Summary of Available for Sale Securities at Fair Value |
Available for sale securities at December 31, 2018 and 2017 consist of the following:
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
|
Amortized Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
104,644 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
104,644 |
|
Available for sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
245 |
|
|
— |
|
|
— |
|
|
$ |
245 |
|
U.S. government debt securities |
|
|
158,518 |
|
|
|
1 |
|
|
|
(198 |
) |
|
|
158,321 |
|
Corporate debt securities |
|
|
58,494 |
|
|
— |
|
|
|
(64 |
) |
|
|
58,430 |
|
Total available for sale securities |
|
$ |
217,257 |
|
|
$ |
1 |
|
|
$ |
(262 |
) |
|
$ |
216,996 |
|
Total cash, cash equivalents, and available for sale securities |
|
$ |
321,901 |
|
|
$ |
1 |
|
|
$ |
(262 |
) |
|
$ |
321,640 |
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
|
Amortized Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
70,156 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,156 |
|
Available for sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
14,117 |
|
|
— |
|
|
|
— |
|
|
$ |
14,117 |
|
U.S. government debt securities |
|
|
175,155 |
|
|
— |
|
|
|
(352 |
) |
|
|
174,803 |
|
Corporate debt securities |
|
|
58,806 |
|
|
— |
|
|
|
(90 |
) |
|
|
58,716 |
|
Total available for sale securities |
|
$ |
248,078 |
|
|
$ |
— |
|
|
$ |
(442 |
) |
|
$ |
247,636 |
|
Total cash, cash equivalents, and available for sale securities |
|
$ |
318,234 |
|
|
$ |
— |
|
|
$ |
(442 |
) |
|
$ |
317,792 |
|
|
Estimated Fair Value of Available for Sale Securities by Contractual Maturity |
The estimated fair value of the Company’s available for sale securities balance at December 31, 2018, by contractual maturity, is as follows (in thousands):
Due in one year or less |
|
$ |
216,751 |
|
Due after one year |
|
|
245 |
|
Total available for sale securities |
|
$ |
216,996 |
|
|
Summary of Available for Sale Securities that were in Continuous Unrealized Loss Position |
The following table summarizes the Company’s available for sale securities that were in a continuous unrealized loss position, but were not deemed to be other-than-temporarily impaired, as of December 31, 2018 and 2017:
|
|
Unrealized Loss for
Less Than 12 Months |
|
|
Unrealized Loss for
12 Months or More |
|
|
Total |
|
|
|
Gross |
|
|
|
|
|
|
Gross |
|
|
|
|
|
|
Gross |
|
|
|
|
|
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
(159 |
) |
|
$ |
116,026 |
|
|
$ |
(39 |
) |
|
$ |
29,934 |
|
|
$ |
(198 |
) |
|
$ |
145,960 |
|
Corporate debt securities |
|
|
(64 |
) |
|
|
58,430 |
|
|
|
— |
|
|
|
— |
|
|
|
(64 |
) |
|
|
58,430 |
|
Total |
|
$ |
(223 |
) |
|
$ |
174,456 |
|
|
$ |
(39 |
) |
|
$ |
29,934 |
|
|
$ |
(262 |
) |
|
$ |
204,390 |
|
|
|
Unrealized Loss for
Less Than 12 Months |
|
|
Unrealized Loss for
12 Months or More |
|
|
Total |
|
|
|
Gross |
|
|
|
|
|
|
Gross |
|
|
|
|
|
|
Gross |
|
|
|
|
|
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
(343 |
) |
|
$ |
170,812 |
|
|
$ |
(9 |
) |
|
$ |
3,991 |
|
|
$ |
(352 |
) |
|
$ |
174,803 |
|
Corporate debt securities |
|
|
(90 |
) |
|
|
58,716 |
|
|
|
— |
|
|
|
— |
|
|
|
(90 |
) |
|
|
58,716 |
|
Total |
|
$ |
(433 |
) |
|
$ |
229,528 |
|
|
$ |
(9 |
) |
|
$ |
3,991 |
|
|
$ |
(442 |
) |
|
$ |
233,519 |
|
|