XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.23.1

FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments, All Other Investments [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis (in thousands):
| March 31, 2023 |  | December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 103,753 |  |  | $ | 250,081 |  |  | $ | — |  |  | $ | 353,834 |  |  | $ | 137,636 |  |  | $ | 187,453 |  |  | $ | — |  |  | $ | 325,089 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | — |  |  | 109,873 |  |  | — |  |  | 109,873 |  |  | — |  |  | 127,302 |  |  | — |  |  | 127,302 |
Corporate debt securities | — |  |  | 87,381 |  |  | — |  |  | 87,381 |  |  | — |  |  | 49,491 |  |  | — |  |  | 49,491 |
U.S. government & agency securities | — |  |  | 323,804 |  |  | — |  |  | 323,804 |  |  | — |  |  | 270,436 |  |  | — |  |  | 270,436 |
Total investments | — |  |  | 521,058 |  |  | — |  |  | 521,058 |  |  | — |  |  | 447,229 |  |  | — |  |  | 447,229 |
Short-term restricted cash | 300 |  |  | — |  |  | — |  |  | 300 |  |  | 300 |  |  | — |  |  | — |  |  | 300 |
Long-term restricted cash | 2,922 |  |  | — |  |  | — |  |  | 2,922 |  |  | 2,922 |  |  | — |  |  | — |  |  | 2,922 |
Total assets measured at fair value | $ | 106,975 |  |  | $ | 771,139 |  |  | $ | — |  |  | $ | 878,114 |  |  | $ | 140,858 |  |  | $ | 634,682 |  |  | $ | — |  |  | $ | 775,540 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 184,350 |  |  | $ | 184,350 |  |  | $ | — |  |  | $ | — |  |  | $ | 172,094 |  |  | $ | 172,094 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 184,350 |  |  | $ | 184,350 |  |  | $ | — |  |  | $ | — |  |  | $ | 172,094 |  |  | $ | 172,094 |
Changes in the Estimated Fair Value of Contingent Consideration Liability | Changes in the estimated fair value of the contingent consideration liability for the three months ended March 31, 2023 were as follows (in thousands):
| Level 3
Beginning balance as of December 31, 2022 | $ | 172,094 |
Change in estimated fair value | 12,256 |
Ending balance as of March 31, 2023 | $ | 184,350 |
Summary of Cash, Cash Equivalents and Investments | The following tables summarize our cash, cash equivalents and investments (in thousands):
| As of March 31, 2023
| Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Cash and cash equivalents | 353,837 |  |  | 24 |  |  | (27) |  |  | 353,834 |
Investments: |  |  |  |  |  |  |
Commercial paper | 110,009 |  |  | 17 |  |  | (153) |  |  | 109,873 |
Corporate debt securities | 87,426 |  |  | 299 |  |  | (344) |  |  | 87,381 |
U.S. government & agency securities | 325,544 |  |  | 576 |  |  | (2,316) |  |  | 323,804 |
Total investments | 522,979 |  |  | 892 |  |  | (2,813) |  |  | 521,058 |
Total cash, cash equivalents and investments | $ | 876,816 |  |  | $ | 916 |  |  | $ | (2,840) |  |  | $ | 874,892 |
Short-term restricted cash | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |
Long-term restricted cash | $ | 2,922 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,922 |
| As of December 31, 2022
| Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Cash and cash equivalents | 325,144 |  |  | 6 |  |  | (61) |  |  | 325,089 |
Investments: |  |  |  |  |  |  |
Commercial paper | 127,626 |  |  | 9 |  |  | (333) |  |  | 127,302 |
Corporate debt securities | 49,998 |  |  | — |  |  | (507) |  |  | 49,491 |
U.S. government & agency securities | 274,315 |  |  | 1 |  |  | (3,880) |  |  | 270,436 |
Total investments | 451,939 |  |  | 10 |  |  | (4,720) |  |  | 447,229 |
Total cash, cash equivalents and investments | $ | 777,083 |  |  | $ | 16 |  |  | $ | (4,781) |  |  | $ | 772,318 |
Short-term restricted cash | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |
Long-term restricted cash | $ | 2,922 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,922 |
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of March 31, 2023 (in thousands):
| Fair Value
Due in one year or less | $ | 634,191 |
Due after one year through five years | 136,948 |
Total | $ | 771,139 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + 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 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: 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 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -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 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration