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Marketable Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Value and Amortized Cost of Marketable Securities | The following tables summarize the fair values of the Company’s marketable securities (in thousands):
| June 30, 2024 |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
U.S. treasury securities | $ | 742,758 |  |  | $ | 5 |  |  | $ | (1,156 | ) |  | $ | 741,607 |
Corporate notes and bonds |  | 452,210 |  |  |  | 68 |  |  |  | (1,317 | ) |  |  | 450,961 |
U.S. agency obligations |  | 346,002 |  |  |  | 71 |  |  |  | (758 | ) |  |  | 345,315 |
Commercial paper |  | 82,010 |  |  |  | - |  |  |  | (40 | ) |  |  | 81,970 |
Total marketable securities | $ | 1,622,980 |  |  | $ | 144 |  |  | $ | (3,271 | ) |  | $ | 1,619,853 |
| December 31, 2023 |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
U.S. treasury securities | $ | 834,235 |  |  | $ | 257 |  |  | $ | (1,355 | ) |  | $ | 833,137 |
U.S. agency obligations |  | 403,035 |  |  |  | 599 |  |  |  | (875 | ) |  |  | 402,759 |
Corporate notes and bonds |  | 279,328 |  |  |  | 838 |  |  |  | (457 | ) |  |  | 279,709 |
Commercial paper |  | 35,407 |  |  |  | - |  |  |  | (3 | ) |  |  | 35,404 |
Total marketable securities | $ | 1,552,005 |  |  | $ | 1,694 |  |  | $ | (2,690 | ) |  | $ | 1,551,009 |
Schedule of Fair Values and Unrealized Losses on Marketable Securities | The following tables summarize the fair values and unrealized losses of the Company’s marketable securities, classified by the length of time that the securities have been in a continuous unrealized loss position (in thousands):
| June 30, 2024 |
| Less than 12 Months | 12 Months or Greater | Total |
| Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. treasury securities | $ | 506,864 |  |  | $ | (788 | ) |  | $ | 181,167 |  |  | $ | (368 | ) |  | $ | 688,031 |  |  | $ | (1,156 | )
Corporate notes and bonds |  | 339,304 |  |  |  | (1,049 | ) |  |  | 50,707 |  |  |  | (268 | ) |  |  | 390,011 |  |  |  | (1,317 | )
U.S. agency obligations |  | 209,623 |  |  |  | (525 | ) |  |  | 95,438 |  |  |  | (233 | ) |  |  | 305,061 |  |  |  | (758 | )
Commercial paper |  | 18,055 |  |  |  | (40 | ) |  |  | - |  |  |  | - |  |  |  | 18,055 |  |  |  | (40 | )
Total | $ | 1,073,846 |  |  | $ | (2,402 | ) |  | $ | 327,312 |  |  | $ | (869 | ) |  | $ | 1,401,158 |  |  | $ | (3,271 | )
| December 31, 2023 |
| Less than 12 Months | 12 Months or Greater | Total |
| Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. treasury securities | $ | 487,260 |  |  | $ | (1,074 | ) |  | $ | 46,130 |  |  | $ | (281 | ) |  | $ | 533,390 |  |  | $ | (1,355 | )
U.S. agency obligations |  | 206,105 |  |  |  | (390 | ) |  |  | 80,657 |  |  |  | (485 | ) |  |  | 286,762 |  |  |  | (875 | )
Corporate notes and bonds |  | 100,295 |  |  |  | (293 | ) |  |  | 31,277 |  |  |  | (164 | ) |  |  | 131,572 |  |  |  | (457 | )
Commercial paper |  | 6,810 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | 6,810 |  |  |  | (3 | )
Total | $ | 800,470 |  |  | $ | (1,760 | ) |  | $ | 158,064 |  |  | $ | (930 | ) |  | $ | 958,534 |  |  | $ | (2,690 | )
Schedule of Fair Value and Amortized Cost of Contractual Maturities | The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):
| June 30, 2024 |
| Amortized Cost |  |  | Fair Value |
Due within one year | $ | 1,175,453 |  |  | $ | 1,173,346 |
Due after one year through five years |  | 447,527 |  |  |  | 446,507 |
Total | $ | 1,622,980 |  |  | $ | 1,619,853 |

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