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.
|
|