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Fair Value Measurements | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023:
| June 30, 2024
| Adjusted cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Investments |  | Long-term Investments
Cash | $ | 116,988 |  | $ | - |  | $ | - |  | $ | 116,988 |  | $ | 116,988 |  | $ | - |  | $ | -
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 612,339 |  |  | - |  |  | - |  |  | 612,339 |  |  | 612,339 |  |  | - |  |  | - |
Time deposits | 77,201 |  |  | - |  |  | - |  |  | 77,201 |  |  | 77,201 |  |  | - |  |  | - |
U.S. Treasury securities | 1,537,906 |  |  | 818 |  |  | 4,216 |  |  | 1,534,508 |  |  | - |  |  | 671,907 |  |  | 865,999 |
Corporate debt securities | 48,045 |  |  | - |  |  | 239 |  |  | 47,806 |  |  | - |  |  | 9,980 |  |  | 38,065 |
Subtotal | 2,275,491 |  |  | 818 |  |  | 4,455 |  |  | 2,271,854 |  |  | 689,540 |  |  | 681,887 |  |  | 904,064 |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt security(1) | 17,001 |  |  | - |  |  | 27 |  |  | 16,974 |  |  | - |  |  | 1,400 |  |  | 15,601 |
Notes receivable(2) | 13,675 |  |  | 2,380 |  |  | - |  |  | 16,055 |  |  | - |  |  | - |  |  | 16,055 |
Subtotal | 30,676 |  |  | 2,380 |  |  | 27 |  |  | 33,029 |  |  | - |  |  | 1,400 |  |  | 31,656 |
Total | $ | 2,423,155 |  |  | $ | 3,198 |  |  | $ | 4,482 |  |  | $ | 2,421,871 |  |  | $ | 806,528 |  |  | $ | 683,287 |  |  | $ | 935,720 |
| December 31, 2023
| Adjusted cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Investments |  | Long-term Investments
Cash | $ | 128,458 |  | $ | - |  | $ | - |  | $ | 128,458 |  | $ | 128,458 |  | $ | - |  | $ | -
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 355,872 |  |  | - |  |  | - |  |  | 355,872 |  |  | 355,872 |  |  | - |  |  | - |
Time deposits | 76,279 |  |  | - |  |  | - |  |  | 76,279 |  |  | 76,279 |  |  | - |  |  | - |
U.S. Treasury securities | 1,200,658 |  |  | 4,352 |  |  | 4,083 |  |  | 1,200,927 |  |  | - |  |  | 731,339 |  |  | 469,319 |
Corporate debt securities | 19,755 |  |  | 13 |  |  | 7 |  |  | 19,761 |  |  | - |  |  | - |  |  | 19,755 |
Subtotal | 1,652,564 |  |  | 4,365 |  |  | 4,090 |  |  | 1,652,839 |  |  | 432,151 |  |  | 731,339 |  |  | 489,074 |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt security(1) | 17,401 |  |  | - |  |  | 27 |  |  | 17,374 |  |  | - |  |  | 999 |  |  | 16,402 |
Notes receivable(2) | 14,500 |  |  | 1,289 |  |  | 141 |  |  | 15,648 |  |  | - |  |  | 2,500 |  |  | 13,148 |
Subtotal | 31,901 |  |  | 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)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. (2)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 and six months ended June 30, 2024 and 2023, nonrecurring fair value measurements resulting in asset impairments were not material.

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