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 |
|
|