XML 49 R29.htm IDEA: XBRL DOCUMENT v3.23.3
Cash Equivalents and Investments (Tables)
9 Months Ended
Sep. 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 September 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$458,435 $— $— $458,435 $458,435 $— $— 
U.S. Treasury securities1,663,644 19 (10,181)1,653,482 — 1,135,234 518,248 
Subtotal2,122,079 19 (10,181)2,111,917 458,435 1,135,234 518,248 
Level 2
U.S. agency securities304,154 (623)303,537 — 209,384 94,153 
Foreign government securities14,274 67 (161)14,180 — — 14,180 
Commercial paper178,314 — — 178,314 — 178,314 — 
Corporate debt securities391,320 16 (5,586)385,750 — 53,071 332,679 
Subtotal888,062 89 (6,370)881,781 — 440,769 441,012 
Total Debt Securities$3,010,141 $108 $(16,551)$2,993,698 $458,435 $1,576,003 $959,260 
Equity Securities
Level 1
Mutual funds (1)
$290 $— $290 $— 
Total Equity Securities$290 $— $290 $— 
Total Investments$3,010,141 $108 $(16,551)$2,993,988 $458,435 $1,576,293 $959,260 
(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 CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-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 September 30, 2023
Less Than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities$1,293,384 $(10,181)$— $— $1,293,384 $(10,181)
U.S. agency securities213,444 (623)— — 213,444 (623)
Foreign government securities9,043 (161)— — 9,043 (161)
Corporate debt securities375,457 (5,586)— — 375,457 (5,586)
Total$1,891,328 $(16,551)$— $— $1,891,328 $(16,551)