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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value On A Recurring Basis

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

    

    

Quoted Prices in

    

Significant

    

Active Markets

Other

Significant

for Identical

Observable

Unobservable

December 31,

Assets/Liabilities

Inputs

Inputs

2019

(Level 1)

(Level 2)

(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

Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2018 (in thousands):

Fair Value Measurements at Reporting Date Using

    

    

Quoted Prices in

    

Significant

    

Active Markets

Other

Significant

for Identical

Observable

Unobservable

December 31,

Assets/Liabilities

Inputs

Inputs

2018

(Level 1)

(Level 2)

(Level 3)

Assets:

 

  

 

  

 

  

 

  

Money market funds

$

1,791

$

1,791

$

$

Marketable securities:

 

  

 

  

 

  

 

  

Corporate debt securities

 

48,430

 

 

48,430

 

Tax-exempt municipal securities

 

22,869

 

 

22,869

 

Variable rate demand notes

 

4,000

 

 

4,000

 

Total assets at fair value on a recurring basis

$

77,090

$

1,791

$

75,299

$

Liabilities:

 

  

 

  

 

  

 

  

Deferred payments

$

4,120

$

$

$

4,120

Schedule of Changes in Fair Value of Level 3 Liability

Changes in the fair value of the Company’s Level 3 liabilities during the years ended December 31, 2018 and 2019 are as follows (in thousands):

    

December 31,

    

December 31,

2018

2019

Balance as of the beginning of period

$

4,514

$

4,120

Amounts paid

 

(1,412)

 

(1,579)

Other adjustments to fair value

 

1,018

 

716

Balance at end of period

$

4,120

$

3,257