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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025:

One year or less
    
67
%
After one year but within two years
    
27
%
After two years but within three and a half years
    
6
%
Total
    
100
%
Summary of Investments

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

 
Amortized
    
Gross Unrealized
    
Estimated
  
March 31, 2025
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale debt securities:
                        
Corporate debt securities (1)
  
$
516,458
    
$
299
    
$
(247
)
  
$
516,510
  
Debt securities issued by U.S. government agencies
    
120,961
      
156
      
(32
)
    
121,085
  
Debt securities issued by the U.S. Treasury (1)
    
592,770
      
393
      
(270
)
    
592,893
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
3,072
      
2
      
—
      
3,074
  
Total debt securities with a maturity of one year or less
    
1,233,261
      
850
      
(549
)
    
1,233,562
  
Corporate debt securities
    
471,479
      
1,086
      
(1,009
)
    
471,556
  
Debt securities issued by U.S. government agencies
    
61,184
      
188
      
(116
)
    
61,256
  
Debt securities issued by the U.S. Treasury
    
145,922
      
373
      
(52
)
    
146,243
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
1,595
      
1
      
—
      
1,596
  
Other municipal debt
    
698
      
—
      
—
      
698
  
Total debt securities with a maturity of more than one year
    
680,878
      
1,648
      
(1,177
)
    
681,349
  
Total available-for-sale debt securities
  
$
1,914,139
    
$
2,498
    
$
(1,726
)
  
$
1,914,911
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
41
    
$
(8,856
)
  
$
3,082
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(7,093
)
    
41,023
  
Total equity securities
    
35,012
      
25,042
      
(15,949
)
    
44,105
  
Total available-for-sale debt and equity securities
  
$
1,949,151
    
$
27,540
    
$
(17,675
)
  
$
1,959,016
  

 
Amortized
    
Gross Unrealized
    
Estimated
  
December 31, 2024
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale debt securities:
                        
Corporate debt securities (1)
  
$
593,810
    
$
487
    
$
(240
)
  
$
594,057
  
Debt securities issued by U.S. government agencies
    
143,647
      
287
      
(39
)
    
143,895
  
Debt securities issued by the U.S. Treasury (1)
    
657,285
      
825
      
(120
)
    
657,990
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
7,516
      
8
      
—
      
7,524
  
Total debt securities with a maturity of one year or less
    
1,402,258
      
1,607
      
(399
)
    
1,403,466
  
Corporate debt securities
    
439,561
      
723
      
(2,275
)
    
438,009
  
Debt securities issued by U.S. government agencies
    
65,255
      
137
      
(289
)
    
65,103
  
Debt securities issued by the U.S. Treasury
    
149,086
      
124
      
(476
)
    
148,734
  
Other municipal debt securities
    
698
      
—
      
(2
)
    
696
  
Total debt securities with a maturity of more than one year
    
654,600
      
984
      
(3,042
)
    
652,542
  
Total available-for-sale debt securities
  
$
2,056,858
    
$
2,591
    
$
(3,441
)
  
$
2,056,008
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
26
    
$
(6,660
)
  
$
5,263
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(7,093
)
    
41,023
  
Total equity securities
    
35,012
      
25,027
      
(13,753
)
    
46,286
  
Total available-for-sale debt and equity securities
  
$
2,091,870
    
$
27,618
    
$
(17,194
)
  
$
2,102,294
  

(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 three months ended March 31, 2025, we recorded a $2.2 million net unrealized loss 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.
Temporarily Impaired Investments

The following is a summary of our investments we consider to be temporarily impaired at March 31, 2025 (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
    
244
    
$
466,130
    
$
(1,236
)
  
$
9,945
    
$
(20
)
  
$
476,075
    
$
(1,256
)
Debt securities issued by U.S. government agencies
    
26
      
45,578
      
(148
)
    
—
      
—
      
45,578
      
(148
)
Debt securities issued by the U.S. Treasury
    
40
      
271,642
      
(266
)
    
12,931
      
(56
)
    
284,573
      
(322
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
2
      
471
      
—
      
—
      
—
      
471
      
—
  
Total temporarily impaired securities
    
312
    
$
783,821
    
$
(1,650
)
  
$
22,876
    
$
(76
)
  
$
806,697
    
$
(1,726
)