Investments in Available-for-Sale Securities

9 Months Ended

Sep. 30, 2017

Available-for-sale Securities [Abstract]

Investments in Available-for-Sale Securities

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, along with the Company’s investments in marketable equity 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:

	September 30, 2017
										Balance Sheet
										Classification
			Gross Unrealized					Fair		Short-Term		Other
	Cost Basis		Gains		Losses			Value		Investments		Assets
	(In thousands)
Available-for-sale:
U.S. treasury securities	$	60,870	$	41	$	(15	)	$	60,896	$	60,896	$	—
Corporate notes and bonds	93,753		17		(37		)	93,733		93,733		—
Total Investments	$	154,623	$	58	$	(52	)	$	154,629	$	154,629	$	—

	December 31, 2016
										Balance Sheet
										Classification
			Gross Unrealized					Fair		Short-Term		Other
	Cost Basis		Gains		Losses			Value		Investments		Assets
	(In thousands)
Available-for-sale:
Corporate notes and bonds	$	88,161	$	—	$	(89	)	$	88,072	$	88,072	$	—
Equity securities	1,749		388		—			2,137		—		2,137
Total Investments	$	89,910	$	388	$	(89	)	$	90,209	$	88,072	$	2,137

The aggregate fair value of investments with unrealized losses that were owned for less than a year was $82.2 million and $47.6 million at September 30, 2017 and December 31, 2016, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $8.1 million and $40.4 million at September 30, 2017 and December 31, 2016, respectively. The unrealized losses in the Company’s portfolio at September 30, 2017 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 September 30, 2017 have maturity dates ranging from the fourth quarter of 2017 through the first quarter of 2019. 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.