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Financial Instruments | 9 Months Ended
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Sep. 30, 2023
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of September 30, 2023 and as of December 31, 2022 are presented in the following tables:
| September 30, 2023
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (In thousands)
Money market funds | $ | 50,937 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,937 |
Corporate bonds | 86,734 |  |  | 3 |  |  | (558) |  |  | 86,179 |
U.S. treasury securities | 311,637 |  |  | — |  |  | (680) |  |  | 310,957 |
U.S. agency securities | 41,998 |  |  | — |  |  | (732) |  |  | 41,266 |
Total cash equivalents and investments | $ | 491,306 |  |  | $ | 3 |  |  | $ | (1,970) |  |  | $ | 489,339 |
Classified as: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  | $ | 60,910 |
Short-term investments |  |  |  |  |  |  | 396,259 |
Long-term investments |  |  |  |  |  |  | 32,170 |
Total cash equivalents and investments |  |  |  |  |  |  | $ | 489,339 |
| December 31, 2022
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (In thousands)
Money market funds | $ | 10,679 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,679 |
Commercial paper | 4,956 |  |  | — |  |  | (2) |  |  | 4,954 |
Corporate bonds | 156,019 |  |  | 25 |  |  | (2,788) |  |  | 153,256 |
U.S. treasury securities | 323,077 |  |  | 5 |  |  | (5,060) |  |  | 318,022 |
U.S. agency securities | 41,078 |  |  | — |  |  | (1,662) |  |  | 39,416 |
Total cash equivalents and investments | $ | 535,809 |  |  | $ | 30 |  |  | $ | (9,512) |  |  | $ | 526,327 |
Classified as: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  | $ | 11,760 |
Short-term investments |  |  |  |  |  |  | 455,416 |
Long-term investments |  |  |  |  |  |  | 59,151 |
Total cash equivalents and investments |  |  |  |  |  |  | $ | 526,327 |
As of September 30, 2023, the remaining contractual maturities of available-for-sale securities were less than 2 years. Realized losses on available-for-sale securities for the three and nine months ended September 30, 2023 were zero and $1.0 million, respectively. There were no significant realized losses on available-for-sale securities for the three and nine months ended September 30, 2022. As of September 30, 2023, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that it is more likely than not that investments in an unrealized loss position will be held until maturity and all interest and principal will be received. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors. As of September 30, 2023 and December 31, 2022, securities with a fair value of $81.0 million and $329.4 million, respectively, were in a continuous net unrealized loss position for more than 12 months. To date, the Company has not recorded any impairment charges on available-for-sale securities. As of September 30, 2023 and December 31, 2022, the Company recognized $1.6 million and $1.8 million, respectively, of accrued interest receivable from available-for-sale securities within prepaid expenses and other current assets on the condensed consolidated balance sheets.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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