Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2017 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2017
Cash equivalents:
Money market funds	$	9,279	$	—	$	—		$	9,279
Long-term investments:
Failed Auction Security		—		—		2,525			2,525
Liabilities:
Contingent consideration obligations		—		—		(678	)		(678	)

Assets measured at fair value on a recurring basis included the following as of December 31, 2016 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2016
Cash equivalents:
Money market funds	$	10,114	$	—	$	—		$	10,114
Long-term investments:
Failed Auction Security		—		—		2,508			2,508
Liabilities:
Contingent consideration obligation		—		—		(253	)		(253	)

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of December 31, 2017 are as follows (dollars in thousands):


	Fair Value		Valuation Technique		Unobservable Input	Weighted Average
Failed Auction Security	$	2,525		Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.06	%
					Cumulative probability of principal return prior to maturity		93.71	%
					Cumulative probability of default		6.24	%
					Liquidity risk premium		5.00	%
					Recovery rate in default		40.00	%

Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs

The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the year ended December 31, 2017 was as follows (in thousands):


Balance at the beginning of the period	$	2,508
Credit gain on available-for-sale security included in Other income (expense), net		11
Gain included in Other comprehensive income (loss)		6

Balance at the end of the period	$	2,525

Change in Estimated Fair Value Calculated for Liabilities Valued on Recurring Basis Utilizing Level 3 Inputs

The change in the estimated fair value calculated for the liabilities valued on a recurring basis utilizing Level 3 inputs (i.e., the Contingent consideration obligations) for the year ended December 31, 2017 was as follows (in thousands):


Balance at the beginning of the period	$	253
Increase in estimated contingent consideration obligations (see Note 9)		650
Payments		(225	)

Balance at the end of the period	$	678