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Fair Value of Financial Instruments (Tables)

3 Months Ended

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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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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