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Investments | 9 Months Ended
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Sep. 30, 2020
Investments Debt And Equity Securities [Abstract] |
Investments | 6. Investments The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):
|  | September 30, 2020 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 74,004 |  |  | $ | 134 |  |  | $ | — |  |  | $ | 74,138 |
Government sponsored enterprise securities |  |  | 14,660 |  |  |  | 6 |  |  |  | — |  |  |  | 14,666 |
Corporate debt securities |  |  | 80,513 |  |  |  | 286 |  |  |  | — |  | * |  | 80,799 |
Commercial paper |  |  | 22,412 |  |  |  | 74 |  |  |  | — |  |  |  | 22,486 |
|  | $ | 191,589 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 192,089 |
_______________________
* | Unrealized loss was less than $500.
|  | December 31, 2019 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 228,609 |  |  | $ | 7 |  |  | $ | (13 | ) |  | $ | 228,603 |
Government sponsored enterprise securities |  |  | 88,920 |  |  |  | 5 |  |  |  | (30 | ) |  |  | 88,895 |
Corporate debt securities |  |  | 87,785 |  |  |  | 262 |  |  |  | (8 | ) |  |  | 88,039 |
Commercial paper |  |  | 102,151 |  |  |  | 61 |  |  |  | — |  |  |  | 102,212 |
|  | $ | 507,465 |  |  | $ | 335 |  |  | $ | (51 | ) |  | $ | 507,749 |
The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of September 30, 2020, all of the Company’s available-for-sale investment securities have contractual maturity dates of less than one year. As of December 31, 2019, the Company held $24.3 million of available-for-sale investment securities with contractual maturity dates of more than one year and less than two years. The Company has classified all equity securities as other assets on its condensed consolidated balance sheets. At September 30, 2020 and December 31, 2019, the Company had one and 20 available-for-sale investment securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of September 30, 2020 and December 31, 2019, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |  |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 4,001 |  |  | $ | — |  | * | $ | — |  |  | $ | — |  |  | $ | 4,001 |  |  | $ | — |  | *
Total |  | $ | 4,001 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,001 |  |  | $ | — |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |  |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |
December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 148,397 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | — |  |  | $ | 148,397 |  |  | $ | (13 | ) |
Government sponsored enterprise securities |  |  | 61,103 |  |  |  | (30 | ) |  |  | — |  |  |  | — |  |  |  | 61,103 |  |  |  | (30 | ) |
Corporate debt securities |  |  | 11,334 |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | 11,334 |  |  |  | (8 | ) |
Total |  | $ | 220,834 |  |  | $ | (51 | ) |  | $ | — |  |  | $ | — |  |  | $ | 220,834 |  |  | $ | (51 | ) |
_______________________
* | Unrealized loss was less than $500.
As described further in Note 10, Recent Accounting Pronouncements the Company adopted FASB Accounting Standards Codification 326-30, Financial Instruments – Credit Losses (“ASC 326-30”) as of January 1, 2020. ASC 326-30 requires the Company to determine whether a decline in the fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. The Company does not intend to sell the investment in unrealized loss position and it is unlikely that the Company will be required to sell the investment before the recovery of its amortized cost basis. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at September 30, 2020. Although the Company has not historically experienced significant losses on its investments, the Company’s exposure may increase due to uncertainties associated with the global economic recession and other disruption s resulting from the COVID-19 pandemic.

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