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Fair Value Measurements
3 Months Ended
Mar. 31, 2024
Fair Value Measurements [Abstract]  
Fair Value Measurements
8.  Fair Value Measurements


The following tables present the major security types we held at March 31, 2024 and December 31, 2023 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, 2024
   
Quoted Prices in
Active Markets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
 
Cash equivalents (1)
 
$
263,639
   
$
263,639
   
$
 
Corporate debt securities (2)
   
775,753
     
     
775,753
 
Debt securities issued by U.S. government agencies (3)
   
294,346
     
     
294,346
 
Debt securities issued by the U.S. Treasury (3)
   
785,030
     
785,030
     
 
Debt securities issued by states of the U.S. and political subdivisions of the states (3)
   
16,386
     
     
16,386
 
Publicly traded equity securities included in other current assets (4)
   
8,460
     
8,460
     
 
Total
 
$
2,143,614
   
$
1,057,129
   
$
1,086,485
 

 
At
December 31, 2023
   
Quoted Prices in
Active Markets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
 
Cash equivalents (1)
 
$
185,424
   
$
185,424
   
$
 
Corporate debt securities (5)
   
801,228
     
     
801,228
 
Debt securities issued by U.S. government agencies (3)
   
334,828
     
     
334,828
 
Debt securities issued by the U.S. Treasury (3)
   
807,679
     
807,679
     
 
Debt securities issued by states of the U.S. and political subdivisions of the states (3)
   
21,155
     
     
21,155
 
Publicly traded equity securities included in other current assets (4)
   
6,301
     
6,301
     
 
Total
 
$
2,156,615
   
$
999,404
   
$
1,157,211
 

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

(1)
Included in cash and cash equivalents.

(2)
$14.2 million was included in cash and cash equivalents, with the difference included in short-term investments.

(3)
Included in short-term investments.

(4)
Included in other current assets.

(5)
$33.0 million was included in cash and cash equivalents, with the difference included in short-term investments.


Convertible Notes


Our 1.75% Notes, 0% Notes and 0.125% Notes had a fair value of $601.1 million, $627.8 million and $42.4 million at March 31, 2024, respectively. Our 1.75% Notes, 0% Notes and 0.125% Notes had a fair value of $661.1 million, $667.8 million and $42.4 million at December 31, 2023, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are Level 2 measurements because the notes do not trade regularly.