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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables set forth our financial assets as of September 30, 2021 and December 31, 2020 that are measured at fair value on a recurring basis during the period:
| September 30, 2021 |
| Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Total Estimated Fair Value |
| (in thousands) |
Cash | $ | 1,906,445 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,906,445 |
Level 1 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | 767,710 |  |  |  | 45 |  |  |  | (45 | ) |  |  | 767,710 |
U.S. government agency securities |  | 135,445 |  |  |  | 1 |  |  |  | (10 | ) |  |  | 135,436 |
Publicly traded equity securities(1) |  | 71,139 |  |  |  | 62,644 |  |  |  | — |  |  |  | 133,783 |
Level 2 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | 113,900 |  |  |  | 2 |  |  |  | (44 | ) |  |  | 113,858 |
Commercial paper |  | 471,936 |  |  |  | — |  |  |  | — |  |  |  | 471,936 |
Certificates of deposit |  | 86,436 |  |  |  | — |  |  |  | — |  |  |  | 86,436 |
Total | $ | 3,553,011 |  |  | $ | 62,692 |  |  | $ | (99 | ) |  | $ | 3,615,604 |
(1) During the three months ended September 30, 2021, we reclassified a strategic investment from Level 3 to Level 1 at its fair value using the beginning-of-period approach, following the commencement of public market trading of the investment during the period (which is subject to short-term lock-up restrictions). For additional discussion, see Note 10 to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
| December 31, 2020 |
| Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Total Estimated Fair Value |
| (in thousands) |
Cash | $ | 464,006 |  |  | $ | — |  |  | $ | — |  |  | $ | 464,006 |
Level 1 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | 1,272,125 |  |  |  | 122 |  |  |  | (21 | ) |  |  | 1,272,226 |
U.S. government agency securities |  | 245,055 |  |  |  | 8 |  |  |  | (24 | ) |  |  | 245,039 |
Level 2 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | 81,158 |  |  |  | 1 |  |  |  | (18 | ) |  |  | 81,141 |
Commercial paper |  | 425,861 |  |  |  | — |  |  |  | — |  |  |  | 425,861 |
Certificates of deposit |  | 49,267 |  |  |  | — |  |  |  | — |  |  |  | 49,267 |
Total | $ | 2,537,472 |  |  | $ | 131 |  |  | $ | (63 | ) |  | $ | 2,537,540 |

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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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