Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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

The following tables show our cash, cash equivalents, and debt investments by significant investment category as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	75,775	$	-	$	-	$	75,775	$	75,775	$	-	$	-
Level 1
Money market funds	545,215		-		-		545,215		545,215		-		-
Time deposits	77,557		-		-		77,557		77,557		-		-
U.S. Treasury securities	1,422,910		12,552		87		1,435,375		-		634,119		788,791
Corporate debt securities	48,127		355		-		48,482		-		29,851		18,276
Subtotal	2,093,809		12,907		87		2,106,629		622,772		663,970		807,067
Level 3
Corporate debt security(1)	16,801		-		17		16,784		-		1,600		15,201
Notes receivable(2)	4,593		233		-		4,826		-		3,106		1,720
Subtotal	21,394		233		17		21,610		-		4,706		16,921
Total	$	2,190,978	$	13,140	$	104	$	2,204,014	$	698,547	$	668,676	$	823,988


	December 31, 2023
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	128,458	$	-	$	-	$	128,458	$	128,458	$	-	$	-
Level 1
Money market funds	355,872		-		-		355,872		355,872		-		-
Time deposits	76,279		-		-		76,279		76,279		-		-
U.S. Treasury securities	1,200,658		4,352		4,083		1,200,927		-		731,339		469,319
Corporate debt securities	19,755		13		7		19,761		-		-		19,755
Subtotal	1,652,564		4,365		4,090		1,652,839		432,151		731,339		489,074
Level 3
Corporate debt security(1)	17,401		-		27		17,374		-		999		16,402
Notes receivable(2)	14,500		1,289		141		15,648		-		2,500		13,148
Subtotal	31,901		1,289		168		33,022		-		3,499		29,550
Total	$	1,812,923	$	5,654	$	4,258	$	1,814,319	$	560,609	$	734,838	$	518,624

(1)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.

(2)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.