Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Short and Long-Term Investments

The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):

	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	281,941	$	—	$	—	$	281,941	$	281,941	$	—	$	—
U.S. Treasury securities	1,595,963		10		(8,954)		1,587,019		—		1,087,784		499,235
Subtotal	1,877,904		10		(8,954)		1,868,960		281,941		1,087,784		499,235
Level 2
U.S. agency securities	350,302		22		(906)		349,418		—		290,291		59,127
Foreign government securities	14,212		28		(135)		14,105		—		—		14,105
Certificates of deposits	8,748		—		—		8,748		—		8,748		—
Commercial paper	183,661		—		—		183,661		15,456		168,205		—
Corporate debt securities	382,097		43		(5,288)		376,852		—		44,422		332,430
Subtotal	939,020		93		(6,329)		932,784		15,456		511,666		405,662
Total Debt Securities	$	2,816,924	$	103	$	(15,283)	$	2,801,744	$	297,397	$	1,599,450	$	904,897
Equity Securities
Level 1
Mutual funds (1)							$	152	$	—	$	152	$	—
Total Equity Securities							$	152	$	—	$	152	$	—
Total Investments	$	2,816,924	$	103	$	(15,283)	$	2,801,896	$	297,397	$	1,599,602	$	904,897

(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 14, “Employee and Director Benefits”, to the notes to the condensed consolidated financial statements for more information.

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	1,903,880	$	—	$	—	$	1,903,880	$	1,903,880	$	—	$	—
Total Investments	$	1,903,880	$	—	$	—	$	1,903,880	$	1,903,880	$	—	$	—

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):

	As of June 30, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	1,413,789	$	(8,954)	$	—	$	—	$	1,413,789	$	(8,954)
U.S. agency securities	227,192		(906)		—		—		227,192		(906)
Foreign government securities	9,033		(135)		—		—		9,033		(135)
Corporate debt securities	367,782		(5,288)		—		—		367,782		(5,288)
Total	$	2,017,796	$	(15,283)	$	—	$	—	$	2,017,796	$	(15,283)