MARKETABLE DEBT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Debt Securities

The following tables summarize our marketable debt securities:

	As of June 30, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	920,578	$	79	$	(1,671)	$	918,986
U.S. government-sponsored enterprise securities	384,165		63		(727)		383,501
Corporate notes	305,491		39		(527)		305,003
Commercial paper	76,379		—		—		76,379
Municipal securities	5,017		—		(3)		5,014
Total	$	1,691,630	$	181	$	(2,928)	$	1,688,883

	As of December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	892,237	$	1,085	$	(588)	$	892,734
U.S. government-sponsored enterprise securities	440,915		1,000		(574)		441,341
Corporate notes	252,487		945		(320)		253,112
Commercial paper	58,901		—		—		58,901
Certificates of deposit	3,587		—		—		3,587
Total	$	1,648,127	$	3,030	$	(1,482)	$	1,649,675

Summary of Fair Value of Marketable Debt Securities

The fair values of our marketable debt securities by classification in the condensed consolidated balance sheets were as follows:

(In thousands)	As of June 30, 2024		As of December 31, 2023
Marketable debt securities	$	1,646,268	$	1,615,516
Cash and cash equivalents	42,615		34,159
Total	$	1,688,883	$	1,649,675