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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

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
			Total						Level 1						Level 2						Level 3
Assets
Cash equivalents:
Money market fund deposits and term deposits			$	306,431					$	306,431					$	—					$	—
Commercial paper			173,324						—						173,324						—
Municipal bonds			7,998						—						7,998						—
Corporate bonds			47,703						—						47,703						—
Short-term investments:
Corporate bonds			56,323						—						56,323						—
Commercial paper			475,818						—						475,818						—
Certificates of deposit			3,000						3,000						—						—
U.S. Treasury and agency obligations			13,000						—						13,000						—
Total			$	1,083,597					$	309,431					$	774,166					$	—
Liabilities
Long-term debt			$	37,296					$	—					$	37,296					$	—
Interest rate swap			514												514
Contingent purchase consideration			1,343						—						—						1,343
Total			$	39,153					$	—					$	37,810					$	1,343

			Fair Value Measurements at December 31, 2020
			Total						Level 1						Level 2						Level 3
Assets
Cash equivalents:
Money market fund deposits and term deposits			$	218,984					$	218,984					$	—					$	—
U.S. Treasury and agency obligations			6,999						—						6,999						—
Commercial paper			162,749						—						162,749						—
Corporate bonds			29,010						—						29,010						—
Short-term investments:
U.S. Treasury and agency obligations			49,996						—						49,996						—
Municipal bonds			7,997						—						7,997						—
Corporate bonds			88,171						—						88,171						—
Commercial paper			368,665						—						368,665						—
Total			$	932,571					$	218,984					$	713,587					$	—
Liabilities
Long-term debt			$	38,402					$	—					$	38,402					$	—
Contingent purchase consideration			1,963						—						—						1,963
Interest rate swaps			603						—						603						—
Total			$	40,968					$	—					$	39,005					$	1,963

Schedule of Effective Maturity Dates of Held to Maturity Investments

The following table presents the effective maturity dates of debt investments, which are held-to-maturity:

			March 31, 2021												December 31, 2020
			Book Value						Fair Value						Book Value						Fair Value
Investment maturity
Less than 1 year			$	548,196					$	548,141					$	514,835					$	514,829

Fair Value, Assets Measured on Recurring Basis

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,
			2021						2020
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					$	—

Fair Value, Liabilities Measured on Recurring Basis

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,
			2021						2020
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					$	—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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