Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Instruments

Summary of marketable securities portfolio

The following is a summary of our marketable security portfolio for the periods presented (in thousands):

			Net
	Amortized		Unrealized		Estimated
	Cost		Losses		Fair Value
June 30, 2022
Debt securities (government)	$	292,350	$	(5,306)	$	287,044
December 31, 2021
Debt securities (government)	$	291,871	$	(1,119)	$	290,752

Schedule of fair value of assets measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Balance as of
	(Level 1)		(Level 2)		(Level 3)		June 30, 2022
Cash and cash equivalents	$	2,435,381	$	—	$	—	$	2,435,381
Debt securities (government)		—		287,044		—		287,044
Long term investments (Note 7)		149,784		—		—		149,784
Total assets	$	2,585,165	$	287,044	$	—	$	2,872,209

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Balance as of
	(Level 1)		(Level 2)		(Level 3)		December 31, 2021
Cash and cash equivalents	$	2,057,440	$	—	$	—	$	2,057,440
Debt securities (government)		—		290,752		—		290,752
Long term investments (Note 7)		221,266		—		—		221,266
Total assets	$	2,278,706	$	290,752	$	—	$	2,569,458

Schedule of fair value of liabilities measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Liabilities		Inputs		Inputs		Balance as of
	(Level 1)		(Level 2)		(Level 3)		June 30, 2022
Acquisition-related contingent consideration	$	—	$	—	$	237,000	$	237,000
Total liabilities	$	—	$	—	$	237,000	$	237,000

	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Liabilities		Inputs		Inputs		Balance as of
	(Level 1)		(Level 2)		(Level 3)		December 31, 2021
Acquisition-related contingent consideration	$	—	$	—	$	244,000	$	244,000
Total liabilities	$	—	$	—	$	244,000	$	244,000

Schedule of roll forward of Level 3 liabilities

The following is a rollforward of our Level 3 liabilities (in thousands):

	2022
Balance at January 1,	$	244,000
Contingent consideration earned during the period but not yet paid		(16,695)
Change in fair value of contingent consideration		9,695
Balance at June 30,	$	237,000