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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Financial Instruments Measured at Fair Value on a 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, 2022
	Level 1		Level 2		Level 3		Total
Unrestricted Balances(1)
Money market funds	$	10,824	$	—	$	—	$	10,824
Certificates of deposit	—		480,128		—		480,128
Commercial paper	—		1,194,329		—		1,194,329
Corporate bonds	—		165,082		—		165,082
U.S. government securities	—		3,095		—		3,095
Marketable equity securities	9,830		—		—		9,830
Total unrestricted cash equivalents and short-term investments	20,654		1,842,634		—		1,863,288
Restricted Balances(2)
Money market funds	11,868		—		—		11,868
Certificates of deposit	—		281,080		—		281,080
Commercial paper	—		485,042		—		485,042
Corporate bonds	—		65,742		—		65,742
U.S. government securities	—		46,098		—		46,098
Total restricted cash equivalents and investments	11,868		877,962		—		889,830
Total unrestricted and restricted cash equivalents and investments	$	32,522	$	2,720,596	$	—	$	2,753,118

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(1)$48.1 million of cash, $115.1 million of money market deposit accounts and $210.0 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)$53.2 million of restricted cash and $5.0 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 $948.1 million of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Unrestricted Balances(1)
Money market funds	$	22,250	$	—	$	—	$	22,250
Certificates of deposit	$	—	$	505,438	$	—	$	505,438
Commercial paper	—		806,388		—		806,388
Corporate bonds	—		99,705		—		99,705
Total unrestricted cash equivalents and short-term investments	22,250		1,411,531		—		1,433,781
Restricted Balances(2)
Money market funds	20,161		—		—		20,161
Certificates of deposit	—		421,144		—		421,144
Commercial paper	—		523,489		—		523,489
Corporate bonds	—		63,458		—		63,458
U.S. government securities	—		31,717		—		31,717
Total restricted cash equivalents and investments	20,161		1,039,808		—		1,059,969
Total unrestricted and restricted cash equivalents and investments	$	42,411	$	2,451,339	$	—	$	2,493,750

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(1)$104.8 million of cash, $330.3 million of money market deposit accounts and $385.0 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)$53.7 million of restricted cash and $5.0 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.

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments.

During the three months ended March 31, 2022, the Company did not make any transfers between the levels of the fair value hierarchy.

Financial Instruments Measured at Fair Value on a Non-Recurring Basis

Our non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of our non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations.

In June 2021, the Company received an investment in a non-marketable equity security in a privately held company without a readily determinable market value as part of licensing and data access agreements. The investment had a carrying value of $64.0 million and is categorized as Level 3. The Company does not have the ability to exercise significant influence over this privately-held company and has elected to measure this investment as a non-marketable equity security and classified it in other investments on the condensed consolidated balance sheet. As of March 31, 2022, there were no remeasurement adjustments related to this non-marketable equity security.

In February 2022, the issuer of the Company's $10.0 million investment in non-marketable equity securities in a privately held company was acquired by a publicly-traded company. As a result of the acquisition in exchange for the securities in the privately-held entity, the Company received common stock of a publicly-traded entity with a value of $8.4 million, which shares are classified as marketable equity securities and measured at fair value on a recurring basis, with the remainder to be received in cash. The shares are categorized as Level 1 and changes in fair value are recorded within other income (expense), net in the condensed consolidated statements of operations.

At March 31, 2022, there were $70.2 million of financial instruments measured at fair value on a non-recurring basis within other investments on the condensed consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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