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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2021
Fair Value of Financial Instruments |
Fair Value of Financial Instruments | 2. Fair Value of Financial Instruments ​ Financial instruments included in the financial statements include cash and cash equivalents, marketable debt securities, accounts receivable, accounts payable and accrued expenses. Marketable debt securities and cash equivalents are carried at fair value. The fair value of the other financial instruments closely approximates their fair value due to their short-term maturities. ​ The Company accounts for recurring and non-recurring fair value measurements in accordance with FASB Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosure about fair value measurements. The ASC 820 hierarchy ranks the quality of reliable inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: ​ Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets or liabilities. ​ Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. ​ Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by the reporting entity – e.g. determining an appropriate discount factor for illiquidity associated with a given security. ​ The Company measures the fair value of financial assets using the highest level of inputs that are reasonably available as of the measurement date. The assets recorded at fair value are classified within the hierarchy as follows for the periods reported (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (unaudited) | ​ | December 31, 2020
​ |  | Total |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Total |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Fair Value | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money Market Funds | ​ | $ | 165,350 | ​ | $ | 165,350 | ​ | $ | — | ​ | $ | — | ​ | $ | 158,937 | ​ | $ | 158,937 | ​ | $ | — | ​ | $ | —
Corporate Securities | ​ | ​ | 73,929 | ​ | ​ | — | ​ | ​ | 73,929 | ​ | ​ | — | ​ | ​ | 119,833 | ​ | ​ | — | ​ | ​ | 119,833 | ​ | ​ | —
Government Securities | ​ | ​ | 320,031 | ​ | ​ | — | ​ | ​ | 320,031 | ​ | ​ | — | ​ | ​ | 315,353 | ​ | ​ | — | ​ | ​ | 315,353 | ​ | ​ | —
Equity Securities with Readily Determinable Fair Value | ​ | ​ | 6,136 | ​ | ​ | 6,136 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,303 | ​ | ​ | 5,303 | ​ | ​ | — | ​ | ​ | —
Equity Securities without Readily Determinable Fair Value | ​ | ​ | 28,219 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 28,219 | ​ | ​ | 16,071 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,071
​ | ​ | $ | 593,665 | ​ | $ | 171,486 | ​ | $ | 393,960 | ​ | $ | 28,219 | ​ | $ | 615,497 | ​ | $ | 164,240 | ​ | $ | 435,186 | ​ | $ | 16,071
​ Our policy is to record transfers of assets between Level 1 and Level 2 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. During the three months ended March 31, 2021 and 2020, there were no transfers between Level 1 and Level 2. During the three months ended March 31, 2021, an equity investment without a readily determinable fair value was transferred to Level 1 from Level 3. ​ The Company held equity securities without readily determinable fair value at March 31, 2021 and December 31, 2020, respectively. The Company elects the measurement alternative to record at its initial cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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