Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Available-for-Sale Marketable Securities Held

Available-for-sale marketable securities held as of March 31, 2024 and December 31, 2023 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, 2024
Commercial paper	$	5,318	$	—	$	(14)	$	5,304	$	5,304	$	—
Corporate bonds	1,361,982		1,247		(3,467)		1,359,762		856,550		503,212
U.S. government agency obligations	396,152		354		(789)		395,717		339,325		56,392
	$	1,763,452	$	1,601	$	(4,270)	$	1,760,783	$	1,201,179	$	559,604
As of December 31, 2023
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

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 March 31, 2024 and December 31, 2023 were as follows (in thousands):

	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of March 31, 2024
Cash Equivalents and Marketable Securities:
Money market funds	$	147,089	$	147,089	$	—
Time deposits	38,623		—		38,623
Commercial paper	8,282		—		8,282
Corporate bonds	1,359,762		—		1,359,762
U.S. government agency obligations	395,717		—		395,717
Mutual funds	24,101		24,101		—
	$	1,973,574	$	171,190	$	1,802,384
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

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 March 31, 2024 and December 31, 2023 were as follows (in thousands):

	March 31, 2024		December 31, 2023
Due in 1 year or less	$	1,201,179	$	372,014
Due after 1 year through 5 years	559,604		1,409,504
	$	1,760,783	$	1,781,518