v3.24.2.u1
Fair Value Disclosure (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
The Company’s financial assets measured at fair value on a recurring basis are as follows (in thousands):
As of June 30, 2024As of December 31, 2023
Fair ValueLevel 1Level 3Fair ValueLevel 1Level 3
Assets:
Cash and cash equivalents:
Cash$587,231 $587,231 $— $594,493 $594,493 $— 
Money market funds1,471,234 1,471,234 — 1,431,398 1,431,398 — 
Restricted cash, current39,735 39,735 — 40,713 40,713 — 
Other non-current assets:
Strategic Investment57,450 — 57,450 53,816 — 53,816 
Total assets measured and recorded at fair value$2,155,650 $2,098,200 $57,450 $2,120,420 $2,066,604 $53,816 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reflects the changes in the fair value of the Company’s Level 3 financial assets (in thousands):
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Beginning balance$54,390 $47,678 $53,816 $39,468 
Purchase of Strategic Investment— 5,000 — 10,000 
Change in estimated fair value of the Strategic Investment3,060 (120)3,634 3,090 
Ending balance$57,450 $52,558 $57,450 $52,558