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Fair Value Measurements
 12 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

15. Fair Value Measurements

Money market funds, time deposits and corporate notes/bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets.

Certificates of deposit, commercial paper and certain U.S. government agency securities are classified within Level 2 of the fair value hierarchy. These instruments are valued based on quoted prices in markets that are not active or based on other observable inputs consisting of market yields, reported trades and broker/dealer quotes.

The principal market in which we execute our foreign currency forward contracts is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants usually are large financial institutions. Our foreign currency forward contracts’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy.

Our significant financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and 2019 were as follows:

 

(in thousands)

 

September 30, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

105,299

 

 

$

—

 

 

$

—

 

 

$

105,299

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes/bonds

 

 

59,099

 

 

 

—

 

 

 

—

 

 

 

59,099

 

Forward contracts

 

 

—

 

 

 

903

 

 

 

—

 

 

 

903

 

 

 

$

164,398

 

 

$

903

 

 

$

—

 

 

$

165,301

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

1,073

 

 

 

—

 

 

 

1,073

 

 

 

$

—

 

 

$

1,073

 

 

$

—

 

 

$

1,073

 

 

(in thousands)

 

September 30, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

108,020

 

 

$

—

 

 

$

—

 

 

$

108,020

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

999

 

 

 

—

 

 

 

999

 

Corporate notes/bonds

 

 

56,436

 

 

 

—

 

 

 

—

 

 

 

56,436

 

Forward contracts

 

 

—

 

 

 

3,064

 

 

 

—

 

 

 

3,064

 

 

 

$

164,456

 

 

$

4,063

 

 

$

—

 

 

$

168,519

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

2,771

 

 

 

—

 

 

 

2,771

 

 

 

$

—

 

 

$

2,771

 

 

$

—

 

 

$

2,771

 

 

(1)

Money market funds and time deposits.