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Fair Value Measurements (Tables)

9 Months Ended

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

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X

- References

No definition available.

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