Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued liabilities, approximate their carrying values due to the short-term nature of these instruments. The Company’s marketable securities are classified as held-to-maturity and are reported at amortized cost, which approximates fair value.

The Company’s fair value hierarchy for its cash equivalents and marketable securities was as follows:

September 30, 2021	Level 1		Level 2		Level 3		Total
Money market securities	$	22,472	$	—	$	—	$	22,472
Commercial paper		—		12,188		—		12,188
Corporate notes		—		7,542		—		7,542
Pre-refunded municipals		—		4,808		—		4,808
Federal agency notes		—		3,798		—		3,798
Total	$	22,472	$	28,336	$	—	$	50,808

December 31, 2020	Level 1		Level 2		Level 3		Total
Money market securities	$	10,988	$	—	$	—	$	10,988
Commercial paper		—		36,478		—		36,478
Pre-refunded municipals		—		26,697		—		26,697
Corporate notes		—		2,437		—		2,437
Total	$	10,988	$	65,612	$	—	$	76,600

The fair value maturities of the Company’s cash equivalents and marketable securities as of September 30, 2021, were as follows:

	Maturities by Period
	Total		Less than 1 year		1-5 years		5 - 10 years		More than 10 years
Cash equivalents and marketable securities	$	50,808	$	42,510	$	8,298	$	—	$	—

The Company considers all highly liquid marketable securities with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents include money market securities, commercial paper and pre-refunded municipals totaling $23,473 and $18,568 at September 30, 2021, and December 31, 2020, respectively. Cash equivalents are carried at either cost or amortized cost, depending on the type of security, which approximates fair value.