Marketable Securities

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities The Company has investments in equity and available-for-sale debt securities which are recorded at fair market value. The change in the fair value of equity investments is recognized in our unaudited condensed consolidated statements of (loss) income and the change in the fair value of available-for-sale debt investments is recorded as other comprehensive loss in shareholders’ equity (deficit), net of income tax effects. As of September 30, 2020, we considered any decreases in fair value on our marketable securities to be driven by factors other than credit risk, including market risk.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of September 30, 2020 and December 31, 2019, respectively:

	September 30, 2020
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market and mutual funds	$	103,204	$	1,041	$	(59)	$	104,186
Corporate bonds	20,212		227		(24)		20,415
Government securities - U.S.	20,015		202		(1)		20,216
Other fixed-income securities	3,625		29		(4)		3,650
Total	$	147,056	$	1,499	$	(88)	$	148,467

	December 31, 2019
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Equity securities	$	4,234	$	170	$	—	$	4,404
Money market and mutual funds	38,028		771		—		38,799
Corporate bonds	4,021		77		—		4,098
Government securities - U.S.	5,341		110		(5)		5,446
Other fixed-income securities	1,614		23		—		1,637
Total	$	53,238	$	1,151	$	(5)	$	54,384

We determine realized gains or losses on the sale of marketable securities on a specific identification method. We reflect these gains and losses as a component of investment and other income in the accompanying unaudited condensed consolidated statements of (loss) income.

We recognized gross realized gains of $136 and $71 for the three months ended September 30, 2020, and 2019, respectively. These realized gains were offset by realized losses of $8 and $64 for the three months ended September 30, 2020, and 2019, respectively. We recognized gross realized gains of $426 and $339 for the nine months ended September 30, 2020, and 2019, respectively. These realized gains were offset by realized losses of $886 and $211 for the nine months ended September 30, 2020 and 2019, respectively. We reflect these gains and losses as a component of investment income in the accompanying unaudited condensed consolidated statements of (loss) income.

The following table summarizes the estimated fair value of our investments in marketable debt securities, accounted for as available-for-sale debt securities and classified by the contractual maturity date of the securities as of September 30, 2020:

	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total
Corporate bonds	$	4,355	$	14,274	$	1,786	$	—	$	20,415
Government securities - U.S.	—		17,749		739		1,728		20,216
Other fixed-income securities	50		3,600		—		—		3,650
Total	$	4,405	$	35,623	$	2,525	$	1,728	$	44,281

The Company has classified our investment in available-for-sale marketable debt securities as current assets in the unaudited condensed consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in our investment portfolio.

The following table shows the gross unrealized losses and fair value of our available-for-sale debt securities at September 30, 2020. The unrealized losses in the table below are driven by factors other than credit risk and have been in a unrealized loss position for less than one year. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

Marketable Debt Securities:	Fair Value		Unrealized Losses
Corporate bonds	$	8,371	$	24
Government securities - U.S.	267		1
Other fixed-income securities	2,151		4
Total	$	10,789	$	29