Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds	$	3,276	$	—	$	—	$	3,276
Certificates of deposit	—		502,159		—		502,159
Commercial paper	—		963,150		—		963,150
Corporate bonds	—		61,501		—		61,501
U.S. government securities	—		7,060		—		7,060
Total unrestricted cash equivalents and short-term investments	3,276		1,533,870		—		1,537,146
Restricted cash equivalents and investments(2)
Money market funds	93,362		—		—		93,362
Certificates of deposit	—		354,978		—		354,978
Commercial paper	—		595,591		—		595,591
Corporate bonds	—		14,916		—		14,916
U.S. government securities	—		74,534		—		74,534
Total restricted cash equivalents and investments	93,362		1,040,019		—		1,133,381
Marketable equity securities(3)	1,136		—		—		1,136
Total financial assets	$	97,774	$	2,573,889	$	—	$	2,671,663
Liabilities
Contingent consideration(4)	$	—	$	—	$	15,000	$	15,000
Total financial liabilities	$	—	$	—	$	15,000	$	15,000

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(1)$126.5 million of cash, $127.0 million of money market deposit accounts and $5.0 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 $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.

(2)$1.3 million of restricted cash and $3.5 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 consolidated balance sheets.

(3)Included in other investments on the consolidated balance sheets.

(4)In the second quarter of 2022, the Company completed the acquisition of PBSC which included up to $15.0 million in contingent consideration to be paid over the next year. The contingent consideration was classified as a liability and included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.

	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 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 consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning balances of the Level 3 financial assets (in thousands):

	Year Ended December 31,
	2022		2021
Balance at beginning of period	$	80,411	$	10,000
Additions(1)	64,044		70,260
Change in fair value(2)	(138,552)		151
Balance at end of period	$	5,903	$	80,411

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(1)Relates to non-marketable equity securities included in other investments on the consolidated balance sheets.

(2)Includes a $128.1 million impairment related to an investment in the non-marketable equity security due to the announced winding down of the equity investee in the third quarter of 2022 and a $10.0 million reduction in securities in a privately-held company related to an exchange of securities in a privately-held entity following its acquisition. The impairment charge was recorded to other income (expense), net on the consolidated statement of operations.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning balances of the Level 3 financial liabilities (in thousands):

	Year Ended December 31,
	2022		2021
Balance at beginning of period	$	—	$	—
Additions(1)	14,100		—
Change in fair value	900		—
Balance at end of period	$	15,000	$	—

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(1)Relates the contingent consideration from the acquisition of PBSC, which are included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.