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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value

Assets and liabilities measured at fair value on a recurring basis consist of the following as of September 30, 2020 (in thousands):

									Fair Value Measurements at Reporting Date Using
			September 30, 2020						Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Money market funds			$	10,097					$	10,097					$	—					$	—
Marketable securities:
Corporate debt securities			23,350						—						23,350						—
Tax-exempt municipal securities			22,170						—						22,170						—
Variable rate demand notes			5,600						—						5,600						—
Total assets at fair value on a recurring basis			$	61,217					$	10,097					$	51,120					$	—
Liabilities:
Deferred payments			$	2,003					$	—					$	—					$	2,003

Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2019 (in thousands):

									Fair Value Measurements at Reporting Date Using
			December 31, 2019						Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Money market funds			$	30,693					$	30,693					$	—					$	—
Marketable securities:
Corporate debt securities			42,709						—						42,709						—
Tax-exempt municipal securities			23,198						—						23,198						—
Variable rate demand notes			5,600						—						5,600						—
Total assets at fair value on a recurring basis			$	102,200					$	30,693					$	71,507					$	—
Liabilities:
Deferred payments			$	3,257					$	—					$	—					$	3,257

Schedule of changes in fair value of level 3 liability

Changes in the fair value of the Company’s Level 3 liabilities during the nine months ended September 30, 2019 and 2020 are as follows (in thousands):

			As of September 30,
			2019						2020
Balance as of the beginning of period			$	4,120					$	3,257
Amounts paid			(1,579)						(1,628)
Other adjustments to fair value			1,017						374
Balance at end of period			$	3,558					$	2,003

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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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=117815213&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=117815213&loc=d3e19207-110258

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