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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table sets forth our financial assets as of December 31, 2021 and 2020 that are measured at fair value on a recurring basis during the period:

 

 

December 31, 2021

 

 

Cost or

Amortized Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Total Estimated

Fair Value

 

 

(in thousands)

 

Cash

$

1,966,966

 

 

$

 

 

$

 

 

$

1,966,966

 

Level 1 securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

811,092

 

 

 

1

 

 

 

(1,454

)

 

 

809,639

 

U.S. government agency securities

 

77,409

 

 

 

1

 

 

 

(8

)

 

 

77,402

 

Publicly traded equity securities(1)

 

71,139

 

 

 

122,064

 

 

 

 

 

 

193,203

 

Level 2 securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

143,124

 

 

 

 

 

 

(207

)

 

 

142,917

 

Commercial paper

 

422,328

 

 

 

 

 

 

(1

)

 

 

422,327

 

Certificates of deposit

 

80,431

 

 

 

 

 

 

 

 

 

80,431

 

Total

$

3,572,489

 

 

$

122,066

 

 

$

(1,670

)

 

$

3,692,885

 

 

 

(1)

In the third quarter of 2021, we reclassified a strategic investment from Level 3 to Level 1 at its fair value using the beginning-of-period approach, following the commencement of public market trading of the investment during the period (which was subject to short-term lock-up restrictions as of December 31, 2021).

 

 

December 31, 2020

 

 

Cost or

Amortized Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Total Estimated

Fair Value

 

 

(in thousands)

 

Cash

$

464,006

 

 

$

 

 

$

 

 

$

464,006

 

Level 1 securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

1,272,125

 

 

 

122

 

 

 

(21

)

 

 

1,272,226

 

U.S. government agency securities

 

245,055

 

 

 

8

 

 

 

(24

)

 

 

245,039

 

Level 2 securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

81,158

 

 

 

1

 

 

 

(18

)

 

 

81,141

 

Commercial paper

 

425,861

 

 

 

 

 

 

 

 

 

425,861

 

Certificates of deposit

 

49,267

 

 

 

 

 

 

 

 

 

49,267

 

Total

$

2,537,472

 

 

$

131

 

 

$

(63

)

 

$

2,537,540