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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company measures its financial instruments at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:
| As of June 30, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 241.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 241.5 |
Municipal securities | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
Commercial paper | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Corporate notes and obligations | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Total cash equivalents | $ | 241.5 |  |  | $ | 4.1 |  |  | $ | — |  |  | $ | 245.6 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | — |  |  | 361.4 |  |  | — |  |  | 361.4 |
U.S. Treasury securities | — |  |  | 235.8 |  |  | — |  |  | 235.8 |
Asset backed securities | — |  |  | 83.6 |  |  | — |  |  | 83.6 |
Commercial paper | — |  |  | 40.0 |  |  | — |  |  | 40.0 |
U.S. agency obligations | — |  |  | 27.9 |  |  | — |  |  | 27.9 |
Certificates of deposit | — |  |  | 26.0 |  |  | — |  |  | 26.0 |
Municipal securities | — |  |  | 6.0 |  |  | — |  |  | 6.0 |
Foreign government obligations | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
Total short-term investments | — |  |  | 783.5 |  |  | — |  |  | 783.5 |
Total | $ | 241.5 |  |  | $ | 787.6 |  |  | $ | — |  |  | $ | 1,029.1 |
The Company has an investment in a non-marketable equity security in a privately held company without a readily determinable market value. The investment has a carrying value of $5.6 million and is categorized as Level 3.
| As of December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 444.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 444.3 |
Commercial paper | — |  |  | 2.0 |  |  | — |  |  | 2.0 |
Total Cash Equivalents | $ | 444.3 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 446.3 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | — |  |  | 286.6 |  |  | — |  |  | 286.6 |
U.S. Treasury securities | — |  |  | 171.3 |  |  | — |  |  | 171.3 |
Asset-backed securities | — |  |  | 53.8 |  |  | — |  |  | 53.8 |
Certificates of deposit | — |  |  | 38.2 |  |  | — |  |  | 38.2 |
U.S. agency obligations | — |  |  | 27.2 |  |  | — |  |  | 27.2 |
Commercial paper | — |  |  | 24.2 |  |  | — |  |  | 24.2 |
Supranational securities | — |  |  | 4.0 |  |  | — |  |  | 4.0 |
Municipal securities | — |  |  | 2.4 |  |  | — |  |  | 2.4 |
Total short-term investments | — |  |  | 607.7 |  |  | — |  |  | 607.7 |
Equity investments | 9.8 |  |  | — |  |  | — |  |  | 9.8 |
Total | $ | 454.1 |  |  | $ | 609.7 |  |  | $ | — |  |  | $ | 1,063.8 |
The Company had no transfers between levels of the fair value hierarchy. The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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