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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

 

 

$