Quarterly report pursuant to Section 13 or 15(d)

Investments in Marketable Securities (Tables)

v3.20.2
Investments in Marketable Securities (Tables)
6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security
Amortized cost, allowance for credit losses, gross unrealized gains/losses in accumulated other comprehensive income/loss and fair value of marketable debt securities,
available-for-sale,
by type of security consisted of the following (in thousands):
 
     June 30, 2020  
     Amortized
Cost
     Allowance
for Credit
Losses
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 
Short-term investments:
             
U.S. treasuries
   $
 
108,982      $ —        $ 498      $ (1   $ 109,479  
U.S. government sponsored entities
     37,699        —          14        —         37,713  
Corporate debt
     22,514        —          62        —         22,576  
  
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
   $ 169,195      $ —        $ 574      $ (1   $ 169,768  
  
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Long-term investments:
             
U.S. treasuries
   $ 3,892      $ —        $ 319      $ —       $ 4,211  
U.S. government sponsored entities
     1,218        —          36        —         1,254  
Corporate debt
     28,139        —          1,758        (181     29,716  
ABS and other
     7,559        —          128        (87     7,600  
  
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
   $ 40,808      $ —        $ 2,241      $ (268   $ 42,781  
  
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
 
     December 31, 2019  
     Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
     Fair
Value
 
Short-term investments:
           
U.S. treasuries
   $
 
 
124,389      $ 196      $ (5    $
 
124,580  
U.S. government sponsored entities
     —          —          —          —    
Corporate debt
     26,128        44        —          26,172  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 150,517      $ 240      $ (5    $ 150,752  
  
 
 
    
 
 
    
 
 
    
 
 
 
Long-term investments:
           
U.S. treasuries
   $ 24,188      $ 235      $ —        $ 24,423  
U.S. government sponsored entities
     1,353        3        (1      1,355  
Corporate debt
     25,447        1,027        (3      26,471  
ABS and other
     8,480        93        (13      8,560  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 59,468      $ 1,358      $ (17    $ 60,809  
  
 
 
    
 
 
    
 
 
    
 
 
 
Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position
The Company’s investments in
available-for-sale
debt securities that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
 
     June 30, 2020  
     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. treasuries
   $ 16,889      $ (1   $ —        $ —        $ 16,889      $ (1
Corporate debt
     2,073        (181     —          —          2,073        (181
ABS and other
     2,256        (87     —          —          2,256        (87
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
   $ 21,218      $ (269   $ —        $ —        $ 21,218      $ (269
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
 
     December 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
 
U.S. treasuries
   $ 39,823      $ (5   $ —        $ —       $ 39,823      $ (5
U.S. government sponsored entities
     —          —         566        (1     566        (1
Corporate debt
     6,029        (3     —          —         6,029        (3
ABS and other
     1,971        (13     —          —         1,971        (13
  
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
   $ 47,823      $ (21   $ 566      $ (1   $ 48,389      $ (22
  
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
Gross Realized Gains and Losses from Sale of Available for Sale Securities
Gross realized gains and losses from the sales of the Company’s
available-for-sale
debt securities consisted of the following (in thousands):
 
     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     2020      2019      2020      2019  
Gross realized gains
(1)
   $ 79      $ 24      $ 132      $ 59  
  
 
 
    
 
 
    
 
 
    
 
 
 
Gross realized losses
(1)
   $ (15    $ —        $ (15    $ (47
  
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method.
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity
Amortized cost and fair value of marketable debt securities,
available-for-sale,
by contractual maturity consisted of the following (in thousands, except weighted average data):
 
     June 30, 2020      December 31, 2019  
     Amortized
Cost
     Fair Value      Amortized
Cost
     Fair Value  
Due in one year or less
   $ 169,195      $ 169,768      $ 150,517      $ 150,752  
Due after one year through five years
     25,166        26,426        41,123        41,794  
Due after five years through ten years
     10,709        11,395        12,813        13,467  
Due after ten years
     4,933        4,960        5,532        5,548  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 210,003      $ 212,549      $ 209,985      $ 211,561  
  
 
 
    
 
 
    
 
 
    
 
 
 
Weighted average contractual maturity
        1.7
 
years
          1.7 years