Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.20.2
Fair Value Measures
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measures
Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
Level 1 — observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2 — inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3 — unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.
The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 were as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 56,337  $ —  $ —  $ 56,337 
Other short-term investments:
Money market funds 70  —  —  70 
Mutual fund shares 1,025  —  —  1,025 
Other current assets:
Derivative financial instruments —  6,940  —  6,940 
Other non-current assets:
Money market funds 4,621  —  —  4,621 
Mutual fund shares 11,974  —  —  11,974 
Derivative financial instruments —  3,454  —  3,454 
Total assets measured at fair value $ 74,027  $ 10,394  $ —  $ 84,421 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 2,415  $ —  $ 2,415 
Other long-term liabilities:
Derivative financial instruments —  1,186  —  1,186 
Total liabilities measured at fair value $ —  $ 3,601  $ —  $ 3,601 
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 were as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 288,926  $ —  $ —  $ 288,926 
United States government treasury bills —  34,928  —  34,928 
Commercial paper —  33,587  —  33,587 
Other short-term investments:
Mutual fund shares 1,668  —  —  1,668 
Other current assets:
Derivative financial instruments —  14,001  —  14,001 
Other non-current assets:
Money market funds 1,792  —  —  1,792 
Mutual fund shares 12,172  —  —  12,172 
Derivative financial instruments —  4,159  —  4,159 
Total assets measured at fair value $ 304,558  $ 86,675  $ —  $ 391,233 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 2,266  $ —  $ 2,266 
Other long-term liabilities:
Derivative financial instruments —  768  —  768 
Total liabilities measured at fair value $ —  $ 3,034  $ —  $ 3,034 
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 were as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 72,941  $ —  $ —  $ 72,941 
Other short-term investments:
Mutual funds shares 1,477  —  —  1,477 
Other current assets:
Derivative financial instruments —  18,460  —  18,460 
Other non-current assets:
Money market funds 1,528  —  —  1,528 
Mutual fund shares 11,362  —  —  11,362 
Derivative financial instruments —  4,830  —  4,830 
Total assets measured at fair value $ 87,308  $ 23,290  $ —  $ 110,598 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 521  $ —  $ 521 
Other long-term liabilities:
Derivative financial instruments —  109  —  109 
Total liabilities measured at fair value $ —  $ 630  $ —  $ 630 
Non-recurring Fair Value MeasurementsCertain non-financial assets are measured at fair value on a non-recurring basis, primarily long-lived assets, intangible assets, goodwill, and lease right-of-use assets. In connection with periodic evaluations for potential impairment, the inputs used to measure the fair value of these assets are primarily unobservable inputs and, as such, considered Level 3 fair value measurements. See Note 1