Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Available-for-sale marketable securities held as of December 31, 2022 and 2021 were as follows (in thousands):


			Gross Unrealized				Aggregate Fair Value		Classification on Balance Sheet
	Amortized Cost								Short-Term Marketable Securities		Long-Term Marketable Securities
As of December 31, 2022			Gains		Losses
Time deposits	$	19,530	$	—	$	—	$	19,530	$	19,530	$	—

Corporate bonds	624,082		—		(21,029)		603,053		362,458		240,595

U.S. government agency obligations	252,573		—		(10,391)		242,182		180,320		61,862
	$	896,185	$	—	$	(31,420)	$	864,765	$	562,308	$	302,457

As of December 31, 2021

Commercial paper	$	25,056	$	—	$	(24)	$	25,032	$	25,032	$	—
Corporate bonds	1,268,991		1,191		(4,275)		1,265,907		459,012		806,895

U.S. government agency obligations	316,728		3		(1,281)		315,450		56,530		258,920
	$	1,610,775	$	1,194	$	(5,580)	$	1,606,389	$	540,574	$	1,065,815

Fair Value Measurement Within Fair Value Hierarchy

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of December 31, 2022 and 2021 were as follows (in thousands):


	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of December 31, 2022
Cash Equivalents and Marketable Securities:
Money market funds	$	999	$	999	$	—
Time deposits	285,830		—		285,830

Corporate bonds	603,053		—		603,053

U.S. government agency obligations	242,182		—		242,182
Mutual funds	18,745		18,745		—
	$	1,150,809	$	19,744	$	1,131,065

As of December 31, 2021
Cash Equivalents and Marketable Securities:
Money market funds	$	109,313	$	109,313	$	—

Commercial paper	39,031		—		39,031
Corporate bonds	1,265,907		—		1,265,907

U.S. government agency obligations	315,450		—		315,450
Mutual funds	23,129		23,129		—
	$	1,752,830	$	132,442	$	1,620,388

Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets

Contractual maturities of the Company’s available-for-sale marketable securities held as of December 31, 2022 and 2021 were as follows (in thousands):


	December 31, 2022		December 31, 2021
Due in 1 year or less	$	562,308	$	540,574
Due after 1 year through 5 years	302,457		1,065,815
	$	864,765	$	1,606,389