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Fair Value of Financial Instruments (Tables)

6 Months Ended

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		%

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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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

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