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Fair Value Measurements
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis:

 

 

September 30, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

38,951

 

 

$

38,951

 

 

$

 

Government and agency debt

 

 

1,000

 

 

 

 

 

 

1,000

 

Cash equivalents

 

 

39,951

 

 

 

38,951

 

 

 

1,000

 

Bank deposits

 

 

83,605

 

 

 

 

 

 

83,605

 

Certificates of deposit

 

 

252

 

 

 

 

 

 

252

 

Commercial paper

 

 

46,826

 

 

 

 

 

 

46,826

 

Corporate debt securities

 

 

108,489

 

 

 

 

 

 

108,489

 

Municipal securities

 

 

53,854

 

 

 

 

 

 

53,854

 

Government and agency debt

 

 

24,750

 

 

 

 

 

 

24,750

 

Short-term investments

 

 

317,776

 

 

 

 

 

 

317,776

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

105

 

 

 

 

 

 

105

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

18

 

 

 

 

 

 

18

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

787

 

 

 

 

 

 

787

 

Restricted bank deposits included in other assets, noncurrent

 

 

249

 

 

 

 

 

 

249

 

Total financial assets

 

$

358,886

 

 

$

38,951

 

 

$

319,935

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

103

 

 

$

 

 

$

103

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

4

 

 

 

 

 

 

4

 

Total financial liabilities

 

$

107

 

 

$

 

 

$

107

 

 

 

 

December 31, 2020

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

111,080

 

 

$

111,080

 

 

$

 

Certificates of deposit

 

 

274

 

 

 

 

 

 

274

 

Cash equivalents

 

 

111,354

 

 

 

111,080

 

 

 

274

 

Bank deposits

 

 

133,386

 

 

 

 

 

 

133,386

 

Certificates of deposit

 

 

10,821

 

 

 

 

 

 

10,821

 

Commercial paper

 

 

34,151

 

 

 

 

 

 

34,151

 

Corporate debt securities

 

 

128,623

 

 

 

 

 

 

128,623

 

Municipal securities

 

 

54,233

 

 

 

 

 

 

54,233

 

Government and agency debt

 

 

72,381

 

 

 

 

 

 

72,381

 

Short-term investments

 

 

433,595

 

 

 

 

 

 

433,595

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

468

 

 

 

 

 

 

468

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

2

 

 

 

 

 

 

2

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

14

 

 

 

 

 

 

14

 

Restricted bank deposits included in other assets, noncurrent

 

 

264

 

 

 

 

 

 

264

 

Total financial assets

 

$

545,697

 

 

$

111,080

 

 

$

434,617

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

16

 

 

$

 

 

$

16

 

Total financial liabilities

 

$

16

 

 

$

 

 

$

16

 

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2021 and December 31, 2020, the Company did not have any assets or liabilities valued based on Level 3 valuations.