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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of marketable securities portfolio | The following is a summary of our marketable security portfolio for the periods presented (in thousands):
| Amortized Cost |  |  |  | Net Unrealized Losses |  | Estimated Fair Value
December 31, 2023 |  |  |  |  |  |  |
Debt securities (government) | $ | 442,816 |  |  |  | $ | (149) |  |  | $ | 442,667
December 31, 2022 |  |  |  |  |  |  |
Debt securities (government) | $ | 292,580 |  |  |  | $ | (5,037) |  | $ | 287,543
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, 2023
Cash and cash equivalents | $ | 3,213,376 |  | $ | — |  | $ | — |  | $ | 3,213,376
Debt securities (government) | — |  | 442,667 |  | — |  | 442,667
Long term investments (Note 7) | 187,716 |  | — |  | — |  | 187,716
Total assets | $ | 3,401,092 |  | $ | 442,667 |  | $ | — |  | $ | 3,843,759
| 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, 2022
Cash and cash equivalents | $ | 2,951,422 |  | $ | — |  | $ | — |  | $ | 2,951,422
Debt securities (government) | — |  | 287,543 |  | — |  | 287,543
Long term investments (Note 7) | 133,676 |  | — |  | — |  | 133,676
Total assets | $ | 3,085,098 |  | $ | 287,543 |  | $ | — |  | $ | 3,372,641
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, 2023
Acquisition-related contingent consideration | $ | — |  |  | $ | — |  |  | $ | 212,000 |  |  | $ | 212,000 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 212,000 |  |  | $ | 212,000 |
| 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, 2022
Acquisition-related contingent consideration | $ | — |  | $ | — |  | $ | 221,000 |  | $ | 221,000
Total liabilities | $ | — |  | $ | — |  | $ | 221,000 |  | $ | 221,000
Schedule of roll forward of Level 3 liabilities | The following is a roll forward of our Level 3 liabilities (in thousands):
| 2023 |  | 2022
Balance at January 1, | $ | 221,000 |  | $ | 244,000
Contingent consideration earned during the period but not yet paid | (10,260) |  |  | (9,286) |
Payments made during the period | (27,942) |  |  | (25,863) |
Change in fair value of contingent consideration | 29,202 |  | 12,149
Balance at December 31, | $ | 212,000 |  | $ | 221,000

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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