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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 3. Fair Value Measurements The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three levels of inputs that may be used to measure fair value include:
|  |  | Level 1: Quoted prices in Active Markets for identical assets or liabilities.
|  |  | Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets or other inputs that are observable or can be 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.
The following table identifies the Company’s assets and liabilities that were measured at fair value on a recurring basis (in thousands):
December 31, 2021 |  | Level |  | Amortized Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair Value |
Money market funds |  | 1 |  | $ | 253,945 |  |  | $ | — |  |  | $ | — |  |  | $ | 253,945 |
Long-term investments - U.S. Treasury securities |  | 1 |  |  | 65,106 |  |  |  | — |  |  |  | (326 | ) |  |  | 64,780 |
Total |  |  |  |  | 319,051 |  |  |  | — |  |  |  | (326 | ) |  |  | 318,725 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 1 |  | $ | 386,369 |  |  | $ | — |  |  | $ | — |  |  | $ | 386,369 |
There were no transfers between the Level 1 and Level 2 categories or into or out of the Level 3 category during the periods presented. The Company’s long-term investments portfolio contains investments in U.S. Treasury securities that have an effective maturity date that is more than one year, but less than two years, from the respective balance sheet date. The Company evaluated its investments for other-than-temporary impairment and considers the decline in market value for the securities to be primarily attributable to current economic and market conditions. For the investments, it is not more-likely-than-not that the Company will be required to sell the investments, and the Company does not intend to do so prior to the recovery of the amortized cost basis.

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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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