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Cash and Cash Equivalents, and Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents, and Investments

The following tables show our cash and cash equivalents, and investments’ fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value as of December 31, 2021 and 2020 (in thousands, except for fair value level):

			December 31, 2021
			Fair Value Level						Adjusted Cost						Unrealized Gain						Unrealized Loss						Fair Value
Cash and cash equivalents:
Cash									$	30,324					$	—					$	—					$	30,324
Money market funds			Level 1						823,754						—						—						823,754
Total cash and cash equivalents									$	854,078					$	—					$	—					$	854,078
Short-term investments:
Commercial paper			Level 2						$	124,211					$	2					$	(33)					$	124,180
Corporate debt securities			Level 2						552,609						36						(546)						552,099
Agency bonds			Level 2						15,500						2						—						15,502
Total short-term investments									$	692,320					$	40					$	(579)					$	691,781
Long-term investments:
Corporate debt securities			Level 2						$	724,517					$	—					$	(3,277)					$	721,240
U.S. treasury securities			Level 1						24,860						—						(107)						24,753
Total long-term investments									$	749,377					$	—					$	(3,384)					$	745,993

			December 31, 2020
			Fair Value Level						Adjusted Cost						Unrealized Gain						Unrealized Loss						Fair Value
Cash and cash equivalents:
Cash									$	15,054					$	—					$	—					$	15,054
Money market funds			Level 1						464,799						—						—						464,799
Total cash and cash equivalents									$	479,853					$	—					$	—					$	479,853
Short-term investments:
Commercial paper			Level 2						$	204,152					$	24					$	(6)					$	204,170
Corporate debt securities			Level 2						459,967						1,478						(48)						461,397
Total short-term investments									$	664,119					$	1,502					$	(54)					$	665,567
Long-term investments:
Corporate debt securities			Level 2						$	484,275					$	605					$	(283)					$	484,597
Agency bonds			Level 2						38,995						36						—						39,031
Total long-term investments									$	523,270					$	641					$	(283)					$	523,628

Schedule of Available-for-sale Securities Reconciliation

The following table shows our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of December 31, 2021 (in thousands):

			December 31, 2021
			Cost						Fair Value
Due in 1 year or less			$	692,320					$	691,781
Due in 1-2 years			749,377						745,993
Investments not due at a single maturity date			823,754						823,754
Total			$	2,265,451					$	2,261,528

Fair Value Measurements, Nonrecurring

The carrying amounts and estimated fair values of the notes as of December 31, 2021 and 2020 are as follows (in thousands):

			December 31, 2021												December 31, 2020 (1)
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
2026 notes			$	987,691					$	840,000					$	761,930					$	1,129,370
2025 notes			690,464						682,202						640,614						1,456,800
2023 notes			—						—						104,378						376,949
Convertible senior notes, net			$	1,678,155					$	1,522,202					$	1,506,922					$	2,963,119

(1) Prior period amounts have not been adjusted due to the adoption of ASU 2020-06 under the modified retrospective method. Refer to Note 10, “Convertible Senior Notes” for more information.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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Tabular disclosure of the components of cash, cash equivalents, and investments.

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