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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of marketable securities portfolio

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

			Amortized Cost						Net Unrealized Losses						Estimated Fair Value
September 30, 2022
Debt securities (government)			$	292,941					$	(6,441)					$	286,500
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 Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance as of September 30, 2022
Cash and cash equivalents			$	2,690,622					$	—					$	—					$	2,690,622
Debt securities (government)			—						286,500						—						286,500
Long term investments (Note 7)			149,124						—						—						149,124
Total assets			$	2,839,746					$	286,500					$	—					$	3,126,246

			Fair Value Measurement at Reporting Date Using:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance as of 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 Active Markets for Identical Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance as of September 30, 2022
Acquisition-related contingent consideration			$	—					$	—					$	206,000					$	206,000
Total liabilities			$	—					$	—					$	206,000					$	206,000

			Fair Value Measurement at Reporting Date Using:
			Quoted Prices in Active Markets for Identical Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance as of 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			(25,802)
Change in fair value of contingent consideration			(12,198)
Balance at September 30,			$	206,000

X

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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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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.

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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.

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