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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Marketable Securities Portfolio
The following is a summary of our marketable security portfolio for the periods presented (in thousands):
Amortized
Cost
Net
Unrealized Gains
(Losses)
Estimated
Fair Value
September 30, 2024
Debt securities (government)$463,921 $3,314 $467,235 
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
September 30, 2024
Cash and cash equivalents$1,304,109 $— $— $1,304,109 
Debt securities (government)— 467,235 — 467,235 
Short term equity investments (Note 8)
3,344 — — 3,344 
Long term equity investments (Note 8)
27,566 — — 27,566 
Total assets$1,335,019 $467,235 $— $1,802,254 
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 equity investments (Note 8)
187,716 — — 187,716 
Total assets$3,401,092 $442,667 $— $3,843,759 
Schedule of Fair Value of Liabilities Measured on Recurring Basis
The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):
Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance as of
September 30, 2024
Acquisition-related contingent consideration$— $— $207,000 $207,000 
Total liabilities$— $— $207,000 $207,000 
Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance as of
December 31, 2023
Acquisition-related contingent consideration$— $— $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(19,303)
Payments made during the period(9,544)
Change in fair value of contingent consideration23,847 
Balance at September 30,$207,000