Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Available-for-Sale Marketable Securities Held

Available-for-sale marketable securities held as of September 30, 2023 and December 31, 2022 were as follows (in thousands):

							Classification on Balance Sheet
	Amortized Cost		Gross Unrealized Losses		Aggregate Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
As of September 30, 2023
Commercial paper	$	986	$	(2)	$	984	$	984	$	—
Corporate bonds	1,198,624		(11,527)		1,187,097		307,876		879,221
U.S. government agency obligations	479,186		(3,412)		475,774		166,463		309,311
	$	1,678,796	$	(14,941)	$	1,663,855	$	475,323	$	1,188,532
As of December 31, 2022
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

Schedule of Fair Value Measurements within Fair Value Hierarchy

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of September 30, 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 September 30, 2023
Cash Equivalents and Marketable Securities:
Money market funds	$	43,700	$	43,700	$	—
Certificates of deposit	25,246		—		25,246
Commercial paper	984		—		984
Corporate bonds	1,187,097		—		1,187,097
U.S. government agency obligations	475,774		—		475,774
Mutual funds	20,951		20,951		—
	$	1,753,752	$	64,651	$	1,689,101
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

Schedule of Contractual Maturities of Available-for-Sale Marketable Securities Held

Contractual maturities of the Company’s available-for-sale marketable securities held as of September 30, 2023 and December 31, 2022 were as follows (in thousands):

	September 30, 2023		December 31, 2022
Due in 1 year or less	$	475,323	$	562,308
Due after 1 year through 5 years	1,188,532		302,457
	$	1,663,855	$	864,765