Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Cash, Cash Equivalents and Debt Investments by Significant Category

The following tables show our cash, cash equivalents, and debt investments by significant investment category as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	158,314	$	-	$	-	$	158,314	$	158,314	$	-	$	-
Level 1(1)
Money market funds	492,228		-		-		492,228		492,228		-		-
Time deposits	76,852		-		-		76,852		76,852		-		-
U.S. Treasury securities	1,357,606		639		4,041		1,354,204		-		691,274		666,332
Corporate debt securities	34,469		-		168		34,301		-		-		34,469
Subtotal	1,961,155		639		4,209		1,957,585		569,080		691,274		700,801
Level 3
Corporate debt security(2)	17,201		275		-		17,476		-		1,200		16,001
Notes receivable(3)	12,001		1,289		141		13,149		-		-		13,149
Subtotal	29,202		1,564		141		30,625		-		1,200		29,150
Total	$	2,148,671	$	2,203	$	4,350	$	2,146,524	$	727,394	$	692,474	$	729,951
	December 31, 2023
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	128,458	$	-	$	-	$	128,458	$	128,458	$	-	$	-
Level 1(1)
Money market funds	355,872		-		-		355,872		355,872		-		-
Time deposits	76,279		-		-		76,279		76,279		-		-
U.S. Treasury securities	1,200,658		4,352		4,083		1,200,927		-		731,339		469,319
Corporate debt securities	19,755		13		7		19,761		-		-		19,755
Subtotal	1,652,564		4,365		4,090		1,652,839		432,151		731,339		489,074
Level 3
Corporate debt security(2)	17,401		-		27		17,374		-		999		16,402
Notes receivable(3)	14,500		1,289		141		15,648		-		2,500		13,148
Subtotal	31,901		1,289		168		33,022		-		3,499		29,550
Total	$	1,812,923	$	5,654	$	4,258	$	1,814,319	$	560,609	$	734,838	$	518,624

(1)Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

(2)The fair value of the corporate debt security is measured using Level 3 (unobservable) inputs. We determined the fair value for the corporate debt security using an internally-developed valuation model and unobservable inputs include credit and liquidity spreads and effective maturity.

(3)We have elected to measure our investment in convertible notes receivable of private companies at fair value under the fair value option. The fair value of the notes receivable are measured using Level 3 (unobservable) inputs. We determined the fair value for the notes receivable using an internally-developed valuation model and unobservable inputs include estimates of the equity value of the underlying business and the timing and probability of future financing events.