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Fair Value Measurements
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3. Fair Value Measurements

The Company measures and reports its cash equivalents, restricted cash, and investments at fair value.

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2020 and December 31, 2019 are presented in the following tables (in thousands):

 

 

 

Fair Value Measurements at June 30, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

 

$

62,568

 

 

$

62,568

 

 

$

 

 

$

 

Certificates of deposit

 

 

49,684

 

 

 

 

 

 

49,684

 

 

 

 

Municipal notes

 

 

214

 

 

 

 

 

 

214

 

 

 

 

Corporate notes

 

 

89,187

 

 

 

 

 

 

89,187

 

 

 

 

Government and agency notes

 

 

6,205

 

 

 

 

 

 

6,205

 

 

 

 

Total

 

$

207,858

 

 

$

62,568

 

 

$

145,290

 

 

$

 

 

 

 

 

Fair Value Measurements at December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

 

$

30,054

 

 

$

30,054

 

 

$

 

 

$

 

Certificates of deposit

 

 

20,046

 

 

 

 

 

 

20,046

 

 

 

 

Repurchase agreements

 

 

15,000

 

 

 

 

 

 

15,000

 

 

 

 

Corporate notes

 

 

38,783

 

 

 

 

 

 

38,783

 

 

 

 

Government notes

 

 

7,574

 

 

 

 

 

 

7,574

 

 

 

 

Commercial paper

 

 

1,096

 

 

 

 

 

 

1,096

 

 

 

 

Total

 

$

112,553

 

 

$

30,054

 

 

$

82,499

 

 

$

 

 

 

The following table summarizes the available-for-sale securities (in thousands):

 

 

 

Fair Value Measurements at June 30, 2020

 

 

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

62,568

 

 

$

 

 

$

 

 

$

62,568

 

Certificates of deposit

 

 

49,331

 

 

 

353

 

 

 

 

 

 

49,684

 

Municipal notes

 

 

213

 

 

 

1

 

 

 

 

 

 

214

 

Corporate notes

 

 

88,844

 

 

 

354

 

 

 

(11

)

 

 

89,187

 

Government and agency notes

 

 

6,191

 

 

 

23

 

 

 

(9

)

 

 

6,205

 

Total cash equivalents and investments

 

$

207,147

 

 

$

731

 

 

$

(20

)

 

$

207,858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (maturities within 90 days)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

63,403

 

Short-term investments (maturities within

   one year)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78,348

 

Long-term investments (maturities beyond

   1 year)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,107

 

Total cash equivalents and investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

207,858

 

 

 

 

Fair Value Measurements at December 31, 2019

 

 

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

30,054

 

 

$

 

 

$

 

 

$

30,054

 

Certificates of deposit

 

 

19,992

 

 

 

54

 

 

 

 

 

 

20,046

 

Repurchase agreements

 

 

15,000

 

 

 

 

 

 

 

 

 

15,000

 

Corporate notes

 

 

38,788

 

 

 

 

 

 

(5

)

 

 

38,783

 

Government notes

 

 

7,563

 

 

 

11

 

 

 

 

 

 

 

7,574

 

Commercial paper

 

 

1,096

 

 

 

 

 

 

 

 

 

1,096

 

Total cash equivalents and investments

 

$

112,493

 

 

$

65

 

 

$

(5

)

 

$

112,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (maturities within 90 days)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47,140

 

Short-term investments (maturities within

   one year)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,650

 

Long-term investments (maturities beyond

   1 year)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,763

 

Total cash equivalents and investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112,553

 

 

As of June 30, 2020, the weighted average remaining contractual maturities of available-for-sale securities was approximately 11 months. There have been no significant realized losses on available-for-sale securities for the period presented. Based on the Company’s review of its available-for-sale securities, the Company has a limited number of available-for-sale securities in insignificant loss positions as of June 30, 2020, none of which have been in a loss position for more than one year. The Company believes it had no other-than-temporary impairments on these securities as of June 30, 2020, because the Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before the recovery of their amortized cost basis.

 

The investments are classified as available-for-sale securities. At June 30, 2020 and December 31, 2019, the balance in the Company’s accumulated other comprehensive income was comprised solely of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three or six months ended June 30, 2020 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income for the quarter.

There were no transfers between Levels 1, 2 or 3 for the period presented.