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Available-for-Sale Marketable Securities
 6 Months Ended
Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]  
Available-for-Sale Marketable Securities

3. Available-for-Sale Marketable Securities

As of June 30, 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 June 30, 2019 and December 31, 2018:

As of June 30, 2019

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

Type of Security

 

Amortized

Cost

 

 

Gains

 

 

Losses

 

 

Estimated

Fair Value

 

U.S. Treasury securities

 

$

12,992

 

 

$

32

 

 

$

—

 

 

$

13,024

 

U.S. government agency obligations

 

 

12,447

 

 

 

16

 

 

 

—

 

 

 

12,463

 

Corporate bonds

 

 

62,529

 

 

 

109

 

 

 

(6

)

 

 

62,632

 

Commercial paper

 

 

23,502

 

 

 

14

 

 

 

—

 

 

 

23,516

 

Municipal bonds

 

 

5,500

 

 

 

—

 

 

 

—

 

 

 

5,500

 

Total available-for-sale marketable securities

 

$

116,970

 

 

$

171

 

 

$

(6

)

 

$

117,135

 

 

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 June 30, 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 June 30, 2019

 

 

As of December 31, 2018

 

Contractual maturity

 

Amortized

Cost

 

 

Fair

Value

 

 

Amortized

Cost

 

 

Fair

Value

 

Less than one year

 

$

96,712

 

 

$

96,815

 

 

$

146,363

 

 

 

146,302

 

One year to two years

 

 

20,258

 

 

 

20,320

 

 

 

21,449

 

 

 

21,396

 

Total

 

$

116,970

 

 

$

117,135

 

 

$

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 June 30, 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

 

$

4,756

 

 

$

(6

)

 

$

—

 

 

$

—

 

 

$

4,756

 

 

$

(6

)

Total

 

$

4,756

 

 

$

(6

)

 

$

—

 

 

$

—

 

 

$

4,756

 

 

$

(6

)

 

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 June 30, 2019 and December 31, 2018, the Company held a total of 6 out of 58 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 June 30, 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.