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Available-for-Sale Marketable Securities
 3 Months Ended
Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Available-for-Sale Marketable Securities

3. Available-for-Sale Marketable Securities

As of March 31, 2019 and December 31, 2018, 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 well as municipal bonds.

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

As of March 31, 2019

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

Type of Security

 

Amortized

Cost

 

 

Gains

 

 

Losses

 

 

Estimated

Fair Value

 

U.S. Treasury securities

 

$

15,921

 

 

$

16

 

 

$

—

 

 

$

15,937

 

U.S. government agency obligations

 

 

12,440

 

 

 

7

 

 

 

—

 

 

 

12,447

 

Corporate bonds

 

 

69,914

 

 

 

56

 

 

 

(10

)

 

 

69,960

 

Commercial paper

 

 

38,104

 

 

 

6

 

 

 

(2

)

 

 

38,108

 

Municipal bonds

 

 

5,500

 

 

 

—

 

 

 

—

 

 

 

5,500

 

Total available-for-sale marketable securities

 

$

141,879

 

 

$

85

 

 

$

(12

)

 

$

141,952

 

 

As of December 31, 2018

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

Type of Security

 

Amortized

Cost

 

 

Gains

 

 

Losses

 

 

Estimated

Fair 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

 

 

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.

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

 

 

 

As of March 31, 2019

 

 

As of December 31, 2018

 

Contractual maturity

 

Amortized

Cost

 

 

Fair

Value

 

 

Amortized

Cost

 

 

Fair

Value

 

Less than one year

 

$

120,201

 

 

$

120,265

 

 

$

146,363

 

 

 

146,302

 

One year to two years

 

 

21,678

 

 

 

21,687

 

 

 

21,449

 

 

 

21,396

 

Total

 

$

141,879

 

 

$

141,952

 

 

$

167,812

 

 

$

167,698

 

 

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.

As of March 31, 2019

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

Corporate bonds

 

$

14,761

 

 

$

(10

)

 

$

—

 

 

$

—

 

 

$

14,761

 

 

$

(10

)

Commercial paper

 

 

15,884

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

15,884

 

 

 

(2

)

Total

 

$

30,645

 

 

$

(12

)

 

$

—

 

 

$

—

 

 

$

30,645

 

 

$

(12

)

 

As of December 31, 2018

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

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

)

 

As of March 31, 2019 and December 31, 2018, the Company held a total of 18 out of 73 positions and 69 out of 84 positions, respectively, that were in an unrealized loss position, none of which had been in an unrealized loss position for 12 months or greater. 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 and that, therefore, it had no other-than-temporary impairments on these securities as of March 31, 2019 and December 31, 2018. The Company does not intend to sell these debt securities before maturity and the Company believes it is not more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis, which may be maturity.