Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands):


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:

Money market instruments	$	2,464	$	—	$	—
Corporate bonds	—		236,142		—
Treasury bills			131,861
Asset-backed securities	—		92,218		—

Agency bonds	—		19,006		—
Sovereign bonds	—		12,100		—
Municipal bonds	—		7,038


Economic hedge forward contracts	—		265		—
Liabilities:

Economic hedge forward contracts	—		38		—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity for the Company's liabilities measured at fair value using Level 3 inputs (in thousands):


Balance as of December 31, 2018	$	2,554


Fair value adjustment to GVi contingent consideration	(1,646)

Fair value adjustment to Chiaro contingent consideration	245

Balance as of December 31, 2019	1,153


Fair value adjustment to Chiaro contingent consideration	(114)
Payment of Chiaro contingent consideration	(1,039)
Balance as of December 31, 2020	$	—