Fair Value of Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Marketable Securities Portfolio |
The following is a summary of our marketable security portfolio for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Net
Unrealized Gains
(Losses) | | Estimated
Fair Value | | September 30, 2024 | | | | | | | Debt securities (government) | $ | 463,921 | | | $ | 3,314 | | | $ | 467,235 | | | | | | | | | December 31, 2023 | | | | | | | Debt securities (government) | $ | 442,816 | | | $ | (149) | | | $ | 442,667 | |
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| Schedule of Fair Value of Assets Measured on Recurring Basis |
The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Balance as of
September 30, 2024 | | Cash and cash equivalents | $ | 1,304,109 | | | $ | — | | | $ | — | | | $ | 1,304,109 | | | Debt securities (government) | — | | | 467,235 | | | — | | | 467,235 | | Short term equity investments (Note 8) | 3,344 | | | — | | | — | | | 3,344 | | Long term equity investments (Note 8) | 27,566 | | | — | | | — | | | 27,566 | | | Total assets | $ | 1,335,019 | | | $ | 467,235 | | | $ | — | | | $ | 1,802,254 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Balance as of
December 31, 2023 | | Cash and cash equivalents | $ | 3,213,376 | | | $ | — | | | $ | — | | | $ | 3,213,376 | | | Debt securities (government) | — | | | 442,667 | | | — | | | 442,667 | | Long term equity investments (Note 8) | 187,716 | | | — | | | — | | | 187,716 | | | Total assets | $ | 3,401,092 | | | $ | 442,667 | | | $ | — | | | $ | 3,843,759 | |
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| Schedule of Fair Value of Liabilities Measured on Recurring Basis |
The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1) | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Balance as of
September 30, 2024 | | Acquisition-related contingent consideration | $ | — | | | $ | — | | | $ | 207,000 | | | $ | 207,000 | | | Total liabilities | $ | — | | | $ | — | | | $ | 207,000 | | | $ | 207,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1) | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Balance as of
December 31, 2023 | | Acquisition-related contingent consideration | $ | — | | | $ | — | | | $ | 212,000 | | | $ | 212,000 | | | Total liabilities | $ | — | | | $ | — | | | $ | 212,000 | | | $ | 212,000 | |
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| Schedule of Roll Forward of Level 3 Liabilities |
The following is a roll forward of our Level 3 liabilities (in thousands): | | | | | | | 2024 | | Balance at January 1, | $ | 212,000 | | | Contingent consideration earned during the period but not yet paid | (19,303) | | | Payments made during the period | (9,544) | | | Change in fair value of contingent consideration | 23,847 | | | Balance at September 30, | $ | 207,000 | |
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