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Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
The carrying amounts of cash and cash equivalents, other investments, accounts receivable, accounts payable and accrued expenses approximate fair value as of December 31, 2020 and March 31, 2021 because of the relatively short duration of these instruments.
The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period.
The following table summarizes the assets measured at fair value as of December 31, 2020 and March 31, 2021:
Fair value measurements on a recurring basis
December 31, 2020
Level 1Level 2Level 3Total
Financial assets:
Cash and cash equivalents:
Money market account$57,517 $— $— $57,517 
Other investments:
Time deposits40,000 — — 40,000 
Total financial assets$97,517 $— $— $97,517 
    
Fair value measurements on a recurring basis
March 31, 2021
Level 1Level 2Level 3Total
Financial assets:
Cash and cash equivalents:
Money market account$283,504 $— $— $283,504 
Time deposits15,000 — — 15,000 
Total included in cash and cash equivalents298,504 — — 298,504 
Other investments:
Time deposits10,000 — — 10,000 
Total financial assets$308,504 $— $— $308,504 
As of March 31, 2021, the fair value of the 2026 and 2028 Convertible Notes, as further described in Note 8, “Debt”, was approximately $609,698 and $245,206, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.