Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities

Available-for-sale marketable securities held as of December 31, 2023 and 2022 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, 2023			Gains		Losses
Time deposits	$	14,426	$	—	$	—	$	14,426	$	14,426	$	—
Commercial paper	6,249		—		(5)		6,244		6,244		—
Corporate bonds	1,328,980		6,429		(4,201)		1,331,208		276,975		1,054,233
U.S. government agency obligations	428,157		2,462		(979)		429,640		74,369		355,271
	$	1,777,812	$	8,891	$	(5,185)	$	1,781,518	$	372,014	$	1,409,504
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

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

	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of December 31, 2023
Cash Equivalents and Marketable Securities:
Money market funds	$	177,240	$	177,240	$	—
Time deposits	39,670		—		39,670
Commercial paper	6,244		—		6,244
Corporate bonds	1,331,208		—		1,331,208
U.S. government agency obligations	429,640		—		429,640
Mutual funds	22,942		22,942		—
	$	2,006,944	$	200,182	$	1,806,762
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 Marketable Securities and Other Investment Related Assets

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

	December 31, 2023		December 31, 2022
Due in 1 year or less	$	372,014	$	562,308
Due after 1 year through 5 years	1,409,504		302,457
	$	1,781,518	$	864,765