Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables present the major security types we held at March 31, 2023 and December 31, 2022 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):

	At March 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash equivalents (1)	$	276,352	$	276,352	$	—
Corporate debt securities (2)		813,768		—		813,768
Debt securities issued by U.S. government agencies (2)		345,657		—		345,657
Debt securities issued by the U.S. Treasury (2)		808,007		808,007		—
Debt securities issued by states of the U.S. and political subdivisions of the states (3)		71,316		—		71,316
Publicly traded equity securities included in other current assets (4)		7,389		7,389		—
Total	$	2,322,489	$	1,091,748	$	1,230,741

	At December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash equivalents (1)	$	211,655	$	211,655	$	—
Corporate debt securities (5)		726,950		—		726,950
Debt securities issued by U.S. government agencies (2)		165,055		—		165,055
Debt securities issued by the U.S. Treasury (2)		748,475		748,475		—
Debt securities issued by states of the U.S. and political subdivisions of the states (2)		74,917		—		74,917
Other municipal debt securities (2)		5,994		—		5,994
Publicly traded equity securities included in other current assets (4)		10,539		10,539		—
Total	$	1,943,585	$	970,669	$	972,916

The following footnotes reference lines in our condensed consolidated balance sheets:

(1) Included in cash and cash equivalents in our condensed consolidated balance sheets.

(2) Included in short-term investments in our condensed consolidated balance sheets.

(3) $1.0 million was included in cash and cash equivalents in our condensed consolidated balance sheets, with the difference included in short-term investments in our condensed consolidated balance sheets.

(4) Included in other current assets in our condensed consolidated balance sheets.

(5) $11.0 million was included in cash and cash equivalents in our condensed consolidated balance sheets, with the difference included in short-term investments in our condensed consolidated balance sheets.