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Available-for-Sale Marketable Securities (Tables)
12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Summary of Available-for-Sale Marketable Securities by Major Type of Security

The following tables summarize the Company’s available-for-sale marketable securities by major type of security as of December 31, 2019, and 2018:

As of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Unrealized

 

Estimated Fair

Type of Security

    

Amortized Cost

    

Gains

    

Losses

    

Value

U.S. Treasury securities

 

$

16,052

 

$

31

 

$

(2)

 

$

16,081

U.S. government agency obligations

 

 

25,803

 

 

14

 

 

(1)

 

 

25,816

Corporate bonds

 

 

115,788

 

 

125

 

 

(23)

 

 

115,890

Commercial paper

 

 

38,547

 

 

27

 

 

(1)

 

 

38,573

Municipal bonds

 

 

3,500

 

 

 —

 

 

 —

 

 

3,500

Total available-for-sale marketable securities

 

$

199,690

 

$

197

 

$

(27)

 

$

199,860

 

As of December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Unrealized

 

Estimated Fair

Type of Security

    

Amortized Cost

    

Gains

    

Losses

    

Value

U.S. Treasury securities

 

$

19,540

 

$

 —

 

$

(1)

 

$

19,539

U.S. government agency obligations

 

 

17,860

 

 

 —

 

 

(1)

 

 

17,859

Corporate bonds

 

 

75,999

 

 

 5

 

 

(94)

 

 

75,910

Commercial paper

 

 

50,413

 

 

 —

 

 

(23)

 

 

50,390

Municipal bonds

 

 

4,000

 

 

 —

 

 

 —

 

 

4,000

Total available-for-sale marketable securities

 

$

167,812

 

$

 5

 

$

(119)

 

$

167,698

 

Schedule of Amortized Cost and Fair Values of Marketable Debt Securities by Contractual Maturity

The Company classifies its marketable debt securities based on their contractual maturity dates. As of December 31, 2019, the Company’s marketable debt securities mature at various dates through December 2021. The amortized cost and fair values of marketable debt securities by contractual maturity were as follows.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

 

As of December 31, 2018

Contractual maturity

    

Amortized Cost

    

Fair Value

    

Amortized Cost

    

Fair Value

Less than one year

 

$

136,565

 

$

136,701

 

$

146,363

 

 

146,302

One year to two years

 

 

63,125

 

 

63,159

 

 

21,449

 

 

21,396

Total

 

$

199,690

 

$

199,860

 

$

167,812

 

$

167,698

 

Schedule of Fair Values and Continuous Unrealized Loss Positions of Available-for-Sale Marketable Securities

The following tables show the fair value of the Company’s available-for-sale marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual investments have been in a continuous unrealized loss position.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

12 Months or Greater

 

Total

 

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair 

 

Unrealized

 

    

 Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

U.S. Treasury securities

 

$

3,185

 

$

(2)

 

$

 —

 

$

 —

 

$

3,185

 

$

(2)

U.S. government agency obligations

 

 

2,400

 

 

(1)

 

 

 —

 

 

 —

 

 

2,400

 

 

(1)

Corporate bonds

 

 

28,895

 

 

(23)

 

 

 —

 

 

 —

 

 

28,895

 

 

(23)

Commercial paper

 

 

4,264

 

 

(1)

 

 

 —

 

 

 —

 

 

4,264

 

 

(1)

Total

 

$

38,744

 

$

(27)

 

$

 —

 

$

 —

 

$

38,744

 

$

(27)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

12 Months or Greater

 

Total

 

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

    

 Value

    

Losses

    

 Value

    

Losses

    

 Value

    

Losses

U.S. Treasury securities

 

$

16,392

 

$

(1)

 

$

 —

 

$

 —

 

$

16,392

 

$

(1)

U.S. government agency obligations

 

 

5,596

 

 

(1)

 

 

 —

 

 

 —

 

 

5,596

 

 

(1)

Corporate bonds

 

 

71,322

 

 

(94)

 

 

 —

 

 

 —

 

 

71,322

 

 

(94)

Commercial paper

 

 

39,445

 

 

(23)

 

 

 —

 

 

 —

 

 

39,445

 

 

(23)

Total

 

$

132,755

 

$

(119)

 

$

 —

 

$

 —

 

$

132,755

 

$

(119)