Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS

v3.20.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS

Investments by significant category included in cash equivalents at the end of each period were as follows (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
Fair Value Level1
Adjusted Cost
 
Gross Unrealized Losses
 
Fair Value
 
Adjusted Cost
 
Gross Unrealized Losses
 
Fair Value
Money market funds
Level 1
$
11,659

 
$
—

 
$
11,659

 
$
3,281

 
$
—

 
$
3,281

Time deposits
Level 2
13,544

 
—

 
13,544

 
18,071

 
—

 
18,071

Municipal debt securities
Level 2
347

 
—

 
347

 
12,149

 
(7
)
 
12,142

Corporate debt securities
Level 2
56,784

 
(19
)
 
56,765

 
51,862

 
(26
)
 
51,836

Total investments
 
$
82,334

 
$
(19
)
 
$
82,315

 
$
85,363

 
$
(33
)
 
$
85,330

 
1 FASB Topic 820, Fair Value Measurements, establishes a fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.