MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Marketable securities as of September 30, 2020 and December 31, 2019 consist mainly of debt and mutual funds securities. The debt securities are classified as available-for-sale and are recorded at fair value. Changes in fair value, net of taxes (if applicable), are reflected in other comprehensive loss. Realized gains and losses on sales of the securities, as well as premium or discount amortization, are included in the consolidated statement of operations as finance income or expenses.

Equity securities with readily determinable fair value are measured at fair value. The changes in the fair value of equity investments are recognized through finance (income) expense in the condensed consolidated statements of operations.

The following table sets forth the Company’s marketable securities:


	September 30		December 31
(in thousands)	2020		2019
Israeli mutual funds	$	1,027	$	1,020
Certificates of deposit	—		151
U.S Government	—		6,031
U.S Treasury bills	—		9,478
Corporate notes	2,019		—

Total	$	3,046	$	16,680

As of September 30, 2020 and December 31, 2019 the fair value, cost and gross unrealized holding gains and losses of the debt marketable securities owned by the Company were as follows:


	September 30, 2020
(in thousands)	Fair value		Cost or amortized cost		Gross unrealized holding losses		Gross unrealized holding gains


Corporate notes	2,019		2,019		—		—

Total	$	2,019	$	2,019	$	—	$	—


	December 31, 2019
(in thousands)	Fair value		Cost or amortized cost		Gross unrealized holding loss		Gross unrealized holding gains
Certificates of deposit	$	151	$	151	$	—	$	—
U.S Government and agency bonds	6,031		6,030		—		1
U.S Treasury bills	9,478		9,475		—		3
Total	$	15,660	$	15,656	$	—	$	4

The Company has considered factors regarding other than temporary impaired securities and determined that there are no securities with impairment that is other than temporary as of September 30, 2020 and December 31, 2019.

As of September 30, 2020 and December 31, 2019, all of the Company’s debt securities were due within one year.

During the nine months ended September 30, 2020 and September 30, 2019 the Company received aggregate proceeds of $36.4 million and $45.7 million, respectively, upon sale and maturity of marketable securities.

As of September 30, 2020, there were no restricted marketable securities. As of December 31, 2019, the Company’s restricted marketable securities were $0.4 million due to a lien in respect of bank guarantees granted to secure hedging transactions and the Company’s rent agreements. See “Note 5 - Fair Value Measurement” and “Note 10 - Operating Lease” for more information.