Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The carrying value of our cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of their short-term nature.

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


	December 31, 2024
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	95,969	$	-	$	-	$	95,969	$	95,969	$	-	$	-
Level 1
Money market funds	574,689		-		-		574,689		574,689		-		-
Time deposits	77,879		-		-		77,879		77,879		-		-
U.S. Treasury securities	1,404,777		4,831		693		1,408,915		-		635,392		769,385
Corporate debt securities	48,210		116		-		48,326		-		34,736		13,474
Subtotal	2,105,555		4,947		693		2,109,809		652,568		670,128		782,859
Level 3
Corporate debt security(1)	16,401		11		-		16,412		-		2,000		14,401
Notes receivable(2)	3,763		250		-		4,013		-		2,250		1,763
Subtotal	20,164		261		-		20,425		-		4,250		16,164
Total	$	2,221,688	$	5,208	$	693	$	2,226,203	$	748,537	$	674,378	$	799,023


	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.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as leasehold improvements, property and equipment, certain long-term investments, operating lease assets, other assets, and goodwill. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if there has been an observable price change of a non-marketable equity security.

For the years ended December 31, 2024, 2023 and 2022, nonrecurring fair value measurements resulting in asset impairments were not material.