FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured and Carried at Fair Value

The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:

	Fair Value Measurement as of March 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	277,870	$	277,870	$	—	$	—
Commercial paper		43,354		—		43,354		—
Government and government agency bonds		780,997		—		780,997		—
Corporate bonds		118,158		—		118,158		—
Strategic investments		7,457		6,457		—		1,000
Certificates of deposit		54,863		—		54,863		—
Total assets	$	1,282,699	$	284,327	$	997,372	$	1,000
Liabilities
Contingent consideration	$	48,200	$	—	$	—	$	48,200
Total liabilities	$	48,200	$	—	$	—	$	48,200

	Fair Value Measurement as of December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	63,919	$	63,919	$	—	$	—
Commercial paper		113,362		—		113,362		—
Government and government agency bonds		1,001,137		—		1,001,137		—
Corporate bonds		130,380		—		130,380		—
Strategic investments		6,527		5,527		—		1,000
Certificates of deposit		56,621		—		56,621		—
Total assets	$	1,371,946	$	69,446	$	1,301,500	$	1,000
Liabilities
Contingent consideration	$	38,100	$	—	$	—	$	38,100
Total liabilities	$	38,100	$	—	$	—	$	38,100

Summary of Fair Value of Level 3 Financial Liabilities

The following table represents a roll-forward of the fair value of Level 3 financial liabilities for the period indicated:

	As of March 31, 2024
	(in thousands)
Fair value, as of December 31, 2023	$	38,100
Change in estimated fair value		10,100
Fair value, as of March 31, 2024	$	48,200

Summary of Carrying Value and Fair Value of the Company's Convertible Notes

The following table summarizes the carrying value and fair value of the Company's convertible notes for each of the period indicated:

	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Net carrying value of the 2024 Notes	$	105,586	$	105,483
Net carrying value of the 2027 Notes		1,133,660		1,132,515
Total carrying value of debt facilities	$	1,239,246	$	1,237,998
Fair value of 2024 Notes	$	188,867	$	144,833
Fair value of 2027 Notes		1,334,472		1,172,276
Total fair value of debt facilities	$	1,523,339	$	1,317,109