Investments

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

NOTE 5. INVESTMENTS

The following tables summarize the Company’s debt securities available-for-sale investments at September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	6,838	$	19	$	—	$	6,857
U.S. Treasury securities	13,435		49		—		13,484
U.S. Agency securities	—		—		—		—
Commercial paper	9,345		1		(1)		9,345
Corporate notes and bonds	20,513		19		(3)		20,529
Total	$	50,131	$	88	$	(4)	$	50,215


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	5,646	$	17	$	—	$	5,663
U.S. Treasury securities	12,564		16		(1)		12,579
U.S. Agency securities	4,002		—		(4)		3,998
Commercial paper	2,492		—		(1)		2,491
Corporate notes and bonds	22,711		6		(11)		22,706
Total	$	47,415	$	39	$	(17)	$	47,437

The following table summarizes the maturities of the Company’s debt securities available-for-sale investments at September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	49,874	$	49,958	$	43,627	$	43,650
Due in 1-3 years	257		257		3,788		3,787
	$	50,131	$	50,215	$	47,415	$	47,437

Proceeds from sales of debt securities available-for-sale (including principal paydowns) for each of the three months ended September 30, 2020 and 2019 was $0, and for the nine months ended September 30, 2020 and 2019 were $0 and $13.4 million, respectively. The Company determines gains and losses of marketable securities based on specific identification of the securities sold. There were no material realized gains or losses from debt securities available-for-sale for the three and nine months ended September 30, 2020 and 2019. No material balances were reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019.

As of September 30, 2020, there were no holdings of debt securities available-for-sale of any one issuer, other than the U.S. government, in an amount greater than 10%. As of September 30, 2020 there were no debt securities available-for-sale in a material unrealized loss position.

As of September 30, 2020 the Company carried debt securities available-for-sale that were certificates of deposits, which were not covered by a rating agency or the credit rating was below the Company's minimum credit rating. As of September 30, 2020 all of the Company's certificate deposits were below the FDIC's insurance limit of $250,000 per depositor which mitigated the Company's investment risk. All other debt securities available-for-sale had a credit rating of A- or better as of September 30, 2020.

Equity securities are comprised of investments in mutual funds. The fair value of equity securities at September 30, 2020 was $0.2 million. There were no material unrealized gains or losses on equity securities recorded in income for the three and nine months ended September 30, 2020. These unrealized gains or losses are recorded as a component of other income (expense), net. There were no realized gains or losses from equity securities for the three and nine months ended September 30, 2020.