Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Fair Value of Financial Assets by Level


	As of March 31, 2022								As of December 31, 2021
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Financial Assets:
Cash Equivalents:
Money market funds	$	201,922	$	—	$	—	$	201,922	$	221,382	$	—	$	—	$	221,382



Marketable Securities:
Commercial paper	—		95,239		—		95,239		—		141,274		—		141,274
Certificate of deposits(1)	—		37,330		—		37,330		—		44,931		—		44,931
U.S. government notes	1,093,921		—		—		1,093,921		1,057,810		—		—		1,057,810
Corporate bonds	—		1,265,406		—		1,265,406		—		1,252,226		—		1,252,226
Agency securities	—		275,182		—		275,182		—		291,261		—		291,261
Marketable equity securities(2)	21,811		—		—		21,811		—		—		—		—
	1,115,732		1,673,157		—		2,788,889		1,057,810		1,729,692		—		2,787,502
Other Assets:
Money market funds - restricted	4,258		—		—		4,258		4,237		—		—		4,237
Total Financial Assets	$	1,321,912	$	1,673,157	$	—	$	2,995,069	$	1,283,429	$	1,729,692	$	—	$	3,013,121

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(1) As of March 31, 2022 and December 31, 2021, all of our certificates of deposits were domestic deposits.

(2) The $21.8 million represents the fair value of marketable equity securities as of March 31, 2022. This amount includes $8.3 million that was reclassified from Investments on our condensed consolidated balance sheet following the commencement of public market trading of the issuer in the current quarter, in addition to unrealized gains of $13.5 million recorded during the current quarter. The unrealized gains are included in Other income, net on the Condensed Consolidated Statements of Operations. Refer to Note 3. Financial Statement Details.

During the three months ended on March 31, 2022, the Company did not make any transfers between the levels of the fair value hierarchy.

Marketable debt securities

The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities at fair value on a recurring basis (in thousands):


	As of March 31, 2022								As of December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value



Commercial paper	$	95,239	$	—	$	—	$	95,239	$	141,274	$	—	$	—	$	141,274
U.S. government notes	1,106,454		16		(12,549)		1,093,921		1,060,716		3		(2,909)		1,057,810
Corporate bonds	1,278,474		20		(13,088)		1,265,406		1,255,149		105		(3,028)		1,252,226
Agency securities	277,535		2		(2,355)		275,182		291,558		36		(333)		291,261
Total	$	2,757,702	$	38	$	(27,992)	$	2,729,748	$	2,748,697	$	144	$	(6,270)	$	2,742,571

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following is an analysis of our marketable securities in unrealized loss positions for a period of less than twelve months. As of March 31, 2022, there are no unrealized loss positions with a duration equal to or greater than twelve months (in thousands):


	As of March 31, 2022
	Unrealized Losses within 12 months
	Fair Value		Unrealized Losses
U.S. government notes	$	1,080,225	$	(12,549)
Corporate bonds	1,223,546		(13,088)
Agency securities	262,329		(2,355)
Total	$	2,566,100	$	(27,992)

Fair Value of Available-For-Sale Investments By Contractual Maturity

The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):


	As of March 31, 2022
	Fair Values
Due in 1 year or less	$	1,765,710
Due in 1 year through 2 years	964,038
Total debt securities	$	2,729,748

Equity Securities without Readily Determinable Fair Value

The following table summarizes the activity related to our non-marketable equity securities as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Cost of investments (1)	$	23,625	$	14,933
Cumulative impairment	—		—
Cumulative upward adjustment (1)	15,000		5,314
Carrying amount of investments	$	38,625	$	20,247

(1) During the three months ended March 31, 2022, $3.0 million previously included in the Cost of investments and $5.3 million previously included in the Cumulative upward adjustment, or $8.3 million in aggregate, were reclassified from Investments to Marketable securities on our condensed consolidated balance sheet following the commencement of public market trading of the issuer.