Investments in Marketable Securities (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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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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June 30, 2017 |
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December 31, 2016 |
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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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$ |
59,044 |
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$ |
— |
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$ |
(141 |
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$ |
58,903 |
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$ |
24,987 |
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$ |
— |
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$ |
(30 |
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$ |
24,957 |
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U.S. government sponsored entities
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7,016 |
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— |
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(12 |
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7,004 |
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2,497 |
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— |
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— |
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2,497 |
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Corporate debt securities
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6,428 |
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— |
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(2 |
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6,426 |
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— |
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— |
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— |
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— |
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$ |
72,488 |
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$ |
— |
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$ |
(155 |
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$ |
72,333 |
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$ |
27,484 |
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$ |
— |
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$ |
(30 |
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$ |
27,454 |
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Long-term investments:
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U.S. treasuries
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$ |
16,338 |
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$ |
11 |
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$ |
(114 |
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$ |
16,235 |
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$ |
40,865 |
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$ |
— |
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$ |
(229 |
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$ |
40,636 |
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U.S. government sponsored entities
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5,454 |
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— |
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(52 |
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5,402 |
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12,618 |
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— |
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(58 |
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12,560 |
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Corporate debt securities
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22,531 |
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291 |
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(48 |
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22,774 |
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17,841 |
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74 |
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(165 |
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17,750 |
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Asset-backed securities and other
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6,891 |
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36 |
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(13 |
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6,914 |
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6,557 |
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18 |
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(46 |
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6,529 |
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$ |
51,214 |
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$ |
338 |
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$ |
(227 |
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$ |
51,325 |
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$ |
77,881 |
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$ |
92 |
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$ |
(498 |
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$ |
77,475 |
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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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June 30, 2017 |
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December 31, 2016 |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Less than 12 months
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$ |
(370 |
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$ |
93,711 |
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$ |
(491 |
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$ |
86,105 |
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12 months or longer
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$ |
(12 |
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$ |
697 |
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$ |
(37 |
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$ |
721 |
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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
June 30, |
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Six Months Ended
June 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Gross realized gains (1)
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$ |
1 |
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$ |
20 |
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$ |
1 |
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$ |
20 |
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Gross realized losses (1)
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(155 |
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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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June 30, 2017 |
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December 31, 2016 |
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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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$ |
72,488 |
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$ |
72,333 |
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$ |
27,484 |
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$ |
27,454 |
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Due after one year through five years
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29,593 |
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29,561 |
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57,309 |
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57,144 |
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Due after five years through ten years
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15,525 |
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15,644 |
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14,992 |
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14,841 |
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Due after ten years
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6,096 |
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6,120 |
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5,580 |
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5,490 |
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$ |
123,702 |
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$ |
123,658 |
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$ |
105,365 |
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$ |
104,929 |
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Weighted average contractual maturity
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2.9 years |
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3.5 years |
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