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FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2020

A summary of the Company’s assets that are measured or disclosed at fair value on a recurring basis is presented below:


	MARCH 31, 2020
DESCRIPTION	TOTAL FAIR VALUE		LEVEL 1		LEVEL 2		LEVEL 3
Cash equivalents
Money market funds	$	245,426	$	245,426	$	—	$	—
Held-to-maturity investments
U.S. Treasury securities	464,505		—		464,505		—
Restricted cash equivalents
Money market funds	5,563		5,563		—		—
Total	$	715,494	$	250,989	$	464,505	$	—


	DECEMBER 31, 2019
DESCRIPTION	TOTAL FAIR VALUE		LEVEL 1		LEVEL 2		LEVEL 3
Cash equivalents
Money market funds	$	152,903	$	152,903	$	—	$	—
Held-to-maturity investments
U.S. Treasury securities	196,219		—		196,219		—
Restricted cash equivalents
Money market funds	3,894		3,894		—		—
Total	$	353,016	$	156,797	$	196,219	$	—

The Company’s cash equivalents and restricted cash equivalents, which are in money market funds, are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets as of March 31, 2020 and December 31, 2019.

The Company’s held-to-maturity investments bore interest at the prevailing market rates for instruments with similar characteristics and therefore approximated fair value. These financial instruments were classified within Level 2 of the fair value hierarchy because the inputs to the fair value measurements were valued using observable inputs as of March 31, 2020 and December 31, 2019.

As of March 31, 2020 and December 31, 2019, the Company’s contract receivables, accounts payable, and accrued expenses approximated their estimated fair values because of the short-term nature of these financial instruments.

- 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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