Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present the financial instruments that were measured at fair value on a recurring basis at December 31, 2019 and 2018 by level within the fair value hierarchy (in thousands): 

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Money market funds	$	71,248	$	—	$	—	$	71,248

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Money market funds	$	31,225	$	—	$	—	$	31,225
Common shares of CO2 Solutions	588		—		—		588
Total	$	31,813	$	—	$	—	$	31,813

We determine the fair value of Level 1 and Level 2 assets using quoted prices in active markets for identical assets. We estimated the fair value of our investment in 10,000,000 common shares of CO₂ Solutions using the market value of common shares as determined by trading on the TSX Venture Exchange, and we classified our investment in CO₂ Solutions within the fair value hierarchy as Level using the quoted prices in an active market to determine the fair value.

In the third quarter of 2019, we assessed the fair market value of our investment in the common shares of CO₂ Solutions and given no available observable market pricing on the TSX Venture Exchange due to CO₂ Solutions declaring bankruptcy and the market halting its trading activity, wrote down the investment to zero. See Note 6, "Cash Equivalents and Equity Securities" for more information on the investment in common shares of CO₂ Solutions. In 2019, we recognized an unrealized loss of $0.5 million in other expense in the Consolidated Statements of Operations.