Investments in Available-for-Sale Securities

6 Months Ended

Jun. 30, 2020

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

9. Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid U.S. Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company’s investments in available-for-sale marketable securities are as follows:

	June 30, 2020
			Gross					Allowance
			Unrealized					for Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	14,030	$	24	$	—	$	—	$	14,054
Corporate notes and bonds		53,161		166		(144)		—		53,183
Total Investments	$	67,191	$	190	$	(144)	$	—	$	67,237

	December 31, 2019
			Gross					Allowance
			Unrealized					for Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	35,044	$	1	$	(16)	$	—	$	35,029
Corporate notes and bonds		100,643		200		(205)		—		100,638
Total Investments	$	135,687	$	201	$	(221)	$	—	$	135,667

The aggregate fair value of investments with unrealized losses that were owned for less than a year was $12.5 million and $72.3 million at June 30, 2020 and December 31, 2019, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $5.1 million and $0.0 million at June 30, 2020 and December 31, 2019, respectively. The unrealized losses in the Company’s portfolio at June 30, 2020 are the result of normal market fluctuations. The Company does not currently intend to sell these investments before recovery of their amortized cost base.

The debt securities outstanding at June 30, 2020 have maturity dates ranging from the third quarter of 2020 through the third quarter of 2021. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations.