v3.24.3
Cash Equivalents and Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Short and Long-Term Investments
The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):
As of September 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$513,512 $— $— $513,512 $513,512 $— $— 
U.S. Treasury securities2,150,181 7,485 (127)2,157,539 30,929 1,382,112 744,498 
Subtotal2,663,693 7,485 (127)2,671,051 544,441 1,382,112 744,498 
Level 2
U.S. agency securities269,994 172 (65)270,101 — 22,505 247,596 
Commercial paper285,884 — (2)285,882 — 285,882 — 
Corporate debt securities587,872 6,817 (20)594,669 — 27,917 566,752 
Subtotal1,143,750 6,989 (87)1,150,652 — 336,304 814,348 
Total Debt Securities$3,807,443 $14,474 $(214)$3,821,703 $544,441 $1,718,416 $1,558,846 
Equity Securities
Level 1
Mutual funds (1)
$1,907 $— $1,907 $— 
Total Equity Securities$1,907 $— $1,907 $— 
Total Cash Equivalents and Investments$3,807,443 $14,474 $(214)$3,823,610 $544,441 $1,720,323 $1,558,846 
As of December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$614,888 $— $— $614,888 $614,888 $— $— 
U.S. Treasury securities1,692,700 2,007 (2,547)1,692,160 — 1,155,218 536,942 
Subtotal2,307,588 2,007 (2,547)2,307,048 614,888 1,155,218 536,942 
Level 2
U.S. agency securities286,007 27 (197)285,837 — 137,151 148,686 
Commercial paper184,465 — — 184,465 14,827 169,638 — 
Corporate debt securities409,037 2,066 (1,262)409,841 — 52,070 357,771 
Subtotal879,509 2,093 (1,459)880,143 14,827 358,859 506,457 
Total Debt Securities$3,187,097 $4,100 $(4,006)$3,187,191 $629,715 $1,514,077 $1,043,399 
Equity Securities
Level 1
Mutual funds (1)
$731 $— $731 $— 
Total Equity Securities$731 $— $731 $— 
Total Cash Equivalents and Investments$3,187,097 $4,100 $(4,006)$3,187,922 $629,715 $1,514,808 $1,043,399 
(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 14, “Employee and Director Benefits”, to the notes to the condensed consolidated financial statements for more information.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
As of September 30, 2024
Less Than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities$141,181 $(82)$62,000 $(45)$203,181 $(127)
U.S. agency securities47,443 (65)— — 47,443 (65)
Commercial paper10,797 (2)— — 10,797 (2)
Corporate debt securities11,138 (11)3,032 (9)14,170 (20)
Total$210,559 $(160)$65,032 $(54)$275,591 $(214)
As of December 31, 2023
Less Than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities$486,424 $(2,547)$— $— $486,424 $(2,547)
U.S. agency securities182,475 (197)— — 182,475 (197)
Corporate debt securities248,287 (1,262)— — 248,287 (1,262)
Total$917,186 $(4,006)$— $— $917,186 $(4,006)