Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value MeasurementsASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and the corresponding disclosure requirements around fair value measurements. This topic applies to all financial instruments that are being measured and reported on a fair value basis.

The following table shows the fair value measurements of the Company's assets that are measured at fair value on a recurring basis as of March 31, 2021 and 2020.


	Fair Value Measurements as of March 31, 2021
	Level I		Level II		Level III		Total
	(in thousands)
Assets
Cash and cash equivalents	$	334,718	$	—	$	—	$	334,718
Held-to-maturity investments:
Commercial paper	—		116,634		—		116,634
State and municipal bonds	—		15,784		—		15,784
Corporate bonds and notes	—		164,203		—		164,203

Total Assets	$	334,718	$	296,621	$	—	$	631,339

	Fair Value Measurements as of December 31, 2020
	Level I		Level II		Level III		Total
	(in thousands)
Assets
Cash and cash equivalents	$	389,705	$	—	$	—	$	389,705
Held-to-maturity investments:
Treasury securities	—		149,995		—		149,995
Commercial paper	—		37,948		—		37,948
Corporate bonds and notes	—		49,829		—		49,829

Total Assets	$	389,705	$	237,772	$	—	$	627,477

- 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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