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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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
March 31, 2024 |  |  |  |  |
Debt securities (government) | $ | 506,379 |  |  | $ | (1,895) |  |  | $ | 504,484 |
December 31, 2023 |  |  |  |  |
Debt securities (government) | $ | 442,816 |  |  | $ | (149) |  |  | $ | 442,667 |
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 March 31, 2024
Cash and cash equivalents | $ | 3,346,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,346,204 |
Debt securities (government) | — |  |  | 504,484 |  |  | — |  |  | 504,484 |
Long term investments (Note 8) | 287,663 |  |  | — |  |  | — |  |  | 287,663 |
Total assets | $ | 3,633,867 |  |  | $ | 504,484 |  |  | $ | — |  |  | $ | 4,138,351 |
| 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 8) | 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 as (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 March 31, 2024
Acquisition-related contingent consideration | $ | — |  |  | $ | — |  |  | $ | 202,000 |  |  | $ | 202,000 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 202,000 |  |  | $ | 202,000 |
| 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
Balance at January 1, | $ | 212,000 |
Contingent consideration earned during the period but not yet paid | (9,544) |
Change in fair value of contingent consideration | (456) |
Balance at March 31, | $ | 202,000 |

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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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