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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
|  | June 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 273,038 |  |  | $ | - |  |  | $ | 273,038 |
Commercial paper |  |  | - |  |  |  | 8,439 |  |  |  | 8,439 |
U.S. treasury securities |  |  | - |  |  |  | 1,994 |  |  |  | 1,994 |
Marketable securities: |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | - |  |  |  | 741,607 |  |  |  | 741,607 |
Corporate notes and bonds |  |  | - |  |  |  | 450,961 |  |  |  | 450,961 |
U.S. agency obligations |  |  | - |  |  |  | 345,315 |  |  |  | 345,315 |
Commercial paper |  |  | - |  |  |  | 81,970 |  |  |  | 81,970 |
Derivative instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  | - |  |  |  | 1,659 |  |  |  | 1,659 |
Total assets |  | $ | 273,038 |  |  | $ | 1,631,945 |  |  | $ | 1,904,983 |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | - |  |  | $ | 842 |  |  | $ | 842 |
Total liabilities |  | $ | - |  |  | $ | 842 |  |  | $ | 842 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 264,923 |  |  | $ | - |  |  | $ | 264,923 |
U.S. treasury securities |  |  | - |  |  |  | 52,130 |  |  |  | 52,130 |
Marketable securities: |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | - |  |  |  | 833,137 |  |  |  | 833,137 |
U.S. agency obligations |  |  | - |  |  |  | 402,759 |  |  |  | 402,759 |
Corporate notes and bonds |  |  | - |  |  |  | 279,709 |  |  |  | 279,709 |
Commercial paper |  |  | - |  |  |  | 35,404 |  |  |  | 35,404 |
Derivative instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  | - |  |  |  | 3,219 |  |  |  | 3,219 |
Total assets |  | $ | 264,923 |  |  | $ | 1,606,358 |  |  | $ | 1,871,281 |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative instruments: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | - |  |  | $ | 1,272 |  |  | $ | 1,272 |
Total liabilities |  | $ | - |  |  | $ | 1,272 |  |  | $ | 1,272 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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