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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of available-for-sale marketable securities
Available-for-sale marketable securities consisted of the following (in thousands):
September 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$426 $— $— $426 
Corporate debt securities98,060 421 (10)98,471 
U.S. treasury securities399,027 1,055 (50)400,032 
Agency bonds13,049 10 — 13,059 
Total marketable securities, available-for-sale$510,562 $1,486 $(60)$511,988 
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):
September 30, 2024December 31, 2023
Due within one year$301,345 $197,633 
Due after one year but within five years210,643 19,997 
Total estimated fair value of contractual maturities, available-for-sale$511,988 $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):
September 30, 2024December 31, 2023
Level 1Level 2
Total Estimated Fair Value
Level 1Level 2
Total Estimated Fair Value
Assets
Cash equivalents
Money market funds$34,713 $— $34,713 $22,142 $— $22,142 
U.S. treasury securities— — — 2,000 — 2,000 
Available-for-sale marketable
   securities
Asset-backed securities— 426 426 — 3,504 3,504 
Corporate debt securities— 98,471 98,471 — 6,013 6,013 
U.S. treasury securities400,032 — 400,032 176,184 — 176,184 
Agency bonds13,059 — 13,059 16,103 — 16,103 
Commercial paper— — — — 15,826 15,826 
Total assets$447,804 $98,897 $546,701 $216,429 $25,343 $241,772 
Liabilities
Derivative instruments
Currency hedging contracts (1)
$— $7,894 $7,894 $— $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 September 30, 2024, the derivative liabilities recorded within accrued expenses and other long-term liabilities in our condensed consolidated balance sheets were $1.9 million and $6.0 million, respectively.