Quarterly report pursuant to Section 13 or 15(d)

AVAILABLE-FOR-SALE SECURITIES

v3.21.2
AVAILABLE-FOR-SALE SECURITIES
9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE INVESTMENTS
The Company classifies its investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of September 30, 2021, consist of corporate entity commercial paper and securities and municipal bonds. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income in the condensed consolidated balance sheets. Refer to Note 12, "Fair Value of Financial Instruments," for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s available-for-sale investments by major security type as of September 30, 2021 and December 31, 2020 (in thousands):

September 30, 2021
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value
Commercial Paper $ 83,732  $ $ (12) $ 83,723 
Corporate Bonds 94,978  17  (21) 94,974 
Municipal Bonds 5,883  —  (5) 5,878 
Total $ 184,593  $ 20  $ (38) $ 184,575 

December 31, 2020
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value
Commercial Paper $ —  $ —  $ —  $ — 
Corporate Bonds —  —  —  — 
Municipal Bonds —  —  —  — 
Total $ —  $ —  $ —  $ — 

The following table summarizes the fair value and amortized cost bases of the Company’s available-for-sale investments by contractual maturity of September 30, 2021 and December 31, 2020 (in thousands):

September 30, 2021 December 31, 2020
Amortized Cost Fair Value Amortized Cost Fair Value
Due within one year $ 125,538  $ 125,524  $ —  $ — 
Due after one year through five years 59,055  59,051  —  — 
Total $ 184,593  $ 184,575  $ —  $ — 

Debt securities as of September 30, 2021 had an average remaining maturity of 0.9 years.
The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three and nine months ended September 30, 2021 and 2020, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months, and the Company does not anticipate any material losses upon maturity of these investments. The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The fair value for the Company's other securities holdings, primarily under commercial paper, equals the carrying value and is classified as Level 2.