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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Available-for-Sale Marketable Securities Held

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

Schedule of Fair Value Measurements within Fair Value Hierarchy

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

Schedule of Contractual Maturities of Available-for-Sale Marketable Securities Held

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

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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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

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