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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We measure certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or 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 value of the asset or liability. We consider an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and we consider an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. The following table presents our financial assets measured and recorded at fair value on a recurring basis using the above input categories:
|  | As of September 30, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Description: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Money market funds |  | $ | 215,449 |  |  | $ | — |  |  | $ | — |  |  | $ | 215,449 |
U.S. government agencies |  | 32,987 |  |  | — |  |  | — |  |  | 32,987 |
Commercial paper |  | — |  |  | 32,252 |  |  | — |  |  | 32,252 |
Corporate bonds |  | — |  |  | 20,349 |  |  | — |  |  | 20,349 |
Agency bonds |  | — |  |  | 3,998 |  |  | — |  |  | 3,998 |
Asset-backed securities |  | — |  |  | 2,436 |  |  | — |  |  | 2,436 |
Total assets |  | $ | 248,436 |  |  | $ | 59,035 |  |  | $ | — |  |  | $ | 307,471 |
Liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts designated as cash flow hedges |  | $ | — |  |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |
Total liabilities |  | $ | — |  |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |
|  | As of December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Description: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Money market funds |  | $ | 106,781 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,781 |
Corporate bonds |  | — |  |  | 60,878 |  |  | — |  |  | 60,878 |
U.S. government agencies |  | 36,979 |  |  | — |  |  | — |  |  | 36,979 |
Commercial paper |  | — |  |  | 19,966 |  |  | — |  |  | 19,966 |
Agency bonds |  | — |  |  | 12,242 |  |  | — |  |  | 12,242 |
Asset-backed securities |  | — |  |  | 8,980 |  |  | — |  |  | 8,980 |
Total assets |  | $ | 143,760 |  |  | $ | 102,066 |  |  | $ | — |  |  | $ | 245,826 |
As of September 30, 2020, the fair values of our 1.25% and 2.25% convertible senior notes due 2023 and 2025, respectively, as further described in Note 9, Debt, were $359.5 million and $289.2 million, respectively, based upon quoted market prices. We consider the fair values of the convertible senior notes to be a Level 2 measurement due to the limited trading activity of both notes. We had no other liabilities measured and recorded at fair value on a recurring basis as of September 30, 2020 or December 31, 2019. Our investments, which are all classified as available-for-sale, consisted of the following:
|  | As of September 30, 2020
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (in thousands)
Description: |  |  |  |  |  |  |  |
U.S. government agencies |  | 32,984 |  |  | 3 |  |  | — |  |  | 32,987 |
Commercial paper |  | 32,252 |  |  | — |  |  | — |  |  | 32,252 |
Corporate bonds |  | 20,287 |  |  | 69 |  |  | (7) |  |  | 20,349 |
Agency bonds |  | 3,998 |  |  | — |  |  | — |  |  | 3,998 |
Asset-backed securities |  | 2,436 |  |  | — |  |  | — |  |  | 2,436 |
Total assets |  | $ | 91,957 |  |  | $ | 72 |  |  | $ | (7) |  |  | $ | 92,022 |
|  | As of December 31, 2019
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (in thousands)
Description: |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 36,880 |  |  | $ | 99 |  |  | $ | — |  |  | $ | 36,979 |
Corporate bonds |  | 60,803 |  |  | 77 |  |  | (2) |  |  | 60,878 |
Commercial paper |  | 19,965 |  |  | 1 |  |  | — |  |  | 19,966 |
Agency bonds |  | 12,198 |  |  | 44 |  |  | — |  |  | 12,242 |
Asset-backed securities |  | 8,986 |  |  | 1 |  |  | (7) |  |  | 8,980 |
Total assets |  | $ | 138,832 |  |  | $ | 222 |  |  | $ | (9) |  |  | $ | 139,045 |
As of September 30, 2020, our available-for-sale investments had maturities ranging from one to nineteen months. As of December 31, 2019, our available-for-sale investments had maturities ranging from three months to two years. For all of our investments for which the amortized cost basis was greater than the fair value at September 30, 2020 and December 31, 2019, we have concluded that there is no plan to sell the security nor is it more likely than not that we would be required to sell the security before its anticipated maturity. In making the determination as to whether the unrealized loss is other-than-temporary, we considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity.

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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