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Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2019
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

6. Fair Value of Financial Instruments

Disclosures of fair value information about financial instruments are required, whether or not recognized in the balance sheet, for financial instruments with respect to which it is practicable to estimate that value. Fair value measurements and disclosures describe the fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, as follows:

Level 1 inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 inputs:

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3 inputs:

Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability

Transfers are calculated on values as of the transfer date. There were no transfers between Levels 1, 2 and 3 during the nine months ended September 30, 2019 and 2018.

The following tables present the Company’s financial instruments carried at fair value using the lowest level input applicable to each financial instrument at September 30, 2019 and December 31, 2018:

Significant

Quoted Prices

other

Significant

in active

observable

unobservable

markets

inputs

inputs

September 30, 2019

    

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

Money market funds, included in cash equivalents

$

94,461

$

94,461

$

$

December 31, 2018

Money market funds, included in cash equivalents

$

92,914

$

92,914

$

$

As of September 30, 2019, the carrying amounts of the Company’s other assets and liabilities approximated their estimated fair values.