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Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 5. Fair Value Measurements

The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The Company’s assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. The Company does not have any assets or liabilities classified as Level 3.
Fair Value Measurement of Financial Assets and Liabilities on a Recurring Basis
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits
$220,561 $220,561 $— $— 
Money market funds
417,485 417,485 — — 
Commercial paper69,365 — 69,365 — 
Corporate debt securities3,930 — 3,930 — 
U.S. government and U.S. government agency securities31,417 — 31,417 — 
Total cash equivalents and investments
742,758 638,046 104,712 — 
Foreign currency derivatives
522 — 522 — 
Total assets$743,280 $638,046 $105,234 $— 
Liabilities:
Foreign currency derivatives
$338 $— 338 $— 
Total liabilities$338 $— $338 $— 
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits
$176,473 $176,473 $— $— 
Money market funds
273,098 273,098 — — 
Commercial paper35,698 — 35,698 — 
Corporate debt securities21,724 — 21,724 — 
U.S. government and U.S. government agency securities39,597 — 39,597 — 
Non-U.S. government securities3,946 — 3,946 — 
Total cash equivalents and investments
550,536 449,571 100,965 — 
Foreign currency derivatives
88 — 88 — 
Total assets
$550,624 $449,571 $101,053 $— 
Liabilities:
 
 
 
Foreign currency derivatives
$3,343 $— $3,343 $— 
Total liabilities
$3,343 $— $3,343 $— 
There were no transfers between Level 1, Level 2 and Level 3 categories during the three and nine months ended September 30, 2023 and 2022.