XML 145 R10.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period.
The following table summarizes the assets measured at fair value as of December 31, 2018 and 2019:
Amortized cost or carrying valueUnrealized gainsUnrealized lossesFair value measurements on a recurring basis
December 31, 2018
Level 1Level 2Level 3Total
Financial assets:
Cash and cash equivalents:
Money market account$8,194  $—  $—  $8,194  $—  $—  $8,194  
U.S. Reverse repurchase agreements26,000  —  —  —  26,000  —  26,000  
Total included in cash and cash equivalents34,194  —  —  8,194  26,000  —  34,194  
Marketable securities:
U.S. treasury securities17,402  —  (2) 17,400  —  —  17,400  
Total marketable securities17,402  —  (2) 17,400  —  —  17,400  
Total financial assets$51,596  $—  $(2) $25,594  $26,000  $—  $51,594  
        
Fair value measurements on a recurring basis
December 31, 2019
Level 1Level 2Level 3Total
Financial assets:
Cash and cash equivalents:
Money market account$25,000  $—  $—  $25,000  
Time deposits75,250  —  75,250  
Total financial assets$100,250  —  —  $100,250  
The Company classifies its marketable securities as current assets as they are available for current operating needs. There were no marketable securities as of December 31, 2019.
The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2018 and 2019.
The money market account is included in cash, cash equivalents and restricted cash in the consolidated balance sheets as of December 31, 2018 and 2019.
During the years ended December 31, 2017, 2018 and 2019 there were $0, $18,000 and $69,000 in maturities of marketable securities, respectively.
There were no sales of marketable securities for the years ended December 31, 2017 and 2018. Proceeds and gross realized gains from sales of marketable securities were $17,467 and $4, respectively, for the year ended
December 31, 2019. The cost of the securities sold was based on the specific identification method and the gross realized gain is recorded as other income, net, in the consolidated statements of operations.
Interest earned on marketable securities was $0, $77 and $6 for the years ended December 31, 2017, 2018 and 2019 respectively, and is recorded within interest (expense) income, net, in the accompanying consolidated statements of operations.