Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

Fair Value Measurements
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company's financial instruments consist primarily of cash and cash equivalents, investments, accounts receivable, accounts payable and accrued liabilities. Estimated fair values of held to maturity and available-for-sale debt securities are generally based on prices obtained from commercial pricing services.
In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:
Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3 - Unobservable inputs that reflect the reporting entity’s own assumptions.
The Company's Level 1 instruments include deposits held with banks and short-term investments that are valued using quoted market prices. Level 2 instruments include the Company's short and long-term investments that are valued through third-party pricing services that use verifiable observable market data.
There were no transfers between Level 1, Level 2 and Level 3 in the periods presented.
The following tables present the financial assets measured at fair value on a recurring basis:
March 31, 2021
(in thousands) Level 1 Level 2 Level 3 Total
Cash and cash equivalents:
Deposits held with banks $ 110,050  $   $   $ 110,050 
Short-term highly liquid investments 46,511  30    46,541 
Investments 133,907  70,364  204,271 
$ 290,468  $ 70,394  $   $ 360,862 
December 31, 2020
(in thousands) Level 1 Level 2 Level 3 Total
Cash and cash equivalents:
Deposits held with banks $ 130,807  $ —  $ —  $ 130,807 
Short-term highly liquid investments 141,543  —  —  141,543 
Investments 69,746  80,613  —  150,359 
$ 342,096  $ 80,613  $ —  $ 422,709