| Summary of Financial Assets Measured at Fair Value on Recurring Basis |
The following tables set forth our financial assets as of September 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis during the period:
|
|
September 30, 2022 |
|
|
|
Cost or
Amortized Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Total Estimated
Fair Value |
|
|
|
(in thousands) |
|
|
Cash |
$ |
1,805,384 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,805,384 |
|
|
Level 1 securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
1,675,064 |
|
|
|
20 |
|
|
|
(13,648 |
) |
|
|
1,661,436 |
|
|
U.S. government agency securities |
|
59,047 |
|
|
|
14 |
|
|
|
(149 |
) |
|
|
58,912 |
|
|
Publicly traded equity securities (1) |
|
95,406 |
|
|
|
21,453 |
|
|
|
— |
|
|
|
116,859 |
|
|
Level 2 securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
279,520 |
|
|
|
7 |
|
|
|
(2,429 |
) |
|
|
277,098 |
|
|
Commercial paper |
|
336,741 |
|
|
|
— |
|
|
|
— |
|
|
|
336,741 |
|
|
Certificates of deposit |
|
172,524 |
|
|
|
— |
|
|
|
(2 |
) |
|
|
172,522 |
|
|
Total |
$ |
4,423,686 |
|
|
$ |
21,494 |
|
|
$ |
(16,228 |
) |
|
$ |
4,428,952 |
|
|
(1) |
In the second quarter of 2022, we reclassified a strategic investment from Level 3 to Level 1 at its fair value using the beginning-of-period approach, following the commencement of public market trading of the investment during the period (a portion of which was subject to short-term lock-up restrictions as of September 30, 2022). |
|
|
December 31, 2021 |
|
|
|
Cost or
Amortized Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Total Estimated
Fair Value |
|
|
|
(in thousands) |
|
|
Cash |
$ |
1,966,966 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,966,966 |
|
|
Level 1 securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
811,092 |
|
|
|
1 |
|
|
|
(1,454 |
) |
|
|
809,639 |
|
|
U.S. government agency securities |
|
77,409 |
|
|
|
1 |
|
|
|
(8 |
) |
|
|
77,402 |
|
|
Publicly traded equity securities |
|
71,139 |
|
|
|
122,064 |
|
|
|
— |
|
|
|
193,203 |
|
|
Level 2 securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
143,124 |
|
|
|
— |
|
|
|
(207 |
) |
|
|
142,917 |
|
|
Commercial paper |
|
422,328 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
422,327 |
|
|
Certificates of deposit |
|
80,431 |
|
|
|
— |
|
|
|
— |
|
|
|
80,431 |
|
|
Total |
$ |
3,572,489 |
|
|
$ |
122,066 |
|
|
$ |
(1,670 |
) |
|
$ |
3,692,885 |
|
|