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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of available-for-sale marketable securities
Available-for-sale marketable securities consisted of the following (in thousands):
June 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$928 $— $(2)$926 
Corporate debt securities52,579 — (126)52,453 
U.S. treasury securities282,769 1 (170)282,600 
Agency bonds5,199 — (12)5,187 
Total marketable securities, available-for-sale$341,475 $1 $(310)$341,166 
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$3,512 $— $(8)$3,504 
Corporate debt securities6,022 1 (10)6,013 
U.S. treasury securities175,996 200 (12)176,184 
Agency bonds16,119 — (16)16,103 
Commercial paper15,826 — — 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):
June 30, 2024December 31, 2023
Due within one year$304,661 $197,633 
Due after one year but within five years36,505 19,997 
Total estimated fair value of contractual maturities, available-for-sale$341,166 $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):
June 30, 2024December 31, 2023
Level 1Level 2
Total Estimated Fair Value
Level 1Level 2
Total Estimated Fair Value
Assets
Cash equivalents
Money market funds$56,965 $— $56,965 $22,142 $— $22,142 
U.S. treasury securities20,000 — 20,000 2,000 — 2,000 
Available-for-sale marketable
   securities
Asset-backed securities— 926 926 — 3,504 3,504 
Corporate debt securities— 52,453 52,453 — 6,013 6,013 
U.S. treasury securities282,600 — 282,600 176,184 — 176,184 
Agency bonds5,187 — 5,187 16,103 — 16,103 
Commercial paper— — — — 15,826 15,826 
Derivative instruments
Currency hedging contracts (1)
— 1,389 1,389 — — — 
Total assets$364,752 $54,768 $419,520 $216,429 $25,343 $241,772 
Liabilities
Derivative instruments
Currency hedging contracts (1)
$— $688 $688 $— $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 June 30, 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 $1.2 million, $0.2 million and $0.7 million, respectively.