Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Financial assets and liabilities subject to fair value measurements (excluding restricted cash and cash equivalents (VIE))

The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $2.3 billion and $1.4 billion of cash as of December 31, 2019 and 2018, respectively):

	Fair Value Measurements as of December 31, 2019
				Fair Value Hierarchy
	Total			Level 1		Level 2			Level 3
	(in thousands)
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	791,039		$	791,039	$	—		$	—
Corporate debt securities	6,070			—		6,070			—
Commercial paper	29,472			—		29,472			—
Marketable securities:
Corporate equity securities	282,084			261,797		20,287			—
Government-sponsored enterprise securities	12,733			12,733		—			—
Corporate debt securities	301,799			—		301,799			—
Commercial paper	102,356			—		102,356			—
Prepaid expenses and other current assets:
Foreign currency forward contracts	9,725			—		9,725			—
Total financial assets	$	1,535,278		$	1,065,569	$	469,709		$	—
Financial instruments carried at fair value (liability position):
Other current liabilities:
Foreign currency forward contracts	$	(5,533	)	$	—	$	(5,533	)	$	—
Long-term contingent consideration	(176,500		)	—		—			(176,500		)
Other long-term liabilities:
Foreign currency forward contracts	(1,821		)	—		(1,821		)	—
Total financial liabilities	$	(183,854	)	$	—	$	(7,354	)	$	(176,500	)

	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 position):
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 position):
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:

	Year Ended December 31, 2019
	(in thousands)
Balance at December 31, 2018	$	—
Contingent consideration related to acquisition of Exonics	172,041
Increase in fair value of contingent payments	4,459
Balance at December 31, 2019	$	176,500