Fair Value Measurements

3 Months Ended

Mar. 31, 2022

The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of March 31, 2022 and December 31, 2021:


(in thousands)			Gross Unrealized						Reported as:
March 31, 2022	Amortized Cost		Gains		Losses		Fair Value		Cash and cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	9,037	$	—	$	—	$	9,037	$	9,037	$	—	$	—
U.S. treasury securities	28,803		11		(75)		28,739		—		15,030		13,709
Total Level 1	37,840		11		(75)		37,776		9,037		15,030		13,709
Level 2
Commercial paper	292,994		2		(235)		292,761		179,585		113,176		—
Corporate debt securities	7,406		—		(117)		7,289		—		7,289		—
Agency bonds	11,349		1		(141)		11,209		—		—		11,209
Total Level 2	311,749		3		(493)		311,259		179,585		120,465		11,209
Total Level 1 and Level 2	$	349,589	$	14	$	(568)	$	349,035	$	188,622	$	135,495	$	24,918


(in thousands)			Gross Unrealized						Reported as:
December 31, 2021	Amortized Cost		Gains		Losses		Fair Value		Cash and cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	21,925	$	—	$	—	$	21,925	$	21,925	$	—	$	—
U.S. treasury securities	15,156		—		(20)		15,136		—		15,136		—
Total Level 1	37,081		—		(20)		37,061		21,925		15,136		—
Level 2
Commercial paper	301,906		2		(90)		301,818		163,694		138,124		—
Corporate debt securities	14,299		—		(36)		14,263		—		6,850		7,413
Agency bonds	8,998		—		(40)		8,958		—		—		8,958
Total Level 2	325,203		2		(166)		325,039		163,694		144,974		16,371
Total Level 1 and Level 2	$	362,284	$	2	$	(186)	$	362,100	$	185,619	$	160,110	$	16,371

Contractual maturities of short-term investments as of March 31, 2022 and December 31, 2021 are due in one year or less. Contractual maturities of long-term investments as of March 31, 2022 and December 31, 2021 are due after 1 year through 2 years.

- 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.

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