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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured and Carried at Fair Value | The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:
|  | Fair Value Measurement as of June 30, 2024 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 100,859 |  |  | $ | 100,859 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 26,866 |  |  |  | — |  |  |  | 26,866 |  |  |  | — |
Government and government agency bonds |  |  | 854,254 |  |  |  | — |  |  |  | 854,254 |  |  |  | — |
Corporate bonds |  |  | 180,781 |  |  |  | — |  |  |  | 180,781 |  |  |  | — |
Strategic investments |  |  | 7,606 |  |  |  | 6,606 |  |  |  | — |  |  |  | 1,000 |
Certificates of deposit |  |  | 53,130 |  |  |  | — |  |  |  | 53,130 |  |  |  | — |
Total assets |  | $ | 1,223,496 |  |  | $ | 107,465 |  |  | $ | 1,115,031 |  |  | $ | 1,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 48,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,200 |
Total liabilities |  | $ | 48,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,200 |
|  | Fair Value Measurement as of December 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 63,919 |  |  | $ | 63,919 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 113,362 |  |  |  | — |  |  |  | 113,362 |  |  |  | — |
Government and government agency bonds |  |  | 1,001,137 |  |  |  | — |  |  |  | 1,001,137 |  |  |  | — |
Corporate bonds |  |  | 130,380 |  |  |  | — |  |  |  | 130,380 |  |  |  | — |
Strategic investments |  |  | 6,527 |  |  |  | 5,527 |  |  |  | — |  |  |  | 1,000 |
Certificates of deposit |  |  | 56,621 |  |  |  | — |  |  |  | 56,621 |  |  |  | — |
Total assets |  | $ | 1,371,946 |  |  | $ | 69,446 |  |  | $ | 1,301,500 |  |  | $ | 1,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 38,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,100 |
Total liabilities |  | $ | 38,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,100 |
Summary of Fair Value of Level 3 Financial Liabilities | The following table represents a roll-forward of the fair value of Level 3 financial liabilities for the periods indicated:
|  | As of June 30, 2024 |  |  | As of June 30, 2023 |
|  | (in thousands) |
Fair value, as of beginning of period |  | $ | 38,100 |  |  | $ | 36,900 |
Change in estimated fair value |  |  | 10,100 |  |  |  | — |
Liabilities terminated |  |  | — |  |  |  | (800 | )
Fair value, as of end of period |  | $ | 48,200 |  |  | $ | 36,100 |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of liabilities 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://www.xbrl.org/2003/role/disclosureRef -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/2003/role/disclosureRef -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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