Investments in Marketable Securities (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security |
Amortized cost and fair value of marketable securities,
available-for-sale, by type of security consisted of the following
(in thousands):
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September 30, 2016 |
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December 31, 2015 |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Fair
Value
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Fair
Value
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Short-term investments:
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U.S. treasuries
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$ |
24,864 |
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$ |
15 |
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$ |
(1 |
) |
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$ |
24,878 |
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$ |
62,343 |
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$ |
— |
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$ |
(71 |
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$ |
62,272 |
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U.S. government sponsored entities
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11,508 |
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5 |
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— |
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11,513 |
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17,571 |
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— |
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(12 |
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17,559 |
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Corporate debt securities
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11,982 |
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4 |
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— |
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11,986 |
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— |
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— |
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— |
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— |
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Asset-backed securities and other
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— |
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— |
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— |
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— |
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29 |
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— |
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— |
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29 |
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$ |
48,354 |
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$ |
24 |
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$ |
(1 |
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$ |
48,377 |
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$ |
79,943 |
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$ |
— |
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$ |
(83 |
) |
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$ |
79,860 |
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Long-term investments:
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U.S. treasuries
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$ |
50,535 |
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$ |
172 |
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$ |
(9 |
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$ |
50,698 |
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$ |
15,283 |
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$ |
— |
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$ |
(112 |
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$ |
15,171 |
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U.S. government sponsored entities
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15,989 |
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25 |
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— |
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16,014 |
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12,107 |
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— |
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(85 |
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12,022 |
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Corporate debt securities
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18,261 |
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529 |
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(21 |
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18,769 |
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17,219 |
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5 |
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(519 |
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16,705 |
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Asset-backed securities and other
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8,729 |
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118 |
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(49 |
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8,798 |
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10,649 |
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— |
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(152 |
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10,497 |
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$ |
93,514 |
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$ |
844 |
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$ |
(79 |
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$ |
94,279 |
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$ |
55,258 |
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$ |
5 |
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$ |
(868 |
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$ |
54,395 |
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| Amortized Cost and Fair Value of Investments in Available for Sale Securities |
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):
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September 30, 2016 |
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December 31, 2015 |
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Unrealized
Loss |
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Fair Value |
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Unrealized
Loss |
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Fair Value |
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Less than 12 months
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$ |
(33 |
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$ |
39,367 |
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$ |
(951 |
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$ |
129,117 |
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12 months or longer
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$ |
(47 |
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$ |
2,747 |
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$ |
— |
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$ |
— |
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| Gross Realized Gains and Losses from Sale of Available for Sale Securities |
Gross realized gains and gross realized losses from the sales of
the Company’s available-for-sale securities consisted of the
following (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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Gross realized gain (1)
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$ |
16 |
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$ |
— |
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$ |
36 |
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$ |
133 |
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Gross realized loss (1)
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$ |
— |
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$ |
— |
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$ |
(155 |
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$ |
(3 |
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| (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 on the specific identification method. |
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| Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity |
Amortized cost and fair value of marketable securities,
available-for-sale, by contractual maturity consisted of the
following (in thousands):
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September 30, 2016 |
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December 31, 2015 |
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Amortized
Cost |
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Fair Value |
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Amortized
Cost |
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Fair Value |
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Due in one year or less
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$ |
48,354 |
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$ |
48,377 |
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$ |
79,943 |
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$ |
79,860 |
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Due after one year through five years
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70,627 |
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70,758 |
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28,634 |
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28,465 |
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Due after five years through ten years
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14,998 |
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15,537 |
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18,020 |
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17,466 |
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Due after ten years
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7,889 |
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7,984 |
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8,604 |
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8,464 |
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$ |
141,868 |
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$ |
142,656 |
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$ |
135,201 |
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$ |
134,255 |
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Weighted average contractual maturity
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3.2 years |
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3.3 years |
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