Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Assets and Liabilities at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022
	Level 1			Level 2		Level 3		Total
Assets:
Money market funds	$	2,151,500		$	—	$	—	$	2,151,500
Interest rate swap contracts		—			30,348		—		30,348
Equity securities (1)		6,997			—		—		6,997
Foreign currency contracts		—			181		—		181
Other current assets		28,227			—		—		28,227
Total assets at fair value	$	2,186,724		$	30,529	$	—	$	2,217,253
Liabilities:
Other long-term liabilities		(28,227	)		—		—		(28,227	)
Total liabilities at fair value	$	(28,227	)	$	—	$	—	$	(28,227	)


	December 31, 2021
	Level 1			Level 2		Level 3		Total
Assets:
Money market funds	$	1,367,500		$	—	$	—	$	1,367,500
Equity securities (1)		13,185			—		—		13,185
Bank time deposits		—			11,867		—		11,867
Other current assets		26,519			—		—		26,519
Total assets at fair value	$	1,407,204		$	11,867	$	—	$	1,419,071
Liabilities:
Other long-term liabilities		(26,519	)		—		—		(26,519	)
Total liabilities at fair value	$	(26,519	)	$	—	$	—	$	(26,519	)

(1)

The Company held investments in equity securities with readily determinable fair values of $7.0 million and $13.2 million as of December 31, 2022 and 2021, respectively, which are included in other long-term assets in the consolidated balance sheets. For the years ended December 31, 2022 and 2021, the Company recognized net unrealized (losses) gains of $6.2 million and $1.3 million, respectively, in the other (expense) income, net line item of the Company’s consolidated statement of comprehensive income, due to the change in fair value of these securities. There were no sales of equity securities for the years ended December 31, 2022 and 2021.