XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.19.2

FAIR VALUE MEASUREMENTS | 6 Months Ended
--- | ---
Jun. 30, 2019
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and liabilities measured at fair value on a recurring basis The Company records its cash equivalents, marketable securities, and investments in privately-held companies at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows:
• | Level 1 - observable inputs such as quoted prices in active markets for identical assets or liabilities;
• | Level 2 - significant other inputs that are observable either directly or indirectly; and
• | Level 3 - significant unobservable inputs on which there is little or no market data, which require the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.
The Company’s cash equivalents are composed of money market funds and time deposits, which are classified within Level 1 and Level 2, respectively, in the fair value hierarchy. The Company’s marketable securities, which are classified within Level 2 of the fair value hierarchy are valued based on a market approach using quoted prices, when available, or matrix pricing compiled by third party pricing vendors, using observable market inputs such as interest rates, yield curves, and credit risk. The Company’s investments in privately-held companies are classified within Level 3 of the fair value hierarchy. If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. There were no transfers between levels during the six months ended June 30, 2019. The Company’s assets and liabilities measured at fair value on a recurring basis were:
| June 30, 2019
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 5,653 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,653 |
Marketable securities: |  |  |  |  |  |  |
Municipal bonds | $ | — |  |  | $ | 29,646 |  |  | $ | — |  |  | $ | 29,646 |
Corporate bonds | — |  |  | 29,903 |  |  | — |  |  | 29,903 |
Total marketable securities | $ | — |  |  | $ | 59,549 |  |  | $ | — |  |  | $ | 59,549 |
Investments in privately-held companies (1) | $ | — |  |  | $ | — |  |  | $ | 3,890 |  |  | $ | 3,890 |
(1) Included in other long-term assets.
| December 31, 2018
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 10,155 |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | 20,155 |
Marketable securities: |  |  |  |  |  |  |
Municipal bonds | $ | — |  |  | $ | 44,705 |  |  | $ | — |  |  | $ | 44,705 |
Corporate bonds | — |  |  | 48,296 |  |  | — |  |  | 48,296 |
Total marketable securities | $ | — |  |  | $ | 93,001 |  |  | $ | — |  |  | $ | 93,001 |
Investments in privately-held companies (1) | $ | — |  |  | $ | — |  |  | $ | 3,390 |  |  | $ | 3,390 |
(1) Included in other long-term assets. For certain other financial instruments, including accounts receivable and accounts payable, the carrying value approximates fair value due to the relatively short maturity of these items.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration