XML 18 R8.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Short-Term Investments

9 Months Ended

Sep. 30, 2020

Cash, Cash Equivalents and Short-Term Investments

Cash, Cash Equivalents and Short-Term Investments

NOTE 2. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Securities classified as cash, cash equivalents and short-term investments as of September 30, 2020 and December 31, 2019 are summarized below.


		September 30, 2020
					Gross Unrealized
		Amortized Cost			Gains			Losses			Fair Value
Cash and cash equivalents:
Money market funds		$	83,011		$	—		$	—		$	83,011
Commercial paper			6,499			—			—			6,499
Cash			1,499			—			—			1,499
Total cash and cash equivalents			91,009			—			—			91,009
Short-term investments
Commercial paper		$	41,625		$	30		$	(1)		$	41,654
Corporate bonds			39,219			58			(3)			39,274
U.S. government-sponsored agency bonds			9,334			3			—			9,337
Asset-backed securities			3,221			2			—			3,223
U.S. treasury notes			999			1			—			1,000
Total short-term investments			94,398			94			(4)			94,488
Total cash equivalents and short-term investments		$	185,407		$	94		$	(4)		$	185,497


		December 31, 2019
					Gross Unrealized
		Amortized Cost			Gains			Losses			Fair Value
Cash and cash equivalents:
Money market funds		$	147,208		$	—		$	—		$	147,208
Commercial paper			19,357			3			—			19,360
Corporate bonds			11,441			—			—			11,441
Cash			3,124			—			—			3,124
Total cash and cash equivalents			181,130			3			—			181,133
Short-term investments
Commercial paper		$	36,667		$	14		$	—		$	36,681
Corporate bonds			21,690			6			(3)			21,693
Asset-backed securities			8,005			—			—			8,005
Total short-term investments			66,362			20			(3)			66,379
Total cash equivalents and short-term investments		$	247,492		$	23		$	(3)		$	247,512

All available-for-sale securities held as of September 30, 2020 had contractual maturities of less than one year. The Company’s available-for-sale securities are subject to a periodic impairment review. The Company considers a debt security to be impaired when the fair value of that security is less than its carrying cost, in which case the Company would further evaluate the investment to determine whether the security is other-than-temporarily impaired. When the Company evaluates an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition or creditworthiness of the issuer and any changes thereto, intent to sell, and whether it is more likely than not the Company will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired, the Company writes the investment down through the statement of operations to its fair value and establishes that value as the new cost basis for the investment. Management has determined that none of the Company’s available-for-sale securities were other-than-temporarily impaired in any of the periods presented, and as of September 30, 2020, no investment was in a continuous

unrealized loss position for more than one year. As such, the Company believes that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.

While our investment policy requires that we only invest in highly-rated securities and limit our exposure to any single issuer, the COVID-19 pandemic may materially affect the financial conditions of issuers, which could result in a default by one or more issuers or result in downgrades below our minimum credit rating requirements.