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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Debt Securities Available-for-Sale | The following table summarizes our cash equivalents and available-for-sale debt investments:
| June 30, 2024
|  |  | Fair Value Level
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Total Fair Value |  | Level 1 |  | Level 2
| (In thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 48,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,055 |  |  | $ | — |  |  | $ | 48,055 |
Corporate bonds | 708 |  |  | — |  |  | — |  |  | 708 |  |  | — |  |  | 708 |
Money market funds | 109,377 |  |  | — |  |  | — |  |  | 109,377 |  |  | 109,377 |  |  | — |
U.S. government bonds | 3,704 |  |  | — |  |  | — |  |  | 3,704 |  |  | 3,704 |  |  | — |
Total cash equivalents (2) | 161,844 |  |  | — |  |  | — |  |  | 161,844 |  |  | 113,081 |  |  | 48,763 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | 57,317 |  |  | 42 |  |  | (33) |  |  | 57,326 |  |  | — |  |  | 57,326 |
Certificate of deposits | 24,233 |  |  | — |  |  | — |  |  | 24,233 |  |  | 24,233 |  |  | — |
Commercial paper | 48,208 |  |  | — |  |  | — |  |  | 48,208 |  |  | — |  |  | 48,208 |
Corporate bonds | 262,294 |  |  | 165 |  |  | (374) |  |  | 262,085 |  |  | — |  |  | 262,085 |
Municipal bonds | 1,004 |  |  | — |  |  | (1) |  |  | 1,003 |  |  | — |  |  | 1,003 |
U.S. government agency bonds | 3,548 |  |  | — |  |  | (3) |  |  | 3,545 |  |  | — |  |  | 3,545 |
U.S. government bonds | 65,247 |  |  | 5 |  |  | (125) |  |  | 65,127 |  |  | 65,127 |  |  | — |
Total short-term investments | 461,851 |  |  | 212 |  |  | (536) |  |  | 461,527 |  |  | 89,360 |  |  | 372,167 |
Total | $ | 623,695 |  |  | $ | 212 |  |  | $ | (536) |  |  | $ | 623,371 |  |  | $ | 202,441 |  |  | $ | 420,930 |
| December 31, 2023
|  |  | Fair Value Level
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Total Fair Value |  | Level 1 |  | Level 2
| (In thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 138 |  |  | $ | — |  |  | $ | — |  |  | $ | 138 |  |  | $ | — |  |  | $ | 138 |
Commercial paper | 48,063 |  |  | — |  |  | — |  |  | 48,063 |  |  | — |  |  | 48,063 |
Money market funds | 60,719 |  |  | — |  |  | — |  |  | 60,719 |  |  | 60,719 |  |  | — |
U.S. government bonds | 2,996 |  |  | — |  |  | — |  |  | 2,996 |  |  | 2,996 |  |  | — |
Total cash equivalents | 111,916 |  |  | — |  |  | — |  |  | 111,916 |  |  | 63,715 |  |  | 48,201 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | 65,340 |  |  | 170 |  |  | (22) |  |  | 65,488 |  |  | — |  |  | 65,488 |
Certificate of deposits | 17,086 |  |  | — |  |  | — |  |  | 17,086 |  |  | 17,086 |  |  | — |
Commercial paper | 56,273 |  |  | — |  |  | — |  |  | 56,273 |  |  | — |  |  | 56,273 |
Corporate bonds | 251,671 |  |  | 432 |  |  | (299) |  |  | 251,804 |  |  | — |  |  | 251,804 |
U.S. government agency bonds | 13,200 |  |  | — |  |  | (9) |  |  | 13,191 |  |  | — |  |  | 13,191 |
U.S. government bonds | 65,881 |  |  | 13 |  |  | (79) |  |  | 65,815 |  |  | 65,815 |  |  | — |
Total short-term investments | 469,451 |  |  | 615 |  |  | (409) |  |  | 469,657 |  |  | 82,901 |  |  | 386,756 |
Total | $ | 581,367 |  |  | $ | 615 |  |  | $ | (409) |  |  | $ | 581,573 |  |  | $ | 146,616 |  |  | $ | 434,957 |
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2)For six months ended June 30, 2024 and 2023, we sold cash equivalent investments for proceeds of $16.6 million and $40.1 million, respectively, and realized no gain or loss on such sales. The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2024:
|  | Amortized Cost |  | Fair Value |  |  |  |  |  |  |  |
|  | (In thousands) |  |  |  |  |  |  |  |
Within 1 year |  | $ | 484,229 |  |  | $ | 484,015 |  |  |  |  |  |  |  |  |
After 1 year through 5 years |  | 82,149 |  |  | 82,030 |  |  |  |  |  |  |  |  |
Asset-backed securities |  | 57,317 |  |  | 57,326 |  |  |  |  |  |  |  |  |
Total |  | $ | 623,695 |  |  | $ | 623,371 |  |  |  |  |  |  |  |  |

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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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