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Marketable Securities and Fair Value Measurements
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
Marketable Securities
As of June 30, 2020 and December 31, 2019, all of our marketable securities are classified as available-for-sale, have contractual maturities of one year or less and consist of the following:
CostUnrealized Gain (Loss)Fair Value
Short-term marketable securities:
As of June 30, 2020:
Corporate debt securities$735  $ $742  
Commercial paper250  —  250  
$985  $ $992  
As of December 31, 2019:
Commercial paper$2,487  $—  $2,487  
U.S. government treasury bills2,249   2,250  
Corporate debt securities2,236   2,238  
$6,972  $ $6,975  

Unrealized holding gains and losses are recorded in accumulated other comprehensive income, a component of shareholders’ equity, in the condensed 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 measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019:  
Level 1Level 2Level 3Total
As of June 30, 2020:
Assets:
Cash equivalents:
Money market funds$13,897  $—  $—  $13,897  
Short-term marketable securities:
Corporate debt securities—  742  —  742  
Commercial paper—  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 assets. 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.