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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

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

			September 30, 2022
			Level 1						Level 2						Level 3						Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds			$	1,885					$	—					$	—					$	1,885
Certificates of deposit			—						429,359						—						429,359
Commercial paper			—						1,083,272						—						1,083,272
Corporate bonds			—						85,146						—						85,146
U.S. government securities			—						39,716						—						39,716
Total unrestricted cash equivalents and short-term investments			1,885						1,637,493						—						1,639,378
Restricted cash equivalents and investments(2)
Money market funds			91,231						—						—						91,231
Certificates of deposit			—						269,287						—						269,287
Commercial paper			—						659,193						—						659,193
Corporate bonds			—						29,007						—						29,007
U.S. government securities			—						63,340						—						63,340
Total restricted cash equivalents and investments			91,231						1,020,827						—						1,112,058
Marketable equity securities(3)			4,919						—						—						4,919
Total financial assets			$	98,035					$	2,658,320					$	—					$	2,756,355
Liabilities
Contingent consideration(4)			$	—					$	—					$	15,000					$	15,000
Total financial liabilities			$	—					$	—					$	15,000					$	15,000

_______________

(1)$72.8 million of cash, $51.3 million of money market deposit accounts and $15.0 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 $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$56.1 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 $1.2 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.

(3)Included in other investments on the condensed consolidated balance sheets.

(4)In the second quarter of 2022, the Company completed the acquisition of PBSC which included up to $15.0 million in contingent consideration to be paid over the next year. The contingent consideration was classified as a liability and included in accrued and other current liabilities on the condensed consolidated balance sheets. Refer to Note 3 "Acquisitions" to the condensed consolidated financial statements for information regarding this contingent consideration.

			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

_______________

(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.

Summary of Reconciliation of Level 3 Financial Assets

The following table provides a reconciliation of the beginning balances of the Level 3 financial assets during the nine months ended September 30, 2022 (in thousands):

			Three Months Ended September 30,									Nine Months Ended September 30,
			2022						2021			2022						2021
Balance at beginning of period			$	128,086					$	64,043		$	64,043					$	—
Additions(1)			—						—			64,043						64,043
Change in fair value(2)			(128,086)						—			(128,086)						—
Balance at end of period			$	—					$	64,043		$	—					$	64,043

_______________

(1)Relates to non-marketable equity securities included in other investments on the condensed consolidated balance sheets.

(2)In the third quarter of 2022, the entire amount of the investment in the non-marketable equity security was impaired due to the announced winding down of the equity investee. The resulting impairment charge was recorded to other income (expense), net on the condensed consolidated statement of operations.

Summary of Reconciliation of Level 3 Financial Liabilities

The following table provides a reconciliation of the beginning balances of the Level 3 financial liabilities during the nine months ended September 30, 2022 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Balance at beginning of period			$	14,100					$	—					$	—					$	—
Additions(1)			—						—						14,100						—
Change in fair value			900						—						900						—
Balance at end of period			$	15,000					$	—					$	15,000					$	—

_______________

(1)Relates the contingent consideration from the acquisition of PBSC, which are included in accrued and other current liabilities on the condensed consolidated balance sheets. Refer to Note 3 "Acquisitions" to the condensed consolidated financial statements for information regarding this contingent consideration

X

- 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

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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-Publisher FASB
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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