Annual report pursuant to Section 13 and 15(d)

Fair Value Measures

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Fair Value Measures
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measures 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 December 31, 2019 are as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds    $ 288,926    $ —    $ —    $ 288,926   
U.S. 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   
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 at December 31, 2018 are as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 122,237    $ —    $ —    $ 122,237   
U.S. Government treasury bills —    39,952    —    39,952   
Available-for-sale short-term investments:(1)
U.S. Government treasury bills —    261,602    —    261,602   
Other short-term investments:
Mutual fund shares 1,200    —    —    1,200   
Other current assets:
Derivative financial instruments —    13,615    —    13,615   
Non-current assets:
Money market funds 869    —    —    869   
Mutual fund shares 8,606    —    —    8,606   
Derivative financial instruments —    9,922    —    9,922   
Total assets measured at fair value $ 132,912    $ 325,091    $ —    $ 458,003   
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —    $ 1,017    $ —    $ 1,017   
Other long-term liabilities:
Derivative financial instruments —    1    —    1   
Total liabilities measured at fair value $ —    $ 1,018    $ —    $ 1,018   
(1) Investments have remaining maturities of less than one year.
Non-recurring Fair Value Measurements
There were no material assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2019 or 2018.