Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 (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	$	537	$	—	$	—
Corporate bonds	—		554,306		—
Asset-backed securities	—		81,595		—
Treasury bills			58,665

Agency bonds	—		18,879		—
Municipal bonds	—		5,639
Sovereign bonds	—		2,119		—


Economic hedge forward contracts	—		39		—
Liabilities:

Economic hedge forward contracts	—		230		—

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, 2019	$	1,153


Fair value adjustment to Chiaro contingent consideration	(114)

Payment of Chiaro contingent consideration	(1,039)

Balance as of December 31, 2020	—




Balance as of December 31, 2021	$	—