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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments [Abstract]

Schedule of Cash, Cash Equivalents and Debt Investments by Significant Category

	September 30, 2023
	Adjusted cost			Unrealized Gains			Unrealized Losses			Fair Value			Cash and Cash Equivalents			Current Investments			Long-term Investments
Cash	$	86,629		$	-		$	-		$	86,629		$	86,629		$	-		$	-
Level 1(1)
Money market funds		439,176			-			-			439,176			439,176			-			-
Time deposits		76,502			-			-			76,502			76,502			-			-
U.S. Treasury securities		1,259,791			520			8,512			1,251,799			-			850,900			408,891
Subtotal		1,775,469			520			8,512			1,767,477			515,678			850,900			408,891
Level 3
Corporate debt security(2)		17,600			-			118			17,482			-			799			16,801
Notes receivable(3)		6,860			284			-			7,144			-			-			7,144
Subtotal		24,460			284			118			24,626			-			799			23,945
Total	$	1,886,558		$	804		$	8,630		$	1,878,732		$	602,307		$	851,699		$	432,836
	December 31, 2022
	Adjusted cost			Unrealized Gains			Unrealized Losses			Fair Value			Cash and Cash Equivalents			Current Investments			Long-term Investments
Cash	$	75,829		$	-		$	-		$	75,829		$	75,829		$	-		$	-
Level 1(1)
Money market funds		232,477			-			-			232,477			232,477			-			-
Time deposits		75,694			-			-			75,694			75,694			-			-
U.S. Treasury securities		847,354			63			14,355			833,062			-			515,136			332,218
Subtotal		1,155,525			63			14,355			1,141,233			308,171			515,136			332,218
Level 3
Corporate debt security(2)		17,900			-			700			17,200			-			-			17,900
Note receivable(3)		4,860			222			-			5,082			-			-			5,082
Subtotal		22,760			222			700			22,282			-			-			22,982
Total	$	1,254,114		$	285		$	15,055		$	1,239,344		$	384,000		$	515,136		$	355,200

⁽¹⁾ Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

⁽²⁾ The fair value of the corporate debt security is measured using Level 3 (unobservable) inputs. We determined the fair value for the corporate debt security using an internally-developed valuation model and unobservable inputs include credit and liquidity spreads and effective maturity.

⁽³⁾ We have elected to measure our investment in convertible notes receivable of private companies at fair value under the fair value option. The fair value of the notes receivable are measured using Level 3 (unobservable) inputs. We determined the fair value for the notes receivable using an internally-developed valuation model and unobservable inputs include estimates of the equity value of the underlying business and the timing and probability of future financing events.

Summary of Assets Measured at Fair Value on Nonrecurring Basis

		Carrying Value
		September 30,
	Level	2023			2022
Leasehold improvements, property and equipment, net	3	$	2,033		$	194
Operating lease assets	3		4,321			551
Total		$	6,354		$	745

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Schedule of Cash, Cash Equivalents and Debt Investments by Significant Category

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
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