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Fair Value Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4.

Fair Value Measurements

The Company classifies fair value-based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of December 31, 2020 and 2019, the Company’s financial assets recognized at fair value on a recurring basis consisted of the following:

 

 

 

Fair Value as of December 31, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Cash equivalents and restricted cash equivalents

 

$

163,805

 

 

$

163,805

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

 

245,668

 

 

 

241,664

 

 

 

4,004

 

 

 

-

 

Financial institution debt securities

 

 

138,443

 

 

 

-

 

 

 

138,443

 

 

 

-

 

Corporate debt securities

 

 

41,766

 

 

 

-

 

 

 

41,766

 

 

 

-

 

Other asset-backed securities

 

 

11,474

 

 

 

-

 

 

 

11,474

 

 

 

-

 

Total marketable securities

 

 

437,351

 

 

 

241,664

 

 

 

195,687

 

 

 

-

 

Total

 

$

601,156

 

 

$

405,469

 

 

$

195,687

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value as of December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Cash equivalents

 

$

46,917

 

 

$

46,917

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

159,502

 

 

 

159,502

 

 

 

-

 

 

 

-

 

Financial institution debt securities

 

 

40,278

 

 

 

-

 

 

 

40,278

 

 

 

-

 

Corporate debt securities

 

 

18,967

 

 

 

-

 

 

 

18,967

 

 

 

-

 

Other asset-backed securities

 

 

8,499

 

 

 

-

 

 

 

8,499

 

 

 

-

 

Total marketable securities

 

 

227,246

 

 

 

159,502

 

 

 

67,744

 

 

 

-

 

Total

 

$

274,163

 

 

$

206,419

 

 

$

67,744

 

 

$

-

 

 

Certain of the Company’s financial assets, including cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models and observable market inputs to determine value. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2020 or 2019.