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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured and Carried at Fair Value The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques it utilizes to determine such fair value:

 

 

 

Fair Value Measurement as of September 30, 2022

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

508,864

 

 

$

508,864

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

176,782

 

 

 

—

 

 

 

176,782

 

 

 

—

 

Government and government agency bonds

 

 

749,131

 

 

 

—

 

 

 

749,131

 

 

 

—

 

Corporate bonds

 

 

174,313

 

 

 

—

 

 

 

174,313

 

 

 

—

 

Strategic equity investments

 

 

33,244

 

 

 

669

 

 

 

—

 

 

 

32,575

 

Certificates of deposit

 

 

48,811

 

 

 

—

 

 

 

48,811

 

 

 

—

 

Total assets

 

$

1,691,145

 

 

$

509,533

 

 

$

1,149,037

 

 

$

32,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

36,900

 

 

$

—

 

 

$

—

 

 

$

36,900

 

Total liabilities

 

$

36,900

 

 

$

—

 

 

$

—

 

 

$

36,900

 

 

 

 

Fair Value Measurement as of December 31, 2021

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

1,562,358

 

 

$

1,562,358

 

 

$

—

 

 

$

—

 

Strategic equity investments

 

 

34,892

 

 

 

2,480

 

 

 

—

 

 

 

32,412

 

Certificates of deposit

 

 

250

 

 

 

250

 

 

 

—

 

 

 

—

 

Total assets

 

$

1,597,500

 

 

$

1,565,088

 

 

$

—

 

 

$

32,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

43,600

 

 

$

—

 

 

$

—

 

 

$

43,600

 

Total liabilities

 

$

43,600

 

 

$

—

 

 

$

—

 

 

$

43,600

 

Summary of Fair Value of Level 3 Financial Liabilities

The following tables represent a roll-forward of the fair value of Level 3 financial liabilities for each of the periods indicated:

 

 

As of
September 30,
2022

 

 

 

(in thousands)

 

Fair value, as of December 31, 2021

 

$

43,600

 

Change in estimated fair value

 

 

(6,700

)

Fair value, as of September 30, 2022

 

$

36,900

 

 

 

 

As of
September 30,
2021

 

 

 

(in thousands)

 

Fair value, as of December 31, 2020

 

$

50,800

 

Change in estimated fair value

 

 

(7,200

)

Fair value, as of September 30, 2021

 

$

43,600