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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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
March 31, 2023
Debt securities (government)			$	294,278					$	(2,617)					$	291,661
December 31, 2022
Debt securities (government)			$	292,580					$	(5,037)					$	287,543

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 March 31, 2023
Cash and cash equivalents			$	2,821,051					$	—					$	—					$	2,821,051
Debt securities (government)			—						291,661						—						291,661
Long term investments (Note 7)			128,313						—						—						128,313
Total assets			$	2,949,364					$	291,661					$	—					$	3,241,025

			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, 2022
Cash and cash equivalents			$	2,951,422					$	—					$	—					$	2,951,422
Debt securities (government)			—						287,543						—						287,543
Long term investments (Note 7)			133,676						—						—						133,676
Total assets			$	3,085,098					$	287,543					$	—					$	3,372,641

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 March 31, 2023
Acquisition-related contingent consideration			$	—					$	—					$	218,000					$	218,000
Total liabilities			$	—					$	—					$	218,000					$	218,000

			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, 2022
Acquisition-related contingent consideration			$	—					$	—					$	221,000					$	221,000
Total liabilities			$	—					$	—					$	221,000					$	221,000

Schedule of roll forward of Level 3 liabilities

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

			2023
Balance at January 1,			$	221,000
Contingent consideration earned during the period but not yet paid			(9,196)
Change in fair value of contingent consideration			6,196
Balance at March 31,			$	218,000

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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