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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Contract Maturity of Available-for-Sale Securities

The following table summarizes the contract maturity of the available-for-sale securities we held as of September 30, 2023:

One year or less
    
72
%
After one year but within two years
    
20
%
After two years but within three and a half years
    
8
%
Total
    
100
%
Summary of Investments

The following is a summary of our investments (in thousands):

 
Amortized
    
Gross Unrealized
    
Estimated
  
September 30, 2023
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale debt securities:
                        
Corporate debt securities (1)
  
$
535,408
    
$
13
    
$
(4,492
)
  
$
530,929
  
Debt securities issued by U.S. government agencies
    
267,503
      
—
      
(1,429
)
    
266,074
  
Debt securities issued by the U.S. Treasury (1)
    
520,013
      
1
      
(3,027
)
    
516,987
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
23,906
      
—
      
(242
)
    
23,664
  
Total debt securities with a maturity of one year or less
    
1,346,830
      
14
      
(9,190
)
    
1,337,654
  
Corporate debt securities
    
195,674
      
183
      
(3,160
)
    
192,697
  
Debt securities issued by U.S. government agencies
    
56,365
      
—
      
(507
)
    
55,858
  
Debt securities issued by the U.S. Treasury
    
297,501
      
—
      
(3,364
)
    
294,137
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
4,164
      
53
      
(51
)
    
4,166
  
Total debt securities with a maturity of more than one year
    
553,704
      
236
      
(7,082
)
    
546,858
  
Total available-for-sale debt securities
  
$
1,900,534
    
$
250
    
$
(16,272
)
  
$
1,884,512
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
(1,252
)
  
$
(4,083
)
  
$
6,562
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(5,125
)
    
42,991
  
Total equity securities
    
35,012
      
23,749
      
(9,208
)
    
49,553
  
Total available-for-sale debt and equity securities
  
$
1,935,546
    
$
23,999
    
$
(25,480
)
  
$
1,934,065
  

 
Amortized
    
Gross Unrealized
    
Estimated
  
December 31, 2022
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale debt securities:
                        
Corporate debt securities (1)
  
$
513,790
    
$
23
    
$
(4,365
)
  
$
509,448
  
Debt securities issued by U.S. government agencies
    
133,585
      
—
      
(1,829
)
    
131,756
  
Debt securities issued by the U.S. Treasury (1)
    
512,655
      
23
      
(5,124
)
    
507,554
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
57,484
      
18
      
(686
)
    
56,816
  
Other municipal debt securities
    
6,008
      
—
      
(14
)
    
5,994
  
Total debt securities with a maturity of one year or less
    
1,223,522
      
64
      
(12,018
)
    
1,211,568
  
Corporate debt securities
    
227,631
      
14
      
(10,143
)
    
217,502
  
Debt securities issued by U.S. government agencies
    
34,339
      
—
      
(1,040
)
    
33,299
  
Debt securities issued by the U.S. Treasury
    
245,030
      
—
      
(4,109
)
    
240,921
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
18,314
      
116
      
(329
)
    
18,101
  
Total debt securities with a maturity of more than one year
    
525,314
      
130
      
(15,621
)
    
509,823
  
Total available-for-sale debt securities
  
$
1,748,836
    
$
194
    
$
(27,639
)
  
$
1,721,391
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
—
    
$
(1,358
)
  
$
10,539
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
17,257
      
—
      
40,372
  
Total equity securities
    
35,012
      
17,257
      
(1,358
)
    
50,911
  
Total available-for-sale debt and equity securities
  
$
1,783,848
    
$
17,451
    
$
(28,997
)
  
$
1,772,302
  

(1)
Includes investments classified as cash equivalents in our condensed consolidated balance sheets.

(2)
Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the nine months ended September 30, 2023, we recognized a $4.0 million unrealized loss in our condensed consolidated statements of operations related to a decrease in the fair value of our investments in publicly traded companies.

(3)
Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the nine months ended September 30, 2023, we recorded a net gain of $2.6 million in our condensed consolidated statements of operations related to changes in the fair value of our investments in privately held companies.
Temporarily Impaired Investments

The following is a summary of our investments we consider to be temporarily impaired at September 30, 2023 (in thousands, except for number of investments):

       
Less than 12 Months of
Temporary Impairment
    
More than 12 Months of
Temporary Impairment
    
Total Temporary
Impairment
  
   
Number of
Investments
    
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
  
Corporate debt securities
    
370
    
$
469,095
    
$
(2,390
)
  
$
207,073
    
$
(5,262
)
  
$
676,168
    
$
(7,652
)
Debt securities issued by U.S. government agencies
    
98
      
293,408
      
(1,242
)
    
24,531
      
(694
)
    
317,939
      
(1,936
)
Debt securities issued by the U.S. Treasury
    
68
      
557,489
      
(3,420
)
    
225,634
      
(2,971
)
    
783,123
      
(6,391
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
85
      
11,644
      
(73
)
    
12,973
      
(220
)
    
24,617
      
(293
)
Total temporarily impaired securities
    
621
    
$
1,331,636
    
$
(7,125
)
  
$
470,211
    
$
(9,147
)
  
$
1,801,847
    
$
(16,272
)