
	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	203,117	$	—	$	—	$	203,117
Corporate bonds	808,010		670		(4,712)		803,968
U.S. Treasury and government-sponsored enterprises	384,773		63		(2,376)		382,460
Municipal bonds	7,880		—		(32)		7,848
Total debt securities available-for-sale	1,403,780		733		(7,120)		1,397,393
Cash	19		—		—		19
Money market funds	133,132		—		—		133,132
Certificates of deposit	62,273		—		—		62,273
Total cash, cash equivalents and investments	$	1,599,204	$	733	$	(7,120)	$	1,592,817


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	214,016	$	—	$	—	$	214,016
Corporate bonds	870,870		1,652		(4,277)		868,245
U.S. Treasury and government-sponsored enterprises	409,157		414		(2,250)		407,321
Municipal bonds	7,880		10		(49)		7,841
Total debt securities available-for-sale	1,501,923		2,076		(6,576)		1,497,423

Money market funds	154,287		—		—		154,287
Certificates of deposit	72,309		—		—		72,309
Total cash, cash equivalents and investments	$	1,728,519	$	2,076	$	(6,576)	$	1,724,019

Interest receivable was $11.9 million and $13.1 million as of March 31, 2024 and December 31, 2023, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.

We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):


	March 31, 2024
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Corporate bonds	$	358,757	$	(1,814)	$	215,894	$	(2,898)	$	574,651	$	(4,712)
U.S. Treasury and government-sponsored enterprises	217,026		(951)		109,223		(1,425)		326,249		(2,376)
Municipal bonds	1,879		(1)		5,969		(31)		7,848		(32)
Total	$	577,662	$	(2,766)	$	331,086	$	(4,354)	$	908,748	$	(7,120)


	December 31, 2023
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	255,958	$	(847)	$	281,837	$	(3,430)	$	537,795	$	(4,277)
U.S. Treasury and government-sponsored enterprises	163,339		(406)		155,452		(1,844)		318,791		(2,250)
Municipal bonds	—		—		5,951		(49)		5,951		(49)
Total	$	419,297	$	(1,253)	$	443,240	$	(5,323)	$	862,537	$	(6,576)

There were 263 and 230 debt securities available-for-sale in an unrealized loss position as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis.


	March 31, 2024		December 31, 2023
Maturing in one year or less	$	767,832	$	768,706
Maturing after one year through five years	629,561		728,717
Total debt securities available-for-sale	$	1,397,393	$	1,497,423