Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Fair Value Measured Using
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	1,140,671	$	—	$	—	$	1,140,671
Corporate debt securities	—		3,000		—		3,000
Marketable securities:
U.S. treasury securities	97,595		—		—		97,595
Corporate debt securities	—		45,375		—		45,375
Term bond mutual funds	—		3,622		—		3,622
Total financial assets	$	1,238,266	$	51,997	$	—	$	1,290,263
Financial liabilities:
Acquisition-related contingent consideration	$	—	$	—	$	800	$	800

	December 31, 2020
	Fair Value Measured Using
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	56,474	$	—	$	—	$	56,474
Marketable securities:
U.S. treasury securities	50,223		—		—		50,223
Corporate debt securities	—		85,673		—		85,673
Asset-backed securities	—		3,262		—		3,262
Term bond mutual funds	—		3,575		—		3,575
Total financial assets	$	106,697	$	92,510	$	—	$	199,207
Financial liabilities:
Acquisition-related contingent consideration	$	—	$	—	$	775	$	775

Contingent Consideration Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents a reconciliation of the contingent consideration liability measured at fair value on a recurring basis, using Level 3 significant unobservable inputs (amounts in thousands):

	September 30, 2021		December 31, 2020
Beginning balance	$	775	$	1,950
Additions during the period	—		—
Payments during the period	—		(1,200)
Change in estimated fair value	25		25
Ending balance	$	800	$	775