Quarterly report pursuant to Section 13 or 15(d)

Investments in Marketable Securities

v3.19.1
Investments in Marketable Securities
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Securities
5.

Investments in Marketable Securities

Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands):

 

    March 31, 2019     December 31, 2018  
    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 

Short-term investments:

               

U.S. treasuries

  $ 104,049     $ 35     $ (10   $ 104,074     $ 121,252     $ 7     $ (79   $ 121,180  

U.S. government sponsored entities

    —         —         —         —         3,512       —         (7     3,505  

Corporate debt securities

    16,196       —         (12     16,184       11,962       —         (11     11,951  

Asset-backed securities and other

    805       —         (4     801       806       —         (6     800  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 121,050     $ 35     $ (26   $ 121,059     $ 137,532     $ 7     $ (103   $ 137,436  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Long-term investments:

               

U.S. treasuries

  $ 33,560     $ 164     $ (54   $ 33,670     $ 44,997     $ 128     $ (115   $ 45,010  

U.S. government sponsored entities

    1,519       —         (40     1,479       1,569       —         (62     1,507  

Corporate debt securities

    33,996       264       (55     34,205       32,467       3       (633     31,837  

Asset-backed securities and other

    5,662       34       (6     5,690       4,889       12       (46     4,855  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 74,737     $ 462     $ (155   $ 75,044     $ 83,922     $ 143     $ (856   $ 83,209  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands):

 

     March 31, 2019      December 31, 2018  
     Unrealized
Loss
     Fair Value      Unrealized
Loss
     Fair Value  

Less than 12 months

   $ (14    $ 58,647      $ (576    $ 127,326  
  

 

 

    

 

 

    

 

 

    

 

 

 

12 months or longer

   $ (167    $ 13,996      $ (383    $ 30,609  
  

 

 

    

 

 

    

 

 

    

 

 

 

Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands):

 

     Three Months Ended
March 31,
 
     2019      2018  

Gross realized gains (1)

   $ 35      $ —    
  

 

 

    

 

 

 

Gross realized losses (1)

   $ (47    $ —    
  

 

 

    

 

 

 

 

(1)

Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method.

As of March 31, 2019, the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company has no current intent to sell, and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company may sell certain of its marketable securities, available-for-sale prior to their stated maturities for strategic reasons including, but not limited to, anticipated liquidity and capital requirements, anticipated credit deterioration, duration management or when a security no longer meets the criteria of the Company’s investment policy.

Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):

 

     March 31, 2019      December 31, 2018  
     Amortized
Cost
     Fair Value      Amortized
Cost
     Fair Value  

Due in one year or less

   $ 121,050      $ 121,059      $ 137,532      $ 137,436  

Due after one year through five years

     53,339        53,600        61,875        61,846  

Due after five years through ten years

     16,348        16,432        17,310        16,747  

Due after ten years

     5,050        5,012        4,737        4,616  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 195,787      $ 196,103      $ 221,454      $ 220,645  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average contractual maturity

     1.9 years           1.8 years     

Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.