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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits
$351,838 $351,838 $— $— 
Money market funds
590,682 590,682 — — 
Commercial paper47,855 — 47,855 — 
Corporate debt securities27,546 — 27,546 — 
U.S. government securities31,052 — 31,052 — 
Non-U.S. government and agency securities3,972 — 3,972 — 
Total cash equivalents and investments
1,052,945 942,520 110,425 — 
Foreign currency derivatives
271 — 271 — 
Total assets$1,053,216 $942,520 $110,696 $— 
Liabilities:
Foreign currency derivatives
$351 $— 351 $— 
Total liabilities$351 $— $351 $— 
There were no transfers between Level 1, Level 2 and Level 3 categories during the three and nine months ended September 30, 2024.
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits
$225,852 $225,852 $— $— 
Money market funds
474,643 474,643 — — 
Commercial paper73,767 — 73,767 — 
Corporate debt securities3,964 — 3,964 — 
U.S. government and U.S. government agency securities28,547 — 28,547 — 
Total cash equivalents and investments
806,773 700,495 106,278 — 
Foreign currency derivatives
486 — 486 — 
Total assets
$807,259 $700,495 $106,764 $— 
Liabilities:
 
 
 
Foreign currency derivatives
$44 $— $44 $— 
Total liabilities
$44 $— $44 $—