Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of financial instruments measured at fair value on recurring basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Unrestricted Balances(1)
Money market funds	$	10,824	$	—	$	—	$	10,824
Certificates of deposit	—		480,128		—		480,128
Commercial paper	—		1,194,329		—		1,194,329
Corporate bonds	—		165,082		—		165,082
U.S. government securities	—		3,095		—		3,095
Marketable equity securities	9,830		—		—		9,830
Total unrestricted cash equivalents and short-term investments	20,654		1,842,634		—		1,863,288
Restricted Balances(2)
Money market funds	11,868		—		—		11,868
Certificates of deposit	—		281,080		—		281,080
Commercial paper	—		485,042		—		485,042
Corporate bonds	—		65,742		—		65,742
U.S. government securities	—		46,098		—		46,098
Total restricted cash equivalents and investments	11,868		877,962		—		889,830
Total unrestricted and restricted cash equivalents and investments	$	32,522	$	2,720,596	$	—	$	2,753,118

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(1)$48.1 million of cash, $115.1 million of money market deposit accounts and $210.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$53.2 million of restricted cash and $5.0 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $948.1 million of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Unrestricted Balances(1)
Money market funds	$	22,250	$	—	$	—	$	22,250
Certificates of deposit	$	—	$	505,438	$	—	$	505,438
Commercial paper	—		806,388		—		806,388
Corporate bonds	—		99,705		—		99,705
Total unrestricted cash equivalents and short-term investments	22,250		1,411,531		—		1,433,781
Restricted Balances(2)
Money market funds	20,161		—		—		20,161
Certificates of deposit	—		421,144		—		421,144
Commercial paper	—		523,489		—		523,489
Corporate bonds	—		63,458		—		63,458
U.S. government securities	—		31,717		—		31,717
Total restricted cash equivalents and investments	20,161		1,039,808		—		1,059,969
Total unrestricted and restricted cash equivalents and investments	$	42,411	$	2,451,339	$	—	$	2,493,750

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(1)$104.8 million of cash, $330.3 million of money market deposit accounts and $385.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$53.7 million of restricted cash and $5.0 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.