Investments in Marketable Securities (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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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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March 31, 2019 |
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December 31, 2018 |
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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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$ |
104,049 |
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$ |
35 |
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$ |
(10 |
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$ |
104,074 |
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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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U.S. government sponsored entities
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— |
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— |
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— |
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— |
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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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Corporate debt securities
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16,196 |
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— |
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(12 |
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16,184 |
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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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Asset-backed securities and other
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805 |
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— |
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(4 |
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801 |
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806 |
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— |
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(6 |
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800 |
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$ |
121,050 |
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$ |
35 |
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$ |
(26 |
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$ |
121,059 |
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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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Long-term investments:
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U.S. treasuries
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$ |
33,560 |
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$ |
164 |
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$ |
(54 |
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$ |
33,670 |
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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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U.S. government sponsored entities
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1,519 |
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— |
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(40 |
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1,479 |
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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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Corporate debt securities
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33,996 |
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264 |
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(55 |
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34,205 |
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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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Asset-backed securities and other
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5,662 |
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34 |
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(6 |
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5,690 |
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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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$ |
74,737 |
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$ |
462 |
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$ |
(155 |
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$ |
75,044 |
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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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| 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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March 31, 2019 |
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December 31, 2018 |
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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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$ |
(14 |
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$ |
58,647 |
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$ |
(576 |
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$ |
127,326 |
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12 months or longer
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$ |
(167 |
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$ |
13,996 |
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$ |
(383 |
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$ |
30,609 |
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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
March 31, |
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2019 |
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2018 |
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Gross realized gains (1)
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$ |
35 |
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$ |
— |
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Gross realized losses (1)
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$ |
(47 |
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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,
except weighted average data):
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March 31, 2019 |
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December 31, 2018 |
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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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$ |
121,050 |
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$ |
121,059 |
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$ |
137,532 |
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$ |
137,436 |
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Due after one year through five years
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53,339 |
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53,600 |
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61,875 |
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61,846 |
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Due after five years through ten years
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16,348 |
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16,432 |
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17,310 |
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16,747 |
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Due after ten years
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5,050 |
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5,012 |
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4,737 |
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4,616 |
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$ |
195,787 |
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$ |
196,103 |
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$ |
221,454 |
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$ |
220,645 |
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Weighted average contractual maturity
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1.9 years |
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1.8 years |
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