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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Assets by Level The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands):
March 31, 2023December 31, 2022
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $315,895 $— $— $315,895 $322,294 $— $— $322,294 
Commercial paper— — — — — 5,422 — 5,422 
U.S. government notes47,678 — — 47,678 51,986 — — 51,986 
Agency securities— — — — — 17,559 — 17,559 
363,573 — — 363,573 374,280 22,981 — 397,261 
Marketable Securities:
Commercial paper— 87,825 — 87,825 — — — — 
Certificate of deposits(1)
— 14,496 — 14,496 — 10,492 — 10,492 
U.S. government notes839,675 — — 839,675 993,955 — — 993,955 
Corporate bonds— 1,040,610 — 1,040,610 — 1,113,134 — 1,113,134 
Agency securities— 378,693 — 378,693 — 215,380 — 215,380 
Marketable equity securities(2)
13,490 — — 13,490 19,061 — — 19,061 
853,165 1,521,624 — 2,374,789 1,013,016 1,339,006 — 2,352,022 
Other Assets:
Money market funds - restricted4,284 — — 4,284 4,271 — — 4,271 
Total Financial Assets$1,221,022 $1,521,624 $— $2,742,646 $1,391,567 $1,361,987 $— $2,753,554 
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(1) As of March 31, 2023 and December 31, 2022, all of our certificates of deposits were domestic deposits.
(2) The $13.5 million represents the fair value of marketable equity securities as of March 31, 2023. This publicly-traded equity investment generated an unrealized loss of $5.6 million for the three months ended March 31, 2023, and an unrealized gain of $13.5 million for the three months ended March 31, 2022. Total initial cost for this investment was $3.0 million with no changes since our initial investment. The unrealized gains and losses are included in Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 3. Financial Statements Details.The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in thousands):
March 31, 2023December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$87,825 $— $— $87,825 $— $— $— $— 
U.S. government847,523 122 (7,970)839,675 1,007,175 3 (13,223)993,955 
Corporate bonds1,048,045 865 (8,300)1,040,610 1,125,920 271 (13,057)1,113,134 
Agency securities379,818 613 (1,738)378,693 217,893 83 (2,596)215,380 
Total $2,363,211 $1,600 $(18,008)$2,346,803 $2,350,988 $357 $(28,876)$2,322,469 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value The following table is an analysis of our marketable debt securities in unrealized loss positions (in thousands):
March 31, 2023
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government notes$274,507 $(1,144)$439,448 $(6,826)$713,955 $(7,970)
Corporate bonds457,708 (2,677)370,215 (5,623)827,923 (8,300)
Agency securities82,404 (383)62,217 (1,355)144,621 (1,738)
Total $814,619 $(4,204)$871,880 $(13,804)$1,686,499 $(18,008)
Fair Value of Available-For-Sale Investments By Contractual Maturity The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):
March 31, 2023
Fair Value
Due in 1 year or less$1,608,879 
Due in 1 to 2 years737,924 
Total debt securities $2,346,803 
Equity Securities without Readily Determinable Fair Value The following table summarizes the activity related to our non-marketable equity securities as of March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023December 31, 2022
Cost of investments $23,875 $23,625 
Cumulative impairment and downward adjustment(1,205)(888)
Cumulative upward adjustment 16,731 16,731 
Carrying amount of investments$39,401 $39,468