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Fair Value Measurement (Tables)

9 Months Ended

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.

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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).

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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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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).

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