Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	816,813	$	—	$	—	$	816,813
Commercial paper	—		102,965		—		102,965

U.S. treasury securities	12,951		—		—		12,951


Marketable securities:
Corporate bonds	—		560,303		—		560,303
U.S. treasury securities	429,093		—		—		429,093
Commercial paper	—		286,454		—		286,454
Certificates of deposit	—		124,933		—		124,933

Non-U.S. government and supranational bonds	—		6,210		—		6,210

Restricted cash:
Certificates of deposit	—		4,837		—		4,837


	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
U.S. treasury securities	336,356		—		—		336,356
Commercial paper	—		201,145		—		201,145
Certificates of deposit	—		132,457		—		132,457
U.S. agency bonds	—		42,250		—		42,250

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

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):