XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

Investments | 6 Months Ended
--- | ---
Jun. 30, 2022
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):
|  | June 30, 2022 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 67,568 |  |  | $ | — |  |  | $ | (92 | ) |  | $ | 67,476 |
Government sponsored enterprise securities |  |  | 49,502 |  |  |  | — |  |  |  | (92 | ) |  |  | 49,410 |
Municipal bonds |  |  | 25,869 |  |  |  | — |  | * |  | (66 | ) |  |  | 25,803 |
Commercial paper |  |  | 154,430 |  |  |  | 32 |  |  |  | (633 | ) |  |  | 153,829 |
|  | $ | 297,369 |  |  | $ | 32 |  |  | $ | (883 | ) |  | $ | 296,518 |
|  | December 31, 2021 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 140,287 |  |  | $ | — |  |  | $ | (100 | ) |  | $ | 140,187 |
Government sponsored enterprise securities |  |  | 49,512 |  |  |  | — |  |  |  | (38 | ) |  |  | 49,474 |
Corporate debt securities |  |  | 26,006 |  |  |  | — |  |  |  | (22 | ) |  |  | 25,984 |
Commercial paper |  |  | 157,670 |  |  |  | 9 |  |  |  | (53 | ) |  |  | 157,626 |
|  | $ | 373,475 |  |  | $ | 9 |  |  | $ | (213 | ) |  | $ | 373,271 |
_______________________ * Unrealized gain was less than $500. The Company has classified all of its available-for-sale investment securities as current assets on its 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. The Company has classified all equity securities as other assets on its consolidated balance sheets. At June 30, 2022 and December 31, 2021, the Company had 43 and 39 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 June 30, 2022 and December 31, 2021, 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 |  |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 67,567 |  |  | $ | (92 | ) |  | $ | — |  |  | $ | — |  |  | $ | 67,567 |  |  | $ | (92 | ) |
Government sponsored enterprise securities |  |  | 49,502 |  |  |  | (92 | ) |  |  | — |  |  |  | — |  |  |  | 49,502 |  |  |  | (92 | ) |
Municipal bonds |  |  | 16,755 |  |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | 16,755 |  |  |  | (66 | ) |
Commercial paper |  |  | 137,049 |  |  |  | (633 | ) |  |  | — |  |  |  | — |  |  |  | 137,049 |  |  |  | (633 | ) |
Total |  | $ | 270,873 |  |  | $ | (883 | ) |  | $ | — |  |  | $ | — |  |  | $ | 270,873 |  |  | $ | (883 | ) |
|  | 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, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 140,287 |  |  | $ | (100 | ) |  | $ | — |  |  | $ | — |  |  | $ | 140,287 |  |  | $ | (100 | ) |
Government sponsored enterprise securities |  |  | 49,512 |  |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | 49,512 |  |  |  | (38 | ) |
Corporate debt securities |  |  | 26,006 |  |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | 26,006 |  |  |  | (22 | ) |
Commercial paper |  |  | 75,192 |  |  |  | (53 | ) |  |  | — |  |  |  | — |  |  |  | 75,192 |  |  |  | (53 | ) |
Total |  | $ | 290,997 |  |  | $ | (213 | ) |  | $ | — |  |  | $ | — |  |  | $ | 290,997 |  |  | $ | (213 | ) |
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 investments in unrealized loss position and it is unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis. The Company has not historically experienced significant losses on its investments. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at June 30, 2022.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration