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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
4. | Fair Value Measurements
The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands):
|  | March 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Money market funds |  | $ | 282,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 282,269 |
Corporate bonds |  |  | — |  |  |  | 84,538 |  |  |  | — |  |  |  | 84,538 |
Commercial paper |  |  | — |  |  |  | 100,958 |  |  |  | — |  |  |  | 100,958 |
U.S. government bonds |  |  | 30,059 |  |  |  | — |  |  |  | — |  |  |  | 30,059 |
Agency bonds |  |  | — |  |  |  | 14,347 |  |  |  | — |  |  |  | 14,347 |
Asset-backed securities |  |  | — |  |  |  | 12,569 |  |  |  | — |  |  |  | 12,569 |
Foreign government bonds |  |  | — |  |  |  | 12,194 |  |  |  | — |  |  |  | 12,194 |
Equity investments |  |  | 242 |  |  |  | — |  |  |  | — |  |  |  | 242 |
Total |  | $ | 312,570 |  |  | $ | 224,606 |  |  | $ | — |  |  | $ | 537,176 |
|  | December 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Bond and mutual funds |  | $ | — |  |  | $ | 8,144 |  |  | $ | — |  |  | $ | 8,144 |
Equity investments |  |  | 244 |  |  |  | — |  |  |  | — |  |  |  | 244 |
Money market funds |  |  | 590,347 |  |  |  | — |  |  |  | — |  |  |  | 590,347 |
Total |  | $ | 590,591 |  |  | $ | 8,144 |  |  | $ | — |  |  | $ | 598,735 |
The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. There were no transfers of assets between levels during the three months ended March 31, 2021. The Company’s financial liabilities related to lease obligations as of March 31, 2021 and December 31, 2020 were $1.0 million and $1.1 million, respectively. The fair values of the Company’s financial liabilities are carried at historical cost that were derived by using an income approach, which required Level 3 inputs such as discounted estimated future cash flows. There were no transfers of assets or liabilities between levels for any of the periods presented.

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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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