Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Financial Assets Subject to Fair Value Measurements (Excluding Vie Cash and Cash Equivalents, Which are Recorded as Restricted Cash and Cash Equivalents (Vie))

The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $2.7 billion and $2.8 billion of cash as of September 30, 2021 and December 31, 2020, respectively):


	As of September 30, 2021								As of December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in thousands)
Financial instruments carried at fair value (asset positions):
Cash equivalents:
Money market funds	$	3,578,764	$	3,578,764	$	—	$	—	$	3,141,053	$	3,141,053	$	—	$	—
Commercial paper	31,998		—		31,998		—		—		—		—		—
Marketable securities:
Corporate equity securities	218,764		218,764		—		—		195,781		15,650		180,131		—
U.S. Treasury securities	46,539		46,539		—		—		—		—		—		—
Government-sponsored enterprise securities	69,002		69,002		—		—		80,063		80,063		—		—
Corporate debt securities	95,359		—		95,359		—		231,598		—		231,598		—
Commercial paper	255,523		—		255,523		—		163,268		—		163,268		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	34,300		—		34,300		—		—		—		—		—
Other assets:
Foreign currency forward contracts	4,781		—		4,781		—		—		—		—		—
Total financial assets	$	4,335,030	$	3,913,069	$	421,961	$	—	$	3,811,763	$	3,236,766	$	574,997	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(4,356)	$	—	$	(4,356)	$	—	$	(59,184)	$	—	$	(59,184)	$	—
Long-term contingent consideration	(188,500)		—		—		(188,500)		(189,600)		—		—		(189,600)
Other long-term liabilities:
Foreign currency forward contracts	(29)		—		(29)		—		(4,283)		—		(4,283)		—
Total financial liabilities	$	(192,885)	$	—	$	(4,385)	$	(188,500)	$	(253,067)	$	—	$	(63,467)	$	(189,600)

Schedule of Fair Value of Our Contingent Consideration Liabilities

The following table represents a rollforward of the fair value of the Company’s contingent consideration liabilities:


	Nine Months Ended September 30, 2021
	(in thousands)
Balance at December 31, 2020	$	189,600
Decrease in fair value of contingent payments	(1,100)
Balance at September 30, 2021	$	188,500