,233 
U.S. government agency obligations428,157 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 ValueFair Value Measurements at
Reporting Date Using
 Level 1Level 2
As of September 30, 2024
Cash Equivalents and Marketable Securities:
Money market funds$146,898 $146,898 $— 
Time deposits58,800 — 58,800 
Commercial paper4,454 — 4,454 
Corporate bonds1,033,247 — 1,033,247 
U.S. government agency obligations324,444 — 324,444 
Mutual funds26,739 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 deposits39,670 — 39,670 
Commercial paper6,244 — 6,244 
Corporate bonds1,331,208 — 1,331,208 
U.S. government agency obligations429,640 — 429,640 
Mutual funds22,942 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 years255,108 1,409,504 
$1,375,026 $1,781,518