Annual report pursuant to Section 13 and 15(d)

Investments in Marketable Securities

v3.19.3.a.u2
Investments in Marketable Securities
 12 Months Ended
Dec. 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):
 
December 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
  $
124,389
    $
196
    $
 (5
 )   $
124,580
    $
121,252
    $
7
    $
 (79
 )   $
121,180
 
U.S. government sponsored entities
   
—
      
—
      
—
      
—
      
3,512
     
—
      
(7
 )    
3,505
 
Corporate debt
   
26,128
     
44
     
—
      
26,172
     
11,962
     
—
      
(11
 )    
11,951
 
ABS and other
   
—
      
—
      
—
      
—
      
806
     
—
      
(6
 )    
800
 
                                                                 
  $
150,517
    $
240
    $
 (5
 )   $
150,752
    $
137,532
    $
7
    $
 (103
 )   $
137,436
 
                                                                 
Long-term investments:
   
     
     
     
     
     
     
     
 
U.S. treasuries
  $
24,188
    $
235
    $
—
     $
24,423
    $
44,997
    $
 128
    $
 (115
 )   $
45,010
 
U.S. government sponsored entities
   
1,353
     
3
     
(1
 )    
1,355
     
1,569
     
—
      
(62
 )    
1,507
 
Corporate debt
   
25,447
     
1,027
     
(3
 )    
26,471
     
32,467
     
3
     
(633
 )    
31,837
 
ABS and other
   
8,480
     
93
     
(13
 )    
8,560
     
4,889
     
12
     
(46
 )    
4,855
 
                                                                 
  $
59,468
    $
 1,358
    $
 (17
 )   $
60,809
    $
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):
 
December 31, 2019
 
 
December 31, 2018
 
 
Unrealized
Loss
 
 
Fair
Value
 
 
Unrealized
Loss
 
 
Fair Value
 
Less than 12 months
  $
 (21
 )   $
47,823
    $
 (576
 )   $
127,326
 
                                 
12 months or longer
  $
 (1
 )   $
566
    $
 (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):
 
Years Ended December 31,
 
 
2019
 
 
2018
 
 
2017
 
Gross realized gains
(1)
   $
      
134
    $
        
12
    $
          
2
 
                         
Gross realized losses
(1)
   $
 (47
 )   $
 (2
 )   $
 —  
  
                         
(1)
Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method.
As of December 31, 2019, the Company considered 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):
 
December 31, 2019
 
 
December 31, 2018
 
 
Amortized
Cost
 
 
Fair Value
 
 
Amortized
Cost
 
 
Fair Value
 
Due in one year or less
  $
150,517
    $
150,752
    $
137,532
    $
137,436
 
Due after one year through five years
   
41,123
     
41,794
     
61,875
     
61,846
 
Due after five years through ten years
   
12,813
     
13,467
     
17,310
     
16,747
 
Due after ten years
   
5,532
     
5,548
     
4,737
     
4,616
 
                                 
  $
209,985
    $
211,561
    $
221,454
    $
220,645
 
                                 
Weighted average contractual maturity
   
1.7
years
     
     
1.8
years
     
 
Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties.