Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 (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 March 31, 2018
Cash equivalents:
Money market funds	$	9,506	$	—	$	—		$	9,506
Long-term investments:
Failed Auction Security		—		—		2,548			2,548
Liabilities:
Contingent consideration obligations		—		—		(584	)		(584	)

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	)

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of March 31, 2018 is as follows (dollars in thousands):


	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Failed Auction Security	$	2,548	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.06	%
				Cumulative probability of principal return prior to maturity		94.03	%
				Cumulative probability of default		5.91	%
				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 three months ended March 31, 2018 was as follows (in thousands):


Balance at the beginning of the period	$	2,525
Credit gain on available-for-sale securities included in Other income (expense), net		2
Gain included in Other comprehensive income		21

Balance at the end of the period	$	2,548

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 three months ended March 31, 2018 was as follows (in thousands):


Balance at the beginning of the period	$	678
Payments		(94	)

Balance at the end of the period	$	584