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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS Assets and liabilities recorded at fair value in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. For certain of our financial instruments including amounts receivable and accounts payable the carrying values approximate fair value due to their short-term nature. ASC 820 “Fair Value Measurements and Disclosures,” specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820, these inputs are summarized in the three broad level listed below:
| • | Level 1 – Quoted prices in active markets for identical securities.
| • | Level 2 – Other significant inputs that are observable through corroboration with market data (including quoted prices in active markets for similar securities).
| • | Level 3 – Significant unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability.
As quoted prices in active markets are not readily available for certain financial instruments, we obtain estimates for the fair value of financial instruments through third-party pricing service providers. In determining the appropriate levels, we performed a detailed analysis of the assets and liabilities that are subject to ASC 820. We invest our excess cash in accordance with investment guidelines that limit the credit exposure to any one financial institution other than securities issued by the U.S. Government. These securities are not collateralized and mature within one year. A description of the valuation techniques applied to our financial instruments measured at fair value on a recurring basis follows. Financial Instruments Cash and cash equivalents Significant amounts of cash are held on deposit with large well-established U.S. and Canadian financial institutions. U.S. Government and Agency Securities U.S. Government Securities U.S. government securities are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, U.S. government securities are categorized in Level 1 of the fair value hierarchy. U.S. Agency Securities U.S. agency securities are comprised of two main categories consisting of callable and non-callable agency issued debt securities. Non-callable agency issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. Actively traded non-callable agency issued debt securities are categorized in Level 1 of the fair value hierarchy. The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):
December 31, 2021 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market securities (cash equivalents) |  |  | 41,859 |  |  |  | — |  |  |  | — |  |  |  | 41,859 |
Restricted cash (Note 11) |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Total assets |  | $ | 41,909 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,909 |
December 31, 2020 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market securities (cash equivalents) |  |  | 35,380 |  |  |  | — |  |  |  | — |  |  |  | 35,380 |
Restricted cash (Note 11) |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Total assets |  | $ | 35,430 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,430 |
Cash and cash equivalents (in thousands):
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
December 31, 2021 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market securities |  |  | 41,859 |  |  |  | — |  |  |  | — |  |  |  | 41,859 |
Total cash and cash equivalents |  | $ | 41,859 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,859 |
Money market securities (restricted cash) |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Total restricted cash |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
December 31, 2020 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market securities |  |  | 35,380 |  |  |  | — |  |  |  | — |  |  |  | 35,380 |
Total cash and cash equivalents |  | $ | 35,380 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,380 |
Money market securities (restricted cash) |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Total restricted cash |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
We only invest in A (or equivalent) rated securities with maturities of one year or less. Fair Value of Long-Term Debt December 2021 Convertible Debt The principal amount, carrying value and related estimated fair value of our convertible debt reported in the consolidated balance sheets as of December 31, 2021 and December 31, 2020 was as follows (in thousands). The aggregate fair value of the principal amount of the convertible debt is a Level 2 fair value measurement.
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Principal |  |  | Carrying |  |  | Fair |  |  | Principal |  |  | Carrying |  |  | Fair |
|  | Amount |  |  | Value |  |  | Value |  |  | Amount |  |  | Value |  |  | Value |
December 2021 Convertible Debt |  | $ | 15,000 |  |  | $ | 14,920 |  |  | $ | 15,204 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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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://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=123874694&loc=d3e19207-110258 + Details
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