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Strategic Investments | 9 Months Ended
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Sep. 30, 2021
Equity Method Investments And Joint Ventures [Abstract] |
Strategic Investments | 10. Strategic Investments We hold strategic investments in privately held and publicly traded companies, consisting primarily of equity securities. Our investments in privately held companies had a carrying value of $249.8 million and $169.5 million as of September 30, 2021 and December 31, 2020, respectively. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework. We recognized unrealized gains on privately held companies of $60.6 million and $136.0 million for the three and nine months ended September 30, 2021 respectively, and $27.8 million of realized gains for the nine months ended September 30, 2021. The unrealized and realized gains on privately held company investments for the three and nine months ended September 30, 2020 were not material. During the three months ended September 30, 2021, we reclassified a strategic investment from Level 3 to Level 1 using the beginning-of-period approach, following the commencement of public market trading of the investment during the period. The carrying value of this publicly traded company was $133.8 million as of September 30, 2021. We recognized unrealized gains on this investment of $62.6 million for the three months ended September 30, 2021. Unrealized gains on all strategic investments are included within other income (expense), net on the consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on the consolidated balance sheets. All strategic investments are reviewed periodically for impairment. Impairment expense recorded for the nine months ended September 30, 2020 was $15.5 million. Impairment expense recorded in all other periods presented was not material.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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