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Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Available-for-sale marketable securities held as of December 31, 2024 and 2023 were as follows (in thousands):

 Gross UnrealizedAggregate
Fair Value		Classification on Balance Sheet
 Amortized CostShort-Term
Marketable
Securities		Long-Term
Marketable
Securities
As of December 31, 2024GainsLosses
Time deposits
$11,330 $— $— $11,330 $11,330 $— 
Corporate bonds1,003,915 1,369 (307)1,004,977 808,800 196,177 
U.S. government agency obligations303,816 567 (36)304,347 249,318 55,029 
$1,319,061 $1,936 $(343)$1,320,654 $1,069,448 $251,206 
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 holds money market funds and mutual funds, which 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 consolidated balance sheet.

Unrealized gains and unrealized losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest and marketable securities income, net in the consolidated statements of income. As of December 31, 2024, the Company held for investment corporate bonds with a fair value of $14.4 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 December 31, 2024. The unrealized losses are attributable to changes in interest rates. Based on the evaluation of available evidence, the Company does not believe any portion of the unrealized loss is due to credit losses.
Fair Value Measurements

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of December 31, 2024 and 2023 were as follows (in thousands): 

 Total Fair ValueFair Value Measurements at Reporting Date Using
 Level 1Level 2
As of December 31, 2024
Cash Equivalents and Marketable Securities:
Money market funds$163,722 $163,722 $— 
Time deposits
64,202 — 64,202 
Corporate bonds1,004,977 — 1,004,977 
U.S. government agency obligations304,347 — 304,347 
Mutual funds26,580 26,580 — 
$1,563,828 $190,302 $1,373,526 
As of December 31, 2023
Cash Equivalents and Marketable Securities:
Money market funds$177,240 $177,240 $— 
Time deposits
39,670 — 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 December 31, 2024 and 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 years ended December 31, 2024 and 2023.

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 December 31, 2024 and 2023 were as follows (in thousands):

 December 31, 2024December 31, 2023
Due in 1 year or less$1,069,448 $372,014 
Due after 1 year through 5 years251,206 1,409,504 
$1,320,654 $1,781,518