FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of December 31, 2023 and 2022, respectively:


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	229,676	$	—	$	—	$	229,676	$	229,676	$	—	$	—

Level 2:
Money market instruments	499,483		—		—		499,483		499,483		—		—
Corporate debt securities	587,896		3,476		(1,996)		589,376		—		193,251		396,125
U.S. government agency securities	251,952		556		(1,140)		251,368		19,976		111,343		120,049
Commercial paper	20,076		5		—		20,081		5,992		14,089		—
Asset-backed securities	94,744		351		(134)		94,961		—		—		94,961

Subtotal	1,454,151		4,388		(3,270)		1,455,269		525,451		318,683		611,135
Total	$	1,683,827	$	4,388	$	(3,270)	$	1,684,945	$	755,127	$	318,683	$	611,135


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	463,248	$	—	$	—	$	463,248	$	463,248	$	—	$	—

Level 2:
Money market instruments	248,933		—		—		248,933		248,933		—		—
Corporate debt securities	504,984		34		(11,541)		493,477		1,881		299,153		192,443
U.S. government agency securities	312,720		45		(3,771)		308,994		—		229,846		79,148
Commercial paper	48,103		11		(22)		48,092		10,469		37,623		—
Asset-backed securities	63,151		69		(592)		62,628		—		384		62,244

Subtotal	1,177,891		159		(15,926)		1,162,124		261,283		567,006		333,835
Total	$	1,641,139	$	159	$	(15,926)	$	1,625,372	$	724,531	$	567,006	$	333,835

(1)The Company’s short-term marketable securities mature in one year or less.

(2)The Company’s long-term marketable securities mature between one and five years.

As of December 31, 2023, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and

geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.

The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of December 31, 2023 and December 31, 2022, the fair value of the Company’s strategic investments was $11.3 million and $23.9 million, respectively. These investments were recorded in Other Assets on the Company’s Consolidated Balance Sheets. In 2023, based on new developments, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The loss on the equity investment due to impairment was recorded to Other Income (Expense), Net on the Company’s Consolidated Statements of Operations.

See Note 1 to these Consolidated Financial Statements for additional discussion regarding the Company’s fair value measurements.