v3.21.1
Fair value measurement
3 Months Ended
Mar. 31, 2021
Fair value measurement  
Fair value measurement

11. Fair value measurement

The following table sets forth our financial assets and liabilities that are measured at fair value on a recurring basis:

At March 31, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

Money market funds

$

28,463

$

$

$

28,463

Total assets

$

28,463

$

$

$

28,463

     

At December 31, 2020

    

 

Level 1

    

 

Level 2

    

 

Level 3

    

 

Total

Assets:

Money market funds

$

20,825

$

$

$

20,825

Marketable securities

4,565

4,565

Total assets

$

20,825

$

4,565

$

$

25,390

Our marketable securities utilize Level 1 and Level 2 inputs and consist primarily of corporate debt securities, which primarily include commercial paper and debt instruments including notes issued by foreign or domestic industrial and financial corporations and governments which pay in U.S. dollars and carry a rating of A or better. We have evaluated the various types of securities in our investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Due to variations in trading volumes and the lack of quoted market prices in active markets, our fixed maturity securities are classified as Level 2 securities. Our marketable securities are valued at amortized cost, which approximates fair value. The fair value of our fixed maturity marketable securities is derived through the use of a third-party pricing source using recent reported trades for identical or similar securities, making adjustments based upon available market observable data.