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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis included the following as of June 30, 2020 (in thousands):
 
 
  
Using
 
  
 
 
 
 
 
 
 
Significant
 
 
 
 
 
 
 
 
 
Quoted Prices
 
 
Other
 
 
Significant
 
 
 
 
 
 
in Active
 
 
Observable
 
 
Unobservable
 
 
Total Fair
 
 
 
Markets
 
 
Inputs
 
 
Inputs
 
 
Value as of
 
 
  
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
June 30, 2020
 
Cash equivalents:
           
Money market funds
   $ 9,674    $ —        $ —        $ 9,674
Long-term investments:
           
Failed Auction Security
     —          —          2,555      2,555
Liabilities:
           
Contingent consideration obligations
     —          —          (307      (307
Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2019 (in thousands):
 
 
  
Using
 
  
 
 
 
 
 
 
 
Significant
 
 
 
 
 
 
 
 
 
Quoted Prices
 
 
Other
 
 
Significant
 
 
 
 
 
 
in Active
 
 
Observable
 
 
Unobservable
 
 
Total Fair
 
 
 
Markets
 
 
Inputs
 
 
Inputs
 
 
Value as of
 
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
December 31, 2019
 
Cash equivalents:
           
Money market funds
   $ 9,630    $ —        $ —        $ 9,630
Long-term investments:
           
Failed Auction Security
     —          —          2,510      2,510
Liabilities:
           
Contingent consideration obligations
     —          —          (451      (451
Quantitative Information about Level 3 Fair Value Measurements
Quantitative information about Level 3 fair value measurements as of June 30, 2020 is as follows (dollars in thousands):
 
 
 
Fai
r

Value
 
 
Valuation

 
 
 
 
 
 
 
 
 
 
Technique
 
 
 
 
 
 
 
 
 
 
 
Unobservable

Input
 
Weighted

Average
 
Failed Auction Security
  
$
 
2,555
  
 
Discounted cash flow
  
Cumulative probability of earning the maximum rate until maturity
  
 
0.11
  
  
 
  
Cumulative probability of principal return prior to maturity
  
 
94.31
  
  
 
  
Cumulative probability of default
  
 
5.58
  
  
 
  
Liquidity risk premium
  
 
5.00
  
  
 
  
Recovery rate in default
  
 
40.00
Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs
The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the six months ended June 30, 2020 was as follows (in thousands):
 
Balance at the beginning of the period
   $ 2,510
Credit gain on
available-for-sale
security included in Other income (expense), net
     2
Gain included in Other comprehensive income
     43
  
 
 
 
Balance at the end of the period
   $ 2,555
  
 
 
 
Change in Estimated Fair Value Calculated for Liabilities Valued on Recurring Basis Utilizing Level 3 Inputs The change in the estimated fair value calculated for the liabilities valued on a recurring basis utilizing Level 3 inputs (i.e., the Contingent consideration obligations) for the six months ended June 30, 2020 was as follows (in thousands):
Balance at the beginning of the period
  
$
451
Payments
     (144
  
 
 
 
Balance at the end of the period
  
$
307