| Schedule of Available-for-Sale Marketable Securities Held |
Available-for-sale marketable securities held as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Unrealized | | | | Classification on Balance Sheet | | Amortized Cost | | Gains | | Losses | | Aggregate
Fair Value | | Short-Term
Marketable
Securities | | Long-Term
Marketable
Securities | | As of March 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | Commercial paper | $ | 5,318 | | | $ | — | | | $ | (14) | | | $ | 5,304 | | | $ | 5,304 | | | $ | — | | | Corporate bonds | 1,361,982 | | | 1,247 | | | (3,467) | | | 1,359,762 | | | 856,550 | | | 503,212 | | | U.S. government agency obligations | 396,152 | | | 354 | | | (789) | | | 395,717 | | | 339,325 | | | 56,392 | | | $ | 1,763,452 | | | $ | 1,601 | | | $ | (4,270) | | | $ | 1,760,783 | | | $ | 1,201,179 | | | $ | 559,604 | | | | | | | | | | | | | | | As of December 31, 2023 | | | | | | | | | | | | | Time deposits | $ | 14,426 | | | $ | — | | | $ | — | | | $ | 14,426 | | | $ | 14,426 | | | $ | — | | | Commercial paper | 6,249 | | | — | | | (5) | | | 6,244 | | | 6,244 | | | — | | | Corporate bonds | 1,328,980 | | | 6,429 | | | (4,201) | | | 1,331,208 | | | 276,975 | | | 1,054,233 | | | U.S. government agency obligations | 428,157 | | | 2,462 | | | (979) | | | 429,640 | | | 74,369 | | | 355,271 | | | $ | 1,777,812 | | | $ | 8,891 | | | $ | (5,185) | | | $ | 1,781,518 | | | $ | 372,014 | | | $ | 1,409,504 | |
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| Schedule of Fair Value Measurements within Fair Value Hierarchy |
The fair value measurements within the fair value hierarchy of the Company’s financial assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | Total Fair Value | | Fair Value Measurements at
Reporting Date Using | | | | Level 1 | | Level 2 | | | | As of March 31, 2024 | | | | | | | | | Cash Equivalents and Marketable Securities: | | | | | | | | | Money market funds | $ | 147,089 | | | $ | 147,089 | | | $ | — | | | | | Time deposits | 38,623 | | | — | | | 38,623 | | | | | Commercial paper | 8,282 | | | — | | | 8,282 | | | | | Corporate bonds | 1,359,762 | | | — | | | 1,359,762 | | | | | U.S. government agency obligations | 395,717 | | | — | | | 395,717 | | | | | Mutual funds | 24,101 | | | 24,101 | | | — | | | | | $ | 1,973,574 | | | $ | 171,190 | | | $ | 1,802,384 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | | | Cash Equivalents and Marketable Securities: | | | | | | | | | Money market funds | $ | 177,240 | | | $ | 177,240 | | | $ | — | | | | | Time deposits | 39,670 | | | — | | | 39,670 | | | | | Commercial paper | 6,244 | | | — | | | 6,244 | | | | | Corporate bonds | 1,331,208 | | | — | | | 1,331,208 | | | | | U.S. government agency obligations | 429,640 | | | — | | | 429,640 | | | | | Mutual funds | 22,942 | | | 22,942 | | | — | | | | | $ | 2,006,944 | | | $ | 200,182 | | | $ | 1,806,762 | | | |
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| Schedule of Contractual Maturities of Available-for-Sale Marketable Securities Held |
Contractual maturities of the Company’s available-for-sale marketable securities held as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
| | | | | | | | | | | | | March 31,
2024 | | December 31,
2023 | | Due in 1 year or less | $ | 1,201,179 | | | $ | 372,014 | | | Due after 1 year through 5 years | 559,604 | | | 1,409,504 | | | $ | 1,760,783 | | | $ | 1,781,518 | |
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