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Marketable Investments (Tables)
9 Months Ended
Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]  
Summary of Company's Marketable Investments

The following table summarizes the Company’s marketable investments (in thousands):

 

 

 

As of September 30, 2018

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Market

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Corporate obligations

 

$

52,567

 

 

$

1

 

 

$

(173

)

 

$

52,395

 

 

 

 

As of December 31, 2017

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Market

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Federal agency obligations

 

$

1,800

 

 

$

 

 

$

(7

)

 

$

1,793

 

Corporate obligations

 

 

52,721

 

 

 

 

 

 

(181

)

 

 

52,540

 

Total

 

$

54,521

 

 

$

 

 

$

(188

)

 

$

54,333

 

 

Summary of Maturity Periods of Marketable Investments

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of September 30, 2018 (in thousands).

 

 

 

FY 2018

 

 

FY 2019

 

 

FY2020

 

 

Total

 

Corporate obligations

 

$

19,786

 

 

$

26,833

 

 

$

5,776

 

 

$

52,395

 

 

Summary of Gross Unrealized Losses and Market Value of Available-for-Sale Securities with Unrealized Losses

The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

 

As of September 30, 2018

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

 

Market

 

 

Unrealized

 

 

Market

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

Corporate obligations

 

$

26,181

 

 

$

32

 

 

$

24,202

 

 

$

141

 

 

 

 

As of December 31, 2017

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

 

Market

 

 

Unrealized

 

 

Market

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

Federal agency obligations

 

$

 

 

$

 

 

$

1,793

 

 

$

7

 

Corporate obligations

 

 

31,723

 

 

 

149

 

 

 

20,817

 

 

 

32

 

Total

 

$

31,723

 

 

$

149

 

 

$

22,610

 

 

$

39

 

 

Summary of Company's Fair Value Hierarchy for its Financial Assets

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) measured at fair value on a recurring basis (in thousands):

 

 

 

As of September 30, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds (1)

 

$

2,952

 

 

$

 

 

$

 

 

$

2,952

 

Corporate obligations

 

 

 

 

 

52,395

 

 

 

 

 

 

52,395

 

Total

 

$

2,952

 

 

$

52,395

 

 

$

 

 

$

55,347

 

 

 

 

As of December 31, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds (1)

 

$

492

 

 

$

 

 

$

 

 

$

492

 

Federal agency obligations

 

 

 

 

 

1,793

 

 

 

 

 

 

1,793

 

Corporate obligations

 

 

 

 

 

52,540

 

 

 

 

 

 

52,540

 

Total

 

$

492

 

 

$

54,333

 

 

$

 

 

$

54,825

 

 

(1)

Included in cash and cash equivalents.