| Financial assets and liabilities subject to fair value measurements (excluding restricted cash and cash equivalents (VIE)) |
The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $2.3 billion and $1.4 billion of cash as of December 31, 2019 and 2018, respectively): | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2019 | | | | Fair Value Hierarchy | | Total | | Level 1 | | Level 2 | | Level 3 | | (in thousands) | Financial instruments carried at fair value (asset position): | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 791,039 |
| | $ | 791,039 |
| | $ | — |
| | $ | — |
| Corporate debt securities | 6,070 |
| | — |
| | 6,070 |
| | — |
| Commercial paper | 29,472 |
| | — |
| | 29,472 |
| | — |
| Marketable securities: | | | | | | | | Corporate equity securities | 282,084 |
| | 261,797 |
| | 20,287 |
| | — |
| Government-sponsored enterprise securities | 12,733 |
| | 12,733 |
| | — |
| | — |
| Corporate debt securities | 301,799 |
| | — |
| | 301,799 |
| | — |
| Commercial paper | 102,356 |
| | — |
| | 102,356 |
| | — |
| Prepaid expenses and other current assets: | | | | | | | | Foreign currency forward contracts | 9,725 |
| | — |
| | 9,725 |
| | — |
| Total financial assets | $ | 1,535,278 |
| | $ | 1,065,569 |
| | $ | 469,709 |
| | $ | — |
| Financial instruments carried at fair value (liability position): | | | | | | | | Other current liabilities: | | | | | | | | Foreign currency forward contracts | $ | (5,533 | ) | | $ | — |
| | $ | (5,533 | ) | | $ | — |
| Long-term contingent consideration | (176,500 | ) | | — |
| | — |
| | (176,500 | ) | Other long-term liabilities: | | | | | | | | Foreign currency forward contracts | (1,821 | ) | | — |
| | (1,821 | ) | | — |
| Total financial liabilities | $ | (183,854 | ) | | $ | — |
| | $ | (7,354 | ) | | $ | (176,500 | ) |
| | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2018 | | | | Fair Value Hierarchy | | Total | | Level 1 | | Level 2 | | Level 3 | | (in thousands) | Financial instruments carried at fair value (asset position): | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 1,226,603 |
| | $ | 1,226,603 |
| | $ | — |
| | $ | — |
| U.S. Treasury securities | 5,966 |
| | 5,966 |
| | — |
| | — |
| Government-sponsored enterprise securities | 7,123 |
| | 7,123 |
| | — |
| | — |
| Commercial paper | 58,268 |
| | — |
| | 58,268 |
| | — |
| Marketable securities: | | | | | | | | Corporate equity securities | 167,323 |
| | 153,733 |
| | 13,590 |
| | — |
| U.S. Treasury securities | 6,026 |
| | 6,026 |
| | — |
| | — |
| Government-sponsored enterprise securities | 10,704 |
| | 10,704 |
| | — |
| | — |
| Corporate debt securities | 233,665 |
| | — |
| | 233,665 |
| | — |
| Commercial paper | 100,390 |
| | — |
| | 100,390 |
| | — |
| Prepaid expenses and other current assets: | | | | | | | | Foreign currency forward contracts | 19,023 |
| | — |
| | 19,023 |
| | — |
| Other assets: | | | | | | | | Foreign currency forward contracts | 1,514 |
| | — |
| | 1,514 |
| | — |
| Total financial assets | $ | 1,836,605 |
| | $ | 1,410,155 |
| | $ | 426,450 |
| | $ | — |
| Financial instruments carried at fair value (liability position): | | | | | | | | Other current liabilities: | | | | | | | | Foreign currency forward contracts | $ | (340 | ) | | $ | — |
| | $ | (340 | ) | | $ | — |
| Other long-term liabilities: | | | | | | | | Foreign currency forward contracts | (108 | ) | | — |
| | (108 | ) | | — |
| Total financial liabilities | $ | (448 | ) | | $ | — |
| | $ | (448 | ) | | $ | — |
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