Composition of Marketable Securities |
Short-term and long-term marketable securities as of September 30, 2020 and December 31, 2019, respectively included the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2020 | (In thousands) | Contractual Maturity (in years) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Short-term: | | | | | | | | | | | | | | Municipal bonds | Less than 1 | | $ | 23,965 | | $ | 191 | | $ | — | | $ | 24,156 | Corporate debt securities | Less than 1 | | | 99,461 | | | 849 | | | — | | | 100,310 | Commercial paper | Less than 1 | | | 7,984 | | | 15 | | | — | | | 7,999 | Asset-backed securities | Less than 1 | | | 13,962 | | | 106 | | | — | | | 14,068 | Government, federal agency, and other sovereign obligations | Less than 1 | | | 12,380 | | | 117 | | | — | | | 12,497 | Total short-term marketable securities | | | $ | 157,752 | | $ | 1,278 | | $ | — | | $ | 159,030 | | | | | | | | | | | | | | | Long-term: | | | | | | | | | | | | | | Municipal bonds | 1 - 2 | | $ | 26,209 | | $ | 561 | | $ | — | | $ | 26,770 | Corporate debt securities | 1 - 3 | | | 119,164 | | | 3,559 | | | — | | | 122,723 | Asset-backed securities | 1 - 2 | | | 123,778 | | | 2,316 | | | — | | | 126,094 | Total long-term marketable securities | | | $ | 269,151 | | $ | 6,436 | | $ | — | | $ | 275,587 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | (In thousands) | Contractual Maturity (in years) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Short-term: | | | | | | | | | | | | | | Municipal bonds | Less than 1 | | $ | 7,840 | | $ | 23 | | $ | (1) | | $ | 7,862 | Corporate debt securities | Less than 1 | | | 69,091 | | | 247 | | | (3) | | | 69,335 | Commercial paper | Less than 1 | | | 34,747 | | | 6 | | | (1) | | | 34,752 | Asset-backed securities | Less than 1 | | | 3,808 | | | 6 | | | — | | | 3,814 | Total short-term marketable securities | | | $ | 115,486 | | $ | 282 | | $ | (5) | | $ | 115,763 | | | | | | | | | | | | | | | Long-term: | | | | | | | | | | | | | | Municipal bonds | 1 - 3 | | $ | 45,010 | | $ | 254 | | $ | (8) | | $ | 45,256 | Corporate debt securities | 1 - 3 | | | 186,356 | | | 2,578 | | | (5) | | | 188,929 | Asset-backed securities | 1 - 3 | | | 161,347 | | | 1,583 | | | (33) | | | 162,897 | Government, federal agency, and other sovereign obligations | 1 - 2 | | | 12,366 | | | 66 | | | — | | | 12,432 | Total long-term marketable securities | | | $ | 405,079 | | $ | 4,481 | | $ | (46) | | $ | 409,514 |
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