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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value of Financial Instruments |
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 |  | Losses |  | Fair Value |
June 30, 2022 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Debt securities (government) | ​ | $ | 292,350 | ​ | $ | (5,306) | ​ | $ | 287,044 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities (government) | ​ | $ | 291,871 | ​ | $ | (1,119) | ​ | $ | 290,752 | ​
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) |  | June 30, 2022 |
Cash and cash equivalents | ​ | $ | 2,435,381 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,435,381 | ​
Debt securities (government) | ​ |  | — | ​ |  | 287,044 | ​ |  | — | ​ |  | 287,044 | ​
Long term investments (Note 7) | ​ |  | 149,784 | ​ |  | — | ​ |  | — | ​ |  | 149,784 | ​
Total assets | ​ | $ | 2,585,165 | ​ | $ | 287,044 | ​ | $ | — | ​ | $ | 2,872,209 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2021 |
Cash and cash equivalents | ​ | $ | 2,057,440 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,057,440 | ​
Debt securities (government) | ​ | ​ | — | ​ |  | 290,752 | ​ |  | — | ​ | ​ | 290,752 | ​
Long term investments (Note 7) | ​ |  | 221,266 | ​ |  | — | ​ |  | — | ​ |  | 221,266 | ​
Total assets | ​ | $ | 2,278,706 | ​ | $ | 290,752 | ​ | $ | — | ​ | $ | 2,569,458 | ​
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) |  | June 30, 2022
Acquisition-related contingent consideration | ​ | $ | — | ​ | $ | — | ​ | $ | 237,000 | ​ | $ | 237,000
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 237,000 | ​ | $ | 237,000
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2021 | ​
Acquisition-related contingent consideration | ​ | $ | — | ​ | $ | — | ​ | $ | 244,000 | ​ | $ | 244,000 | ​
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 244,000 | ​ | $ | 244,000 | ​
Schedule of roll forward of Level 3 liabilities | The following is a rollforward of our Level 3 liabilities (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | 2022
Balance at January 1, | ​ | $ | 244,000
Contingent consideration earned during the period but not yet paid | ​ | ​ | (16,695)
Change in fair value of contingent consideration | ​ | ​ | 9,695
Balance at June 30, | ​ | $ | 237,000

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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