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Marketable Securities and Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
Marketable Securities
As of December 31, 2020 and December 31, 2019, all of our marketable securities are classified as available-for-sale and consist of the following:
CostUnrealized Gain (Loss)Fair Value
Short-term marketable securities:
As of December 31, 2020:
Corporate debt securities$253 $(3)$250 
$253 $(3)$250 
As of December 31, 2019:
Commercial paper$2,487 $— $2,487 
U.S. government treasury bills2,249 1 2,250 
Corporate debt securities2,236 2 2,238 
$6,972 $3 $6,975 

Unrealized holding gains and losses are recorded in accumulated other comprehensive income, a component of shareholders’ equity, in the consolidated balance sheets.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value:
Level 1:Valuations based on quoted prices in active markets for identical assets and liabilities.
Level 2:Valuations based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:Valuations based on unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.
The following table presents information about our assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets as of December 31, 2020 and 2019: 
Level 1Level 2Level 3Total
As of December 31, 2020:
Assets:
Cash equivalents:
Money market funds$23,832 $— $— $23,832 
Short-term marketable securities:
Corporate debt securities— 250 — 250 
As of December 31, 2019:
Assets:
Cash equivalents:
Money market funds$1,307 $— $— 1,307 
Short-term marketable securities:
U.S. government treasury bills2,250 — — 2,250 
Commercial paper— 2,487 — 2,487 
Corporate debt securities— 2,238 — 2,238 
We primarily use the market approach to determine the fair value of our financial instruments. The fair value of our current assets and liabilities, including accounts receivable and accounts payable approximates the carrying value due to the short-term nature of these balances. We have currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with U.S. GAAP.