v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We record cash equivalents and marketable securities at fair value. Accounting Standards Codification, or ASC, 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability.
Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.
The following table summarizes our cash equivalents and marketable securities measured at fair value and by level on a recurring basis as of June 30, 2023:
(In thousands)Level 1Level 2Level 3Total
Cash equivalents$18,131 $3,978 $— $22,109 
Total cash equivalents18,131 3,978 — 22,109 
Marketable securities:
U.S. Treasuries— 51,555 — 51,555 
Government securities— 372,096 — 372,096 
Corporate debt securities— 438,519 — 438,519 
Total marketable securities— 862,170 — 862,170 
Total cash equivalents and marketable securities$18,131 $866,148 $— $884,279 
Cash equivalents and marketable securities have been initially valued at the transaction price and are subsequently valued, at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing our validation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2023.
There have been no changes to the valuation methods during the six months ended June 30, 2023, and we had no financial assets or liabilities that were classified as Level 3 at any point during the six months ended June 30, 2023.