Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Marketable Securities

v3.21.2
Cash, Cash Equivalents and Marketable Securities
6 Months Ended
Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]  
Cash, Cash Equivalents and Marketable Securities

4. Cash, Cash Equivalents and Marketable Securities

Cash equivalents are highly liquid investments that are readily convertible into cash with original maturities of three months or less when purchased. Marketable securities consist of securities with original maturities greater than 90 days when purchased. The Company classifies these marketable securities as available-for-sale and records them at fair value in the accompanying condensed consolidated balance sheets. Unrealized gains or losses are included in accumulated other comprehensive loss. Premiums or discounts from par value are amortized to interest income over the life of the underlying security.

Cash, cash equivalents and marketable securities consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

June 30, 2021

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

158,611

 

 

$

 

 

$

 

 

$

158,611

 

Corporate debt securities

 

 

2,304

 

 

 

 

 

 

 

 

 

2,304

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities - due in one year or less

 

 

21,116

 

 

 

 

 

 

(2

)

 

 

21,114

 

Corporate debt securities - due in more than one year to five years

 

 

13,281

 

 

 

 

 

 

(17

)

 

 

13,264

 

Total

 

$

195,312

 

 

$

 

 

$

(19

)

 

$

195,293

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2020

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

173,984

 

 

$

 

 

$

 

 

$

173,984

 

Total

 

$

173,984

 

 

$

 

 

$

 

 

$

173,984

 

 

Although available to be sold to meet operating needs or otherwise, securities are generally held through maturity. The cost of securities sold is determined based on the specific identification method for purposes of recording realized gains and losses. During the six months ended June 30, 2021 and 2020, there were no realized gains or losses on sales of investments, and no investments were adjusted for other-than-temporary declines in fair value.

 

As of June 30, 2021, marketable securities with maturities of one year or less when purchased are presented in current assets and those with maturities of more than one year are presented in the noncurrent assets in the accompanying condensed consolidated balance sheet.

 

At June 30, 2021, the Company held eight securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of June 30, 2021 was $18.4 million. There were no securities held by the Company in an unrealized loss position for more than twelve months as of June 30, 2021. The Company has the intent and ability to hold such securities until recovery. The Company determined that there was no material change in the credit risk of the above marketable securities. As a result, the Company determined it did not hold any marketable securities with an other-than temporary impairment as of June 30, 2021.