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Fair Value Measurement | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurement | Fair Value Measurement Carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities and market interest rates, if applicable. The carrying value of the Company’s long-term debt also approximates fair value based on management’s estimation that a current interest rate would not differ materially from the stated rate. The table below summarizes the fair value of the Company’s marketable securities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands). There were no other financial assets and liabilities other than discussed above that requires fair value hierarchy measurements and disclosures for the periods presented.
| June 30, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Marketable securities |  |  |  |  |  |  |
Money market funds[1] | $ | 6,294 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,294 |
U.S. treasury securities | 77,591 |  |  | — |  |  | — |  |  | 77,591 |
Corporate bonds | — |  |  | 19,451 |  |  | — |  |  | 19,451 |
Total marketable securities | $ | 83,885 |  |  | $ | 19,451 |  |  | $ | — |  |  | $ | 103,336 |
| December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Marketable securities |  |  |  |  |  |  |
Money market funds[1] | $ | 15,223 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,223 |
U.S. treasury securities | 66,489 |  |  | — |  |  | — |  |  | 66,489 |
Corporate bonds | — |  |  | 19,720 |  |  | — |  |  | 19,720 |
Commercial paper | — |  |  | 18,529 |  |  | — |  |  | 18,529 |
Total marketable securities | $ | 81,712 |  |  | $ | 38,249 |  |  | $ | — |  |  | $ | 119,961 |
[1] | Included in cash and cash equivalents on the condensed consolidated balance sheets.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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