FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

All marketable securities were classified as available-for-sale as of September 30, 2024 and December 31, 2023.

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:


	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	381,781	$	—	$	—	$	381,781	$	381,781	$	—	$	—

Level 2:
Money market instruments	288,687		—		—		288,687		288,687		—		—
Corporate debt securities	551,545		6,154		(114)		557,585		—		178,968		378,617
U.S. government agency securities	172,606		1,372		(49)		173,929		4,980		75,134		93,815

Asset-backed securities	89,866		588		(7)		90,447		—		894		89,553

Subtotal	1,102,704		8,114		(170)		1,110,648		293,667		254,996		561,985
Total	$	1,484,485	$	8,114	$	(170)	$	1,492,429	$	675,448	$	254,996	$	561,985


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	229,676	$	—	$	—	$	229,676	$	229,676	$	—	$	—

Level 2:
Money market instruments	499,483		—		—		499,483		499,483		—		—
Corporate debt securities	587,896		3,476		(1,996)		589,376		—		193,251		396,125
U.S. government agency securities	251,952		556		(1,140)		251,368		19,976		111,343		120,049
Commercial paper	20,076		5		—		20,081		5,992		14,089		—
Asset-backed securities	94,744		351		(134)		94,961		—		—		94,961

Subtotal	1,454,151		4,388		(3,270)		1,455,269		525,451		318,683		611,135
Total	$	1,683,827	$	4,388	$	(3,270)	$	1,684,945	$	755,127	$	318,683	$	611,135

(1) The Company’s short-term marketable securities mature in one year or less.

(2) The Company’s long-term marketable securities mature between one and five years.

As of September 30, 2024, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.

The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of September 30, 2024 and December 31, 2023, the fair value of the Company’s strategic investments was $6.8 million and $11.3 million, respectively. These investments were recorded to Other Assets in the Company’s Condensed Consolidated Balance Sheets. In the second quarter of 2024, based on new developments, the Company became aware of factors that indicated a $4.5 million decline in the fair value of one of its strategic investments. In the first quarter of 2023, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The losses on the Company’s non-marketable equity investments were recorded to Other Income (Expense), Net on the Company’s Condensed Consolidated Statements of Comprehensive Income for the respective periods. See Note 1 - Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s non-marketable securities policy.