Fair Value of Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Fair Value Disclosures [Abstract] |
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Summary of marketable securities portfolio |
The following is a summary of our marketable security portfolio for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | | | Net Unrealized Losses | | Estimated Fair Value | December 31, 2022 | | | | | | | | Debt securities (government) | $ | 292,580 | | | | $ | (5,037) | | | $ | 287,543 | | | | | | | | | December 31, 2021 | | | | | | | | Debt securities (government) | $ | 291,871 | | | | $ | (1,119) | | $ | 290,752 |
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Schedule of fair value of assets measured on recurring basis |
The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Balance as of December 31, 2022 | Cash and cash equivalents | $ | 2,951,422 | | $ | — | | $ | — | | $ | 2,951,422 | Debt securities (government) | — | | 287,543 | | — | | 287,543 | Long term investments (Note 7) | 133,676 | | — | | — | | 133,676 | Total assets | $ | 3,085,098 | | $ | 287,543 | | $ | — | | $ | 3,372,641 |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Balance as of December 31, 2021 | Cash and cash equivalents | $ | 2,057,440 | | $ | — | | $ | — | | $ | 2,057,440 | Debt securities (government) | — | | 290,752 | | — | | 290,752 | Long term investments (Note 7) | 221,266 | | — | | — | | 221,266 | Total assets | $ | 2,278,706 | | $ | 290,752 | | $ | — | | $ | 2,569,458 |
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Schedule of fair value of liabilities measured on recurring basis |
The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in Active Markets for Identical Liabilities (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Balance as of December 31, 2022 | Acquisition-related contingent consideration | $ | — | | | $ | — | | | $ | 221,000 | | | $ | 221,000 | | Total liabilities | $ | — | | | $ | — | | | $ | 221,000 | | | $ | 221,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using: | | | | Quoted Prices in Active Markets for Identical Liabilities (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Balance as of December 31, 2021 | Acquisition-related contingent consideration | $ | — | | $ | — | | $ | 244,000 | | $ | 244,000 | Total liabilities | $ | — | | $ | — | | $ | 244,000 | | $ | 244,000 |
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Schedule of roll forward of Level 3 liabilities |
The following is a roll forward of our Level 3 liabilities (in thousands): | | | | | | | | | | | | | 2022 | | 2021 | Balance at January 1, | $ | 244,000 | | $ | 266,000 | Contingent consideration earned during the period but not yet paid | (9,286) | | | (19,583) | | Payments made during the period | (25,863) | | | (17,158) | | Change in fair value of contingent consideration | 12,149 | | 14,741 | Balance at December 31, | $ | 221,000 | | $ | 244,000 |
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