Financial Instruments Investments in Debt Securities

6 Months Ended

Jun. 30, 2020

Cash Equivalents And Marketable Securities [Abstract]

Financial Instruments Investments in Marketable Debt Securities

5.     Financial Instruments – Investments in Marketable Debt Securities

At June 30, 2020, our investments in available-for-sale debt securities, excluding $1.2 million of corporate debt securities and commercial paper included in cash and cash equivalents, are detailed below (in thousands):

	June 30, 2020
	(Unaudited)
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
Corporate debt securities	$	7,920	$	5	$	—	$	7,925
Current portion		7,920		5		—		7,925
Total	$	7,920	$	5	$	—	$	7,925

As of June 30, 2020, the weighted-average remaining contractual life of our available-for-sale securities was approximately 0.1 years.

At December 31, 2019, our investments in available-for-sale debt securities are detailed below (in thousands):

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Current:
Corporate debt securities	$	32,382	$	10	$	(3	)	$	32,389
Foreign government bonds		1,007		—		—			1,007
Government sponsored securities		2,752		—		(4	)		2,748
Current portion		36,141		10		(7	)		36,144
Noncurrent:
Corporate debt securities		1,501		—		(4	)		1,497
Noncurrent portion		1,501		—		(4	)		1,497
Total	$	37,642	$	10	$	(11	)	$	37,641

Accumulated unrealized losses on debt securities classified as available-for-sale that have been in a continuous loss position for less than 12 months and for more than 12 months at June 30, 2020 and December 31, 2019 were as follows (in thousands):

	June 30, 2020
	(Unaudited)
	Less than 12 months				More than 12 months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Corporate debt securities	$	400	$	—	$	—	$	—
Total	$	400	$	—	$	—	$	—

	December 31, 2019
	Less than 12 months					More than 12 months
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
Corporate debt securities	$	11,021	$	(3	)	$	1,497	$	(4	)
Government sponsored securities		—		—			2,748		(4	)
Total	$	11,021	$	(3	)	$	4,245	$	(8	)

At June 30, 2020, 1 of the securities was in an unrealized loss position. We evaluated our securities for other-than-temporary impairment and concluded that the decline in value was primarily caused by current economic and market conditions. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. Therefore, we did not recognize any other-than-temporary impairment loss during the six months ended June 30, 2020.

Realized gains and losses on sales of available-for-sale debt securities during the three and six months ended June 30, 2020 and 2019 were immaterial.