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Marketable Securities | 9 Months Ended
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Sep. 30, 2020
Marketable Securities |
Marketable Securities | 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 September 30, 2020 and December 31, 2019 were as follows:
|  | Amortized cost |  |  | Gross unrealized holding gains |  |  | Gross unrealized holding losses |  |  | Estimated fair value |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  | $ | 1,714 |  |  | $ | 32 |  |  | $ | (5 | ) |  | $ | 1,741 |
Municipal bonds |  |  | 1,266 |  |  |  | 6 |  |  |  | — |  |  |  | 1,272 |
Total available-for-sale securities |  | $ | 2,980 |  |  | $ | 38 |  |  | $ | (5 | ) |  | $ | 3,013 |
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 September 30, 2020:
|  | Amortized cost |  |  | Estimated fair value |
Due within one year |  | $ | 1,610 |  |  | $ | 1,622 |
Due after one year through five years |  |  | 1,370 |  |  |  | 1,391 |
Due after five years |  |  | — |  |  |  | — |
Total available-for-sale securities |  | $ | 2,980 |  |  | $ | 3,013 |
Debt securities in an unrealized loss position as of September 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 September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  | $ | 192 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 192 |  |  | $ | 5 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 192 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 192 |  |  | $ | 5 |

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