Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| 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 | |
Unrealized
Gains |
Unrealized (Losses) | | Estimated
Fair Value | December 31, 2025 | | | | | | | | Debt securities (government) | $ | 480,793 | | $ | 2,028 | $ | (34) | | | $ | 482,787 | | | | | | | | December 31, 2024 | | | | | | | | Debt securities (government) | $ | 469,917 | | $ | 971 | $ | (625) | | $ | 470,263 |
The table below summarizes the contractual maturities of our available-for-sale debt securities as of December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | Total | | Less than 1 Year | | 1-5 Years | | Fair value of debt securities (government) | $ | 482,787 | | $ | 189,298 | | $ | 293,489 |
|
| 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, 2025 | | Cash and cash equivalents | $ | 3,097,817 | | $ | — | | $ | — | | $ | 3,097,817 | | Debt securities (government) | — | | 482,787 | | — | | 482,787 | Long term equity investments (Note 7) | 47,991 | | — | | — | | 47,991 | | Total assets | $ | 3,145,808 | | $ | 482,787 | | $ | — | | $ | 3,628,595 |
| | | | | | | | | | | | | | | | | | | | | | | | | 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, 2024 | | Cash and cash equivalents | $ | 1,687,829 | | $ | — | | $ | — | | $ | 1,687,829 | | Debt securities (government) | — | | 470,263 | | — | | 470,263 | Long term equity investments (Note 7) | 18,814 | | — | | — | | 18,814 | | Total assets | $ | 1,706,643 | | $ | 470,263 | | $ | — | | $ | 2,176,906 |
|
| 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, 2025 | | Acquisition-related contingent consideration | $ | — | | | $ | — | | | $ | 121,000 | | | $ | 121,000 | | | Total liabilities | $ | — | | | $ | — | | | $ | 121,000 | | | $ | 121,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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, 2024 | | Acquisition-related contingent consideration | $ | — | | $ | — | | $ | 193,000 | | $ | 193,000 | | Total liabilities | $ | — | | $ | — | | $ | 193,000 | | $ | 193,000 |
|
| Schedule of Roll Forward of Level 3 Liabilities |
The following is a roll forward of our Level 3 liabilities (in thousands): | | | | | | | | | | | | | 2025 | | 2024 | | Balance at January 1, | $ | 193,000 | | $ | 212,000 | | Contingent consideration earned during the period but not yet paid | (12,149) | | | (9,956) | | | Payments made during the period | (31,129) | | | (28,847) | | | Change in fair value of contingent consideration and other adjustments | (28,722) | | 19,803 | Balance at December 31, | $ | 121,000 | | $ | 193,000 |
|