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Investments in Available-for-Sale Securities
 3 Months Ended
Mar. 31, 2018
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 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, 2018
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
Classification
 
 
 
Gross Unrealized
 
Fair
 
Short-Term
 
Other
 
Cost Basis
 
Gains
 
Losses
 
Value
 
Investments
 
Assets
 
(In thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
56,798

 
$
—

 
$
(121
)
 
$
56,677

 
$
56,677

 
$
—

Corporate notes and bonds
88,512

 
—

 
(537
)
 
87,975

 
87,975

 
—

Total Investments
$
145,310

 
$
—

 
$
(658
)
 
$
144,652

 
$
144,652

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
Classification
 
 
 
Gross Unrealized
 
Fair
 
Short-Term
 
Other
 
Cost Basis
 
Gains
 
Losses
 
Value
 
Investments
 
Assets
 
(In thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
64,151

 
$
22

 
$
(73
)
 
$
64,100

 
$
64,100

 
$
—

Corporate notes and bonds
92,038

 
—

 
(292
)
 
91,746

 
91,746

 
—

Total Investments
$
156,189

 
$
22

 
$
(365
)
 
$
155,846

 
$
155,846

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 


The aggregate fair value of investments with unrealized losses that were owned for less than a year was $94.7 million and $132.0 million at March 31, 2018 and December 31, 2017, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $50.0 million and $0.0 million at March 31, 2018 and December 31, 2017, respectively. The unrealized losses in the Company’s portfolio at March 31, 2018 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, 2018 have maturity dates ranging from the second quarter of 2018 through the third 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.