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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements of Financial Instruments | The following tables present the level within the fair value hierarchy at which our financial instruments were measured:
| Fair Value Measurements Using |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
As of June 30, 2019 | (In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies | $ | 48,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,765 |
Municipal debt securities | — |  |  | 93,074 |  |  | — |  |  | 93,074 |
Corporate debt securities | — |  |  | 651,972 |  |  | — |  |  | 651,972 |
Asset-backed securities | — |  |  | 171,431 |  |  | — |  |  | 171,431 |
Cash, cash equivalents and short-term investments | 88,100 |  |  | — |  |  | — |  |  | 88,100 |
Total assets | $ | 136,865 |  |  | $ | 916,477 |  |  | $ | — |  |  | $ | 1,053,342 |
Warrant liability | — |  |  | — |  |  | 9,679 |  |  | 9,679 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 9,679 |  |  | $ | 9,679 |
| Fair Value Measurements Using |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
As of December 31, 2018 | (In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies | $ | 46,830 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,830 |
Municipal debt securities | — |  |  | 91,257 |  |  | — |  |  | 91,257 |
Corporate debt securities | — |  |  | 543,238 |  |  | — |  |  | 543,238 |
Asset-backed securities | — |  |  | 171,325 |  |  | — |  |  | 171,325 |
Cash, cash equivalents and short-term investments | 84,134 |  |  | — |  |  | — |  |  | 84,134 |
Total assets | $ | 130,964 |  |  | $ | 805,820 |  |  | $ | — |  |  | $ | 936,784 |
Warrant liability | — |  |  | — |  |  | 7,296 |  |  | 7,296 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 7,296 |  |  | $ | 7,296 |
Roll-Forward of Level 3 Liabilities Measured at Fair Value | The following is a roll-forward of Level 3 liabilities measured at fair value:
| For the six months ended June 30,
Warrant Liability | 2019 |  | 2018
| (In Thousands)
Balance, January 1 | $ | 7,296 |  |  | $ | 7,472 |
Change in fair value of warrant liability included in earnings | 7,164 |  |  | (529 | )
Issuance of common stock on warrant exercise | (4,781 | ) |  | (552 | )
Balance, June 30 | $ | 9,679 |  |  | $ | 6,391 |
Schedule of Key Inputs and Assumptions in Option-Pricing Model | The following table outlines the key inputs and assumptions used to calculate the fair value of the warrant liability in the Black-Scholes option-pricing model as of the dates indicated.
| As of June 30,
| 2019 |  | 2018
Common stock price | $ | 28.39 |  |  | $ | 16.30 |
Risk free interest rate | 1.72 - 1.95% |  |  | 2.60 | %
Expected life | 0.92 - 2.81 years |  |  | 2.49 years |
Expected volatility | 33.8 - 40.0% |  |  | 32.7 | %
Dividend yield | 0 | % |  | 0 | %

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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