Fair Value Measures

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measures

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1	—	observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2	—	inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3	—	unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.

The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 were as follows:

(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	128,488	$	—	$	—	$	128,488
United States government treasury bills	—		44,973		—		44,973
Available-for-sale short-term investments:(1)
United States government treasury bills	—		35,032		—		35,032
Other short-term investments:
Money market funds	14		—		—		14
Mutual fund shares	782		—		—		782
Other current assets:
Derivative financial instruments	—		23,394		—		23,394
Other non-current assets:
Money market funds	3,674		—		—		3,674
Mutual fund shares	9,329		—		—		9,329
Derivative financial instruments	—		10,520		—		10,520
Total assets measured at fair value	$	142,287	$	113,919	$	—	$	256,206
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	1,209	$	—	$	1,209
Total liabilities measured at fair value	$	—	$	1,209	$	—	$	1,209

⁽¹⁾Investments have remaining maturities of less than one year.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 were as follows:

(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	288,926	$	—	$	—	$	288,926
United States government treasury bills	—		34,928		—		34,928
Commercial paper	—		33,587		—		33,587
Other short-term investments:
Mutual fund shares	1,668		—		—		1,668
Other current assets:
Derivative financial instruments	—		14,001		—		14,001
Non-current assets:
Money market funds	1,792		—		—		1,792
Mutual fund shares	12,172		—		—		12,172
Derivative financial instruments	—		4,159		—		4,159
Total assets measured at fair value	$	304,558	$	86,675	$	—	$	391,233
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	2,266	$	—	$	2,266
Other long-term liabilities:
Derivative financial instruments	—		768		—		768
Total liabilities measured at fair value	$	—	$	3,034	$	—	$	3,034

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 were as follows:

(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	125,073	$	—	$	—	$	125,073
Available-for-sale short-term investments::(1)
United States government treasury bills	—		270,625		—		270,625
Other short-term investments:
Mutual funds shares	1,978		—		—		1,978
Other current assets:
Derivative financial instruments	—		15,337		—		15,337
Other non-current assets:
Money market funds	1,331		—		—		1,331
Mutual fund shares	9,575		—		—		9,575
Derivative financial instruments	—		10,014		—		10,014
Total assets measured at fair value	$	137,957	$	295,976	$	—	$	433,933
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	498	$	—	$	498
Total liabilities measured at fair value	$	—	$	498	$	—	$	498

⁽¹⁾Investments have remaining maturities of less than one year.

Non-recurring Fair Value Measurements

There were no material assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2020, December 31, 2019 or March 31, 2019.