Fair value measurement

9 Months Ended

Sep. 30, 2020

Fair value measurement

Fair value measurement

12. Fair value measurement

The following table sets forth our financial assets and liabilities that are measured at fair value on a recurring basis:

At September 30, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	32,519	$	—	$	—	$	32,519
Marketable securities		—		7,580		—		7,580
Total assets	$	32,519	$	7,580	$	—	$	40,099

At December 31, 2019		Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	32,843	$	1,497	$	—	$	34,340
Marketable securities		6,262		33,952		—		40,214
Total assets	$	39,105	$	35,449	$	—	$	74,554

Our marketable securities utilize Level 1 and Level 2 inputs and consist primarily of corporate debt securities, which primarily include commercial paper and debt instruments including notes issued by foreign or domestic industrial and financial corporations and governments which pay in U.S. dollars and carry a rating of A or better. We have evaluated the various types of securities in our investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Due to variations in trading volumes and the lack of quoted market prices in active markets, our fixed maturity securities are classified as Level 2 securities. Our marketable securities are valued at amortized cost, which approximates fair value. The fair value of our fixed maturity marketable securities is derived through the use of a third-party pricing source using recent reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable data.