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Fair Value of Financial Instruments Including Cash, Cash Equivalents and Investments | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments Including Cash, Cash Equivalents and Investments | 4. Fair Value of Financial Instruments Including Cash, Cash Equivalents and Investments ASC 820, Fair Value Measurements and Disclosures, establishes a three‑level valuation hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market‑based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows: Level 1 — Quoted unadjusted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3 — Model‑derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company. The following tables present, for each of the fair value levels, the Company’s assets that are measured at fair value on a recurring basis at December 31, 2019 and 2018:
|  | December 31, 2019 |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) |  |  | Significant Other Observable Inputs (Level 2 Inputs) |  |  | Significant Unobservable Inputs (Level 3 Inputs) |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 29,196 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,196 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | — |  |  |  | 111,692 |  |  |  | — |  |  |  | 111,692 |
Total |  | $ | 29,196 |  |  | $ | 111,692 |  |  | $ | — |  |  | $ | 140,888 |
|  | December 31, 2018 |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) |  |  | Significant Other Observable Inputs (Level 2 Inputs) |  |  | Significant Unobservable Inputs (Level 3 Inputs) |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | — |  |  |  | 122,800 |  |  |  | — |  |  |  | 122,800 |
Total |  | $ | 24 |  |  | $ | 122,800 |  |  | $ | — |  |  | $ | 122,824 |
The Company measures eligible assets and liabilities at fair value with changes in value recognized in earnings. There were no liabilities that were measured at fair value as of December 31, 2019 and 2018. Fair value treatment may be elected either upon initial recognition of an eligible asset or liability or, for an existing asset or liability, if an event triggers a new basis of accounting. The Company did not elect to remeasure any of its existing financial assets and did not elect the fair value option for any financial assets transacted during the year ended December 31, 2019 or the year ended December 31, 2018. The following is a summary of cash, cash equivalents, and investments as of December 31, 2019 and 2018.
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents due in 90 days or less |  | $ | 59,920 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,920 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit due in one year or less |  |  | 111,692 |  |  |  | — |  |  |  | — |  |  |  | 111,692 |
Total cash, cash equivalents, and investments |  | $ | 171,612 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,612 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents due in 90 days or less |  | $ | 34,887 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,887 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit due in one year or less |  |  | 122,800 |  |  |  | — |  |  |  | — |  |  |  | 122,800 |
Total cash, cash equivalents, and investments |  | $ | 157,687 |  |  | $ | — |  |  | $ | — |  |  | $ | 157,687 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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