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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of financial instruments measured at fair value on recurring basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

			March 31, 2021
			Level 1						Level 2						Level 3						Total
Unrestricted Balances(1)
Money market funds			$	88,630					$	—					$	—					$	88,630
Certificates of deposit			—						864,598						—						864,598
Commercial paper			—						312,873						—						312,873
Corporate bonds			—						107,620						—						107,620
Total unrestricted cash equivalents and investments			88,630						1,285,091						—						1,373,721
Restricted Balances(2)
Money market funds			126,649						—						—						126,649
Certificates of deposit			—						606,331						—						606,331
Commercial paper			—						258,637						—						258,637
Corporate bonds			—						68,941						—						68,941
Total restricted cash equivalents and investments			126,649						933,909						—						1,060,558
Total unrestricted and restricted cash equivalents and investments			$	215,279					$	2,219,000					$	—					$	2,434,279

_______________

(1)$44.2 million of cash, $180.0 million of money market deposit accounts and $640.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$57.0 million of restricted cash and $6.5 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.

			December 31, 2020
			Level 1						Level 2						Level 3						Total
Unrestricted Balances(1)
Certificates of deposit			$	—					$	677,777					$	—					$	677,777
Commercial paper			—						376,789						—						376,789
Corporate bonds			—						287,519						—						287,519
Total unrestricted cash equivalents and short-term investments			—						1,342,085						—						1,342,085
Restricted Balances(2)
Money market funds			24,757						—						—						24,757
Certificates of deposit			—						481,365						—						481,365
Commercial paper			—						469,240						—						469,240
Corporate bonds			—						184,601						—						184,601
Total restricted cash equivalents and investments			24,757						1,135,206						—						1,159,963
Total unrestricted and restricted cash equivalents and investments			$	24,757					$	2,477,291					$	—					$	2,502,048

_______________

(1)$133.6 million of cash, $174.3 million of money market deposit accounts and $601.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$53.8 million of restricted cash, $0.2 million of a money market deposit account and $6.5 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.2 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.

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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=117815213&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=117815213&loc=d3e19207-110258

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X

- References

No definition available.

+ Details

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