Investments in Available-for-Sale Securities

3 Months Ended

Mar. 31, 2021

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

8. 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:

	March 31, 2021
			Gross					Allowance
			Unrealized					for Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	38,212	$	17	$	(67)	$	—	$	38,162
Corporate notes and bonds		29,521		—		(200)		—		29,321
Total Investments	$	67,733	$	17	$	(267)	$	—	$	67,483

	December 31, 2020
			Gross					Allowance
			Unrealized					for Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	57,299	$	11	$	(86)	$	—	$	57,224
Corporate notes and bonds		39,817		1		(277)		—		39,541
Total Investments	$	97,116	$	12	$	(363)	$	—	$	96,765

The aggregate fair value of investments with unrealized losses that were owned for less than a year was $40.5 million and $45.3 million at March 31, 2021 and December 31, 2020, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $3.0 million and $8.1 million at March 31, 2021 and December 31, 2020, respectively. The unrealized losses in the Company’s portfolio at March 31, 2021 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 March 31, 2021 have maturity dates ranging from the second quarter of 2021 through the second quarter of 2022. 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.