Available-for-sale Securities and Fair Value on Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Fair Value Disclosures [Abstract] |
|
Summary of Available-for-Sale Securities |
The following is a summary of available-for-sale securities at September 30, 2018 (in thousands):
|
|
September 30, 2018 |
|
|
|
Amortized Cost |
|
|
Gross
Unrealized Gain |
|
|
Gross
Unrealized Loss |
|
|
Fair Value |
|
Money market funds |
|
$ |
6,591 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,591 |
|
United States government agency securities |
|
|
20,944 |
|
|
|
— |
|
|
|
(41 |
) |
|
|
20,903 |
|
Corporate debt securities |
|
|
76,051 |
|
|
|
— |
|
|
|
(285 |
) |
|
|
75,766 |
|
Total available-for-sale securities |
|
$ |
103,586 |
|
|
$ |
— |
|
|
$ |
(326 |
) |
|
$ |
103,260 |
|
The following is a summary of available-for-sale securities at December 31, 2017 (in thousands):
|
|
December 31, 2017 |
|
|
|
Amortized Cost |
|
|
Gross
Unrealized Gain |
|
|
Gross
Unrealized Loss |
|
|
Fair Value |
|
Money market funds |
|
$ |
3,758 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,758 |
|
United States government agency securities |
|
|
11,252 |
|
|
|
— |
|
|
|
(24 |
) |
|
|
11,228 |
|
Corporate debt securities |
|
|
35,858 |
|
|
|
— |
|
|
|
(73 |
) |
|
|
35,785 |
|
Total available-for-sale securities |
|
$ |
50,868 |
|
|
$ |
— |
|
|
$ |
(97 |
) |
|
$ |
50,771 |
|
|
Available-for-Sale Debt Securities by Original Contractual Maturity |
Available-for-sale securities at September 30, 2018 and December 31, 2017, consisted of the following by contractual maturity (in thousands):
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
|
One year or less |
|
$ |
75,555 |
|
|
$ |
75,361 |
|
|
$ |
38,836 |
|
|
$ |
38,781 |
|
Greater than one year and less than five years |
|
|
28,031 |
|
|
|
27,899 |
|
|
|
12,032 |
|
|
|
11,990 |
|
Total available-for-sale securities |
|
$ |
103,586 |
|
|
$ |
103,260 |
|
|
$ |
50,868 |
|
|
$ |
50,771 |
|
|
Available-for-Sale Marketable Securities in Unrealized Position |
The following tables show all available-for-sale marketable securities in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
|
September 30, 2018 |
|
|
Less than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
Fair Value |
|
|
Unrealized Loss |
|
|
Fair Value |
|
|
Unrealized Loss |
|
|
Fair Value |
|
|
Unrealized Loss |
|
United States government agency securities |
$ |
17,908 |
|
|
$ |
(35 |
) |
|
$ |
2,994 |
|
|
$ |
(6 |
) |
|
$ |
20,902 |
|
|
$ |
(41 |
) |
Corporate debt securities |
|
72,740 |
|
|
|
(279 |
) |
|
|
1,996 |
|
|
|
(6 |
) |
|
|
74,736 |
|
|
|
(285 |
) |
Total available-for-sale securities |
$ |
90,648 |
|
|
$ |
(314 |
) |
|
$ |
4,990 |
|
|
$ |
(12 |
) |
|
$ |
95,638 |
|
|
$ |
(326 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
Less than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
Fair Value |
|
|
Unrealized Loss |
|
|
Fair Value |
|
|
Unrealized Loss |
|
|
Fair Value |
|
|
Unrealized Loss |
|
United States government agency securities |
$ |
8,729 |
|
|
$ |
(24 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,729 |
|
|
$ |
(24 |
) |
Corporate debt securities |
|
35,785 |
|
|
|
(73 |
) |
|
|
— |
|
|
|
— |
|
|
|
35,785 |
|
|
|
(73 |
) |
Total available-for-sale securities |
$ |
44,514 |
|
|
$ |
(97 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,514 |
|
|
$ |
(97 |
) |
|
Fair Values of Financial Assets and Liabilities |
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at September 30, 2018 (in thousands):
|
|
Balance sheet |
|
|
|
|
|
Quoted
Prices in
Active
Markets for Identical
Assets |
|
|
Significant
Other
Observable
Inputs |
|
|
Significant Unobservable Inputs |
|
|
|
classification |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Money market funds |
|
Cash and cash equivalents |
|
$ |
6,591 |
|
|
$ |
6,591 |
|
|
$ |
— |
|
|
$ |
— |
|
United States government agency securities |
|
Short-term investments |
|
|
20,903 |
|
|
|
— |
|
|
|
20,903 |
|
|
|
— |
|
Corporate debt securities |
|
Short-term investments |
|
|
75,766 |
|
|
|
— |
|
|
|
75,766 |
|
|
|
— |
|
Total financial assets |
|
|
|
$ |
103,260 |
|
|
$ |
6,591 |
|
|
$ |
96,669 |
|
|
$ |
— |
|
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2017 (in thousands):
|
|
Balance sheet |
|
|
|
|
|
Quoted
Prices in
Active
Markets for Identical
Assets |
|
|
Significant
Other
Observable
Inputs |
|
|
Significant Unobservable Inputs |
|
|
|
classification |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Money market funds |
|
Cash and cash equivalents |
|
$ |
3,758 |
|
|
$ |
3,758 |
|
|
$ |
— |
|
|
$ |
— |
|
United States government agency securities |
|
Short-term investments |
|
|
11,228 |
|
|
|
— |
|
|
|
11,228 |
|
|
|
— |
|
Corporate debt securities |
|
Short-term investments |
|
|
35,785 |
|
|
|
— |
|
|
|
35,785 |
|
|
|
— |
|
Total financial assets |
|
|
|
$ |
50,771 |
|
|
$ |
3,758 |
|
|
$ |
47,013 |
|
|
$ |
— |
|
|