Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Financial assets subject to fair value measurements (excluding VIE cash and cash equivalents, which are recorded as Restricted cash and cash equivalents (VIE))

The following table sets forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $1.9 billion and $1.4 billion of cash as of September 30, 2019 and December 31, 2018, respectively):

	Fair Value Measurements as of September 30, 2019
				Fair Value Hierarchy
	Total			Level 1		Level 2			Level 3
	(in thousands)
Financial instruments carried at fair value (asset positions):
Cash equivalents:
Money market funds	$	1,476,254		$	1,476,254	$	—		$	—
U.S. Treasury securities	5,893			5,893		—			—
Government-sponsored enterprise securities	13,370			13,370		—			—
Commercial paper	50,119			—		50,119			—
Marketable securities:
Corporate equity securities	236,184			220,564		15,620			—
Government-sponsored enterprise securities	14,217			14,217		—			—
Corporate debt securities	265,051			—		265,051			—
Commercial paper	82,938			—		82,938			—
Prepaid expenses and other current assets:
Foreign currency forward contracts	27,253			—		27,253			—
Other assets:
Foreign currency forward contracts	1,806			—		1,806			—
Total financial assets	$	2,173,085		$	1,730,298	$	442,787		$	—
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(85	)	$	—	$	(85	)	$	—
Long-term contingent consideration	(175,000		)	—		—			(175,000		)
Other long-term liabilities:
Foreign currency forward contracts	(10		)	—		(10		)	—
Total financial liabilities	$	(175,095	)	$	—	$	(95	)	$	(175,000	)

	Fair Value Measurements as of December 31, 2018
				Fair Value Hierarchy
	Total			Level 1		Level 2			Level 3
	(in thousands)
Financial instruments carried at fair value (asset positions):
Cash equivalents:
Money market funds	$	1,226,603		$	1,226,603	$	—		$	—
U.S. Treasury securities	5,966			5,966		—			—
Government-sponsored enterprise securities	7,123			7,123		—			—
Commercial paper	58,268			—		58,268			—
Marketable securities:
Corporate equity securities	167,323			153,733		13,590			—
U.S. Treasury securities	6,026			6,026		—			—
Government-sponsored enterprise securities	10,704			10,704		—			—
Corporate debt securities	233,665			—		233,665			—
Commercial paper	100,390			—		100,390			—
Prepaid expenses and other current assets:
Foreign currency forward contracts	19,023			—		19,023			—
Other assets:
Foreign currency forward contracts	1,514			—		1,514			—
Total financial assets	$	1,836,605		$	1,410,155	$	426,450		$	—
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(340	)	$	—	$	(340	)	$	—
Other long-term liabilities:
Foreign currency forward contracts	(108		)	—		(108		)	—
Total financial liabilities	$	(448	)	$	—	$	(448	)	$	—

Schedule of fair value of our contingent consideration liabilities

The following table represents a rollforward of the fair value of the Company’s contingent consideration liabilities:

	Nine Months Ended September 30, 2019
	(in thousands)
Balance at December 31, 2018	$	—
Contingent consideration related to acquisition of Exonics	172,041
Increase in fair value of contingent payments	2,959
Balance at September 30, 2019	$	175,000