Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020 (in thousands):


	December 31, 2021
	Fair Value Measured Using
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	684,485	$	—	$	—	$	684,485
U.S. treasury securities	22,000		—		—		22,000
U.S. government agency securities	—		4,285		—		4,285
Corporate debt securities	—		15,998		—		15,998
Marketable securities:
U.S. treasury securities	442,285		—		—		442,285
U.S. government agency securities	—		75,566		—		75,566
Corporate debt securities	—		54,177		—		54,177
Term bond mutual funds	—		3,651		—		3,651
Total financial assets	$	1,148,770	$	153,677	$	—	$	1,302,447
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 (in thousands):


	December 31,
	2021		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