Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities Portfolio

The following is a summary of our marketable security portfolio for the periods presented (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Estimated Fair Value
December 31, 2024
Debt securities (government)	$	469,917	$	971	$	(625)	$	470,263
December 31, 2023
Debt securities (government)	$	442,816	$	450	$	(599)	$	442,667

The table below summarizes the contractual maturities of our available-for-sale debt securities as of December 31, 2024 (in thousands):

	Total		Less than 1 Year		1-5 Years
Fair value of debt securities (government)	$	470,263	$	265,135	$	205,128

Schedule of Fair Value of Assets Measured on Recurring Basis

The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2024
Cash and cash equivalents	$	1,687,829	$	—	$	—	$	1,687,829
Debt securities (government)	—		470,263		—		470,263
Long term equity investments (Note 7)	18,814		—		—		18,814
Total assets	$	1,706,643	$	470,263	$	—	$	2,176,906

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2023
Cash and cash equivalents	$	3,213,376	$	—	$	—	$	3,213,376
Debt securities (government)	—		442,667		—		442,667
Long term equity investments (Note 7)	187,716		—		—		187,716
Total assets	$	3,401,092	$	442,667	$	—	$	3,843,759

Schedule of Fair Value of Liabilities Measured on Recurring Basis

The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis (in thousands):

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2024
Acquisition-related contingent consideration	$	—	$	—	$	193,000	$	193,000
Total liabilities	$	—	$	—	$	193,000	$	193,000

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2023
Acquisition-related contingent consideration	$	—	$	—	$	212,000	$	212,000
Total liabilities	$	—	$	—	$	212,000	$	212,000

Schedule of Roll Forward of Level 3 Liabilities

The following is a roll forward of our Level 3 liabilities (in thousands):

	2024		2023
Balance at January 1,	$	212,000	$	221,000
Contingent consideration earned during the period but not yet paid	(9,956)		(10,260)
Payments made during the period	(28,847)		(27,942)
Change in fair value of contingent consideration	19,803		29,202
Balance at December 31,	$	193,000	$	212,000