Fair Value Measurements |
Fair Value Measurements Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 42,225 | | $ | — | | $ | — | | $ | 42,225 | U.S. government treasuries | 1,499 | | — | | — | | 1,499 | Commercial paper | — | | 9,979 | | — | | 9,979 | Short-term marketable securities: | | | | | | | | U.S. government treasuries | 219,754 | | — | | — | | 219,754 | U.S. government agency securities | — | | 73,151 | | — | | 73,151 | Corporate debt securities | — | | 71,675 | | — | | 71,675 | Commercial paper | — | | 22,594 | | — | | 22,594 | Long-term marketable securities: | | | | | | | | U.S. government treasuries | 117,131 | | — | | — | | 117,131 | U.S. government agency securities | — | | 1,977 | | — | | 1,977 | Corporate debt securities | — | | 28,773 | | — | | 28,773 | Foreign currency derivative contracts | — | | 14 | | — | | 14 | Total | $ | 380,609 | | $ | 208,163 | | $ | — | | $ | 588,772 | Liabilities: | | | | | | | | Foreign currency derivative contracts | $ | — | | $ | 182 | | $ | — | | $ | 182 | Total | $ | — | | $ | 182 | | $ | — | | $ | 182 |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Cash equivalents | | | | | | | | Money market funds | $ | 212,868 | | $ | — | | $ | — | | $ | 212,868 | Short-term marketable securities: | | | | | | | | U.S. government treasuries | 42,587 | | — | | — | | 42,587 | U.S. government agency securities | — | | 106,139 | | — | | 106,139 | Corporate debt securities | — | | 39,125 | | — | | 39,125 | Long-term marketable securities: | | | | | | | | U.S. government treasuries | 39,848 | | — | | — | | 39,848 | U.S. government agency securities | — | | 19,911 | | — | | 19,911 | Corporate debt securities | — | | 991 | | — | | 991 | Total | $ | 295,303 | | $ | 166,166 | | $ | — | | $ | 461,469 |
The carrying amounts of accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term maturities. The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly. There were no transfers of assets or liabilities between the fair value measurement levels during the years ended December 31, 2018 or 2017.
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