Concentration of Credit Risk

12 Months Ended

Dec. 31, 2016

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Concentration of Credit Risk:

Financial instruments that potentially expose the Company to credit risk consist primarily of cash and cash equivalents, available for sale securities and accounts receivable, which are generally not collateralized. The Company maintains its cash and cash equivalents in higher credit quality financial institutions in order to limit the amount of credit exposure. The total domestic cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) to a maximum amount of $250.0 thousand per bank at December 31, 2016 and 2015. At December 31, 2016 and 2015, the Company had cash balances on deposit that exceeded the balance insured by the FDIC limit by approximately $61.0 million and $85.0 million with four and six banks, respectively. At December 31, 2016 and 2015, the Company also had cash on deposit with foreign banks of approximately $73.1 million and $52.1 million, respectively.

The Company considers the concentration of credit risk associated with its trade accounts receivable to be commercially reasonable and believes that such concentration does not result in the significant risk of near-term severe adverse impacts. The Company’s top fifty customers represent approximately 29.9% of revenues for 2016, 40.8% for 2015 and 49.0% for 2014 with no individual customer accounting for more than 2.0% of revenues during the year ended December 31, 2016, 2.3% for 2015 and 2.9% for 2014. No individual customer comprised more than 3.3% and 3.2% of accounts receivable at December 31, 2016 and 2015, respectively.