Quarterly report pursuant to Section 13 or 15(d)

Investments in Marketable Securities (Tables)

v3.20.1
Investments in Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost 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):
                                         
 
March 31, 2020
 
 
Amortized
Cost
   
Allowance
for Credit
Losses
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
 
Short-term investments:
   
     
     
     
     
 
U.S. treasuries
  $
 
113,885
    $
—  
     $
835
    $
—  
     $
114,720
 
U.S. government sponsored entities
   
9,128
     
—  
      
9
     
—  
      
9,137
 
Corporate debt
   
19,801
     
—  
      
5
     
(95
 )    
19,711
 
ABS and other
   
301
     
—  
      
—  
      
(5
 )    
296
 
                                         
  $
143,115
    $
—
    $
849
    $
(100
 )   $
 143,864
 
                                         
Long-term investments:
   
     
     
     
     
 
U.S. treasuries
  $
10,015
    $
—  
     $
495
    $
—  
     $
10,510
 
U.S. government sponsored entities
   
1,299
     
—  
      
29
     
—  
      
1,328
 
Corporate debt
   
25,633
     
—  
      
634
     
(661
 )    
25,606
 
ABS and other
   
8,007
     
—  
      
44
     
(285
 )    
7,766
 
                                         
  $
44,954
    $
—  
     $
1,202
    $
(946
 )   $
45,210
 
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 
 
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):
                                                 
 
March 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
 
Corporate debt
  $
17,553
     $
(756
 )   $
—
     $
—
     $
17,553
     $
(756
 )
ABS and other
   
6,207
      
(290
 )    
—
      
—
      
6,207
      
(290
 )
                                                 
  $
23,760
     $
(1,046
 )   $
—
     $
—
     $
23,760
     $
(1,046
 )
                                                 
 
 
 
 
 
 
 
 
 
  
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 gross realized losses from the sales of the Company’s
available-for-sale
debt securities consisted of the following (in thousands):
  
Three Months Ended
March 31,
 
 
2020
   
2019
 
Gross realized gains
(1)
   $
 
53
     $
 
35
  
Gross realized losses
(1)
   $
—  
     $
(47
 )
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Recorded in other (expense) income, 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):
  
March 31, 2020
   
December 31, 2019
 
 
Amortized
Cost
   
Fair Value
   
Amortized
Cost
   
Fair Value
 
Due in one year or less
  $
143,115
    $
143,864
    $
150,517
    $
150,752
 
Due after one year through five years
   
28,923
     
29,204
     
41,123
     
41,794
 
Due after five years through ten years
   
10,840
     
10,960
     
12,813
     
13,467
 
Due after ten years
   
5,191
     
5,046
     
5,532
     
5,548
 
                                 
  $
188,069
    $
189,074
    $
209,985
    $
211,561
 
                                 
Weighted average contractual maturity
   
     
1.8 years
     
     
1.7 years