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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments
The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy:
December 31, 2020
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$267,130 $267,130 $— $— 
Commercial paper113,446 — 113,446 — 
Total assets measured at fair value$380,576 $267,130 $113,446 $— 
Liabilities
Derivative liability$3,081 $— $— $3,081 
Total liabilities measured at fair value$3,081 $— $— $3,081 
December 31, 2019
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$136,258 $136,258 $— $— 
U.S. treasury securities48,355 48,355 — — 
Commercial paper77,082 — 77,082 — 
Overnight repurchase agreements$15,001 $— $15,001 $— 
Liabilities
Derivative liability$2,952 $— $— $2,952 
Total liabilities measured at fair value$2,952 $— $— $2,952 
Summary of Changes in Fair Value of Financial Instruments
The following table summarizes the change in the fair value of our Level 3 financial instrument:
(in thousands)Derivative liability
Fair value as of December 31, 2019$2,952 
Change in fair value129 
Fair value as of December 31, 2020$3,081