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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Assets Carried at Fair Value and Measured on Recurring Basis

The fair value hierarchy of the Company’s financial assets carried at fair value and measured on a recurring basis is as follows:

 

 

 

 

 

 

Fair Value Measurements at

March 31, 2021

 

 

 

March 31, 2021

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments (1)

 

$

84

 

 

$                           —

 

 

$

84

 

 

$

—

 

Total assets

 

$

84

 

 

$

—

 

 

$

84

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration - current (2)

 

$

1,984

 

 

$                           —

 

 

$                           —

 

 

$

1,984

 

Contingent consideration - non-current (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

1,984

 

 

$

—

 

 

$

—

 

 

$

1,984

 

 

 

 

 

 

 

 

 

Fair Value Measurements at

December 31, 2020

 

 

 

December 31, 2020

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments (1)

 

$

84

 

 

$

—

 

 

$

84

 

 

$

—

 

Total assets

 

$

84

 

 

$

—

 

 

$

84

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration - current (2)

 

$

1,027

 

 

$

—

 

 

$

—

 

 

$

1,027

 

Contingent consideration - non-current (2)

 

 

1,751

 

 

 

—

 

 

 

—

 

 

 

1,751

 

Total liabilities

 

$

2,778

 

 

$

—

 

 

$

—

 

 

$

2,778

 

 

(1)

Short-term investments consist of municipal bonds, corporate bonds, bond funds, U.S. Treasury securities, and government agency bonds; their fair value is calculated using an interest rate yield curve for similar instruments.

(2)

Contingent consideration liabilities are measured using the income approach and discounted to present value based on an assessment of the probability that the Company would be required to make such future payments. The contingent consideration liabilities are measured at fair value using significant Level 3 (unobservable) inputs such as discount rates and probability measures. Remeasurement of the contingent consideration to fair value is expensed through the income statement in the period remeasured.