Marketable Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and are recorded at fair value. Unrealized gains are included as a component of accumulated other comprehensive income in the condensed consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the condensed consolidated statements of comprehensive loss, until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and noncredit related impairment is recognized in other comprehensive income, net of taxes. Realized gains and losses are included in investment income on a specific-identification basis. There were no material realized gains or losses on marketable securities for the three months ended March 31, 2020 and 2019.

Marketable securities at March 31, 2020 consisted of the following:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	141,490	$	835	$	—	$	142,325
Government securities	89,008		256		(21)		89,243
Corporate debt securities	208,596		82		(718)		207,960
Total Current	439,094		1,173		(739)		439,528

Non-current:


U.S. Treasuries	21,282		271		—		21,553
Government securities	11,260		4		(15)		11,249
Corporate debt securities	52,329		72		(700)		51,701
Total Non-current	84,871		347		(715)		84,503
Total marketable securities	$	523,965	$	1,520	$	(1,454)	$	524,031

Marketable securities at December 31, 2019 consisted of the following:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
U.S. Treasuries	178,721		58		(38)		178,741
Government securities	80,228		17		(16)		80,229
Corporate debt securities	224,928		139		(91)		224,976
Total Current	483,877		214		(145)		483,946

Non-current:

U.S. Treasuries	35,296		3		(13)		35,286
Government securities	17,587		14		(10)		17,591
Corporate debt securities	99,913		239		(100)		100,052
Total Non-current	152,796		256		(123)		152,929
Total marketable securities	$	636,673	$	470	$	(268)	$	636,875

As of March 31, 2020 and December 31, 2019, we held both current and non-current investments. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) we do not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale.

As of March 31, 2020 and December 31, 2019, we held 92 and 113 debt securities, respectively, that were in an unrealized loss position for less than one year. We did not record an allowance for credit losses as of March 31, 2020 and December 31, 2019 related to these securities. The aggregate fair value of debt securities in an unrealized loss position at March 31, 2020 and December 31, 2019 was $224.0 million and $345.7 million, respectively. There were no individual securities that were in a significant unrealized loss position as of March 31, 2020 and December 31, 2019. Given our intent and ability to hold such securities until recovery, and the lack of significant change in the credit risk of these investments, we do not consider these marketable securities to be impaired as of March 31, 2020 and December 31, 2019.