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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
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 September 30, 2021 (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 September 30, 2021 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 89,254 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,254 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Obligations |  |  | 50,217 |  |  |  | — |  |  |  | — |  |  |  | 50,217 |
Long-term investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Failed Auction Security |  |  | — |  |  |  | — |  |  |  | 2,598 |  |  |  | 2,598 |
Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2020 (in thousands):
|  | Using |  |  |  |
|  | Significant |  |  |  |
|  | Quoted Prices in Active Markets (Level 1) |  |  | Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Fair Value as of December 31, 2020 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 69,493 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,493 |
U.S. Treasury Obligations |  |  | 19,998 |  |  |  | — |  |  |  | — |  |  |  | 19,998 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Obligations |  |  | 50,166 |  |  |  | — |  |  |  | — |  |  |  | 50,166 |
Long-term investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Failed Auction Security |  |  | — |  |  |  | — |  |  |  | 2,517 |  |  |  | 2,517 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration obligations |  |  | — |  |  |  | — |  |  |  | (227 | ) |  |  | (227 | )
Quantitative Information about Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements as of September 30, 2021 is as follows (dollars in thousands):
|  | Fair Value |  |  | Valuation Technique |  | Unobservable Input |  | Weighted Average
Failed Auction Security |  | $ | 2,598 |  |  | Discounted cash flow |  | Cumulative probability of earning the maximum rate until maturity |  | 0.15%
|  |  |  |  |  |  |  | Cumulative probability of principal return prior to maturity |  | 94.71%
|  |  |  |  |  |  |  | Cumulative probability of default |  | 5.14%
|  |  |  |  |  |  |  | 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 nine months ended September 30, 2021 was as follows (in thousands):
Balance at the beginning of the period |  | $ | 2,517
Credit gain on available-for-sale security included in Other income (expense), net |  |  | 3
Gain included in Other comprehensive income |  |  | 78
Balance at the end of the period |  | $ | 2,598

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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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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