Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of 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 by level within the fair value hierarchy (and does not include $2.2 billion and $2.3 billion of cash as of September 30, 2020 and December 31, 2019, respectively):


	As of September 30, 2020								As of December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in thousands)
Financial instruments carried at fair value (asset positions):
Cash equivalents:
Money market funds	$	3,130,364	$	3,130,364	$	—	$	—	$	791,039	$	791,039	$	—	$	—
Corporate debt securities	—		—		—		—		6,070		—		6,070		—
Commercial paper	5,001		—		5,001		—		29,472		—		29,472		—
Marketable securities:
Corporate equity securities	312,682		216,142		96,540		—		282,084		261,797		20,287		—
Government-sponsored enterprise securities	91,283		91,283		—		—		12,733		12,733		—		—
Corporate debt securities	276,610		—		276,610		—		301,799		—		301,799		—
Commercial paper	112,396		—		112,396		—		102,356		—		102,356		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	673		—		673		—		9,725		—		9,725		—
Total financial assets	$	3,929,009	$	3,437,789	$	491,220	$	—	$	1,535,278	$	1,065,569	$	469,709	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(29,554)	$	—	$	(29,554)	$	—	$	(5,533)	$	—	$	(5,533)	$	—
Long-term contingent consideration	(189,100)		—		—		(189,100)		(176,500)		—		—		(176,500)
Other long-term liabilities:
Foreign currency forward contracts	(3,254)		—		(3,254)		—		(1,821)		—		(1,821)		—
Total financial liabilities	$	(221,908)	$	—	$	(32,808)	$	(189,100)	$	(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:


	Nine Months Ended September 30, 2020
	(in thousands)
Balance at December 31, 2019	$	176,500
Increase in fair value of contingent payments	12,600
Balance at September 30, 2020	$	189,100