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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule 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):
June 30, 2024December 31, 2023
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $1,309,104 $— $— $1,309,104 $1,015,705 $— $— $1,015,705 
Commercial paper— 16,413 — 16,413 — 1,999 — 1,999 
Corporate bonds— 2,132 — 2,132 — — — — 
U.S. government notes390,148 — — 390,148 — — — — 
Agency securities— 4,953 — 4,953 — — — — 
1,699,252 23,498 — 1,722,750 1,015,705 1,999 — 1,017,704 
Marketable Securities:
Commercial paper— 25,680 — 25,680 — — — — 
Certificates of deposits(1)
— — — — — 5,000 — 5,000 
U.S. government notes1,367,612 — — 1,367,612 1,044,859 — — 1,044,859 
Corporate bonds— 1,796,961 — 1,796,961 — 1,362,124 — 1,362,124 
Agency securities— 654,670 — 654,670 — 657,379 — 657,379 
1,367,612 2,477,311 — 3,844,923 1,044,859 2,024,503 — 3,069,362 
Other Assets:
Money market funds - restricted868 — — 868 858 — — 858 
Total Financial Assets$3,067,732 $2,500,809 $— $5,568,541 $2,061,422 $2,026,502 $— $4,087,924 
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(1) As of December 31, 2023, all of our certificates of deposits were domestic deposits.
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):
June 30, 2024December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$42,093 $— $— $42,093 $1,999 $— $— $1,999 
U.S. government1,761,003 141 (3,384)1,757,760 1,043,445 2,874 (1,460)1,044,859 
Corporate bonds1,804,507 365 (5,779)1,799,093 1,361,132 2,810 (1,818)1,362,124 
Agency securities660,572 130 (1,079)659,623 657,118 1,143 (882)657,379 
Total $4,268,175 $636 $(10,242)$4,258,569 $3,063,694 $6,827 $(4,160)$3,066,361 
Schedule of Debt Securities in Unrealized Loss Position, Fair Value The following table is an analysis of our debt securities in unrealized loss positions (in thousands):
June 30, 2024
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government notes$1,445,689 $(2,660)$161,063 $(724)$1,606,752 $(3,384)
Corporate bonds1,408,050 (5,076)184,252 (703)1,592,302 (5,779)
Agency securities339,109 (508)179,258 (571)518,367 (1,079)
Total $3,192,848 $(8,244)$524,573 $(1,998)$3,717,421 $(10,242)
Schedule of Fair Value of A Marketable Securities by Contractual Maturity The fair values of marketable securities by remaining contractual maturities, are as follows (in thousands):
June 30, 2024
Fair Value
Due in 1 year or less$2,196,729 
Due in 1 to 2 years1,648,194 
Total debt securities $3,844,923 
Schedule of Equity Securities without Readily Determinable Fair Value The following table summarizes the activity related to our non-marketable equity securities as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024December 31, 2023
Cost of investments$32,656 $31,656 
Cumulative impairment and downward adjustment— — 
Cumulative upward adjustment 30,632 30,632 
Carrying amount of investments$63,288 $62,288