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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of the valuation of cash equivalents and marketable securities by pricing levels

The following table presents the financial instruments that are carried at fair value and summarizes the valuation of its cash equivalents and marketable securities by the above pricing levels as of December 31, 2021 and 2020:

						As of December 31, 2021
(In thousands)						Total						Quoted Market Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Money market funds						$	7,402					$	7,402					$	—					$	—
U.S. Government bonds and notes						102,812						—						102,812						—
Corporate notes, bonds and commercial paper						287,905						—						287,905						—
Total available-for-sale securities						$	398,119					$	7,402					$	390,717					$	—

						As of December 31, 2020
(In thousands)						Total						Quoted Market Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Money market funds						$	18,162					$	18,162					$	—					$	—
U.S. Government bonds and notes						169,633						—						169,633						—
Corporate notes, bonds and commercial paper						253,391						—						253,391						—
Total available-for-sale securities						$	441,186					$	18,162					$	423,024					$	—

Financial instruments not carried at fair value but requiring fair value disclosure

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2021 and 2020:

						As of December 31, 2021																		As of December 31, 2020
(In thousands)						Face Value						Carrying Value						Fair Value						Face Value						Carrying Value						Fair Value
1.375% Convertible Senior Notes due 2023 (the “2023 Notes”)						$	172,500					$	163,687					$	254,103					$	172,500					$	156,031					$	194,709

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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