XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | NOTE 6-FAIR VALUE MEASUREMENTS The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:
| Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
| Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
| Level 3: | Unobservable inputs that reflect the reporting entity’s own assumptions.
The carrying amounts of the Company’s other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of the short-term nature of these instruments. No transfers between levels have occurred during the periods presented. Assets and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of September 30, 2020 are as follows (in thousands):
|  |  |  |  |  | Fair Value Measurements Using |
|  |  |  |  |  | Quoted Prices |  |  | Significant |
|  |  |  |  |  | in Active |  |  | Other |
|  | Balance as of |  |  | Markets for |  |  | Observable |
|  | September 30, |  |  | Identical Assets |  |  | Inputs |
|  | 2020 |  |  | (Level 1) |  |  | (Level 2) |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
US government |  | $ | 42,551 |  |  | $ | 42,551 |  |  | $ | — |
Corporate bonds |  |  | 37,080 |  |  |  | — |  |  |  | 37,080 |
Commercial paper |  |  | 19,696 |  |  |  | — |  |  |  | 19,696 |
Money market funds(1) |  |  | 3,288 |  |  |  | 3,288 |  |  |  | — |
Certificates of deposit |  |  | 1,631 |  |  |  | — |  |  |  | 1,631 |
|  | $ | 104,246 |  |  | $ | 45,839 |  |  | $ | 58,407 |
(1) | Included within cash and cash equivalents on the condensed consolidated balance sheets.
Assets and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of December 31, 2019 are as follows (in thousands):
|  |  |  |  |  | Fair Value Measurements Using |
|  |  |  |  |  | Quoted Prices |  |  | Significant |
|  |  |  |  |  | in Active |  |  | Other |
|  | Balance as of |  |  | Markets for |  |  | Observable |
|  | December 31, |  |  | Identical Assets |  |  | Inputs |
|  | 2019 |  |  | (Level 1) |  |  | (Level 2) |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
US government |  | $ | 66,094 |  |  | $ | 66,094 |  |  | $ | — |
Corporate bonds |  |  | 68,084 |  |  |  | — |  |  |  | 68,084 |
Commercial paper |  |  | 7,658 |  |  |  | — |  |  |  | 7,658 |
Money market funds(1) |  |  | 16,998 |  |  |  | 16,998 |  |  |  | — |
Certificates of deposit |  |  | 4,108 |  |  |  | — |  |  |  | 4,108 |
|  | $ | 162,942 |  |  | $ | 83,092 |  |  | $ | 79,850 |
(1) | Included within cash and cash equivalents on the condensed consolidated balance sheets.
The Company’s marketable securities are valued based on publicly available quoted market prices for identical securities as of September 30, 2020 and December 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration