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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Measurements [Abstract] |
Fair Value Measurements | 8. Fair Value Measurements The following tables present the major security types we held at September 30, 2023 and December 31, 2022 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):
|  | At September 30, 2023 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Cash equivalents (1) |  | $ | 269,255 |  |  | $ | 269,255 |  |  | $ | — |
Corporate debt securities (2) |  |  | 723,626 |  |  |  | — |  |  |  | 723,626 |
Debt securities issued by U.S. government agencies (3) |  |  | 321,932 |  |  |  | — |  |  |  | 321,932 |
Debt securities issued by the U.S. Treasury (2) |  |  | 811,124 |  |  |  | 811,124 |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (2) |  |  | 27,830 |  |  |  | — |  |  |  | 27,830 |
Publicly traded equity securities included in other current assets (4) |  |  | 6,562 |  |  |  | 6,562 |  |  |  | — |
Total |  | $ | 2,160,329 |  |  | $ | 1,086,941 |  |  | $ | 1,073,388 |
|  | At December 31, 2022 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Cash equivalents (1) |  | $ | 211,655 |  |  | $ | 211,655 |  |  | $ | — |
Corporate debt securities (5) |  |  | 726,950 |  |  |  | — |  |  |  | 726,950 |
Debt securities issued by U.S. government agencies (2) |  |  | 165,055 |  |  |  | — |  |  |  | 165,055 |
Debt securities issued by the U.S. Treasury (2) |  |  | 748,475 |  |  |  | 748,475 |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (2) |  |  | 74,917 |  |  |  | — |  |  |  | 74,917 |
Other municipal debt securities (2) |  |  | 5,994 |  |  |  | — |  |  |  | 5,994 |
Publicly traded equity securities included in other current assets (4) |  |  | 10,539 |  |  |  | 10,539 |  |  |  | — |
Total |  | $ | 1,943,585 |  |  | $ | 970,669 |  |  | $ | 972,916 |
The following footnotes reference lines in our condensed consolidated balance sheets:
(1) | Included in cash and cash equivalents in our condensed consolidated balance sheets.
(2) | Included in short-term investments in our condensed consolidated balance sheets.
(3) | $1.0 million was included in cash and cash equivalents, with the difference included in short-term investments, in our condensed consolidated balance sheets.
(4) | Included in other current assets in our condensed consolidated balance sheets.
(5) | $11.0 million was included in cash and cash equivalents, with the difference included in short-term investments, in our condensed consolidated balance sheets.
Convertible Notes Our 1.75% Notes, 0% Notes and 0.125% Notes had a fair value of $605.3 million, $620.1 million and $42.4 million at September 30, 2023, respectively. Our 0% Notes and 0.125% Notes had a fair value of $587.3 million and $498.9 million at December 31, 2022, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are Level 2 measurements because the notes do not trade regularly.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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