Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	1,046,281	$	—	$	—	$	1,046,281	$	1,046,281	$	—	$	—
U.S. Treasury securities	2,102,803		3,243		(1,091)		2,104,955		—		1,364,081		740,874
Subtotal	3,149,084		3,243		(1,091)		3,151,236		1,046,281		1,364,081		740,874
Level 2
U.S. agency securities	373,552		136		(98)		373,590		—		—		373,590


Commercial paper	208,437		—		—		208,437		19,982		188,455		—
Corporate debt securities	679,245		3,429		(324)		682,350		—		30,803		651,547
Subtotal	1,261,234		3,565		(422)		1,264,377		19,982		219,258		1,025,137
Total Debt Securities	$	4,410,318	$	6,808	$	(1,513)	$	4,415,613	$	1,066,263	$	1,583,339	$	1,766,011
Equity Securities
Level 1
Mutual funds(1)							$	2,510	$	—	$	2,510	$	—
Total Equity Securities							$	2,510	$	—	$	2,510	$	—
Total Cash Equivalents and Investments	$	4,410,318	$	6,808	$	(1,513)	$	4,418,123	$	1,066,263	$	1,585,849	$	1,766,011


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	615,890	$	—	$	—	$	615,890	$	615,890	$	—	$	—
U.S. Treasury securities	2,159,558		1,886		(4,446)		2,156,998		—		1,402,694		754,304
Subtotal	2,775,448		1,886		(4,446)		2,772,888		615,890		1,402,694		754,304
Level 2
U.S. agency securities	293,423		82		(211)		293,294		—		1		293,293


Commercial paper	280,243		—		(1)		280,242		19,818		260,424		—
Corporate debt securities	594,221		2,202		(1,240)		595,183		—		32,565		562,618
Subtotal	1,167,887		2,284		(1,452)		1,168,719		19,818		292,990		855,911
Total Debt Securities	$	3,943,335	$	4,170	$	(5,898)	$	3,941,607	$	635,708	$	1,695,684	$	1,610,215
Equity Securities
Level 1
Mutual funds(1)							$	2,178	$	—	$	2,178	$	—
Total Equity Securities							$	2,178	$	—	$	2,178	$	—
Total Cash Equivalents and Investments	$	3,943,335	$	4,170	$	(5,898)	$	3,943,785	$	635,708	$	1,697,862	$	1,610,215

(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust.

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 March 31, 2025
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. Treasury securities	$	760,403	$	(1,085)	$	10,229	$	(6)	$	770,632	$	(1,091)
U.S. agency securities	162,520		(98)		—		—		162,520		(98)



Corporate debt securities	110,462		(322)		3,051		(2)		113,513		(324)
Total	$	1,033,385	$	(1,505)	$	13,280	$	(8)	$	1,046,665	$	(1,513)


	As of December 31, 2024
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. Treasury securities	$	638,363	$	(4,434)	$	25,891	$	(12)	$	664,254	$	(4,446)
U.S. agency securities	102,229		(211)		—		—		102,229		(211)


Commercial paper	10,937		(1)		—		—		10,937		(1)
Corporate debt securities	256,629		(1,233)		3,041		(7)		259,670		(1,240)
Total	$	1,008,158	$	(5,879)	$	28,932	$	(19)	$	1,037,090	$	(5,898)