v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets by Level The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands):
September 30, 2023December 31, 2022
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $709,525 $— $— $709,525 $322,294 $— $— $322,294 
Commercial paper— — — — — 5,422 — 5,422 
U.S. government notes— — — — 51,986 — — 51,986 
Agency securities— — — — — 17,559 — 17,559 
709,525 — — 709,525 374,280 22,981 — 397,261 
Marketable Securities:
Commercial paper— 27,764 — 27,764 — — — — 
Certificates of deposits(1)
— 7,000 — 7,000 — 10,492 — 10,492 
U.S. government notes901,551 — — 901,551 993,955 — — 993,955 
Corporate bonds— 1,125,203 — 1,125,203 — 1,113,134 — 1,113,134 
Agency securities— 645,267 — 645,267 — 215,380 — 215,380 
Marketable equity securities(2)
— — — — 19,061 — — 19,061 
901,551 1,805,234 — 2,706,785 1,013,016 1,339,006 — 2,352,022 
Other Assets:
Money market funds - restricted858 — — 858 4,271 — — 4,271 
Total Financial Assets$1,611,934 $1,805,234 $— $3,417,168 $1,391,567 $1,361,987 $— $2,753,554 
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(1) As of September 30, 2023 and December 31, 2022, all of our certificates of deposits were domestic deposits.
(2) During the three months ended September 30, 2023, the Company sold all its shares of marketable equity securities for $23.9 million. This publicly-traded equity investment generated a realized loss of $1.0 million and an unrealized gain of $5.8 million for the three and nine months ended September 30, 2023, respectively. The initial cost of this investment was $3.0 million with no changes since our initial investment. The cumulative gain from the initial purchase was $20.9 million, the majority of which has been reflected in prior periods as net unrealized gains. The realized and unrealized gains/losses are included in Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 3. Financial Statements Details.The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in thousands):
September 30, 2023December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$27,764 $— $— $27,764 $— $— $— $— 
U.S. government906,878 — (5,327)901,551 1,007,175 3 (13,223)993,955 
Corporate bonds1,132,878 42 (7,717)1,125,203 1,125,920 271 (13,057)1,113,134 
Agency securities648,997 10 (3,740)645,267 217,893 83 (2,596)215,380 
Total $2,716,517 $52 $(16,784)$2,699,785 $2,350,988 $357 $(28,876)$2,322,469 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value The following table is an analysis of our marketable debt securities in unrealized loss positions (in thousands):
September 30, 2023
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government notes$688,395 $(3,625)$182,156 $(1,702)$870,551 $(5,327)
Corporate bonds925,541 (5,928)163,152 (1,789)1,088,693 (7,717)
Agency securities542,013 (3,158)62,479 (582)604,492 (3,740)
Total $2,155,949 $(12,711)$407,787 $(4,073)$2,563,736 $(16,784)
Schedule of Fair Value of Available-for-sale Investments by Contractual Maturity The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):
September 30, 2023
Fair Value
Due in 1 year or less$1,517,054 
Due in 1 to 2 years1,182,731 
Total debt securities $2,699,785 
Schedule of Gain and Losses on Non-marketable Equity Securities Unrealized gains for our non-marketable equity securities are summarized below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Unrealized gains on non-marketable equity securities (1)
$500 $1,681 $13,901 $16,681 
(1) These unrealized gains were recorded on investments that were re-measured to fair value as of the date observable transactions occurred.
Schedule of Equity Securities without Readily Determinable Fair Value The following table summarizes the activity related to our non-marketable equity securities as of September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Cost of investments(1)
$31,656 $23,625 
Cumulative impairment and downward adjustment— (888)
Cumulative upward adjustment 30,632 16,731 
Carrying amount of investments$62,288 $39,468 
(1) During the nine months ended September 30, 2023, we had an $8.0 million convertible note previously included in other assets, plus accrued interest of $0.6 million, that was converted to an equity investment and included in cost of investments.