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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of available-for-sale marketable securities | Available-for-sale marketable securities consisted of the following (in thousands):
|  | December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Asset-backed securities |  | $ | 3,512 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 3,504 |
Corporate debt securities |  | 6,022 |  |  | 1 |  |  | (10) |  |  | 6,013 |
U.S. treasury securities |  | 175,996 |  |  | 200 |  |  | (12) |  |  | 176,184 |
Agency bonds |  | 16,119 |  |  | — |  |  | (16) |  |  | 16,103 |
Commercial paper |  | 15,826 |  |  | — |  |  | — |  |  | 15,826 |
Total marketable securities, available-for-sale |  | $ | 217,475 |  |  | $ | 201 |  |  | $ | (46) |  |  | $ | 217,630 |
|  | December 31, 2022
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Asset-backed securities |  | $ | 1,146 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,146 |
Corporate debt securities |  | 7,139 |  |  | — |  |  | (9) |  |  | 7,130 |
U.S. treasury securities |  | 111,469 |  |  | — |  |  | (934) |  |  | 110,535 |
Agency bonds |  | 2,783 |  |  | 2 |  |  | (1) |  |  | 2,784 |
Commercial paper |  | 7,004 |  |  | — |  |  | — |  |  | 7,004 |
Total marketable securities, available-for-sale |  | $ | 129,541 |  |  | $ | 2 |  |  | $ | (944) |  |  | $ | 128,599 |
Schedule of contractual maturities of available-for-sale debt securities | The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
|  | December 31, 2023 |  | December 31, 2022
Due within one year |  | $ | 197,633 |  |  | $ | 114,353 |
Due after one year but within five years |  | 19,997 |  |  | 14,246 |
Total estimated fair value of contractual maturities, available-for-sale |  | $ | 217,630 |  |  | $ | 128,599 |
Schedule of assets measured at fair value on a recurring basis | The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
|  | December 31, 2023 |  | December 31, 2022
|  | Level 1 |  | Level 2 |  | Total estimated fair value |  | Level 1 |  | Level 2 |  | Total estimated fair value
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 22,142 |  |  | $ | — |  |  | $ | 22,142 |  |  | $ | 191,704 |  |  | $ | — |  |  | $ | 191,704 |
U.S. treasury securities |  | 2,000 |  |  | — |  |  | 2,000 |  |  | — |  |  | — |  |  | — |
Corporate debt securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Available-for-sale marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | — |  |  | 3,504 |  |  | 3,504 |  |  | — |  |  | 1,146 |  |  | 1,146 |
Corporate debt securities |  | — |  |  | 6,013 |  |  | 6,013 |  |  | — |  |  | 7,130 |  |  | 7,130 |
U.S. treasury securities |  | 176,184 |  |  | — |  |  | 176,184 |  |  | 110,535 |  |  | — |  |  | 110,535 |
Agency bonds |  | 16,103 |  |  | — |  |  | 16,103 |  |  | 2,784 |  |  |  |  | 2,784 |
Commercial paper |  | — |  |  | 15,826 |  |  | 15,826 |  |  | — |  |  | 7,004 |  |  | 7,004 |
Total assets |  | $ | 216,429 |  |  | $ | 25,343 |  |  | $ | 241,772 |  |  | $ | 305,023 |  |  | $ | 15,280 |  |  | $ | 320,303 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Currency hedging contracts(1) |  | $ | — |  |  | $ | 9,480 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of December 31, 2023, the derivative liabilities recorded within accrued expenses and other long-term liabilities were $2.9 million and $6.6 million, respectively.

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