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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis (in thousands):

			March 31, 2023																								December 31, 2022
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash and cash equivalents			$	103,753					$	250,081					$	—					$	353,834					$	137,636					$	187,453					$	—					$	325,089
Investments:
Commercial paper			—						109,873						—						109,873						—						127,302						—						127,302
Corporate debt securities			—						87,381						—						87,381						—						49,491						—						49,491
U.S. government & agency securities			—						323,804						—						323,804						—						270,436						—						270,436
Total investments			—						521,058						—						521,058						—						447,229						—						447,229
Short-term restricted cash			300						—						—						300						300						—						—						300
Long-term restricted cash			2,922						—						—						2,922						2,922						—						—						2,922
Total assets measured at fair value			$	106,975					$	771,139					$	—					$	878,114					$	140,858					$	634,682					$	—					$	775,540
Liabilities
Contingent consideration			$	—					$	—					$	184,350					$	184,350					$	—					$	—					$	172,094					$	172,094
Total liabilities measured at fair value			$	—					$	—					$	184,350					$	184,350					$	—					$	—					$	172,094					$	172,094

Changes in the Estimated Fair Value of Contingent Consideration Liability

Changes in the estimated fair value of the contingent consideration liability for the three months ended March 31, 2023 were as follows (in thousands):

			Level 3
Beginning balance as of December 31, 2022			$	172,094
Change in estimated fair value			12,256
Ending balance as of March 31, 2023			$	184,350

Summary of Cash, Cash Equivalents and Investments

The following tables summarize our cash, cash equivalents and investments (in thousands):

			As of March 31, 2023
			Amortized Cost						Gross unrealized gains						Gross unrealized losses						Fair Value
Cash and cash equivalents			353,837						24						(27)						353,834
Investments:
Commercial paper			110,009						17						(153)						109,873
Corporate debt securities			87,426						299						(344)						87,381
U.S. government & agency securities			325,544						576						(2,316)						323,804
Total investments			522,979						892						(2,813)						521,058
Total cash, cash equivalents and investments			$	876,816					$	916					$	(2,840)					$	874,892
Short-term restricted cash			$	300					$	—					$	—					$	300
Long-term restricted cash			$	2,922					$	—					$	—					$	2,922
			As of December 31, 2022
			Amortized Cost						Gross unrealized gains						Gross unrealized losses						Fair Value
Cash and cash equivalents			325,144						6						(61)						325,089
Investments:
Commercial paper			127,626						9						(333)						127,302
Corporate debt securities			49,998						—						(507)						49,491
U.S. government & agency securities			274,315						1						(3,880)						270,436
Total investments			451,939						10						(4,720)						447,229
Total cash, cash equivalents and investments			$	777,083					$	16					$	(4,781)					$	772,318
Short-term restricted cash			$	300					$	—					$	—					$	300
Long-term restricted cash			$	2,922					$	—					$	—					$	2,922

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of March 31, 2023 (in thousands):

			Fair Value
Due in one year or less			$	634,191
Due after one year through five years			136,948
Total			$	771,139

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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