Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

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):


	December 31, 2019
	Level 1		Level 2		Level 3		Total
Unrestricted Balances⁽¹⁾
Certificates of deposit	—		1,276,594		—		1,276,594
Commercial paper	—		876,495		—		876,495
Corporate bonds	—		247,578		—		247,578
Total unrestricted cash equivalents and short-term investments	—		2,400,667		—		2,400,667
Restricted Balances⁽²⁾
Money market funds	19,250		—		—		19,250
Certificates of deposit	—		608,828		—		608,828
Commercial paper	—		791,155		—		791,155
Corporate bonds	—		75,908		—		75,908
Total restricted cash equivalents and investments	19,250		1,475,891		—		1,495,141
Total unrestricted and restricted cash equivalents and investments	$	19,250	$	3,876,558	$	—	$	3,895,808

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(1)$96.9 million of cash, $217.5 million of money market deposit accounts and $135.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.9 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.

(2)$56.4 million of restricted cash, $7.9 million of a money market deposit account and $7.8 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.6 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.


	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⁾
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)$248.0 million of cash is not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.

(2)$50.2 million of restricted cash is not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.