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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024:

One year or less
    
75
%
After one year but within two years
    
21
%
After two years but within three and a half years
    
4
%
Total
    
100
%
Summary of Investments

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

 
Amortized
    
Gross Unrealized
    
Estimated
  
June 30, 2024
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale debt securities:
                        
Corporate debt securities (1)
  
$
552,837
    
$
36
    
$
(1,569
)
  
$
551,304
  
Debt securities issued by U.S. government agencies
    
121,781
      
5
      
(310
)
    
121,476
  
Debt securities issued by the U.S. Treasury (1)
    
650,997
      
12
      
(1,105
)
    
649,904
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
18,083
      
14
      
(42
)
    
18,055
  
Total debt securities with a maturity of one year or less
    
1,343,698
      
67
      
(3,026
)
    
1,340,739
  
Corporate debt securities
    
218,639
      
191
      
(874
)
    
217,956
  
Debt securities issued by U.S. government agencies
    
115,349
      
72
      
(317
)
    
115,104
  
Debt securities issued by the U.S. Treasury
    
127,240
      
12
      
(1,135
)
    
126,117
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
1,668
      
—
      
(8
)
    
1,660
  
Total debt securities with a maturity of more than one year
    
462,896
      
275
      
(2,334
)
    
460,837
  
Total available-for-sale debt securities
  
$
1,806,594
    
$
342
    
$
(5,360
)
  
$
1,801,576
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
334
    
$
(5,377
)
  
$
6,854
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(7,093
)
    
41,023
  
Total equity securities
    
35,012
      
25,335
      
(12,470
)
    
47,877
  
Total available-for-sale debt and equity securities
  
$
1,841,606
    
$
25,677
    
$
(17,830
)
  
$
1,849,453
  

 
Amortized
    
Gross Unrealized
    
Estimated
  
December 31, 2023
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale debt securities:
                        
Corporate debt securities (1)
  
$
559,967
    
$
157
    
$
(2,625
)
  
$
557,499
  
Debt securities issued by U.S. government agencies
    
224,711
      
64
      
(611
)
    
224,164
  
Debt securities issued by the U.S. Treasury (1)
    
513,784
      
152
      
(1,889
)
    
512,047
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
17,757
      
42
      
(113
)
    
17,686
  
Total debt securities with a maturity of one year or less
    
1,316,219
      
415
      
(5,238
)
    
1,311,396
  
Corporate debt securities
    
243,151
      
1,270
      
(692
)
    
243,729
  
Debt securities issued by U.S. government agencies
    
110,138
      
547
      
(21
)
    
110,664
  
Debt securities issued by the U.S. Treasury
    
294,873
      
1,239
      
(480
)
    
295,632
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
3,466
      
7
      
(4
)
    
3,469
  
Total debt securities with a maturity of more than one year
    
651,628
      
3,063
      
(1,197
)
    
653,494
  
Total available-for-sale debt securities
  
$
1,967,847
    
$
3,478
    
$
(6,435
)
  
$
1,964,890
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
236
    
$
(5,832
)
  
$
6,301
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(5,125
)
    
42,991
  
Total equity securities
    
35,012
      
25,237
      
(10,957
)
    
49,292
  
Total available-for-sale debt and equity securities
  
$
2,002,859
    
$
28,715
    
$
(17,392
)
  
$
2,014,182
  

(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 six months ended June 30, 2024, we recorded a $0.6 million net unrealized gain in our condensed consolidated statements of operations related to changes 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 six months ended June 30, 2024, we recorded a loss of $2.0 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 June 30, 2024 (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
    
440
    
$
517,394
    
$
(1,155
)
  
$
142,390
    
$
(1,288
)
  
$
659,784
    
$
(2,443
)
Debt securities issued by U.S. government agencies
    
108
      
173,618
      
(482
)
    
25,892
      
(145
)
    
199,510
      
(627
)
Debt securities issued by the U.S. Treasury
    
71
      
561,363
      
(862
)
    
154,006
      
(1,378
)
    
715,369
      
(2,240
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
45
      
8,449
      
(23
)
    
9,319
      
(27
)
    
17,768
      
(50
)
Total temporarily impaired securities
    
664
    
$
1,260,824
    
$
(2,522
)
  
$
331,607
    
$
(2,838
)
  
$
1,592,431
    
$
(5,360
)