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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Measurements [Abstract] |
Fair Value Measurements | 8. Fair Value Measurements The following tables present the major security types we held at September 30, 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 |  |  |  | Quoted Prices in Active Markets |  |  |  | Significant Other Observable Inputs |
|  | September 30, 2025 |  |  |  | (Level 1) |  |  |  | (Level 2) |
Cash equivalents (1) | $ | 167,298 |  |  | $ | 167,298 |  |  | $ | - |
Corporate debt securities (2) |  | 1,058,068 |  |  |  | - |  |  |  | 1,058,068 |
Debt securities issued by U.S. government agencies (3) |  | 150,590 |  |  |  | - |  |  |  | 150,590 |
Debt securities issued by the U.S. Treasury (4) |  | 768,085 |  |  |  | 768,085 |  |  |  | - |
Debt securities issued by states of the U.S. and political subdivisions of the states (5) |  | 6,284 |  |  |  | - |  |  |  | 6,284 |
Other municipal debt securities (5) |  | 698 |  |  |  | - |  |  |  | 698 |
Publicly traded equity securities included in other current assets (6) |  | 3,256 |  |  |  | 3,256 |  |  |  | - |
Total | $ | 2,154,279 |  |  | $ | 938,639 |  |  | $ | 1,215,640 |
|  | At |  |  |  | Quoted Prices in Active Markets |  |  |  | Significant Other Observable Inputs |
|  | December 31, 2024 |  |  |  | (Level 1) |  |  |  | (Level 2) |
Cash equivalents (1) | $ | 180,445 |  |  | $ | 180,445 |  |  | $ | - |
Corporate debt securities (5) |  | 1,032,066 |  |  |  | - |  |  |  | 1,032,066 |
Debt securities issued by U.S. government agencies (5) |  | 208,998 |  |  |  | - |  |  |  | 208,998 |
Debt securities issued by the U.S. Treasury (5) |  | 806,724 |  |  |  | 806,724 |  |  |  | - |
Debt securities issued by states of the U.S. and political subdivisions of the states (5) |  | 7,524 |  |  |  | - |  |  |  | 7,524 |
Other municipal debt securities (5) |  | 696 |  |  |  | - |  |  |  | 696 |
Publicly traded equity securities included in other current assets (6) |  | 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) $39.9 million was included in cash and cash equivalents, with the difference included in short-term investments. (3) $6.0 million was included in cash and cash equivalents, with the difference included in short-term investments. (4) $36.0 million was included in cash and cash equivalents, with the difference included in short-term investments. (5) Included in short-term investments. (6) Included in other current assets. Convertible Notes Our 1.75% Notes and 0% Notes had a fair value of $794.5 million and $777.0 million at September 30, 2025, respectively. Our 1.75% Notes and 0% Notes had a fair value of $569.3 million and $612.8 million at December 31, 2024, 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 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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