| Fair Value Measurements |
3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of June 30, 2024 and December 31, 2023 (in thousands):
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|
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|
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Fair Value Measurements at |
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June 30, 2024 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Cash and cash equivalents: |
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Cash |
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$ |
187,960 |
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$ |
187,960 |
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|
$ |
— |
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|
$ |
— |
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Money market funds |
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|
139,868 |
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|
139,868 |
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|
|
— |
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|
|
— |
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Certificates and term deposits |
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25,351 |
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— |
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25,351 |
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|
|
— |
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Commercial paper |
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125,895 |
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— |
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|
125,895 |
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|
|
— |
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Corporate debt securities |
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|
1,424 |
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— |
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|
1,424 |
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|
— |
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U.S. Treasury securities |
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|
3,974 |
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|
|
— |
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|
|
3,974 |
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|
|
— |
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Marketable securities: |
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U.S. Treasury securities |
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11,874 |
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— |
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11,874 |
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|
— |
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Corporate debt securities |
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1,011,180 |
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— |
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|
1,011,180 |
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|
— |
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Certificates and term deposits |
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|
132,499 |
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|
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— |
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|
132,499 |
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|
|
— |
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Government-sponsored enterprise securities |
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|
242,616 |
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— |
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|
242,616 |
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|
|
— |
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Commercial paper |
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|
130,194 |
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|
|
— |
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|
|
130,194 |
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|
|
— |
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Total |
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$ |
2,012,835 |
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|
$ |
327,828 |
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|
$ |
1,685,007 |
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|
$ |
— |
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|
|
|
|
|
|
|
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Fair Value Measurements at |
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|
|
December 31, 2023 |
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Total |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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Cash and cash equivalents: |
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|
|
|
|
|
|
|
|
|
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Cash |
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$ |
197,756 |
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|
$ |
197,756 |
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|
$ |
— |
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|
$ |
— |
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Money market funds |
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185,990 |
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|
185,990 |
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|
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— |
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|
|
— |
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U.S. Treasury securities |
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|
5,731 |
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— |
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5,731 |
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— |
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Marketable securities: |
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U.S. Treasury securities |
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23,008 |
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— |
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|
23,008 |
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|
— |
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Corporate debt securities |
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|
885,358 |
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— |
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|
885,358 |
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|
— |
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Certificates and term deposits |
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|
47,282 |
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— |
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|
|
47,282 |
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|
|
— |
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Government-sponsored enterprise securities |
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|
195,131 |
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|
|
— |
|
|
|
195,131 |
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|
|
— |
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Commercial paper |
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|
155,409 |
|
|
|
— |
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|
155,409 |
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|
|
— |
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Total |
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$ |
1,695,665 |
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|
$ |
383,746 |
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|
$ |
1,311,919 |
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|
$ |
— |
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Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. treasury securities and government agency securities, certificates of deposit, corporate bonds and commercial paper. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources.
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