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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities

The recurring fair value measurements of the Company’s financial assets and liabilities measured at September 30, 2022 and December 31, 2021 consisted of the following (in thousands):

						Fair Value Measurements at Reporting Date Using
		September 30, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Money market fund		$	96,229			$	96,229			$	—			$	—
U.S. Treasury notes			36,775				36,775				—				—
Equity securities			5,637				5,637				—				—
Government sponsored enterprise securities			62,056				—				62,056				—
Municipal bonds			22,039				—				22,039				—
Commercial paper			199,250				—				199,250				—
Total		$	421,986			$	138,641			$	283,345			$	—
Liabilities
Cash awards		$	989			$	—			$	—			$	989
Total		$	989			$	—			$	—			$	989

						Fair Value Measurements at Reporting Date Using
		December 31, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Money market fund		$	122,876			$	122,876			$	—			$	—
U.S. Treasury notes			140,187				140,187				—				—
Equity securities			3,638				3,638				—				—
Government sponsored enterprise securities			49,474				—				49,474				—
Municipal bonds			25,984				—				25,984				—
Commercial paper			157,626				—				157,626				—
Total		$	499,785			$	266,701			$	233,084			$	—
Liabilities
Cash awards		$	603			$	—			$	—			$	603
Total		$	603			$	—			$	—			$	603

Schedule of Changes in Estimated Fair Value of Contingent Cash Awards

Changes in estimated fair value of contingent cash awards during the nine months ended September 30, 2022 are as follows (in thousands):

Balance as of December 31, 2021		$	603
Vesting of awards			1,545
Expense forfeited			(104	)
Change in fair value			(1,055	)
Balance as of September 30, 2022		$	989

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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