General form of registration statement for all companies including face-amount certificate companies

FAIR VALUE MEASUREMENTS

v3.20.4
FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2020
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

6. Fair Value Measurements

The Company uses the following three‑tier fair value hierarchy, which prioritizes the inputs used in measuring the fair values for certain of its assets and liabilities:

Level 1 is based on observable inputs, such as quoted prices in active markets;

Level 2 is based on inputs other than the quoted prices in active markets that are observable either directly or indirectly; and 

Level 3 is based on unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Items measured at fair value on a recurring basis include money market funds.

The following fair value hierarchy table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value at September 30, 2020 and December 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

Items

 

Inputs

 

Inputs

 

 

 

 

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,858

 

$

 —

 

$

 

$

33,858

Asset‑backed securities

 

 

 —

 

 

3,105

 

 

 

 

3,105

Corporate bonds

 

 

 —

 

 

30,084

 

 

 

 

30,084

Government bonds

 

 

19,991

 

 

 —

 

 

 —

 

 

19,991

Total assets

 

$

53,849

 

$

33,189

 

$

 —

 

$

87,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

Quoted Prices in

 

Significant 

 

 

 

 

 

 

 

 

 Active Markets

 

Other

 

Significant

 

 

 

 

 

 for Identical

 

 Observable 

 

 Unobservable 

 

 

 

 

 

 Items

 

Inputs

 

Inputs

 

 

 

 

    

 (Level 1)

    

 (Level 2)

    

 (Level 3)

    

Total

Assets:

 

 

  

 

 

  

 

 

  

 

 

  

Money market funds

 

$

40,454

 

$

 —

 

$

 —

 

$

40,454

Asset‑backed securities

 

 

 —

 

 

16,806

 

 

 —

 

 

16,806

Corporate bonds

 

 

 —

 

 

67,948

 

 

 —

 

 

67,948

Repurchase agreements

 

 

 —

 

 

25,001

 

 

 —

 

 

25,001

Total assets

 

$

40,454

 

$

109,755

 

$

 —

 

$

150,209

 

All investments mature within one year.