Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company measures its financial instruments at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:   

	As of September 30, 2020
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	371.2	$	—	$	—	$	371.2
Commercial paper	—		6.0		—		6.0
Corporate notes and obligations	—		2.9		—		2.9
Certificates of deposit	—		1.0		—		1.0
Total cash equivalents	$	371.2	$	9.9	$	—	$	381.1
Short-term investments
Corporate notes and obligations	—		392.2		—		392.2
U.S. Treasury securities	—		206.6		—		206.6
Asset backed securities	—		84.7		—		84.7
U.S. agency obligations	—		37.1		—		37.1
Commercial paper	—		24.5		—		24.5
Certificates of deposit	—		16.5		—		16.5
Foreign government obligations	—		9.3		—		9.3
Municipal securities	—		2.9		—		2.9
Total short-term investments	—		773.8		—		773.8
Total	$	371.2	$	783.7	$	—	$	1,154.9

The Company has an investment in a non-marketable equity security in a privately held company without a readily determinable market value. The investment has a carrying value of $5.6 million and is categorized as Level 3.

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	444.3	$	—	$	—	$	444.3
Commercial paper	—		2.0		—		2.0
Total Cash Equivalents	$	444.3	$	2.0	$	—	$	446.3
Short-term investments
Corporate notes and obligations	—		286.6		—		286.6
U.S. Treasury securities	—		171.3		—		171.3
Asset-backed securities	—		53.8		—		53.8
Certificates of deposit	—		38.2		—		38.2
U.S. agency obligations	—		27.2		—		27.2
Commercial paper	—		24.2		—		24.2
Supranational securities	—		4.0		—		4.0
Municipal securities	—		2.4		—		2.4
Total short-term investments	—		607.7		—		607.7
Equity investments	9.8		—		—		9.8
Total	$	454.1	$	609.7	$	—	$	1,063.8

The Company had no transfers between levels of the fair value hierarchy.

The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.