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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 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
September 30, 2023
Debt securities (government)$290,583 $(1,360)$289,223 
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
September 30, 2023
Cash and cash equivalents$3,227,230 $— $— $3,227,230 
Debt securities (government)— 289,223 — 289,223 
Long term investments (Note 7)
153,663 — — 153,663 
Total assets$3,380,893 $289,223 $— $3,670,116 
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 $— $3,372,641 
Schedule of Fair Value of Liabilities Measured on Recurring Basis
The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):
Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance as of
September 30, 2023
Acquisition-related contingent consideration$— $— $207,000 $207,000 
Total liabilities$— $— $207,000 $207,000 
Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance as of
December 31, 2022
Acquisition-related contingent consideration$— $— $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(10,684)
Payments made during the period(17,460)
Change in fair value of contingent consideration14,144 
Balance at September 30,$207,000