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Fair Value Measurements
9 Months Ended
Sep. 30, 2022
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, 2022

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,512

 

 

$

9,512

 

 

$

 

Commercial paper

 

 

6,488

 

 

 

 

 

 

6,488

 

Cash equivalents

 

 

16,000

 

 

 

9,512

 

 

 

6,488

 

Bank deposits

 

 

97,391

 

 

 

 

 

 

97,391

 

Certificates of deposit

 

 

2,168

 

 

 

 

 

 

2,168

 

Commercial paper

 

 

45,026

 

 

 

 

 

 

45,026

 

Corporate debt securities

 

 

110,795

 

 

 

 

 

 

110,795

 

Municipal securities

 

 

38,447

 

 

 

 

 

 

38,447

 

Government and agency debt

 

 

86,204

 

 

 

 

 

 

86,204

 

Short-term investments

 

 

380,031

 

 

 

 

 

 

380,031

 

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

 

 

44

 

 

 

 

 

 

44

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

 

 

 

12

 

Restricted bank deposits included in other assets, noncurrent

 

 

210

 

 

 

 

 

 

210

 

Total financial assets

 

$

396,297

 

 

$

9,512

 

 

$

386,785

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

2,239

 

 

$

 

 

$

2,239

 

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

 

 

246

 

 

 

 

 

 

246

 

Total financial liabilities

 

$

2,485

 

 

$

 

 

$

2,485

 

 

 

 

December 31, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

21,670

 

 

$

21,670

 

 

$

 

Municipal securities

 

 

175

 

 

 

 

 

 

175

 

Cash equivalents

 

 

21,845

 

 

 

21,670

 

 

 

175

 

Bank deposits

 

 

90,704

 

 

 

 

 

 

90,704

 

Commercial paper

 

 

56,411

 

 

 

 

 

 

56,411

 

Corporate debt securities

 

 

109,062

 

 

 

 

 

 

109,062

 

Municipal securities

 

 

70,996

 

 

 

 

 

 

70,996

 

Government and agency debt

 

 

25,671

 

 

 

 

 

 

25,671

 

Short-term investments

 

 

352,844

 

 

 

 

 

 

352,844

 

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

 

 

891

 

 

 

 

 

 

891

 

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

 

 

43

 

 

 

 

 

 

43

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

13

 

 

 

 

 

 

13

 

Restricted bank deposits included in other assets, noncurrent

 

 

243

 

 

 

 

 

 

243

 

Total financial assets

 

$

375,879

 

 

$

21,670

 

 

$

354,209

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

16

 

 

$

 

 

$

16

 

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

 

 

5

 

 

 

 

 

5

 

Total financial liabilities

 

$

21

 

 

$

 

 

$

21

 

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, 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, 2022 and December 31, 2021, the Company did not have any assets or liabilities valued based on Level 3 valuations.