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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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 below pricing levels as of March 31, 2022 and December 31, 2021:

						As of March 31, 2022
(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						$	6,058					$	6,058					$	—					$	—
U.S. Government bonds and notes						63,023						—						63,023						—
Corporate notes, bonds and commercial paper						111,314						—						111,314						—
Total available-for-sale securities						$	180,395					$	6,058					$	174,337					$	—

						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					$	—

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 require fair value disclosure as of March 31, 2022 and December 31, 2021:

						As of March 31, 2022																		As of December 31, 2021
(In thousands)						Face  Value (1)						Carrying  Value						Fair Value						Face  Value						Carrying  Value						Fair Value
1.375% Convertible Senior Notes due 2023 (the “2023 Notes”)						$	64,604					$	73,860					$	111,856					$	172,500					$	163,687					$	254,103

_________________________________________

(1)    As of March 31, 2022, the $64.6 million balance consisted of $49.4 million aggregate principal amount of 2023 Notes, as well as the face value of the remaining 2023 Notes Partial Repurchase of $15.2 million.

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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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