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Fair value measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy (in thousands). There were no liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020. In addition, there were no transfers of assets measured at fair value on a recurring basis to or from Level 3 in the fair value hierarchy during the year ended December 31, 2021.
Fair Value Measurement Using
DescriptionTotalQuoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments in publicly traded companies:
As of December 31, 2021$483,817 $483,817 $— $— 
As of December 31, 2020$559,830 $559,830 $— $— 
Schedule of fair value of assets and liabilities measured at fair value on a nonrecurring basis by level within the fair value hierarchy
The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2021 and 2020 (in thousands). These investments were measured at various times during the period from January 1, 2018 to December 31, 2021.
Fair Value Measurement Using
Description TotalQuoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments in privately held entities that do not report NAV
As of December 31, 2021$138,011 $— $129,231 
(1)
$8,780 
(2)
As of December 31, 2020$157,871 $— $144,404 $13,467 
(1)This balance represents the total carrying amount of our equity investments in privately held entities with observable price changes, included in our total investments balance of $1.9 billion in our consolidated balance sheets as of December 31, 2021. For more information, refer to Note 7 – “Investments” to our consolidated financial statements.
(2)This amount is included in the $362.1 million balance of investments in privately held entities without observable price changes disclosed in Note 7 – “Investments” to our consolidated financial statements and represents the carrying amount of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with the measurement alternative guidance described within the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements.
Schedule of the book and fair values
As of December 31, 2021 and 2020, the book and estimated fair values of our secured notes payable, unsecured senior notes payable, and amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands):
December 31, 2021
Book ValueFair Value HierarchyEstimated Fair Value
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Liabilities:
Secured notes payable$205,198 $— $214,097 $— $214,097 
Unsecured senior notes payable$8,316,678 $— $8,995,913 $— $8,995,913 
Unsecured senior line of credit
$— $— $— $— $— 
Commercial paper program$269,990 $— $269,994 $— $269,994 

December 31, 2020
Book ValueFair Value HierarchyEstimated Fair Value
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Liabilities:
Secured notes payable$230,925 $— $249,782 $— $249,782 
Unsecured senior notes payable$7,232,370 $— $8,447,845 $— $8,447,845 
Unsecured senior line of credit
$— $— $— $— $— 
Commercial paper program$99,991 $— $99,998 $— $99,998