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Investments and Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Marketable Investments | The following table presents the Company’s marketable investments as of March 31, 2021 and December 31, 2020 (in thousands):
|  | March 31, 2021
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Commercial paper |  | $ | 4,247 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,249 |
U.S. agency and government sponsored securities |  | 4,548 |  |  | 7 |  |  | — |  |  | — |  |  | 4,555 |
U.S. states and municipalities |  | 47,283 |  |  | 148 |  |  | (6) |  |  | — |  |  | 47,425 |
Corporate bonds |  | 130,411 |  |  | 396 |  |  | (59) |  |  | — |  |  | 130,748 |
Total |  | $ | 186,489 |  |  | $ | 553 |  |  | $ | (65) |  |  | $ | — |  |  | $ | 186,977 |
|  | December 31, 2020
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Commercial paper |  | $ | 4,242 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,246 |
U.S. agency and government sponsored securities |  | 7,846 |  |  | 11 |  |  | — |  |  | — |  |  | 7,857 |
U.S. states and municipalities |  | 47,934 |  |  | 162 |  |  | (1) |  |  | — |  |  | 48,095 |
Corporate bonds |  | 134,298 |  |  | 669 |  |  | (3) |  |  | — |  |  | 134,964 |
Total |  | $ | 194,320 |  |  | $ | 846 |  |  | $ | (4) |  |  | $ | — |  |  | $ | 195,162 |
Schedule of the Fair Value of Marketable Investments in an Unrealized Loss Position for Less than Twelve Months | The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than twelve months or for twelve months or more as of March 31, 2021 and December 31, 2020 (in thousands):
|  | March 31, 2021
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. states and municipalities |  | $ | 3,590 |  |  | $ | (6) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,590 |  |  | $ | (6) |
Corporate bonds |  | 32,127 |  |  | (59) |  |  | — |  |  | — |  |  | 32,127 |  |  | (59) |
Total |  | $ | 35,717 |  |  | $ | (65) |  |  | $ | — |  |  | $ | — |  |  | $ | 35,717 |  |  | $ | (65) |
|  | December 31, 2020
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. states and municipalities |  | 1,408 |  |  | (1) |  |  | — |  |  | — |  |  | 1,408 |  |  | (1) |
Corporate bonds |  | $ | 12,552 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 12,552 |  |  | $ | (3) |
Total |  | $ | 13,960 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 13,960 |  |  | $ | (4) |
Schedule of Contractual Maturities of Marketable Investments | The following table presents the contractual maturities of the Company’s marketable investments as of March 31, 2021 (in thousands):
|  | March 31, 2021 |  |
|  | Amortized Cost |  | Fair Value |  |
Due in less than one year |  | $ | 100,191 |  |  | $ | 100,403 |  |  |
Due in one to five years |  | 86,298 |  |  | 86,574 |  |  |
Total |  | $ | 186,489 |  |  | $ | 186,977 |  |  |
Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020 (in thousands):
|  | As of March 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 11,056 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,056 |
Marketable investments: |  |  |  |  |  |  |  |
Commercial paper |  | — |  |  | 4,249 |  |  | — |  |  | 4,249 |
U.S. agency and government sponsored securities |  | — |  |  | 4,555 |  |  | — |  |  | 4,555 |
U.S. states and municipalities |  | — |  |  | 47,425 |  |  | — |  |  | 47,425 |
Corporate bonds |  | — |  |  | 130,748 |  |  | — |  |  | 130,748 |
Total |  | $ | 11,056 |  |  | $ | 186,977 |  |  | $ | — |  |  | $ | 198,033 |
|  | As of December 31, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | 33,054 |  |  | — |  |  | — |  |  | 33,054 |
Marketable investments: |  |  |  |  |  |  |  |
Commercial paper |  | — |  |  | 4,246 |  |  | — |  |  | 4,246 |
U.S. agency and government sponsored securities |  | — |  |  | 7,857 |  |  | — |  |  | 7,857 |
U.S. states and municipalities |  | — |  |  | 48,095 |  |  | — |  |  | 48,095 |
Corporate bonds |  | — |  |  | 134,964 |  |  | — |  |  | 134,964 |
Total |  | $ | 33,054 |  |  | $ | 195,162 |  |  | $ | — |  |  | $ | 228,216 |
Schedule of Fair Value of Contingent Consideration Obligation | The following table summarizes the changes in fair value of the contingent consideration obligation for the three months ended March 31, 2020 (in thousands):
|  | Fair Value of Contingent Consideration
Balance at December 31, 2019 |  | $ | 1,206 |
Payments of contingent consideration liabilities |  | (1,186) |
Changes in fair value |  | — |
Foreign currency remeasurement |  | (20) |
Balance at March 31, 2020 |  | $ | — |

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