Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 are as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	288,926	$	—	$	—	$	288,926
U.S. Government treasury bills	—		34,928		—		34,928
Commercial paper	—		33,587		—		33,587


Other short-term investments:
Mutual fund shares	1,668		—		—		1,668
Other current assets:
Derivative financial instruments	—		14,001		—		14,001
Non-current assets:
Money market funds	1,792		—		—		1,792
Mutual fund shares	12,172		—		—		12,172
Derivative financial instruments	—		4,159		—		4,159
Total assets measured at fair value	$	304,558	$	86,675	$	—	$	391,233
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	2,266	$	—	$	2,266
Other long-term liabilities
Derivative financial instruments	—		768		—		768
Total liabilities measured at fair value	$	—	$	3,034	$	—	$	3,034

Assets and liabilities measured at fair value on a recurring basis at December 31, 2018 are as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	122,237	$	—	$	—	$	122,237


U.S. Government treasury bills	—		39,952		—		39,952

Available-for-sale short-term investments:⁽¹⁾



U.S. Government treasury bills	—		261,602		—		261,602

Other short-term investments:
Mutual fund shares	1,200		—		—		1,200
Other current assets:
Derivative financial instruments	—		13,615		—		13,615
Non-current assets:
Money market funds	869		—		—		869
Mutual fund shares	8,606		—		—		8,606
Derivative financial instruments	—		9,922		—		9,922
Total assets measured at fair value	$	132,912	$	325,091	$	—	$	458,003
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	1,017	$	—	$	1,017
Other long-term liabilities:
Derivative financial instruments	—		1		—		1
Total liabilities measured at fair value	$	—	$	1,018	$	—	$	1,018