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INVESTMENTS AND FAIR VALUE MEASUREMENTS | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Investments and Fair Value Measurements | INVESTMENTS AND FAIR VALUE MEASUREMENTS As of June 30, 2019 and December 31, 2018, $4,556 and $4,256, respectively, of funds held for clients were invested in short-term available-for-sale securities consisting of government and commercial bonds, including mortgage backed securities. As of June 30, 2019 and December 31, 2018, we also had $31,616 and $0, respectively, of funds held for clients invested in money market funds. Additionally, at June 30, 2019 and December 31, 2018, we had $10,973 and $8,111, respectively, in money market funds, classified as cash equivalents. Investments classified as short-term available-for-sale consisted of the following:
| Amortized Cost |  | Gross Unrealized Gains (1) |  | Gross Unrealized Losses (1) |  | Aggregate Estimated Fair Value
June 30, 2019: |  |  |  |  |  |  |
Corporate debt securities -Funds Held for Clients (2) | $ | 4,530 |  |  | $ | 52 |  |  | $ | (26 | ) |  | $ | 4,556 |
December 31, 2018: |  |  |  |  |  |  |
Corporate debt securities -Funds Held for Clients (2) | $ | 4,334 |  |  | $ | 21 |  |  | $ | (99 | ) |  | $ | 4,256 |
(1) | Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At June 30, 2019 and December 31, 2018, there were 34 and 26 securities, respectively, in an unrealized gain position and there were 29 and 32 securities, respectively, in an unrealized loss position. As of June 30, 2019 and December 31, 2018, these unrealized losses were less than $30 individually and $170 in the aggregate. These securities have not been in a continuous unrealized gain or loss position for more than 12 months. We do not intend to sell these investments and we do not expect to sell these investments before recovery of their amortized cost basis, which may be at maturity. We review our investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
(2) | At June 30, 2019 and December 31, 2018, none of these securities were classified as cash and cash equivalents on the accompanying condensed consolidated balance sheet.
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which is based on the reliability of the inputs used in measuring fair values. These tiers include:
Level 1: | Quoted prices in active markets for identical assets or liabilities;
Level 2: | Quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active for identical or similar assets or liabilities; and model-driven valuations whose significant inputs are observable; and
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following table presents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, respectively:
|  |  | Fair Value Measure at June 30, 2019
| Total Carrying Value at June 30, 2019 |  | Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 10,973 |  |  | $ | 10,973 |  |  | $ | — |  |  | $ | — |
Funds held for clients |  |  |  |  |  |  |
Money market funds | 31,616 |  |  | 31,616 |  |  | — |  |  | — |
Short-term available-for-sale securities | 4,556 |  |  | — |  |  | 4,556 |  |  | — |
Total | $ | 47,145 |  |  | $ | 42,589 |  |  | $ | 4,556 |  |  | $ | — |
|  |  | Fair Value Measure at December 31, 2018
| Total Carrying Value at December 31, 2019 |  | Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 8,111 |  |  | $ | 8,111 |  |  | $ | — |  |  | $ | — |
Funds held for clients |  |  |  |  |  |  |
Money market funds | — |  |  | — |  |  | — |  |  | — |
Short-term available-for-sale securities | 4,256 |  |  | — |  |  | 4,256 |  |  | — |
Total | $ | 12,367 |  |  | $ | 8,111 |  |  | $ | 4,256 |  |  | $ | — |

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- References No definition available. + Details
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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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