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Available-for-Sale Marketable Securities (Tables)
3 Months Ended
Mar. 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 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

 

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 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

 

 

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.

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

)