Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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.