Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Assets Measured at Fair Value on a Recurring Basis

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.