Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	816,813	$	—	$	—	$	816,813
Commercial paper	—		102,965		—		102,965
U.S. treasury securities	12,951		—		—		12,951
Marketable securities:
Corporate bonds	—		560,303		—		560,303
U.S. treasury securities	429,093		—		—		429,093
Commercial paper	—		286,454		—		286,454
Certificates of deposit	—		124,933		—		124,933
Non-U.S. government and supranational bonds	—		6,210		—		6,210
Restricted cash:
Certificates of deposit	—		4,837		—		4,837

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,032,675	$	—	$	—	$	1,032,675
Commercial paper	—		106,268		—		106,268
Certificates of deposit	—		1,551		—		1,551
Corporate bonds	—		859		—		859
Marketable securities:
Corporate bonds	—		427,957		—		427,957
U.S. treasury securities	336,356		—		—		336,356
Commercial paper	—		201,145		—		201,145
Certificates of deposit	—		132,457		—		132,457
U.S. agency bonds	—		42,250		—		42,250
Non-U.S. government and supranational bonds	—		8,983		—		8,983
Prepaid expenses and other current assets:
Certificates of deposit	—		2,542		—		2,542
Restricted cash:
Certificates of deposit	—		4,054		—		4,054

We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

Gross unrealized gains and losses on our marketable securities were not material in the aggregate as of September 30, 2024 and December 31, 2023. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of September 30, 2024 and December 31, 2023.

The fair value of our marketable securities by contractual maturity is as follows (in thousands):

	September 30, 2024
Due in one year or less	$	1,111,889
Due after one to five years	295,104
Total	$	1,406,993

Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.