Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Investments

Cash Equivalents and Investments

Marketable debt securities held by the Company are classified as available-for-sale and carried at fair value in the accompanying consolidated balance sheets on a settlement date basis. The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of March 31, 2020 and December 31, 2019:

	March 31, 2020
	Gross Unrealized									Estimated Fair Value
	Amortized Cost		Gains		Losses			Credit Losses
Money market funds	$	32,089	$	—	$	—		—		$	32,089
Commercial paper	7,061		—		—			—		7,061
Corporate notes	14,466		—		(44		)	—		14,422
U.S. government securities	7,786		103		—			—		7,889
U.S. asset-backed securities	8,303		3		—			—		8,306
	$	69,705	$	106	$	(44	)	$	—	$	69,767
Classified as:
Cash equivalents										$	32,090
Short term investments										35,957
Long term investments										1,720
										$	69,767

	December 31, 2019
	Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses
Money market funds	$	5,381	$	—	$	—	$	5,381
Commercial paper	11,892		—		—		11,892
Corporate notes	18,369		11		—		18,380
U.S. government securities	11,291		4		—		11,295
U.S. asset-backed securities	10,503		6		—		10,509
	$	57,436	$	21	$	—	$	57,457
Classified as:
Cash equivalents							$	5,381
Short-term investments							42,829
Long term investments							9,247
							$	57,457

There were no marketable securities that the Company considers to be other-than-temporarily impaired as of March 31, 2020 and December 31, 2019. The Company's investment strategy is to buy short-duration marketable securities with a high credit rating. As of March 31, 2020, all marketable securities held by the Company had remaining contractual maturities of three years or less.

If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the Company’s intention to sell and, if so, mark the investment to market through a charge to our consolidated statement of operations. Upon adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), the Company evaluated its investments for impairment under the new framework. Any allowance for credit losses are recorded at the lower of either the fair market value less book value or the difference between the present value of future cash flows and the book value. As of March 31, 2020, the analysis under ASU 2016-13 and the current macroeconomic impact of the COVID-19 pandemic did not result in material allowances for credit losses. There have been no impairments of the Company’s assets measured and carried at fair value for the three months ended March 31, 2020.