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Investments in Available-for-Sale Securities
12 Months Ended
Dec. 31, 2018
Debt Securities, Available-for-sale [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:
 
December 31, 2018
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
Gross
 
Gross
 
 
 
Classification
 
 
 
Unrealized
 
Unrealized
 
Fair
 
Short-Term
 
Other
 
Cost Basis
 
Gains
 
Losses
 
Value
 
Investments
 
Assets
 
(In thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
100,003

 
$
11

 
$
(126
)
 
$
99,888

 
$
99,888

 
$

Corporate notes and bonds
63,137

 
4

 
(232
)
 
62,909

 
62,909

 

Total Investments
$
163,140

 
$
15

 
$
(358
)
 
$
162,797

 
$
162,797

 
$


 
December 31, 2017
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
Gross
 
Gross
 
 
 
Classification
 
 
 
Unrealized
 
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 had been owned for less than a year was $115.2 million and $132.0 million at December 31, 2018 and 2017, respectively. The aggregate fair value of investments with unrealized losses that have been owned for over a year was $32.4 million and $0.0 million at December 31, 2018 and 2017, respectively.

The debt securities outstanding at December 31, 2018 have maturity dates ranging from the first quarter of 2019 through the second quarter of 2020. 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, if needed.