Marketable Securities

6 Months Ended

Jun. 30, 2020

4. Marketable Securities

The Company has classified its marketable securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income (loss) in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned.

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of securities at June 30, 2020 and December 31, 2019 were as follows:

	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
June 30, 2020
Available-for-sale securities:
Corporate bonds and notes	$	1,916	$	37	$	(8	)	$	1,945
Municipal bonds		2,017		9		—			2,026
Total available-for-sale securities	$	3,933	$	46	$	(8	)	$	3,971

December 31, 2019
Available-for-sale securities:
Corporate bonds and notes	$	1,814	$	21	$	(3	)	$	1,832
Municipal bonds		2,707		5		(1	)		2,711
Total available-for-sale securities	$	4,521	$	26	$	(4	)	$	4,543

Maturities of marketable securities classified as available-for-sale securities were as follows at June 30, 2020:

	Amortized cost		Estimated fair value
Due within one year	$	2,827	$	2,841
Due after one year through five years		1,106		1,130
Due after five years		—		—
Total available-for-sale securities	$	3,933	$	3,971

Debt securities in an unrealized loss position as of June 30, 2020 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value, although there can be no assurance that such recovery will occur. The available-for-sale marketable securities with continuous gross unrealized loss position for less than 12 months and 12 months or greater and their related fair values were as follows:

	Less than 12 months				More than 12 months				Total
	Estimated fair value		Gross unrealized holding losses		Estimated fair value		Gross unrealized holding losses		Estimated fair value		Gross unrealized holding losses
As of June 30, 2020
Corporate bonds and notes	$	189	$	8	$	—	$	—	$	189	$	8
Municipal bonds		—		—		—		—		—		—
Total	$	189	$	8	$	—	$	—	$	189	$	8