XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Marketable Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company has investments in certain debt securities that have been classified as available-for-sale and recorded at fair value. These investments are included in both assets for securities with a maturity of one-year or less and assets for securities with a maturity of more than one-year. These securities are held in the Insurance Company and shown as restricted given that the transfer of these assets is subject to the approval of the state regulators. As of September 30, 2021 (unaudited) and December 31, 2020, deposits with various states consisted of bonds, cash and cash equivalents with carrying values of $5.1 million and $4.9 million, respectively.
When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. As of December 31, 2020 and September 30, 2021 (unaudited), the Company does not consider any of its investments to be other-than-temporarily impaired. Unrealized gains and losses arising from the revaluation of available-for-sale securities are included in the consolidated statements of other comprehensive loss. Realized gains and losses on sales of investments are generally determined using the specific identification method and are included in the consolidated statements of operations.
The cost basis and fair value of available-for-sale securities as of September 30, 2021 (unaudited) and December 31, 2020 are presented below (in thousands):
As of September 30, 2021 (Unaudited)
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value
Marketable securities - restricted
Corporate debt securities$3,356 $— $— $3,356 
U.S. treasury and agency securities25,274 — (6)25,268 
Commercial paper12,088 — — 12,088 
Asset backed securities9,083 — (3)9,080 
Total marketable securities - restricted$49,801 $— $(9)$49,792 
As of December 31, 2020
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value
Marketable securities - restricted
Corporate debt securities$5,938 $17 $— $5,955 
U.S. treasury securities6,994 — — 6,994 
Commercial paper8,791 — — 8,791 
Asset backed securities2,911 — — 2,911 
Total marketable securities - restricted$24,634 $17 $— $24,651 
The amortized cost and estimated fair value of marketable securities as of September 30, 2021 (unaudited) and December 31, 2020 and are shown below by contractual maturity (in thousands):
As of September 30,
2021 (unaudited)
Amortized
Cost		Estimated
Fair Value
Due within one year$29,171 $29,193 
Due between one to five years20,630 20,599 
$49,801 $49,792 
As of December 31,
2020
Amortized
Cost		Estimated
Fair Value
Due within one year$21,603 $21,629 
Due between one to five years3,031 3,022 
$24,634 $24,651