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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Revenue Disaggregated by Geographic Region

 

The nature, amount, timing, and uncertainty of our revenue and how revenue and cash flows are affected by economic factors is most appropriately depicted by geographic region (using the location of the client as the basis of attributing revenue to the individual regions) as follows (in thousands):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Americas (principally the U.S.)

 

$

209,926

 

 

$

214,390

 

 

$

426,923

 

 

$

425,120

 

 

Europe, Middle East, and Africa

 

 

22,134

 

 

 

22,606

 

 

 

43,166

 

 

 

47,232

 

 

Asia Pacific

 

 

8,261

 

 

 

8,860

 

 

 

15,849

 

 

 

18,297

 

 

Total revenue

 

$

240,321

 

 

$

245,856

 

 

$

485,938

 

 

$

490,649

 

 

Fair Value Measurements

The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets measured at fair value (in thousands):

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,240

 

 

$

 

 

$

29,240

 

 

$

4,847

 

 

$

 

 

$

4,847

 

Commercial paper

 

 

 

 

 

5,797

 

 

 

5,797

 

 

 

 

 

 

26,964

 

 

 

26,964

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

 

 

 

24,090

 

 

 

24,090

 

 

 

 

 

 

22,159

 

 

 

22,159

 

Asset-backed securities

 

 

 

 

 

3,093

 

 

 

3,093

 

 

 

 

 

 

3,950

 

 

 

3,950

 

Total

 

$

29,240

 

 

$

32,980

 

 

$

62,220

 

 

$

4,847

 

 

$

53,073

 

 

$

57,920

 

Carrying Value (Par Value for Convertible Debt) and Estimated Fair Value of Debt

We have chosen not to measure our debt at fair value, with changes recognized in earnings each reporting period.  The following table indicates the carrying value (par value for convertible debt) and estimated fair value of our debt as of the indicated periods (in thousands):

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Value

 

 

Value

 

 

Value

 

 

Value

 

2018 Credit Agreement (carrying value including current maturities)

 

$

132,188

 

 

$

132,188

 

 

$

136,875

 

 

$

136,875

 

2016 Convertible debt (par value)

 

 

230,000

 

 

 

238,625

 

 

 

230,000

 

 

 

262,775