Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments

Summary of valuation of the financial instruments

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.

	Fair Value Measurements
	at September 30, 2023 Using
	Quoted Prices in		Significant Other
	Active Markets for		Observable
	Identical Assets		Inputs
Description	(Level 1)		(Level 2)		Total
Cash equivalents:
Money market funds	$	57,144	$	—	$	57,144
Total cash equivalents	$	57,144	$	—	$	57,144
Short-term investments:
Corporate debt securities	$	—	$	166,868	$	166,868
Government debt securities		—		90,289		90,289
Total short-term investments	$	—	$	257,157	$	257,157
Total	$	57,144	$	257,157	$	314,301

	Fair Value Measurements
	at December 31, 2022 Using
	Quoted Prices in		Significant Other
	Active Markets for		Observable
	Identical Assets		Inputs
Description	(Level 1)		(Level 2)		Total
Cash equivalents:
Money market funds	$	310,969	$	—	$	310,969
Corporate debt securities		—		3,249		3,249
Total cash equivalents	$	310,969	$	3,249	$	314,218
Short-term investments:
Corporate debt securities	$	—	$	501,014	$	501,014
Government debt securities		—		191,010		191,010
Total short-term investments	$	—	$	692,024	$	692,024
Total	$	310,969	$	695,273	$	1,006,242

Schedule of maturities of the Company's available-for-sale investments and money market funds

The Company’s available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheet. The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at September 30, 2023 (in thousands):

			Fair
	Cost		Value
Due in one year or less	$	195,410	$	193,040
Due after one year through five years		64,803		64,117
	$	260,213	$	257,157

Schedule of available-for-sale investments in continuous unrealized loss position

The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):

	Less Than 12 Months				12 Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of September 30, 2023	Value		Losses		Value		Losses		Value		Losses
Corporate debt securities	$	13,876	$	(13)	$	132,920	$	(1,865)	$	146,796	$	(1,878)
Government debt securities		49,597		(341)		37,762		(908)		87,359		(1,249)
	$	63,473	$	(354)	$	170,682	$	(2,773)	$	234,155	$	(3,127)

	Less Than 12 Months				12 Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2022	Value		Losses		Value		Losses		Value		Losses
Corporate debt securities	$	307,085	$	(5,297)	$	185,467	$	(4,090)	$	492,552	$	(9,387)
Government debt securities		76,651		(626)		100,209		(3,541)		176,860		(4,167)
	$	383,736	$	(5,923)	$	285,676	$	(7,631)	$	669,412	$	(13,554)