| Investments in Marketable Securities |
| 6. |
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):
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December 31, 2018 |
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December 31, 2017 |
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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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$ |
121,252 |
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|
$ |
7 |
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|
$ |
(79 |
) |
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$ |
121,180 |
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$ |
57,712 |
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$ |
— |
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|
$ |
(88 |
) |
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$ |
57,624 |
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U.S. government sponsored entities
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3,512 |
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— |
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(7 |
) |
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3,505 |
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7,016 |
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— |
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(8 |
) |
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7,008 |
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Corporate debt securities
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11,962 |
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— |
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(11 |
) |
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11,951 |
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8,931 |
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— |
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(3 |
) |
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8,928 |
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Asset-backed securities and other
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806 |
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— |
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(6 |
) |
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800 |
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— |
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— |
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— |
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— |
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$ |
137,532 |
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$ |
7 |
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|
$ |
(103 |
) |
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$ |
137,436 |
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$ |
73,659 |
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|
$ |
— |
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|
$ |
(99 |
) |
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$ |
73,560 |
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Long-term investments:
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U.S. treasuries
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$ |
44,997 |
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|
$ |
128 |
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$ |
(115 |
) |
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$ |
45,010 |
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$ |
18,111 |
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$ |
7 |
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$ |
(164 |
) |
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$ |
17,954 |
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U.S. government sponsored entities
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1,569 |
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— |
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(62 |
) |
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1,507 |
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5,306 |
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— |
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(62 |
) |
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5,244 |
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Corporate debt securities
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32,467 |
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3 |
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(633 |
) |
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31,837 |
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22,505 |
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268 |
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(54 |
) |
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22,719 |
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Asset-backed securities and other
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4,889 |
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12 |
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(46 |
) |
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4,855 |
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6,180 |
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17 |
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(15 |
) |
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6,182 |
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$ |
83,922 |
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$ |
143 |
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$ |
(856 |
) |
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$ |
83,209 |
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$ |
52,102 |
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$ |
292 |
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$ |
(295 |
) |
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$ |
52,099 |
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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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December 31, 2018 |
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|
December 31, 2017 |
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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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$ |
(576 |
) |
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$ |
127,326 |
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$ |
(158 |
) |
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$ |
63,229 |
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12 months or longer
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$ |
(383 |
) |
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$ |
30,609 |
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$ |
(236 |
) |
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$ |
44,961 |
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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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December 31, |
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| |
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2018 |
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2017 |
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|
Gross realized gains(1)
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$ |
12 |
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$ |
2 |
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Gross realized losses(1)
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$ |
(2 |
) |
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$ |
— |
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| (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, 2018, 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):
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|
| |
|
December 31, 2018 |
|
|
December 31, 2017 |
|
| |
|
Amortized
Cost |
|
|
Fair Value |
|
|
Amortized
Cost |
|
|
Fair Value |
|
|
Due in one year or less
|
|
$ |
137,532 |
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$ |
137,436 |
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$ |
73,659 |
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$ |
73,560 |
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Due after one year through five years
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|
61,875 |
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|
61,846 |
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|
30,644 |
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|
30,517 |
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|
Due after five years through ten years
|
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|
17,310 |
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|
16,747 |
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15,090 |
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|
15,200 |
|
|
Due after ten years
|
|
|
4,737 |
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|
|
4,616 |
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|
6,368 |
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|
|
6,382 |
|
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|
|
|
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|
|
$ |
221,454 |
|
|
$ |
220,645 |
|
|
$ |
125,761 |
|
|
$ |
125,659 |
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Weighted average contractual maturity
|
|
|
1.8 years |
|
|
|
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2.6 years |
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Actual maturities may differ from contractual maturities because
certain borrowers have the right to prepay certain obligations with
or without prepayment penalties.
|