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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis | The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):
|  | Fair Value Measured as of September 30, 2022 |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Assets included in: |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 231,866 |  |  | $ | — |  |  | $ | 231,866 |
Commercial paper(2) |  |  | — |  |  |  | 107,198 |  |  |  | 107,198 |
U.S. government securities(2) |  |  | — |  |  |  | 616,489 |  |  |  | 616,489 |
Corporate notes and bonds(2) |  |  | — |  |  |  | 196,575 |  |  |  | 196,575 |
Total fair value |  | $ | 231,866 |  |  | $ | 920,262 |  |  | $ | 1,152,128 |
|  | Fair Value Measured as of December 31, 2021 |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Assets included in: |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 227,826 |  |  | $ | — |  |  | $ | 227,826 |
Commercial paper(2) |  |  | — |  |  |  | 233,400 |  |  |  | 233,400 |
U.S. government securities(2) |  |  | — |  |  |  | 722,310 |  |  |  | 722,310 |
Corporate notes and bonds(2) |  |  | — |  |  |  | 257,384 |  |  |  | 257,384 |
Total fair value |  | $ | 227,826 |  |  | $ | 1,213,094 |  |  | $ | 1,440,920 |
(1) Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. (2) As of September 30, 2022 and December 31, 2021, marketable securities with original maturities of three months or less of $62.9 million and $86.1 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis | The fair value as of September 30, 2022 and December 31, 2021 are as follows (amounts in thousands):
|  | September 30, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Level 1 securities |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 231,866 |  |  | $ | — |  |  | $ | — |  |  | $ | 231,866 |
Level 2 securities |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 107,198 |  |  |  | — |  |  |  | — |  |  |  | 107,198 |
U.S. government securities |  |  | 629,591 |  |  |  | 7 |  |  |  | (13,109 | ) |  |  | 616,489 |
Corporate notes and bonds |  |  | 205,551 |  |  |  | — |  |  |  | (8,976 | ) |  |  | 196,575 |
Total |  | $ | 1,174,206 |  |  | $ | 7 |  |  | $ | (22,085 | ) |  | $ | 1,152,128 |
|  | December 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Level 1 securities |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 227,826 |  |  | $ | — |  |  | $ | — |  |  | $ | 227,826 |
Level 2 securities |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 233,400 |  |  |  | — |  |  |  | — |  |  |  | 233,400 |
U.S. government securities |  |  | 724,554 |  |  |  | — |  |  |  | (2,244 | ) |  |  | 722,310 |
Corporate notes and bonds |  |  | 259,348 |  |  |  | — |  |  |  | (1,964 | ) |  |  | 257,384 |
Total |  | $ | 1,445,128 |  |  | $ | — |  |  | $ | (4,208 | ) |  | $ | 1,440,920 |
Summary of Additional Information Gross Unrealized Losses and Fair Value By Major Security For Marketable Securities | The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 100 and 118 marketable securities in an unrealized loss position as of September 30, 2022 and December 31, 2021, respectively (amounts in thousands):
|  | September 30, 2022 |
|  | Less than 12 Consecutive Months |  |  | 12 Consecutive Months or Longer |  |  | Total |
|  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |
U.S. government securities |  | $ | (7,873 | ) |  | $ | 497,088 |  |  | $ | (5,236 | ) |  | $ | 107,960 |  |  | $ | (13,109 | ) |  | $ | 605,048 |
Corporate notes and bonds |  |  | (1,395 | ) |  |  | 48,643 |  |  |  | (7,581 | ) |  |  | 147,932 |  |  |  | (8,976 | ) |  |  | 196,575 |
Total |  | $ | (9,268 | ) |  | $ | 545,731 |  |  | $ | (12,817 | ) |  | $ | 255,892 |  |  | $ | (22,085 | ) |  | $ | 801,623 |
|  | December 31, 2021 |
|  | Less than 12 Consecutive Months |  |  | 12 Consecutive Months or Longer |  |  | Total |
|  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |
U.S. government securities |  | $ | (2,239 | ) |  | $ | 700,318 |  |  | $ | (5 | ) |  | $ | 17,011 |  |  | $ | (2,244 | ) |  | $ | 717,329 |
Corporate notes and bonds |  |  | (1,964 | ) |  |  | 257,384 |  |  |  | — |  |  |  | — |  |  |  | (1,964 | ) |  |  | 257,384 |
Total |  | $ | (4,203 | ) |  | $ | 957,702 |  |  | $ | (5 | ) |  | $ | 17,011 |  |  | $ | (4,208 | ) |  | $ | 974,713 |
Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity | The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of September 30, 2022 are as follows (amounts in thousands):
|  | September 30, 2022 |
|  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 900,414 |  |  | $ | 893,149 |
Due after one year and through five years |  |  | 273,792 |  |  |  | 258,979 |
Total |  | $ | 1,174,206 |  |  | $ | 1,152,128 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27232-111563 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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