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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
The Company follows ASC 820-10, Fair Value Measurements and Disclosures, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates available to the Company for loans with similar terms, which is considered a Level 2 input as described below, the Company believes that the fair value of long-term debt approximates its carrying value.
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 the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions, which reflect those that a market participant would use.
The Company classifies investments in money market funds within Level 1 as the prices are available from quoted prices in active markets. Investments in commercial paper, corporate debt and reverse repurchase agreements are classified within Level 2 as these instruments are valued using observable market inputs including reported trades, broker/dealer quotes, bids and/or offers.
None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.
The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

TOTAL
 
LEVEL 1
 
LEVEL 2
 
LEVEL 3
March 31, 2018
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Money market funds
$
6,038

 
$
6,038

 
$
—

 
$
—

U.S. Treasury reverse repurchase agreements
46,000

 
—

 
46,000

 
—

Corporate debt
13,973

 
—

 
13,973

 


Total assets at fair value
$
66,011

 
$
6,038

 
$
59,973

 
$
—

December 31, 2017
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Money market funds
$
11,556

 
$
11,556

 
$
—

 
$
—

U.S. Treasury reverse repurchase agreements
48,000

 
—

 
48,000

 
—

Corporate debt
15,101

 
—

 
15,101

 
—

Total assets at fair value
$
74,657

 
$
11,556

 
$
63,101

 
$
—