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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
We classify the inputs used to measure fair value into the following hierarchy:

Level 1
 
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2
 
Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability.
Level 3
 
Unobservable inputs for the asset or liability.
Summary of Financial Assets Measured at Fair Value on a Recurring Basis
The following table is a summary of financial assets measured at fair value on a recurring basis and their classification within the fair value hierarchy (in thousands).

 
March 31, 2019
 
December 31, 2018
 
Carrying Value
 
Level 1
 
Level 3
 
Total
 
Carrying Value
 
Level 1
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
107,974

 
$
107,974

 
$

 
$
107,974

 
$
323

 
$
323

 
$

 
$
323

Total assets measured and recorded at fair value
$
107,974

 
$
107,974

 
$

 
$
107,974

 
$
323

 
$
323

 
$

 
$
323

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnout liabilitycurrent
$
26,500

 
$

 
$
26,500

 
$
26,500

 
$
20,730

 
$

 
$
20,730

 
$
20,730

Earnout liabilitynon-current

 

 

 

 
19,270

 

 
19,270

 
19,270

Total liabilities measured and recorded at fair value
$
26,500

 
$

 
$
26,500

 
$
26,500

 
$
40,000

 
$

 
$
40,000

 
$
40,000

Summary of Earnout Liability Activity
Earnout liability activity during the three months ended March 31, 2019 was as follows (in thousands):

Balance at December 31, 2018
$
40,000

Settlement of first earnout liability
(26,800
)
Change in fair value
13,300

Balance at March 31, 2019
$
26,500