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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of investments
The following tables summarize our cash and available-for-sale securities by significant category within the fair value hierarchy (in thousands):
 
September 30, 2019
 
 
 
Amortized Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair Value
 
Cash and Cash Equivalents
 
Short-Term Marketable Securities
 
Cash- Restricted
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash-non-restricted
$
14,053

 
$

 
$

 
$
14,053

 
$
14,053

 
$

 
$

Cash-restricted
2,075

 

 

 
2,075

 

 

 
2,075

Total cash
$
16,128

 
$

 
$

 
$
16,128

 
$
14,053

 
$

 
$
2,075

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
Level I:
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
11,833

 
$

 
$

 
$
11,833

 
$
11,833

 
$

 
$

U.S. treasury securities
36,825

 
50

 

 
36,875

 

 
36,875

 

Subtotal
$
48,658

 
$
50

 
$

 
$
48,708

 
$
11,833

 
$
36,875

 
$

Total
$
64,786

 
$
50

 
$

 
$
64,836

 
$
25,886

 
$
36,875

 
$
2,075


 
December 31, 2018
 
Amortized Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair Value
 
Cash and Cash Equivalents
 
Short-Term Marketable Securities
Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash
$
17,685

 
$

 
$

 
$
17,685

 
$
17,685

 
$

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Level I:
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
77,716

 
$

 
$

 
$
77,716

 
$
77,716

 
$

U.S. treasury securities

 

 

 

 

 

Subtotal
$
77,716

 
$

 
$

 
$
77,716

 
$
77,716

 
$

Total
$
95,401

 
$

 
$

 
$
95,401

 
$
95,401

 
$


Schedule of debt
The carrying values of the components of the 2014 Notes and the 2018 Notes are as follows (in thousands):
 
September 30, 2019
 
December 31, 2018
     2.75% 2014 Notes due 2034
 
 
 
Principal amount
$
51,250

 
$
51,250

Unamortized debt discount
(1,182
)
 
(1,232
)
Unamortized debt issuance cost
(215
)
 
(224
)
 
$
49,853

 
$
49,794

     2.75% 2018 Notes due 2034
 
 
 
Principal amount
$

 
$
149,999

Premium accretion

 
3,755

Unamortized debt discount

 
(29,558
)
Unamortized debt issuance cost

 
(1,932
)
 
$

 
$
122,264

 
$
49,853

 
$
172,058


The following table summarizes the par value, carrying value and the estimated fair value of the 2014 and 2018 Notes at September 30, 2019 and December 31, 2018, respectively (in thousands):
 
September 30, 2019
 
December 31, 2018
 
Par Value
 
Carrying Value
 
Fair Value
 
Par Value
 
Carrying Value
 
Fair Value
2014 Notes
$
51,250

 
$
49,853

 
$
49,713

 
$
51,250

 
$
49,794

 
$
43,665

2018 Notes

 

 

 
149,999

 
122,264

 
171,843

Total
$
51,250

 
$
49,853

 
$
49,713

 
$
201,249

 
$
172,058

 
$
215,508