Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,332,610	$	—	$	—	$	1,332,610
Commercial paper	—		116,808		—		116,808

U.S. treasury securities	21,809		—		—		21,809


Marketable securities:
Corporate bonds	—		457,432		—		457,432
Commercial paper	—		257,031		—		257,031
U.S. treasury securities	250,212		—		—		250,212
Certificates of deposit	—		137,278		—		137,278

Non-U.S. government and supranational bonds	—		9,013		—		9,013
U.S. agency bonds	—		33,294		—		33,294

Prepaid expenses and other current assets:
Certificates of deposit	—		1,695		—		1,695
Restricted cash:
Certificates of deposit	—		4,054		—		4,054


	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
Commercial paper	—		201,145		—		201,145
U.S. treasury securities	336,356		—		—		336,356
Certificates of deposit	—		132,457		—		132,457

Non-U.S. government and supranational bonds	—		8,983		—		8,983
U.S. agency bonds	—		42,250		—		42,250

Prepaid expenses and other current assets:
Certificates of deposit	—		2,542		—		2,542
Restricted cash:
Certificates of deposit	—		4,054		—		4,054

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