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Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company's financial instruments consist of cash equivalents, short-term investments, accounts receivable, accounts payable, drawings on revolving lines of credit, long-term debt, interest rate swaps and contingent purchase consideration.
The valuation techniques used to measure fair value are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company classifies its financial instruments according to the prescribed criteria.
The following table presents fair value information related to the Company's assets and liabilities measured at amortized cost on the condensed consolidated balance sheets with the exception of the interest rate swap and contingent purchase consideration, which is measured at fair value:
 Fair Value Measurements at March 31, 2021
TotalLevel 1Level 2Level 3
Assets
Cash equivalents:
Money market fund deposits and term deposits$306,431 $306,431 $— $— 
Commercial paper173,324 — 173,324 — 
Municipal bonds7,998 — 7,998 — 
Corporate bonds47,703 — 47,703 — 
Short-term investments:
Corporate bonds56,323 — 56,323 — 
Commercial paper475,818 — 475,818 — 
Certificates of deposit3,000 3,000 — — 
U.S. Treasury and agency obligations13,000 — 13,000 — 
Total$1,083,597 $309,431 $774,166 $— 
Liabilities
Long-term debt$37,296 $— $37,296 $— 
Interest rate swap514 514 
Contingent purchase consideration1,343 — — 1,343 
Total$39,153 $— $37,810 $1,343 

 Fair Value Measurements at December 31, 2020
TotalLevel 1Level 2Level 3
Assets
Cash equivalents:
Money market fund deposits and term deposits$218,984 $218,984 $— $— 
U.S. Treasury and agency obligations6,999 — 6,999 — 
Commercial paper162,749 — 162,749 — 
Corporate bonds29,010 — 29,010 — 
Short-term investments:
U.S. Treasury and agency obligations49,996 — 49,996 — 
Municipal bonds7,997 — 7,997 — 
Corporate bonds88,171 — 88,171 — 
Commercial paper368,665 — 368,665 — 
Total$932,571 $218,984 $713,587 $— 
Liabilities
Long-term debt$38,402 $— $38,402 $— 
Contingent purchase consideration1,963 — — 1,963 
Interest rate swaps603 — 603 — 
Total$40,968 $— $39,005 $1,963 
Short-term investments consist of liquid investments including U.S. government and government agency notes, corporate bonds, commercial paper and certificates of deposit with original maturities of greater than three months but less than one year and are recorded at amortized cost. There were no impairments for the investments considered held-to-maturity during the quarters ended March 31, 2021 and 2020. There were no current expected credit loss allowances for the investments considered held-to-maturity at March 31, 2021 and 2020. The Company holds highly-rated held-to-maturity instruments that are within one year of maturity.
The following table presents the effective maturity dates of debt investments, which are held-to-maturity:
March 31, 2021December 31, 2020
Book ValueFair ValueBook ValueFair Value
Investment maturity
Less than 1 year$548,196 $548,141 $514,835 $514,829 
The Company entered into an interest rate swap that is designated as a cash flow hedge associated with a long-term note issued during the second quarter of 2016 that will terminate with the long-term note in May 2023. The fair value at March 31, 2021 for the interest rate swap considered pricing models whose inputs are observable for the securities held by the Company.
At March 31, 2021 and December 31, 2020, the Company's long-term notes consisted of a variable rate note and a fixed rate note, and are reported at amortized cost on the condensed consolidated balance sheets. For disclosure purposes, the fair value of the long-term notes was estimated using a discounted cash flow model using observable market interest rates and are classified as a level 2. Based on the discounted cash flow model, the fair values of the long-term notes at March 31, 2021 and December 31, 2020 were $37,296 and $38,402 respectively, as compared to the book value of $37,021 and $37,967, respectively.
The fair values of contingent purchase consideration at March 31, 2021 and December 31, 2020 were determined using an income approach at the respective business combination date and at the reporting date. The approach is based on significant inputs that are not observable in the market and include key assumptions such as assessing the probability of meeting certain milestones required to earn the contingent purchase consideration.
The following table presents information about the Company's movement in Level 3 assets and liabilities measured at fair value:
Three Months Ended March 31,
20212020
Auction rate securities
Balance, beginning of period$— $592 
Change in fair value and accretion— 2 
Balance, end of period$— $594 
Contingent purchase consideration
Balance, beginning of period$1,963 $273 
Cash payments(466)(272)
Foreign exchange adjustment(154)(1)
Balance, end of period$1,343 $—