Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2021 and 2020 (in thousands):

		As of December 31, 2021
		Carrying		Fair		Fair Value Measurements
		Amount		Value		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	115,241	$	115,241	$	115,241	$	—	$	—
Corporate bonds		226,382		226,382		—		226,382		—
U.S. Treasuries		1,013,883		1,013,883		1,013,883		—		—
Equity securities		147,995		147,995		147,995		—		—
Swaps and forward contracts		70		70		70		—		—
Liabilities
Contingent consideration		62,297		62,297		—		—		62,297
Convertible senior notes		192,633		1,129,765		—		1,129,765		—
Long-term debt		128,046		129,437		—		—		129,437
Finance obligations		253,684		253,684		—		—		253,684
Swaps and forward contracts		981		981		981		—		—
		As of December 31, 2020
		Carrying		Fair		Fair Value Measurements
		Amount		Value		Level 1		Level 2		Level 3
Liabilities
Contingent consideration		9,760		9,760		—		—		9,760
Convertible senior notes		85,640		1,272,766		—		1,272,766		—
Long-term debt		175,402		175,402		—		—		175,402
Finance obligations		181,553		181,553		—		—		181,553