Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Available-for-sale marketable securities held as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


			Gross Unrealized						Classification on Balance Sheet
	Amortized Cost		Gains		Losses		Aggregate Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
As of March 31, 2023

Commercial paper	$	960	$	1	$	—	$	961	$	961	$	—
Corporate bonds	508,508		336		(14,722)		494,122		254,986		239,136
U.S. government agency obligations	243,717		47		(7,232)		236,532		196,843		39,689
	$	753,185	$	384	$	(21,954)	$	731,615	$	452,790	$	278,825

As of December 31, 2022
Time deposit	$	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

Schedule of Fair Value Measurement Within Fair Value Hierarchy

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of March 31, 2023
Cash Equivalents and Marketable Securities:
Money market funds	$	635	$	635	$	—
Time deposit	25,576		—		25,576
Commercial paper	961		—		961
Corporate bonds	494,122		—		494,122

U.S. government agency obligations	236,532		—		236,532
Mutual funds	20,198		20,198		—
	$	778,024	$	20,833	$	757,191




As of December 31, 2022
Cash Equivalents and Marketable Securities:
Money market funds	$	999	$	999	$	—
Time deposit	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

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 March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023		December 31, 2022
Due in 1 year or less	$	452,790	$	562,308
Due after 1 year through 5 years	278,825		302,457
	$	731,615	$	864,765