Quarterly report pursuant to Section 13 or 15(d)

Investments in Marketable Securities

v3.19.3
Investments in Marketable Securities
 9 Months Ended
Sep. 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):
                                                                 
 
September 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
 
$
109,208
 
 
$
192
 
 
$
(1
)
 
$
109,399
 
 
$
121,252
 
 
$
7
 
 
$
(79
)
 
$
121,180
 
U.S. government sponsored entities
 
 
— 
 
 
 
 
— 
 
 
 
 
— 
 
 
 
 
—
 
 
 
 
 
3,512
 
 
 
—  
 
 
 
(7
)
 
 
3,505
 
Corporate debt securities
 
 
15,019
 
 
 
57
 
 
 
—  
 
 
 
15,076
 
 
 
11,962
 
 
 
—  
 
 
 
(11
)
 
 
11,951
 
Asset-backed securities and other
 
 
— 
 
 
 
 
— 
 
 
 
 
— 
 
 
 
 
— 
 
 
 
 
806
 
 
 
—  
 
 
 
(6
)
 
 
800
 
                                                                 
 
$
124,227
 
 
$
249
 
 
$
(1
)
 
$
124,475
 
 
$
137,532
 
 
$
7
 
 
$
(103
)
 
$
137,436
 
                                                                 
Long-term investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasuries
 
$
30,146
 
 
$
325
 
 
$
(15
)
 
$
30,456
 
 
$
44,997
 
 
$
128
 
 
$
(115
)
 
$
45,010
 
U.S. government sponsored entities
 
 
1,415
 
 
 
2
 
 
 
(4
)
 
 
1,413
 
 
 
1,569
 
 
 
—  
 
 
 
(62
)
 
 
1,507
 
Corporate debt securities
 
 
29,870
 
 
 
980
 
 
 
(8
)
 
 
30,842
 
 
 
32,467
 
 
 
3
 
 
 
(633
)
 
 
31,837
 
Asset-backed securities and other
 
 
7,965
 
 
 
113
 
 
 
(4
)
 
 
8,074
 
 
 
4,889
 
 
 
12
 
 
 
(46
)
 
 
4,855
 
                                                                 
 
$
69,396
 
 
$
1,420
 
 
$
(31
)
 
$
70,785
 
 
$
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):
                                 
 
September 30, 2019
   
December 31, 2018
 
 
Unrealized
Loss
   
Fair Value
   
Unrealized
Loss
   
Fair Value
 
Less than 12 months
  $
 
(28
)   $
11,931
    $
(576
)   $
127,326
 
                                 
12 months or longer
  $
(4
)   $
1,071
    $
(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
September 30,
   
Nine Months Ended
September 30,
 
 
2019
   
2018
   
2019
   
2018
 
Gross realized gains 
(1)
   $
 
58
     $
—
  
     $
117
    $
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 September 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-te
m
porarily 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):
                                 
 
September 30, 2019
   
December 31, 2018
 
 
Amortized
 
Cost
   
Fair Value
   
Amortized
 
Cost
   
Fair Value
 
Due in one year or less
  $
124,227
    $
124,475
    $
137,532
    $
137,436
 
Due after one year through five years
   
49,754
     
50,435
     
61,875
     
61,846
 
Due after five years through ten years
   
14,923
     
15,601
     
17,310
     
16,747
 
Due after ten years
   
4,719
     
4,749
     
4,737
     
4,616
 
                                 
  $
193,623
    $
195,260
    $
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.