Investments in Marketable Securities (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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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, 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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$ |
74,147 |
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$ |
— |
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$ |
(136 |
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$ |
74,011 |
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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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3,510 |
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— |
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(27 |
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3,483 |
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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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7,907 |
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— |
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(15 |
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7,892 |
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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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100 |
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— |
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— |
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100 |
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— |
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— |
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— |
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— |
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$ |
85,664 |
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$ |
— |
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$ |
(178 |
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$ |
85,486 |
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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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$ |
3,726 |
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$ |
— |
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$ |
(169 |
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$ |
3,557 |
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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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1,663 |
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— |
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(73 |
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1,590 |
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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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20,614 |
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— |
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(513 |
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20,101 |
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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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6,721 |
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5 |
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(57 |
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6,669 |
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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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$ |
32,724 |
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$ |
5 |
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$ |
(812 |
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$ |
31,917 |
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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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| 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, 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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$ |
(721 |
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$ |
95,835 |
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$ |
(158 |
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$ |
63,229 |
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12 months or longer
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$ |
(269 |
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$ |
19,988 |
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$ |
(236 |
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$ |
44,961 |
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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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2018 |
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2017 |
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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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$ |
1 |
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$ |
12 |
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$ |
1 |
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Gross realized losses (1)
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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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 based 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, 2018 |
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December 31, 2017 |
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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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$ |
85,664 |
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$ |
85,486 |
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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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11,217 |
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11,087 |
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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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15,648 |
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15,125 |
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15,090 |
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15,200 |
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Due after ten years
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5,859 |
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5,705 |
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6,368 |
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6,382 |
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$ |
118,388 |
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$ |
117,403 |
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$ |
125,761 |
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$ |
125,659 |
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Weighted average contractual maturity
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2.5 years |
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2.6 years |
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