Available-for-Sale Marketable Securities

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Marketable Securities

3. Available-for-Sale Marketable Securities

As of September 30, 2020 and December 31, 2019, the Company’s available-for-sale marketable securities consisted of debt securities issued by the U.S. Treasury, U.S. government-sponsored entities and investment grade institutions. As of December 31, 2019, the Company’s available-for-sale marketable securities also consisted of municipal bonds.

The following tables summarize the Company’s available-for-sale marketable securities by major type of security as of September 30, 2020 and December 31, 2019:

As of September 30, 2020

			Gross Unrealized				Estimated Fair
Type of Security	Amortized Cost		Gains		Losses		Value
U.S. Treasury securities	$	9,081	$	98	$	—	$	9,179
U.S. government agency obligations		3,499		8		—		3,507
Corporate bonds		41,827		256		—		42,083
Commercial paper		1,324		1		—		1,325
Total available-for-sale marketable securities	$	55,731	$	363	$	—	$	56,094

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

There were no individual debt securities in an unrealized loss position as of September 30, 2020. The following table summarizes the fair value and gross unrealized losses of the Company’s available-for-sale marketable securities by investment category and disaggregated by the length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2019.

As of December 31, 2019

	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)

As of September 30, 2020, no allowance for credit losses was recognized on the Company’s available-for-sale debt securities as there were no individual debt securities in an unrealized loss position. As of December 31, 2019, no allowance for credit losses was recognized on the Company’s available-for-sale debt securities as no portion of the unrealized losses associated with those securities were due to credit losses. The information that the Company considered in reaching the conclusion that an allowance for credit losses was not necessary is as follows:

As of September 30, 2020 and December 31, 2019, the Company held a total of 0 out of 27 positions and 16 out of 81 positions, respectively, that were in an unrealized loss position, none of which had been in an unrealized loss position for 12 months or greater. Unrealized losses individually and in aggregate were not considered to be material as of December 31, 2019. Based on the Company’s review of these securities, the Company believes that the cost basis of its available-for-sale marketable securities is recoverable.

The Company classifies its marketable debt securities based on their contractual maturity dates. As of September 30, 2020, 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 September 30, 2020				As of December 31, 2019
Contractual maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than one year	$	45,331	$	45,588	$	136,565	$	136,701
One year to two years		10,400		10,506		63,125		63,159
Total	$	55,731	$	56,094	$	199,690	$	199,860

All available-for-sale marketable securities are classified as Marketable securities, current or Marketable securities, non-current depending on the contractual maturity date of the individual available-for-sale security. Other income, net includes interest and dividends, accretion/amortization of discounts/premiums, realized gains and losses on sales of securities and credit loss expense due to declines in the fair value of securities, if any. The cost of securities sold is based on the specific identification method.

During the three and nine months ended September 30, 2020, the Company sold certain shares of its available-for-sale debt securities with a total fair value of $12,471 and $23,148, respectively. The sales of shares of available-for-sale debt securities resulted in realized gains of $66 and $126 for the three and nine months ended September 30, 2020, respectively. There were no sales of available-for-sale marketable securities during the three and nine months ended September 30, 2019.

As of September 30, 2020 and December 31, 2019, accrued interest receivables on our available-for-sale debt securities were $365 and $971, respectively.