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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Measurements [Abstract] |
Assets Measured at Fair Value on a Recurring Basis | The following tables present the major security types we held at March 31, 2025 and December 31, 2024 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 March 31, 2025 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Cash equivalents (1) |  | $ | 176,876 |  |  | $ | 176,876 |  |  | $ | — |
Corporate debt securities (2) |  |  | 988,066 |  |  |  | — |  |  |  | 988,066 |
Debt securities issued by U.S. government agencies (3) |  |  | 182,341 |  |  |  | — |  |  |  | 182,341 |
Debt securities issued by the U.S. Treasury (3) |  |  | 739,136 |  |  |  | 739,136 |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (3) |  |  | 4,670 |  |  |  | — |  |  |  | 4,670 |
Other municipal debt (3) |  |  | 698 |  |  |  | — |  |  |  | 698 |
Publicly traded equity securities included in other current assets (4) |  |  | 3,082 |  |  |  | 3,082 |  |  |  | — |
Total |  | $ | 2,094,869 |  |  | $ | 919,094 |  |  | $ | 1,175,775 |
|  | At December 31, 2024 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Cash equivalents (1) |  | $ | 180,445 |  |  | $ | 180,445 |  |  | $ | — |
Corporate debt securities (3) |  |  | 1,032,066 |  |  |  | — |  |  |  | 1,032,066 |
Debt securities issued by U.S. government agencies (3) |  |  | 208,998 |  |  |  | — |  |  |  | 208,998 |
Debt securities issued by the U.S. Treasury (3) |  |  | 806,724 |  |  |  | 806,724 |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (3) |  |  | 7,524 |  |  |  | — |  |  |  | 7,524 |
Other municipal debt securities (3) |  |  | 696 |  |  |  | — |  |  |  | 696 |
Publicly traded equity securities included in other current assets (4) |  |  | 5,263 |  |  |  | 5,263 |  |  |  | — |
Total |  | $ | 2,241,716 |  |  | $ | 992,432 |  |  | $ | 1,249,284 |
The following footnotes reference lines in our condensed consolidated balance sheets:
(1) | Included in cash and cash equivalents.
(2) | $34.0 million was included in cash and cash equivalents, with the difference included in short-term investments.
(3) | Included in short-term investments.
(4) | Included in other current assets.

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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