| FAIR VALUE MEASUREMENTS |
6. FAIR VALUE MEASUREMENTS
The following tables present information about our assets that are measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value, in thousands:
|
Description |
|
At March 31, 2019 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
$ |
530,231 |
|
|
$ |
— |
|
|
$ |
530,231 |
|
|
$ |
— |
|
|
Money market funds |
|
|
98,236 |
|
|
|
98,236 |
|
|
|
— |
|
|
|
— |
|
|
Marketable debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
Commercial paper |
|
|
34,394 |
|
|
|
— |
|
|
|
34,394 |
|
|
|
— |
|
|
Corporate notes |
|
|
113,253 |
|
|
|
— |
|
|
|
113,253 |
|
|
|
— |
|
|
U.S. government-sponsored enterprise securities |
|
|
2,496 |
|
|
|
— |
|
|
|
2,496 |
|
|
|
— |
|
|
U.S. treasury securities |
|
|
366,435 |
|
|
|
— |
|
|
|
366,435 |
|
|
|
— |
|
|
Restricted cash (money market funds) |
|
|
1,478 |
|
|
|
1,478 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
1,149,523 |
|
|
$ |
99,714 |
|
|
$ |
1,049,809 |
|
|
$ |
— |
|
|
Description |
|
At December 31, 2018 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
$ |
221,281 |
|
|
$ |
— |
|
|
$ |
221,281 |
|
|
$ |
— |
|
|
Money market funds |
|
|
102,445 |
|
|
|
102,445 |
|
|
|
— |
|
|
|
— |
|
|
Marketable debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
8,951 |
|
|
|
— |
|
|
|
8,951 |
|
|
|
— |
|
|
Commercial paper |
|
|
57,197 |
|
|
|
— |
|
|
|
57,197 |
|
|
|
— |
|
|
Corporate notes |
|
|
232,410 |
|
|
|
— |
|
|
|
232,410 |
|
|
|
— |
|
|
U.S. government-sponsored enterprise securities |
|
|
39,018 |
|
|
|
— |
|
|
|
39,018 |
|
|
|
— |
|
|
U.S. treasury securities |
|
|
325,227 |
|
|
|
— |
|
|
|
325,227 |
|
|
|
— |
|
|
Marketable equity securities |
|
|
1,206 |
|
|
|
1,206 |
|
|
|
— |
|
|
|
— |
|
|
Restricted cash (money market funds) |
|
|
1,477 |
|
|
|
1,477 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
989,212 |
|
|
$ |
105,128 |
|
|
$ |
884,084 |
|
|
$ |
— |
|
During the three months ended March 31, 2019 and 2018, there were no transfers between Level 1 and Level 2 financial assets. The carrying amounts reflected in our condensed consolidated balance sheets for cash, accounts receivable, net, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term maturities. The fair value of our long-term debt at March 31, 2019 and December 31, 2018, computed pursuant to a discounted cash flow technique using a market interest rate, was $30.1 million and is considered a Level 3 fair value measurement. The effective interest rate reflects the current market rate.
|