Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets by Level

The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands):

	September 30, 2022								December 31, 2021
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Financial Assets:
Cash Equivalents:
Money market funds	$	353,987	$	—	$	—	$	353,987	$	221,382	$	—	$	—	$	221,382
Certificate of deposits(1)	—		14,556		—		14,556		—		—		—		—
U.S. government notes	23,368		—		—		23,368		—		—		—		—
Agency securities	—		46,000		—		46,000		—		—		—		—
	377,355		60,556		—		437,911		221,382		—		—		221,382
Marketable Securities:
Commercial paper	—		3,487		—		3,487		—		141,274		—		141,274
Certificate of deposits(1)	—		11,422		—		11,422		—		44,931		—		44,931
U.S. government notes	1,169,899		—		—		1,169,899		1,057,810		—		—		1,057,810
Corporate bonds	—		883,784		—		883,784		—		1,252,226		—		1,252,226
Agency securities	—		179,473		—		179,473		—		291,261		—		291,261
Marketable equity securities(2)	15,753		—		—		15,753		—		—		—		—
	1,185,652		1,078,166		—		2,263,818		1,057,810		1,729,692		—		2,787,502
Other Assets:
Money market funds - restricted	4,260		—		—		4,260		4,237		—		—		4,237
Total Financial Assets	$	1,567,267	$	1,138,722	$	—	$	2,705,989	$	1,283,429	$	1,729,692	$	—	$	3,013,121

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(1) As of September 30, 2022 and December 31, 2021, all of our certificates of deposits were domestic deposits.

(2) The $15.8 million represents the fair value of marketable equity securities as of September 30, 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 January 2022. This publicly-traded equity investment generated an unrealized gain of $7.5 million for the nine months ended September 30, 2022, and an unrealized loss of $0.9 million for the three months ended September 30, 2022. The unrealized gains and losses are included in Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 3. Financial Statements Details.The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in thousands):

	September 30, 2022								December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	3,487	$	—	$	—	$	3,487	$	141,274	$	—	$	—	$	141,274
U.S. government	1,187,901		—		(18,002)		1,169,899		1,060,716		3		(2,909)		1,057,810
Corporate bonds	902,133		—		(18,349)		883,784		1,255,149		105		(3,028)		1,252,226
Agency securities	182,771		—		(3,298)		179,473		291,558		36		(333)		291,261
Total	$	2,276,292	$	—	$	(39,649)	$	2,236,643	$	2,748,697	$	144	$	(6,270)	$	2,742,571

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

The following table is an analysis of our marketable debt securities in unrealized loss positions (in thousands):

	September 30, 2022
	Unrealized Losses within 12 months				Unrealized Losses 12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government notes	$	877,442	$	(13,026)	$	292,554	$	(4,976)	$	1,169,996	$	(18,002)
Corporate bonds	625,577		(13,314)		258,208		(5,035)		883,785		(18,349)
Agency securities	155,296		(2,807)		24,176		(491)		179,472		(3,298)
Total	$	1,658,315	$	(29,147)	$	574,938	$	(10,502)	$	2,233,253	$	(39,649)

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):

	September 30, 2022
	Fair Value
Due in 1 year or less	$	1,773,158
Due in 1 to 2 years	463,485
Total debt securities	$	2,236,643

Equity Securities without Readily Determinable Fair Value

The following table summarizes the activity related to our non-marketable equity securities as of September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022		December 31, 2021
Cost of investments (1)	$	23,625	$	14,933
Cumulative impairment and downward adjustment	(629)		—
Cumulative upward adjustment (1)	16,681		5,314
Carrying amount of investments	$	39,677	$	20,247

(1) During the nine months ended September 30, 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. There was no such activity in the three months ended September 30, 2022.