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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of available-for-sale marketable securities | Available-for-sale marketable securities consisted of the following (in thousands):
|  | March 31, 2024
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Asset-backed securities |  | $ | 2,384 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 2,379 |
Corporate debt securities |  | 43,118 |  |  | 2 |  |  | (64) |  |  | 43,056 |
U.S. treasury securities |  | 239,347 |  |  | 36 |  |  | (106) |  |  | 239,277 |
Agency bonds |  | 9,180 |  |  | — |  |  | (22) |  |  | 9,158 |
Commercial paper |  | 4,954 |  |  | — |  |  | — |  |  | 4,954 |
Total marketable securities, available-for-sale |  | $ | 298,983 |  |  | $ | 38 |  |  | $ | (197) |  |  | $ | 298,824 |
|  | 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 |
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):
|  | March 31, 2024 |  | December 31, 2023
Due within one year |  | $ | 235,059 |  |  | $ | 197,633 |
Due after one year but within five years |  | 63,765 |  |  | 19,997 |
Total estimated fair value of contractual maturities, available-for-sale |  | $ | 298,824 |  |  | $ | 217,630 |
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):
|  | March 31, 2024 |  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Total Estimated Fair Value |  | Level 1 |  | Level 2 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 20,276 |  |  | $ | — |  |  | $ | 20,276 |  |  | $ | 22,142 |  |  | $ | — |  |  | $ | 22,142 |
U.S. treasury securities |  | 30,000 |  |  | — |  |  | 30,000 |  |  | 2,000 |  |  | — |  |  | 2,000 |
Available-for-sale marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | — |  |  | 2,379 |  |  | 2,379 |  |  | — |  |  | 3,504 |  |  | 3,504 |
Corporate debt securities |  | — |  |  | 43,056 |  |  | 43,056 |  |  | — |  |  | 6,013 |  |  | 6,013 |
U.S. treasury securities |  | 239,277 |  |  | — |  |  | 239,277 |  |  | 176,184 |  |  | — |  |  | 176,184 |
Agency bonds |  | 9,158 |  |  | — |  |  | 9,158 |  |  | 16,103 |  |  | — |  |  | 16,103 |
Commercial paper |  | — |  |  | 4,954 |  |  | 4,954 |  |  | — |  |  | 15,826 |  |  | 15,826 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Currency hedging contracts (1) |  | — |  |  | 1,574 |  |  | 1,574 |  |  | — |  |  | — |  |  | — |
Total assets |  | $ | 298,711 |  |  | $ | 51,963 |  |  | $ | 350,674 |  |  | $ | 216,429 |  |  | $ | 25,343 |  |  | $ | 241,772 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Currency hedging contracts (1) |  | $ | — |  |  | $ | 478 |  |  | $ | 478 |  |  | $ | — |  |  | $ | 9,480 |  |  | $ | 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 March 31, 2024, the derivative assets and liabilities recorded within prepaid expenses and other current assets, prepaid expense and other assets and other long-term liabilities in our condensed consolidated balance sheets were $1.3 million, $0.3 million and $0.5 million, respectively.

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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