Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.19.3
Fair Value Measurements
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the financial instruments that were measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 by level within the fair value hierarchy (in thousands):
 
September 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Money market funds
$
73,450

 
$

 
$

 
$
73,450

 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Money market funds
$
31,225

 
$

 
$

 
$
31,225

Common shares of CO2 Solutions
588

 

 

 
588

Total
$
31,856

 
$

 
$

 
$
31,813



We determine the fair value of Level 1 assets using quoted prices in active markets for identical assets. At December 31, 2018, we estimated the fair value of our investment in 10,000,000 common shares of CO2 Solutions using the market value of common shares as determined by trading on the TSX Venture Exchange, and we classified our investment in CO2 Solutions within the fair value hierarchy as Level 1 at December 31, 2018 using the quoted prices in an active market to determine their fair value.
In the quarter ended September 30, 2019, we reviewed our investment in the common shares of COSolutions. Concurrent with CO2 Solutions' announcement to file under the Bankruptcy and Insolvency Act (Canada) and a suspension in trading of its equity securities, there was no observable market pricing available at September 30, 2019. We assessed the fair value of the investment and concluded to write down the investment to zero. We recognized a $0.4 million and a $0.5 million loss, respectively in the three and nine months ended September 30, 2019 in other expenses, net in the unaudited condensed consolidated statement of operations. For information see Note 6. "Cash Equivalents and Marketable Securities".