XML 21 R11.htm IDEA: XBRL DOCUMENT

Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities The Company has investments in available-for-sale debt securities which are recorded at fair market value. The change in the fair value of available-for-sale debt investments is recorded as accumulated other comprehensive loss in shareholders’ equity, net of income tax effects. As of March 31, 2022, the Company considered any decreases in fair value on its marketable securities to be driven by factors other than credit risk, including market risk.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of March 31, 2022 and December 31, 2021, respectively:


	March 31, 2022
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	43,446	$	341	$	(1,011)	$	42,776
Corporate bonds	14,338		12		(438)		13,912
Government securities - U.S.	4,188		3		(203)		3,988
Other fixed-income securities	1,968		—		(36)		1,932
Total	$	63,940	$	356	$	(1,688)	$	62,608


	December 31, 2021
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	78,331	$	813	$	(1,046)	$	78,098
Corporate bonds	16,478		94		(93)		16,479
Government securities - U.S.	9,530		39		(98)		9,471
Other fixed-income securities	2,473		2		(10)		2,465
Total	$	106,812	$	948	$	(1,247)	$	106,513

The Company determines realized gains or losses on the sale of marketable securities on a specific identification method. The Company reflects these gains and losses as a component of investment and other (expense) income, net in the accompanying unaudited condensed consolidated statements of loss.

The Company recognized gross realized gains of $304 and $11 for the three months ended March 31, 2022 and 2021, respectively. These realized gains were offset by realized losses of $790 and $68 for the three months ended March 31, 2022 and 2021, respectively.

The following table summarizes the estimated fair value of the Company’s investments in marketable debt securities, accounted for as available-for-sale debt securities and classified by the contractual maturity date of the securities as of March 31, 2022:


	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	3,878	$	9,733	$	301	$	—	$	13,912
Government securities - U.S.	—		2,214		722		1,052		3,988

Other fixed-income securities	—		1,384		548		—		1,932
Total	$	3,878	$	13,331	$	1,571	$	1,052	$	19,832

The Company has classified its investment in available-for-sale marketable securities as current assets in the consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in the Company’s investment portfolio.

The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale debt securities at March 31, 2022. The unrealized losses in the table below are driven by factors other than credit risk. The Company does not intend to sell the investments and it is not more likely than not that it will be required to sell the investments before recovery of their amortized cost bases.


	Less than 12 months				Greater than 12 months				Total
Marketable Debt Securities:	Fair value		Unrealized Losses		Fair value		Unrealized Losses		Fair value		Unrealized Losses
Corporate bonds	$	11,041	$	360	$	1,137	$	78	$	12,178	$	438
Government securities - U.S.	1,975		73		1,892		130		3,867		203
Other fixed-income securities	1,811		36		—		—		1,811		36
Total	$	14,827	$	469	$	3,029	$	208	$	17,856	$	677