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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The carrying value of our cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of their short-term nature.
Our held-to-maturity investments are comprised of U.S. Treasury securities and corporate debt securities, which are held at amortized cost. We also have investments in convertible notes receivable which are held at fair-value. Additionally, we maintain a deferred compensation plan with related assets held in a rabbi trust.
The following tables show our cash, cash equivalents, and debt investments by significant investment category as of March 31, 2024 and December 31, 2023:
March 31, 2024
Adjusted costUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsCurrent InvestmentsLong-term Investments
Cash$158,314$-$-$158,314$158,314$-$-
Level 1(1)
Money market funds492,228 - - 492,228 492,228 - - 
Time deposits76,852 - - 76,852 76,852 - - 
U.S. Treasury securities1,357,606 639 4,041 1,354,204 - 691,274 666,332 
Corporate debt securities34,469 - 168 34,301 - - 34,469 
Subtotal1,961,155 639 4,209 1,957,585 569,080 691,274 700,801 
Level 3
Corporate debt security(2)
17,201 275 - 17,476 - 1,200 16,001 
Notes receivable(3)
12,001 1,289 141 13,149 - - 13,149 
Subtotal29,202 1,564 141 30,625 - 1,200 29,150 
Total$2,148,671 $2,203 $4,350 $2,146,524 $727,394 $692,474 $729,951 
December 31, 2023
Adjusted costUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsCurrent InvestmentsLong-term Investments
Cash$128,458$-$-$128,458$128,458$-$-
Level 1(1)
Money market funds355,872 - - 355,872 355,872 - - 
Time deposits76,279 - - 76,279 76,279 - - 
U.S. Treasury securities1,200,658 4,352 4,083 1,200,927 - 731,339 469,319 
Corporate debt securities19,755 13 7 19,761 - - 19,755 
Subtotal1,652,564 4,365 4,090 1,652,839 432,151 731,339 489,074 
Level 3
Corporate debt security(2)
17,401 - 27 17,374 - 999 16,402 
Notes receivable(3)
14,500 1,289 141 15,648 - 2,500 13,148 
Subtotal31,901 1,289 168 33,022 - 3,499 29,550 
Total$1,812,923 $5,654 $4,258 $1,814,319 $560,609 $734,838 $518,624 
(1)Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
(2)The fair value of the corporate debt security is measured using Level 3 (unobservable) inputs. We determined the fair value for the corporate debt security using an internally-developed valuation model and unobservable inputs include credit and liquidity spreads and effective maturity.
(3)We have elected to measure our investment in convertible notes receivable of private companies at fair value under the fair value option. The fair value of the notes receivable are measured using Level 3 (unobservable) inputs. We determined the fair value for the notes receivable using an internally-developed valuation model and unobservable inputs include estimates of the equity value of the underlying business and the timing and probability of future financing events.
Rabbi Trust
We have elected to fund certain deferred compensation plan obligations through a rabbi trust, the assets of which are designated as trading securities. The rabbi trust is subject to creditor claims in the event of insolvency, but the assets held in the rabbi trust are not available for general corporate purposes. Amounts in the rabbi trust are invested in mutual funds, consistent with the investment choices selected by participants in their Deferred Plan accounts, which are designated as trading securities, carried at fair value and are included in other assets on the condensed consolidated balance sheets. We record trading gains and losses, along with the offsetting amount related to the increase or decrease in deferred compensation to reflect our exposure to liabilities for payment under the deferred plan in general and administrative expenses on the condensed consolidated statements of income and comprehensive income.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets recognized or disclosed at fair value on the condensed consolidated financial statements on a nonrecurring basis include items such as leasehold improvements, property and equipment, certain long-term investments, operating lease assets, other assets, and goodwill. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if there has been an observable price change of a non-marketable equity security.
During the three months ended March 31, 2024 and 2023, nonrecurring fair value measurements resulting in asset impairments were not material.