Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 tables set forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $1.8 billion and $2.3 billion of cash as of March 31, 2020 and December 31, 2019, respectively):

	Fair Value Measurements as of March 31, 2020
				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	$	1,736,913		$	1,736,913	$	—		$	—
Commercial paper	30,700			—		30,700			—
Marketable securities:
Corporate equity securities	165,178			145,465		19,713			—
Government-sponsored enterprise securities	7,791			7,791		—			—
Corporate debt securities	305,051			—		305,051			—
Commercial paper	118,964			—		118,964			—
Prepaid expenses and other current assets:
Foreign currency forward contracts	25,434			—		25,434			—
Other assets:
Foreign currency forward contracts	1,798			—		1,798			—
Total financial assets	$	2,391,829		$	1,890,169	$	501,660		$	—
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(459	)	$	—	$	(459	)	$	—
Long-term contingent consideration	(178,100		)	—		—			(178,100		)
Other long-term liabilities:
Foreign currency forward contracts	(637		)	—		(637		)	—
Total financial liabilities	$	(179,196	)	$	—	$	(1,096	)	$	(178,100	)

	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 positions):
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 positions):
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	)

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:

	Three Months Ended March 31, 2020
	(in thousands)
Balance at December 31, 2019	$	176,500
Increase in fair value of contingent payments	1,600
Balance at March 31, 2020	$	178,100