v3.21.2

Fair Value Measurements | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The carrying values of the Company's financial instruments, principally cash equivalents, investments, accounts receivable, restricted cash and accounts payable, approximated their fair values due to the short period of time to maturity or repayment. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: •Level I—Unadjusted quoted prices in active markets for identical assets or liabilities; •Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and •Level III—Unobservable inputs that are supported by little or no market activity, which requires the Company to develop its own assumptions. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table details the fair value hierarchy of the Company's financial assets measured at fair value on a recurring basis as of September 30, 2021:
|  |  |  | Fair Value Measurements Using:
|  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level I) |  | Significant Other Observable Inputs (Level II) |  | Significant Unobservable Inputs (Level III)
Assets |  |  |  |  |  |  |  |
Cash Equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 176,144 |  |  | $ | 176,144 |  |  | $ | — |  |  | $ | — |
Certificates of deposit |  | 25,076 |  |  | — |  |  | 25,076 |  |  | — |
|  | $ | 201,220 |  |  | $ | 176,144 |  |  | $ | 25,076 |  |  | $ | — |
Investments: |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level I) |  | Significant Other Observable Inputs (Level II) |  | Significant Unobservable Inputs (Level III)
Corporate bonds and commercial paper |  | $ | 36,466 |  |  | $ | — |  |  | $ | 36,466 |  |  | $ | — |
Certificates of deposit |  | 12,161 |  |  | — |  |  | 12,161 |  |  | — |
U.S. government securities |  | 51,178 |  |  | — |  |  | 51,178 |  |  | — |
|  | $ | 99,805 |  |  | $ | — |  |  | $ | 99,805 |  |  | $ | — |
The following table details the fair value hierarchy of the Company's financial assets measured at fair value on a recurring basis as of December 31, 2020:
|  |  |  | Fair Value Measurements Using:
|  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level I) |  | Significant Other Observable Inputs (Level II) |  | Significant Unobservable Inputs (Level III)
Assets |  |  |  |  |  |  |  |
Cash Equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 188,469 |  |  | $ | 188,469 |  |  | $ | — |  |  | $ | — |
Certificates of deposits |  | 25,028 |  |  | — |  |  | 25,028 |  |  | — |
Corporate bonds and commercial paper |  | 996 |  |  | — |  |  | 996 |  |  | — |
U.S. government securities |  | 19,999 |  |  | — |  |  | 19,999 |  |  | — |
|  | $ | 234,492 |  |  | $ | 188,469 |  |  | $ | 46,023 |  |  | $ | — |
Investments: |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level I) |  | Significant Other Observable Inputs (Level II) |  | Significant Unobservable Inputs (Level III)
Corporate bonds and commercial paper |  | $ | 31,239 |  |  | $ | — |  |  | $ | 31,239 |  |  | $ | — |
Certificates of deposit |  | 10,007 |  |  | — |  |  | 10,007 |  |  | — |
U.S. government securities |  | 90,106 |  |  | — |  |  | 90,106 |  |  | — |
|  | $ | 131,352 |  |  | $ | — |  |  | $ | 131,352 |  |  | $ | — |
The Company determines the fair value of its investment holdings based on pricing from its pricing vendors. The valuation techniques used to measure the fair value of financial instruments having Level II inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level I inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level II inputs).

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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=123874694&loc=d3e19207-110258 + Details
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