Annual report pursuant to Section 13 and 15(d)

Investments in Marketable Debt Securities, Available-for-Sale (Tables)

v3.22.0.1
Investments in Marketable Debt Securities, Available-for-Sale (Tables)
12 Months Ended
Dec. 31, 2021
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):
 
 
 
  
December 31, 2021
 
 
  
Amortized
Cost
 
  
Allowance
for Credit
Losses
 
  
Gross
Unrealized
Gains
 
  
Gross
Unrealized
Losses
 
 
Fair

Value
 
Short-term investments:
  
     
  
     
  
     
  
     
 
     
U.S. treasuries
   $ 35,767      $     
 
—  
     $ —        $      
 
(34
  $ 35,733  
Corporate debt
     148,148        —          22        (35     148,135  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 183,915      $ —        $ 22      $ (69   $ 183,868  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Long-term investments:
                                           
U.S. treasuries
   $ 70,902      $ —        $ 128      $ (263   $ 70,767  
U.S. government sponsored entities
     726        —          22        (3     745  
Corporate debt
     33,197        —          962        (146     34,013  
ABS and other
     7,033        —          82        (30     7,085  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 111,858      $ —        $  1,194      $ (442   $ 112,610  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 

 
  
December 31, 2020
 
 
  
Amortized
Cost
 
  
Allowance
for Credit
Losses
 
  
Gross
Unrealized
Gains
 
  
Gross
Unrealized
Losses
 
 
Fair

Value
 
Short-term investments:
  
  
  
  
 
U.S. treasuries
   $ 75,887      $     
 
 —  
     $ 88      $ (5   $ 75,970  
U.S. government sponsored entities
     32,439        —          8        —         32,447  
Corporate debt
     49,822        —          20        (1     49,841  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 158,148      $ —        $ 116      $ (6   $ 158,258  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Long-term investments:
                                           
U.S. treasuries
   $ 3,375      $ —        $ 266      $ —       $ 3,641  
U.S. government sponsored entities
     1,114        —          38        —         1,152  
Corporate debt
     34,183        —          2,137        (33     36,287  
ABS and other
     6,509        —          195        (11     6,693  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 45,181      $ —        $ 2,636      $ (44   $ 47,773  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position
The Company’s investments in marketable debt securities,
available-for-sale,
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):
 
    
December 31, 2021
 
    
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
   $ 103,019      $ (297   $   —        $      —       $ 103,019      $ (297
U.S. government sponsored entities
     115        (3     —          —         115        (3
Corporate debt
     115,908        (173     146        (8     116,054        (181
ABS and other
     2,915        (30     —          —         2,915        (30
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
     $ 221,957      $ (503   $      146      $ (8   $ 222,103      $ (511
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
 
 
 
 
 
  
December 31, 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
   $ 41,702      $  (5   $ —        $      —       $ 41,702      $      (5
Corporate debt
     29,810        (34     —          —         29,810        (34
ABS and other
     546        (6     157        (5     703        (11
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
     $ 72,058      $ (45   $ 157      $ (5   $ 72,215      $ (50
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
 
Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities
Gross realized gains and losses from the sales of the Company’s marketable debt securities,
available-for-sale,
consisted of the following (in thousands):

 
 
  
Years Ended December 31,
 
 
  
2021
 
  
2020
 
  
2019
 
Gross realized gains
(1)
  
$       221      $      241      $      134  
 
  
 
 
    
 
 
    
 
 
 
Gross realized losses
(1)
  
$ (2    $ (49    $ (47
    
 
 
    
 
 
    
 
 
 
 
Amortized Cost and Fair Value of Marketable Debt 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):
 
 
  
December 31, 2021
 
  
December 31, 2020
 
 
  
Amortized
Cost
 
  
Fair Value
 
  
Amortized
Cost
 
  
Fair Value
 
Due in one year or less
   $ 183,915      $ 183,868      $ 158,148      $ 158,258  
Due after one year through five years
     96,035        96,257        30,604        32,041  
Due after five years through ten years
     11,129        11,601        10,022        11,044  
Due after ten years
     4,694        4,752        4,555        4,688  
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 295,773      $ 296,478      $ 203,329      $ 206,031  
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted average contractual maturity
              1.5 year                 1.6 years  
Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties.