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):

	Fair 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