Marketable Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIESAs of March 31, 2020 and December 31, 2019, our marketable securities consisted of securities classified as available-for-sale in accordance with accounting standards which provide guidance related to accounting and classification of certain investments in marketable securities.

The following is a summary of our marketable securities as of March 31, 2020 and December 31, 2019 (in thousands):

	March 31, 2020
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Short-term marketable securities:*
Corporate debt securities	$	44,888	$	42	$	(101)	$	44,829
Certificates of deposit	4,800		—		—		4,800
Commercial paper	1,000		—		—		1,000
Total short-term marketable securities	$	50,688	$	42	$	(101)	$	50,629
Long-term marketable securities:**
Corporate debt securities	$	18,858	$	29	$	(228)	$	18,659
Certificates of deposit	1,000		—		—		1,000
Total long-term marketable securities	$	19,858	$	29	$	(228)	$	19,659
Total marketable securities	$	70,546	$	71	$	(329)	$	70,288

* Represents marketable securities with a remaining maturity of less than one year.

** Represents marketable securities with a remaining maturity of one to three years classified as short-term on our condensed consolidated balance sheets.

	December 31, 2019
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Short-term marketable securities:*
Corporate debt securities	$	46,186	$	140	$	(2)	$	46,324
U.S. treasury and government agency securities	2,750		—		—		2,750
Certificates of deposit	1,500		—		—		1,500
Total short-term marketable securities	$	50,436	$	140	$	(2)	$	50,574
Long-term marketable securities:**
Corporate debt securities	$	8,016	$	152	$	—	$	8,168
Total long-term marketable securities	8,016		152		—		8,168
Total marketable securities	$	58,452	$	292	$	(2)	$	58,742

* Represents marketable securities with a remaining maturity of less than one year.

** Represents marketable securities with a remaining maturity of one to three years classified as short-term on our condensed consolidated balance sheets.

Impairments and Unrealized Gains and Losses on Marketable Securities

We adopted Topic 326 effective January 1, 2020. Under Topic 326, we evaluate any impaired marketable securities against the new impairment model within Topic 326 to determine whether any loss or allowance for credit loss should be recorded at March 31, 2020.

We did not recognize any allowance for credit losses on our condensed consolidated statements of operations related to our marketable securities during the three months ended March 31, 2020. As of March 31, 2020, we had no losses in an unrealized loss position for more than one year. Based on the contractual terms and credit ratings of these investments, we expect to recover the entire amortized cost basis of each security. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. We considered various factors, including the length of time that each security was in an unrealized loss position and our ability and intent to hold these securities until the recovery of their amortized cost basis occurs. Future events may occur, or additional information may become available, which may cause us to identify credit losses where we do not expect to receive cash flows sufficient to recover the entire amortized cost basis of a security and may necessitate the recording of future realized losses on securities in our portfolio. Significant losses in the estimated fair values of our marketable securities could have a material adverse effect on our earnings in future periods.

As of March 31, 2019, we had no material losses in an unrealized loss position for more than one year and did not recognize any other-than-temporary impairment losses in our condensed consolidated statements of operations related to our marketable securities during the three months ended March 31, 2019.