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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Contract Maturity of Available-for-Sale Securities | The following table summarizes the contract maturity of the available-for-sale securities we held as of September 30, 2025:
One year or less |  | 67 | %
After one year but within two years |  | 29 | %
After two years but within three and a half years |  | 4 | %
Total |  | 100 | %
Summary of Investments | The following is a summary of our investments (in thousands):
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
September 30, 2025 |  | Cost |  |  |  | Gains |  |  |  | Losses |  |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) | $ | 639,937 |  |  | $ | 815 |  |  | $ | (69 | ) |  | $ | 640,683 |
Debt securities issued by U.S. government agencies |  | 73,905 |  |  |  | 66 |  |  |  | (16 | ) |  |  | 73,955 |
Debt securities issued by the U.S. Treasury (1) |  | 562,662 |  |  |  | 384 |  |  |  | (61 | ) |  |  | 562,985 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  | 5,151 |  |  |  | 11 |  |  |  | - |  |  |  | 5,162 |
Total debt securities with a maturity of one year or less |  | 1,281,655 |  |  |  | 1,276 |  |  |  | (146 | ) |  |  | 1,282,785 |
Corporate debt securities |  | 415,818 |  |  |  | 1,688 |  |  |  | (121 | ) |  |  | 417,385 |
Debt securities issued by U.S. government agencies |  | 76,548 |  |  |  | 147 |  |  |  | (60 | ) |  |  | 76,635 |
Debt securities issued by the U.S. Treasury |  | 204,656 |  |  |  | 493 |  |  |  | (49 | ) |  |  | 205,100 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  | 1,117 |  |  |  | 5 |  |  |  | - |  |  |  | 1,122 |
Other municipal debt securities |  | 698 |  |  |  | - |  |  |  | - |  |  |  | 698 |
Total debt securities with a maturity of more than one year |  | 698,837 |  |  |  | 2,333 |  |  |  | (230 | ) |  |  | 700,940 |
Total available-for-sale debt securities | $ | 1,980,492 |  |  | $ | 3,609 |  |  | $ | (376 | ) |  | $ | 1,983,725 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) | $ | 11,897 |  |  | $ | 40 |  |  | $ | (8,681 | ) |  | $ | 3,256 |
Privately held equity securities included in deposits and other assets (3) |  | 4,905 |  |  |  | 54,395 |  |  |  | (7,090 | ) |  |  | 52,210 |
Total equity securities |  | 16,802 |  |  |  | 54,435 |  |  |  | (15,771 | ) |  |  | 55,466 |
Total available-for-sale debt and equity securities | $ | 1,997,294 |  |  | $ | 58,044 |  |  | $ | (16,147 | ) |  | $ | 2,039,191 |
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
December 31, 2024 |  | Cost |  |  |  | Gains |  |  |  | Losses |  |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) | $ | 593,810 |  |  | $ | 487 |  |  | $ | (240 | ) |  | $ | 594,057 |
Debt securities issued by U.S. government agencies |  | 143,647 |  |  |  | 287 |  |  |  | (39 | ) |  |  | 143,895 |
Debt securities issued by the U.S. Treasury (1) |  | 657,285 |  |  |  | 825 |  |  |  | (120 | ) |  |  | 657,990 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  | 7,516 |  |  |  | 8 |  |  |  | - |  |  |  | 7,524 |
Total debt securities with a maturity of one year or less |  | 1,402,258 |  |  |  | 1,607 |  |  |  | (399 | ) |  |  | 1,403,466 |
Corporate debt securities |  | 439,561 |  |  |  | 723 |  |  |  | (2,275 | ) |  |  | 438,009 |
Debt securities issued by U.S. government agencies |  | 65,255 |  |  |  | 137 |  |  |  | (289 | ) |  |  | 65,103 |
Debt securities issued by the U.S. Treasury |  | 149,086 |  |  |  | 124 |  |  |  | (476 | ) |  |  | 148,734 |
Other municipal debt securities |  | 698 |  |  |  | - |  |  |  | (2 | ) |  |  | 696 |
Total debt securities with a maturity of more than one year |  | 654,600 |  |  |  | 984 |  |  |  | (3,042 | ) |  |  | 652,542 |
Total available-for-sale debt securities | $ | 2,056,858 |  |  | $ | 2,591 |  |  | $ | (3,441 | ) |  | $ | 2,056,008 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) | $ | 11,897 |  |  | $ | 26 |  |  | $ | (6,660 | ) |  | $ | 5,263 |
Privately held equity securities included in deposits and other assets (3) |  | 23,115 |  |  |  | 25,001 |  |  |  | (7,093 | ) |  |  | 41,023 |
Total equity securities |  | 35,012 |  |  |  | 25,027 |  |  |  | (13,753 | ) |  |  | 46,286 |
Total available-for-sale debt and equity securities | $ | 2,091,870 |  |  | $ | 27,618 |  |  | $ | (17,194 | ) |  | $ | 2,102,294 |
(1) Includes investments classified as cash equivalents in our condensed consolidated balance sheets. (2) Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the nine months ended September 30, 2025, we recorded a $2.0 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our investments in publicly traded companies. (3) Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the nine months ended September 30, 2025, the amortized cost of our privately held equity securities increased $11.2 million. In the third quarter of 2025, we recorded a $29.4 million unrealized gain related to our investment in a privately held company due to an observable price change in an orderly transaction for a similar investment of the investee. This increase was partially offset by a loss of $18.2 million related to an impairment of our investment in another privately held company that we recorded in the second quarter of 2025.
Temporarily Impaired Investments | The following is a summary of our investments we consider to be temporarily impaired at September 30, 2025 (in thousands, except for number of investments):
|  |  |  |  | Less than 12 Months of Temporary Impairment |  | More than 12 Months of Temporary Impairment |  | Total Temporary Impairment
|  | Number of Investments |  |  |  | Estimated Fair Value |  |  |  | Unrealized Losses |  |  |  | Estimated Fair Value |  |  |  | Unrealized Losses |  |  |  | Estimated Fair Value |  |  |  | Unrealized Losses |
Corporate debt securities |  | 105 |  |  | $ | 179,031 |  |  | $ | (127 | ) |  | $ | 55,955 |  |  | $ | (63 | ) |  | $ | 234,986 |  |  | $ | (190 | )
Debt securities issued by U.S. government agencies |  | 43 |  |  |  | 71,369 |  |  |  | (60 | ) |  |  | 17,286 |  |  |  | (16 | ) |  |  | 88,655 |  |  |  | (76 | )
Debt securities issued by the U.S. Treasury |  | 25 |  |  |  | 141,191 |  |  |  | (74 | ) |  |  | 46,285 |  |  |  | (36 | ) |  |  | 187,476 |  |  |  | (110 | )
Other municipal debt securities |  | 1 |  |  |  | 698 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 698 |  |  |  | - |
Total temporarily impaired debt securities |  | 174 |  |  | $ | 392,289 |  |  | $ | (261 | ) |  | $ | 119,526 |  |  | $ | (115 | ) |  | $ | 511,815 |  |  | $ | (376 | )

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