Fair Value Measurements

3 Months Ended

Mar. 31, 2019

4.	Fair Value Measurements

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

	March 31, 2019
	Level 1		Level 2		Level 3		Total
Unrestricted Balances (1)
Money market funds	$	1,406	$	—	$	—	$	1,406
Certificates of deposit		—		168,903		—		168,903
Commercial paper		—		441,961		—		441,961
Corporate bonds		—		94,507		—		94,507
Total unrestricted cash equivalents and short-term investments		1,406		705,371		—		706,777
Restricted Balances (2)(3)
Money market funds		2,822		—		—		2,822
Certificates of deposit		—		348,369		—		348,369
Commercial paper		—		696,337		—		696,337
Corporate bonds		—		62,254		—		62,254
Total restricted cash equivalents and investments		2,822		1,106,960		—		1,109,782
Total unrestricted and restricted cash equivalents and investments	$	4,228	$	1,812,331	$	—	$	1,816,559

(1)	Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of March 31, 2019 in addition to $328.1 million of cash.

(2)	Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of March 31, 2019 in addition to $58.0 million of restricted cash.

(3)	Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of March 31, 2019 is $1.9 million of restricted cash.

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Unrestricted Balances (1)
Money market funds	$	38,528	$	—	$	—	$	38,528
Certificates of deposit		—		497,554		—		497,554
Commercial paper		—		1,134,721		—		1,134,721
Corporate bonds		—		119,039		—		119,039
Total unrestricted cash equivalents and short-term investments		38,528		1,751,314		—		1,789,842
Restricted Balances (2)(3)
Money market funds		4,620		—		—		4,620
Certificates of deposit		—		307,604		—		307,604
Commercial paper		—		624,509		—		624,509
Corporate bonds		—		65,586		—		65,586
Total restricted cash equivalents and investments		4,620		997,699		—		1,002,319
Total unrestricted and restricted cash equivalents and investments	$	43,148	$	2,749,013	$	—	$	2,792,161

(1)	Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash.

(2)	Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash.

(3)	Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash.

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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