v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Measurements [Abstract]  
Fair Value Measurements
8.  Fair Value Measurements
 
The following tables present the major security types we held at June 30, 2026 and December 31, 2025 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 Quoted Prices in Active Markets Significant Other Observable Inputs
 June 30, 2026 (Level 1) (Level 2)
Cash equivalents (1) $155,741  $155,741  $ -  
Corporate debt securities (2)  986,465    -    986,465 
Debt securities issued by U.S. government agencies (3)  145,272    -    145,272 
Debt securities issued by the U.S. Treasury (4) 646,877   646,877    -  
Debt securities issued by states of the U.S. and political subdivisions of the states (3) 5,752    -    5,752 
Publicly traded equity securities included in other current assets (5) 47,768   47,768    -  
Total $1,987,875  $850,386  $1,137,489 
 At Quoted Prices in Active Markets Significant Other Observable Inputs
 December 31, 2025 (Level 1) (Level 2)
Cash equivalents (1) $213,579  $213,579  $ -  
Corporate debt securities (6) 1,184,608    -    1,184,608 
Debt securities issued by U.S. government agencies (3) 148,631    -    148,631 
Debt securities issued by the U.S. Treasury (3) 1,012,746   1,012,746    -  
Debt securities issued by states of the U.S. and political subdivisions of the states (3) 6,943    -    6,943 
Publicly traded equity securities included in other current assets (5) 3,012   3,012    -  
Total $2,569,519  $1,229,337  $1,340,182 
 
The following footnotes reference lines in our condensed consolidated balance sheets:
 
(1)    Included in cash and cash equivalents.
 
(2)    $57.6 million was included in cash and cash equivalents, with the difference included in short-term investments.
 
(3)    Included in short-term investments.
 
(4)    $21.0 million was included in cash and cash equivalents, with the difference included in short-term investments.
 
(5)    Included in other current assets.
 
(6)    $47.8 million was included in cash and cash equivalents, with the difference included in short-term investments.
 
Convertible Notes
 
Our 0% Notes due 2030 and 1.75% Notes due 2028 had a fair value of $828.3 million and $893.1 million at June 30, 2026, respectively. Our 0% Notes due 2030, 1.75% Notes due 2028 and 0% Notes due 2026 had a fair value of $830.3 million, $918.1 million and $594.6 million at December 31, 2025, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are Level 2 measurements because the notes do not trade regularly.