Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	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	$	798,671	$	—	$	—	$	798,671	$	798,671	$	—	$	—
U.S. Treasury securities	1,746,818		371		(5,848)		1,741,341		—		1,209,733		531,608
Subtotal	2,545,489		371		(5,848)		2,540,012		798,671		1,209,733		531,608
Level 2
U.S. agency securities	261,358		2		(278)		261,082		—		106,496		154,586
Commercial paper	185,507		—		—		185,507		6,909		178,598		—
Corporate debt securities	421,469		1,065		(1,599)		420,935		—		47,883		373,052
Subtotal	868,334		1,067		(1,877)		867,524		6,909		332,977		527,638
Total Debt Securities	$	3,413,823	$	1,438	$	(7,725)	$	3,407,536	$	805,580	$	1,542,710	$	1,059,246
Equity Securities
Level 1
Mutual funds (1)							$	1,109	$	—	$	1,109	$	—
Total Equity Securities							$	1,109	$	—	$	1,109	$	—
Total Investments	$	3,413,823	$	1,438	$	(7,725)	$	3,408,645	$	805,580	$	1,543,819	$	1,059,246

	As of December 31, 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	$	614,888	$	—	$	—	$	614,888	$	614,888	$	—	$	—
U.S. Treasury securities	1,692,700		2,007		(2,547)		1,692,160		—		1,155,218		536,942
Subtotal	2,307,588		2,007		(2,547)		2,307,048		614,888		1,155,218		536,942
Level 2
U.S. agency securities	286,007		27		(197)		285,837		—		137,151		148,686
Commercial paper	184,465		—		—		184,465		14,827		169,638		—
Corporate debt securities	409,037		2,066		(1,262)		409,841		—		52,070		357,771
Subtotal	879,509		2,093		(1,459)		880,143		14,827		358,859		506,457
Total Debt Securities	$	3,187,097	$	4,100	$	(4,006)	$	3,187,191	$	629,715	$	1,514,077	$	1,043,399
Equity Securities
Level 1
Mutual funds (1)							$	731	$	—	$	731	$	—
Total Equity Securities							$	731	$	—	$	731	$	—
Total Investments	$	3,187,097	$	4,100	$	(4,006)	$	3,187,922	$	629,715	$	1,514,808	$	1,043,399

(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.

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 March 31, 2024
	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	$	1,459,154	$	(5,848)	$	—	$	—	$	1,459,154	$	(5,848)
U.S. agency securities	223,619		(241)		22,463		(37)		246,082		(278)
Corporate debt securities	232,518		(1,278)		35,662		(321)		268,180		(1,599)
Total	$	1,915,291	$	(7,367)	$	58,125	$	(358)	$	1,973,416	$	(7,725)

	As of December 31, 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	$	486,424	$	(2,547)	$	—	$	—	$	486,424	$	(2,547)
U.S. agency securities	182,475		(197)		—		—		182,475		(197)
Corporate debt securities	248,287		(1,262)		—		—		248,287		(1,262)
Total	$	917,186	$	(4,006)	$	—	$	—	$	917,186	$	(4,006)