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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Measurements [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

The following tables present the major security types we held at June 30, 2024 and December 31, 2023 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
June 30, 2024
   
Quoted Prices in
Active Markets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
 
Cash equivalents (1)
 
$
212,489
   
$
212,489
   
$
 
Corporate debt securities (2)
   
769,260
     
     
769,260
 
Debt securities issued by U.S. government agencies (3)
   
236,580
     
     
236,580
 
Debt securities issued by the U.S. Treasury (3)
   
776,021
     
776,021
     
 
Debt securities issued by states of the U.S. and political subdivisions of the states (3)
   
19,715
     
     
19,715
 
Publicly traded equity securities included in other current assets (4)
   
6,854
     
6,854
     
 
Total
 
$
2,020,919
   
$
995,364
   
$
1,025,555
 

 
At
December 31, 2023
   
Quoted Prices in
Active Markets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
 
Cash equivalents (1)
 
$
185,424
   
$
185,424
   
$
 
Corporate debt securities (5)
   
801,228
     
     
801,228
 
Debt securities issued by U.S. government agencies (3)
   
334,828
     
     
334,828
 
Debt securities issued by the U.S. Treasury (3)
   
807,679
     
807,679
     
 
Debt securities issued by states of the U.S. and political subdivisions of the states (3)
   
21,155
     
     
21,155
 
Publicly traded equity securities included in other current assets (4)
   
6,301
     
6,301
     
 
Total
 
$
2,156,615
   
$
999,404
   
$
1,157,211
 

The following footnotes reference lines in our condensed consolidated balance sheets:

(1)
Included in cash and cash equivalents.

(2)
$16.9 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.

(5)
$33.0 million was included in cash and cash equivalents, with the difference included in short-term investments.