Investments in Marketable Securities (Tables)
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9 Months Ended |
Sep. 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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September 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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$ |
106,291 |
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$ |
— |
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$ |
(150 |
) |
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$ |
106,141 |
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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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3,502 |
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— |
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(17 |
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3,485 |
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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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10,988 |
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— |
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(13 |
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10,975 |
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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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$ |
120,881 |
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$ |
— |
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$ |
(180 |
) |
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$ |
120,701 |
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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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$ |
52,865 |
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$ |
— |
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$ |
(343 |
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$ |
52,522 |
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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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1,603 |
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— |
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(83 |
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1,520 |
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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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25,374 |
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4 |
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(471 |
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24,907 |
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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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6,252 |
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1 |
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(67 |
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6,186 |
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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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$ |
86,094 |
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$ |
5 |
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$ |
(964 |
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$ |
85,135 |
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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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September 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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$ |
(730 |
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$ |
187,177 |
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$ |
(158 |
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$ |
63,229 |
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12 months or longer
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$ |
(414 |
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$ |
17,099 |
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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
September 30, |
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Nine Months Ended
September 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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$ |
— |
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$ |
1 |
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$ |
12 |
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$ |
2 |
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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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September 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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$ |
120,881 |
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$ |
120,701 |
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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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63,511 |
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63,236 |
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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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16,451 |
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15,955 |
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15,090 |
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15,200 |
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Due after ten years
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6,132 |
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5,944 |
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6,368 |
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6,382 |
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$ |
206,975 |
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$ |
205,836 |
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$ |
125,761 |
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$ |
125,659 |
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Weighted average contractual maturity
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2.0 years |
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2.6 years |
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