FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, respectively:


	December 31, 2024
	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	$	329,619	$	—	$	—	$	329,619	$	329,619	$	—	$	—

Level 2:
Money market instruments	613,223		—		—		613,223		613,223		—		—
Corporate debt securities	503,202		2,410		(390)		505,222		—		168,104		337,118
U.S. government agency securities	72,027		359		(33)		72,353		—		896		71,457
Asset-backed securities	138,508		363		(344)		138,527		—		25,864		112,663


Subtotal	1,326,960		3,132		(767)		1,329,325		613,223		194,864		521,238
Total	$	1,656,579	$	3,132	$	(767)	$	1,658,944	$	942,842	$	194,864	$	521,238


	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

(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, 2024, 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, 2024 and December 31, 2023, the fair value of the Company’s strategic investments was $6.6 million and $11.3 million, respectively. These

investments were recorded in Other Assets on the Company’s Consolidated Balance Sheets. In the second quarter of 2024, based on new developments, the Company became aware of factors that indicated a $4.5 million decline in the fair value of one of its strategic investments. In 2023, based on new developments at the time, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The losses on the Company's equity investments were recorded to Other Expense, Net on the Company’s Consolidated Statements of Income for the respective periods.

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