Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables present the major security types we held at December 31, 2024 and 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 securities’ fair value (in thousands):

	At December 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash equivalents (1)	$	180,445	$	180,445	$	—
Corporate debt securities (2)		1,032,066		—		1,032,066
Debt securities issued by U.S. government agencies (2)		208,998		—		208,998
Debt securities issued by the U.S. Treasury (2)		806,724		806,724		—
Debt securities issued by states of the U.S. and political subdivisions of the states (2)		7,524		—		7,524
Other municipal debt securities (2)		696		—		696
Publicly traded equity securities included in other current assets (3)		5,263		5,263		—
Total	$	2,241,716	$	992,432	$	1,249,284

	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 (4)		801,228		—		801,228
Debt securities issued by U.S. government agencies (2)		334,828		—		334,828
Debt securities issued by the U.S. Treasury (2)		807,679		807,679		—
Debt securities issued by states of the U.S. and political subdivisions of the states (2)		21,155		—		21,155
Publicly traded equity securities included in other current assets (3)		6,301		6,301		—
Total	$	2,156,615	$	999,404	$	1,157,211

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

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

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

(4) $33.0 million was included in cash and cash equivalents, with the difference included in short-term investments in our consolidated balance sheets.