MARKETABLE SECURITITES

9 Months Ended

Sep. 30, 2020

MARKETABLE SECURITIES:

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at September 30, 2020, were as follows:


	Amortized Cost		Gross Unrealized				Estimated Fair Market Value
(In thousands)			Gains		Losses
Investments due in 3 months or less:
Commercial paper	$	46,251	$	—	$	—	$	46,251
Corporate securities	18,119		52		—		18,171
Total	64,370		52		—		64,422
Investments due in 4-12 months:

Corporate securities	136,410		1,366		—		137,776
Total	136,410		1,366		—		137,776
Investments due in 12 months or greater:
Corporate securities	9,582		146		—		9,728

Total	9,582		146		—		9,728
Total marketable securities	$	210,362	$	1,564	$	—	$	211,926

Accrued interest receivable was $1.4 million at September 30, 2020 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2019, were as follows:


	Amortized Cost		Gross Unrealized				Estimated Fair Market Value
(In thousands)			Gains		Losses
Investments due in 3 months or less:

Corporate securities	$	15,934	$	18	$	—	$	15,952
Total	15,934		18		—		15,952
Investments due in 4-12 months:

Corporate securities	71,223		269		—		71,492
Total	71,223		269		—		71,492
Investments due in 12 months or greater:
Corporate securities	144,658		302		(6)		144,954
Total	144,658		302		(6)		144,954
Total marketable securities	$	231,815	$	589	$	(6)	$	232,398

Accrued interest receivable was $1.3 million at December 31, 2019 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

As of September 30, 2020 the Company had no marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded. The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at December 31, 2019:


	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Estimated Fair Market Value		Gross Unrealized Losses		Estimated Fair Market Value		Gross Unrealized Losses		Estimated Fair Market Value		Gross Unrealized Losses




December 31, 2019
Corporate securities	$	13,069	$	(6)	$	—	$	—	$	13,069	$	(6)
Total marketable securities	$	13,069	$	(6)	$	—	$	—	$	13,069	$	(6)

In the three and nine months ended September 30, 2020, no unrealized losses on marketable securities were recognized in income.