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FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES | 9 Months Ended
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Sep. 30, 2023
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES |
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES |
6. | FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
ASC 820, “Fair Value Measurement”, provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.
| ● | Level 1: Quoted prices in active markets for identical assets or liabilities.
| ● | Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
| ● | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible. The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2023 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | ​ | $ | 983,999 | ​ | $ | — | ​ | $ | — | ​ | $ | 983,999
Money market funds | ​ |  | 588,799 | ​ |  | — | ​ |  | — | ​ |  | 588,799
Certificates of deposit | ​ | ​ | — | ​ | ​ | 53,784 | ​ | ​ | — | ​ | ​ | 53,784
Commercial paper | ​ |  | — | ​ |  | 270,000 | ​ |  | — | ​ |  | 270,000
Corporate bonds | ​ | ​ | — | ​ | ​ | 243,580 | ​ | ​ | — | ​ | ​ | 243,580
Municipal securities | ​ |  | — | ​ |  | 29,833 | ​ |  | — | ​ |  | 29,833
U.S. government agency securities | ​ |  | — | ​ |  | 190,712 | ​ |  | — | ​ |  | 190,712
U.S. treasuries | ​ | ​ | — | ​ | ​ | 702,530 | ​ | ​ | — | ​ | ​ | 702,530
Foreign currency derivatives | ​ |  | — | ​ |  | 695 | ​ |  | — | ​ |  | 695
Commodity derivatives | ​ |  | — | ​ |  | 3,434 | ​ |  | — | ​ |  | 3,434
Total | ​ | $ | 1,572,798 | ​ | $ | 1,494,568 | ​ | $ | — | ​ | $ | 3,067,366
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts included in: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,572,798 | ​ | $ | 201,051 | ​ | $ | — | ​ | $ | 1,773,849
Short-term investments | ​ |  | — | ​ |  | 1,236,752 | ​ |  | — | ​ |  | 1,236,752
Accounts receivable, net | ​ |  | — | ​ |  | 4,887 | ​ |  | — | ​ |  | 4,887
Other assets | ​ | ​ | — | ​ | ​ | 371 | ​ | ​ | — | ​ | ​ | 371
Investments | ​ |  | — | ​ |  | 52,636 | ​ |  | — | ​ |  | 52,636
Accrued liabilities | ​ |  | — | ​ |  | (1,129) | ​ |  | — | ​ |  | (1,129)
Total | ​ | $ | 1,572,798 | ​ | $ | 1,494,568 | ​ | $ | — | ​ | $ | 3,067,366
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | ​ | $ | 1,132,509 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,132,509
Money market funds | ​ |  | 121,444 | ​ |  | — | ​ |  | — | ​ |  | 121,444
Certificates of deposit | ​ | ​ | — | ​ | ​ | 10,078 | ​ | ​ | — | ​ | ​ | 10,078
Commercial paper | ​ |  | — | ​ |  | 225,067 | ​ |  | — | ​ |  | 225,067
Variable rate demand notes | ​ | ​ | — | ​ | ​ | 6,266 | ​ | ​ | — | ​ | ​ | 6,266
Municipal securities | ​ |  | — | ​ |  | 213,798 | ​ |  | — | ​ |  | 213,798
U.S. government agency securities | ​ |  | — | ​ |  | 113,357 | ​ |  | — | ​ |  | 113,357
U.S. treasuries | ​ | ​ | — | ​ | ​ | 908,379 | ​ | ​ | — | ​ | ​ | 908,379
Foreign currency derivatives | ​ |  | — | ​ |  | (3,733) | ​ |  | — | ​ |  | (3,733)
Total | ​ | $ | 1,253,953 | ​ | $ | 1,473,212 | ​ | $ | — | ​ | $ | 2,727,165
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts included in: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,253,953 | ​ | $ | 53,188 | ​ | $ | — | ​ | $ | 1,307,141
Short-term investments | ​ |  | — | ​ |  | 1,362,314 | ​ |  | — | ​ |  | 1,362,314
Accounts receivable, net | ​ |  | — | ​ |  | 965 | ​ |  | — | ​ |  | 965
Investments | ​ |  | — | ​ |  | 61,443 | ​ |  | — | ​ |  | 61,443
Accrued liabilities | ​ |  | — | ​ |  | (4,698) | ​ |  | — | ​ |  | (4,698)
Total | ​ | $ | 1,253,953 | ​ | $ | 1,473,212 | ​ | $ | — | ​ | $ | 2,727,165
​ All of the Company’s short-term and long-term investments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the three- and nine-months ended September 30, 2023, or during the year-ended December 31, 2022, and there were no changes in the Company’s valuation techniques.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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