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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and December 31, 2021 that are measured at fair value on a recurring basis during the period:

	September 30, 2022
	Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Total Estimated Fair Value
	(in thousands)
Cash	$	1,805,384			$	—			$	—			$	1,805,384
Level 1 securities:
U.S. government securities		1,675,064				20				(13,648	)			1,661,436
U.S. government agency securities		59,047				14				(149	)			58,912
Publicly traded equity securities (1)		95,406				21,453				—				116,859
Level 2 securities:
Corporate debt securities		279,520				7				(2,429	)			277,098
Commercial paper		336,741				—				—				336,741
Certificates of deposit		172,524				—				(2	)			172,522
Total	$	4,423,686			$	21,494			$	(16,228	)		$	4,428,952

(1) In the second quarter of 2022, 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 (a portion of which was subject to short-term lock-up restrictions as of September 30, 2022).

	December 31, 2021
	Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Total Estimated Fair Value
	(in thousands)
Cash	$	1,966,966			$	—			$	—			$	1,966,966
Level 1 securities:
U.S. government securities		811,092				1				(1,454	)			809,639
U.S. government agency securities		77,409				1				(8	)			77,402
Publicly traded equity securities		71,139				122,064				—				193,203
Level 2 securities:
Corporate debt securities		143,124				—				(207	)			142,917
Commercial paper		422,328				—				(1	)			422,327
Certificates of deposit		80,431				—				—				80,431
Total	$	3,572,489			$	122,066			$	(1,670	)		$	3,692,885

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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X

- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
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