Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.21.2
Fair Value Measures
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measures
NOTE 13—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, 2021 are as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 2,903  $ —  $ —  $ 2,903 
Short-term investments:
Money market funds 67  —  —  67 
Mutual fund shares 1,065  —  —  1,065 
Other current assets:
Derivative financial instruments —  7,133  —  7,133 
Non-current assets:
Money market funds 3,397  —  —  3,397 
Mutual fund shares 17,209  —  —  17,209 
Derivative financial instruments —  8,832  —  8,832 
Total assets measured at fair value $ 24,641  $ 15,965  $ —  $ 40,606 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 2,415  $ —  $ 2,415 
Other long-term liabilities:
Derivative financial instruments —  466  —  466 
Total liabilities measured at fair value $ —  $ 2,881  $ —  $ 2,881 
Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 are as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 119,378  $ —  $ —  $ 119,378 
United States government treasury bills —  234,982  —  234,982 
Short-term investments:
Money market funds 105  —  —  105 
Mutual fund shares 1,119  —  —  1,119 
Other current assets:
Derivative financial instruments —  2,597  —  2,597 
Non-current assets:
Money market funds 4,059  —  —  4,059 
Mutual fund shares 14,657  —  —  14,657 
Derivative financial instruments —  1,126  —  1,126 
Total assets measured at fair value $ 139,318  $ 238,705  $ —  $ 378,023 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 9,841  $ —  $ 9,841 
Other long-term liabilities:
Derivative financial instruments —  6,590  —  6,590 
Total liabilities measured at fair value $ —  $ 16,431  $ —  $ 16,431 
Assets and liabilities measured at fair value on a recurring basis at September 30, 2020 are as follows:
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 56,337  $ —  $ —  $ 56,337 
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 
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