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Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Financial Instruments

Schedule of fair value of assets measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at Reporting Date Using:

​

​

​

​

​

​

Quoted Prices in

​

Significant Other

​

Significant

​

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

Balance as of

​

​

(Level 1)

(Level 2)

(Level 3)

March 31, 2021

Cash and cash equivalents

​

$

1,669,968

​

$

—

​

$

—

​

$

1,669,968

​

Debt securities (government)

​

—

​

292,425

​

—

​

292,425

​

Long term investments (Note 9)

​

202,174

​

—

​

—

​

202,174

​

Total assets

​

$

1,872,142

​

$

292,425

​

$

—

​

$

2,164,567

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at Reporting Date Using:

​

​

​

​

​

​

Quoted Prices in

​

Significant Other

​

Significant

​

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

Balance as of

​

​

(Level 1)

(Level 2)

(Level 3)

December 31, 2020

Cash and cash equivalents

​

$

1,513,008

​

$

—

​

$

—

​

$

1,513,008

​

Debt securities (government)

​

​

—

​

288,369

​

—

​

​

288,369

​

Long term investments (Note 9)

​

222,301

​

—

​

—

​

222,301

​

Total assets

​

$

1,735,309

​

$

288,369

​

$

—

​

$

2,023,678

​

Schedule of fair value of liabilities measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at Reporting Date Using:

​

​

​

​

​

Quoted Prices in

​

Significant Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Liabilities

​

Inputs

​

Inputs

​

Balance as of

​

(Level 1)

(Level 2)

(Level 3)

March 31, 2021

Acquisition-related contingent consideration

​

$

—

​

$

—

​

$

263,000

​

$

263,000

Total liabilities

​

$

—

​

$

—

​

$

263,000

​

$

263,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at Reporting Date Using:

​

​

​

​

​

​

Quoted Prices in

​

Significant Other

​

Significant

​

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

​

Identical Liabilities

​

Inputs

​

Inputs

​

Balance as of

​

​

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

December 31, 2020

​

Acquisition-related contingent consideration

​

$

—

​

$

—

​

$

266,000

​

$

266,000

​

Total liabilities

​

$

—

​

$

—

​

$

266,000

​

$

266,000

​

Schedule of roll forward of Level 3 liabilities

The following is a rollforward of our Level 3 liabilities (in thousands):

​

​	​	​	​	​	​	​	​
​	​	​	​	​	2021		​
Balance at January 1,	​	​	​	​	$	266,000	​
Contingent consideration earned during the period but not yet paid	​	​	​	​	​	(8,526)	​
Change in fair value of contingent consideration	​	​	​	​	​	5,526	​
Balance at March 31,	​	​	​	​	$	263,000	​

Summary of marketable securities portfolio

The following is a summary of our marketable security portfolio for the periods presented (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Net		​	​	​	​
​	​	Amortized		​	Unrealized		​	Estimated		​
​		Cost			Gains			Fair Value
March 31, 2021		​	​		​	​		​	​	​
Debt securities (government)	​	$	292,287	​	$	138	​	$	292,425	​
​	​	​	​	​	​	​	​	​	​	​
December 31, 2020	​	​	​	​	​	​	​	​	​	​
Debt securities (government)	​	$	288,199	​	$	170	​	$	288,369	​

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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