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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value on a 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):
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Unrestricted cash equivalents and investments(1) |  |  |  |  |  |  |
Money market funds | $ | 3,276 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,276 |
Certificates of deposit | — |  |  | 502,159 |  |  | — |  |  | 502,159 |
Commercial paper | — |  |  | 963,150 |  |  | — |  |  | 963,150 |
Corporate bonds | — |  |  | 61,501 |  |  | — |  |  | 61,501 |
U.S. government securities | — |  |  | 7,060 |  |  | — |  |  | 7,060 |
Total unrestricted cash equivalents and short-term investments | 3,276 |  |  | 1,533,870 |  |  | — |  |  | 1,537,146 |
Restricted cash equivalents and investments(2) |  |  |  |  |  |  |
Money market funds | 93,362 |  |  | — |  |  | — |  |  | 93,362 |
Certificates of deposit | — |  |  | 354,978 |  |  | — |  |  | 354,978 |
Commercial paper | — |  |  | 595,591 |  |  | — |  |  | 595,591 |
Corporate bonds | — |  |  | 14,916 |  |  | — |  |  | 14,916 |
U.S. government securities | — |  |  | 74,534 |  |  | — |  |  | 74,534 |
Total restricted cash equivalents and investments | 93,362 |  |  | 1,040,019 |  |  | — |  |  | 1,133,381 |
Marketable equity securities(3) | 1,136 |  |  | — |  |  | — |  |  | 1,136 |
Total financial assets | $ | 97,774 |  |  | $ | 2,573,889 |  |  | $ | — |  |  | $ | 2,671,663 |
Liabilities |  |  |  |  |  |  |
Contingent consideration(4) | $ | — |  |  | $ | — |  |  | $ | 15,000 |  |  | $ | 15,000 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 15,000 |  |  | $ | 15,000 |
_______________ (1)$126.5 million of cash, $127.0 million of money market deposit accounts and $5.0 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 consolidated balance sheets. (2)$1.3 million of restricted cash and $3.5 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 consolidated balance sheets. (3)Included in other investments on the 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 consolidated balance sheets. Refer to Note 3 "Acquisitions" to the 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 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 consolidated balance sheets. During the year ended December 31, 2022, the Company did not make any transfers between the levels of the fair value hierarchy. Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these 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 consolidated statements of operations. In June 2021 and June 2022, the Company received investments 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 an initial carrying value of $128.1 million as of June 30, 2022 which was categorized as Level 3. The Company did not have the ability to exercise significant influence over this privately-held company and had elected to measure this investment as a non-marketable equity security and classified it in other investments on the consolidated balance sheet. The entire amount of the investment in the non-marketable equity security was impaired due to the announced winding down of the equity investee in October 2022. In addition to the impairment of this non-marketable equity security, an associated other asset was impaired, resulting in a total impairment of $135.7 million recorded to other income (expense), net on the consolidated statement of operations. 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 upon receipt, with the remainder to be received in cash. These shares are classified as marketable equity securities in the table above and measured at fair value on a recurring basis. The shares are categorized as Level 1 and changes in fair value are recorded within other income (expense), net in the consolidated statements of operations. At December 31, 2022, there were $5.9 million of financial assets measured at fair value on a non-recurring basis within other investments on the consolidated balance sheets. Reconciliation of Level 3 Financial Assets and Liabilities The following table provides a reconciliation of the beginning balances of the Level 3 financial assets (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Balance at beginning of period | $ | 80,411 |  |  | $ | 10,000 |
Additions(1) | 64,044 |  |  | 70,260 |
Change in fair value(2) | (138,552) |  |  | 151 |
Balance at end of period | $ | 5,903 |  |  | $ | 80,411 |
_______________ (1)Relates to non-marketable equity securities included in other investments on the consolidated balance sheets. (2)Includes a $128.1 million impairment related to an investment in the non-marketable equity security due to the announced winding down of the equity investee in the third quarter of 2022 and a $10.0 million reduction in securities in a privately-held company related to an exchange of securities in a privately-held entity following its acquisition. The impairment charge was recorded to other income (expense), net on the consolidated statement of operations. The following table provides a reconciliation of the beginning balances of the Level 3 financial liabilities (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Balance at beginning of period | $ | — |  |  | $ | — |
Additions(1) | 14,100 |  |  | — |
Change in fair value | 900 |  |  | — |
Balance at end of period | $ | 15,000 |  |  | $ | — |
_______________ (1)Relates the contingent consideration from the acquisition of PBSC, which are included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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