Cash Equivalents and Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	513,512	$	—	$	—	$	513,512	$	513,512	$	—	$	—
U.S. Treasury securities	2,150,181		7,485		(127)		2,157,539		30,929		1,382,112		744,498
Subtotal	2,663,693		7,485		(127)		2,671,051		544,441		1,382,112		744,498
Level 2
U.S. agency securities	269,994		172		(65)		270,101		—		22,505		247,596
Commercial paper	285,884		—		(2)		285,882		—		285,882		—
Corporate debt securities	587,872		6,817		(20)		594,669		—		27,917		566,752
Subtotal	1,143,750		6,989		(87)		1,150,652		—		336,304		814,348
Total Debt Securities	$	3,807,443	$	14,474	$	(214)	$	3,821,703	$	544,441	$	1,718,416	$	1,558,846
Equity Securities
Level 1
Mutual funds (1)							$	1,907	$	—	$	1,907	$	—
Total Equity Securities							$	1,907	$	—	$	1,907	$	—
Total Cash Equivalents and Investments	$	3,807,443	$	14,474	$	(214)	$	3,823,610	$	544,441	$	1,720,323	$	1,558,846

	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 Cash Equivalents and 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 September 30, 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	$	141,181	$	(82)	$	62,000	$	(45)	$	203,181	$	(127)
U.S. agency securities	47,443		(65)		—		—		47,443		(65)
Commercial paper	10,797		(2)		—		—		10,797		(2)
Corporate debt securities	11,138		(11)		3,032		(9)		14,170		(20)
Total	$	210,559	$	(160)	$	65,032	$	(54)	$	275,591	$	(214)

	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)