Quarterly report pursuant to Section 13 or 15(d)

Investments in Marketable Securities

v3.19.2
Investments in Marketable Securities
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Securities
5.
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):
                                                                 
 
June 30, 2019
   
December 31, 2018
 
 
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
 
Short-term investments:
    
     
     
     
     
     
     
     
 
U.S. treasuries
  $
95,607
    $
143
    $
  —  
     $
95,750
    $
121,252
    $
7
    $
(79
 )   $
121,180
 
U.S. government sponsored entities
   
—  
      
—  
      
—  
      
—  
      
3,512
     
—  
      
(7
 )    
3,505
 
Corporate debt securities
   
23,137
     
26
     
(4
 )    
23,159
     
11,962
     
—  
      
(11
 )    
11,951
 
Asset-backed securities and other
   
—  
      
—  
      
—  
      
—  
      
806
     
—  
      
(6
 )    
800
 
                                                                 
  $
118,744
    $
169
    $
(4
 )   $
118,909
    $
137,532
    $
7
    $
(103
 )   $
137,436
 
Long-term investments:
    
     
     
     
     
     
     
     
 
U.S. treasuries
  $
37,139
    $
393
    $
(1
 )   $
37,531
    $
44,997
    $
128
    $
(115
 )   $
45,010
 
U.S. government sponsored entities
   
1,478
     
—  
      
(18
 )    
1,460
     
1,569
     
—  
      
(62
 )    
1,507
 
Corporate debt securities
   
32,967
     
826
     
(5
 )    
33,788
     
32,467
     
3
     
(633
 )    
31,837
 
Asset-backed securities and other
   
7,464
     
91
     
(5
 )    
7,550
     
4,889
     
12
     
(46
 )    
4,855
 
                                                                 
  $
79,048
    $
1,310
    $
(29
 )   $
80,329
    $
83,922
    $
143
    $
(856
 )   $
83,209
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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):
                                 
 
June 30, 2019
   
December 31, 2018
 
 
Unrealized
Loss
   
Fair Value
   
Unrealized
Loss
   
Fair Value
 
Less than 12 months
  $
(7
 )   $
9,825
    $
(576
 )   $
127,326
 
12 months or longer
  $
(26
 )   $
4,045
    $
(383
 )   $
30,609
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross realized gains and gross realized losses from the sales of the Company’s
available-for-sale
securities consisted of the following (in thousands):
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Gross realized gains
(1)
   $
24
    $
12
    $
59
    $
12
 
Gross realized losses
(1)
   $
 —  
     $
 —  
     $
(47
 )   $
 —  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2019, 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, except weighted average data):
                                 
 
June 30, 2019
   
December 31, 2018
 
 
Amortized
Cost
   
Fair Value
   
Amortized
Cost
   
Fair Value
 
Due in one year or less
  $
118,744
    $
118,909
    $
137,532
    $
137,436
 
Due after one year through five years
   
58,273
     
59,002
     
61,875
     
61,846
 
Due after five years through ten years
   
15,941
     
16,451
     
17,310
     
16,747
 
Due after ten years
   
4,834
     
4,876
     
4,737
     
4,616
 
                                 
  $
197,792
    $
199,238
    $
221,454
    $
220,645
 
Weighted average contractual maturity
   
1.9 years
     
     
1.8 years
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.