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INVESTMENTS
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
INVESTMENTS

The Company's investments consist of long-term variable rate debt instruments with an auction reset feature, referred to as auction rate securities ("ARS"), classified as available-for-sale and carried at fair value.

Scheduled maturities of investments classified as available-for-sale as of March 31, 2019 are as follows (in thousands):
Maturity
 
Fair Value
Due:
 
 
April 1, 2019 — March 31, 2020
 
$

April 1, 2020 — March 31, 2024
 

April 1, 2024 — March 31, 2029
 

After March 31, 2029
 
10,070

Available-for-sale investments
 
$
10,070


The Company had no realized gains or losses on its investments for each of the three months ended March 31, 2019 and 2018, respectively. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. 

Changes in unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized. A decline in market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. Dividend and interest income are recognized when earned.

As of March 31, 2019, the amortized cost basis and fair value of investments classified as available-for-sale were as follows (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
 Unrealized
Losses
 
Fair
Value
Auction rate securities
$
10,800

 
$

 
$
(730
)
 
$
10,070

Available-for-sale investments
$
10,800

 
$

 
$
(730
)
 
$
10,070


As of December 31, 2018, the amortized cost basis and fair value of investments classified as available-for-sale were as follows (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Auction rate securities
$
10,800

 
$

 
$
(730
)
 
$
10,070

Available-for-sale investments
$
10,800

 
$

 
$
(730
)
 
$
10,070


The unrealized losses on the Company’s investments as of March 31, 2019 and December 31, 2018 were generated primarily from changes in interest rates and ARS that failed to settle at auction, due to adverse conditions in the global credit markets. The losses are considered temporary, as the contractual terms of these investments do not permit the issuer to settle the security at a price less than the amortized cost of the investment. Because the Company does not intend to sell these instruments and it is not more likely than not that the Company will be required to sell these instruments prior to anticipated recovery, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired as of March 31, 2019 and December 31, 2018. See Note 6 for further discussion of the fair value of the Company’s financial assets.

The components of the Company’s investments in an unrealized loss position for twelve months or longer were as follows (in thousands):
 
March 31,
2019
 
December 31,
2018
 
Aggregate
Fair
 Value
 
Gross
Unrealized
Losses
 
Aggregate
Fair
 Value
 
Gross
Unrealized
Losses
Auction rate securities
$
10,070

 
$
(730
)
 
$
10,070

 
$
(730
)
Investments in an unrealized loss position
$
10,070

 
$
(730
)
 
$
10,070

 
$
(730
)


The Company did not have any investments in an unrealized loss position for less than twelve months as of March 31, 2019 and December 31, 2018, respectively.