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Cash, Cash Equivalents, and Investments
 12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
December 31,
 
2019
 
2018
Cash
$
155,498

 
$
104,655

Money market instruments
15,933

 
3,557

Cash and cash equivalents
171,431

 
108,212

Treasury bills
92,914

 
198,477

Asset-backed securities
66,680

 
78,407

Corporate bonds
65,624

 
137,871

Sovereign bonds
6,294

 
8,101

Municipal bonds
4,630

 
4,492

Certificate of deposit
4,328

 
—

Current investments
240,470

 
427,348

Treasury bills
216,334

 
32,760

Corporate bonds
146,474

 
162,566

Asset-backed securities
46,403

 
53,631

Sovereign bonds
16,005

 
6,316

Agency bonds
5,914

 
5,921

Municipal bonds
2,322

 
845

Non-current investments
433,452

 
262,039

 
$
845,353

 
$
797,599


The Company’s cash balance included foreign bank balances totaling $123,499,000 and $67,502,000 as of December 31, 2019 and 2018, respectively.
Treasury bills consist of debt securities issued by the U.S. government; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; corporate bonds consist of debt securities issued by both domestic and foreign companies; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; and certificates of deposit are time deposits held by financial institutions with a fixed interest rate.


The following table summarizes the Company’s available-for-sale investments as of December 31, 2019 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Current:
 
 
 
 
 
 
 
Treasury bills
$
92,782

 
$
137

 
$
(5
)
 
$
92,914

Asset-backed securities
66,474

 
207

 
(1
)
 
66,680

Corporate bonds
65,440

 
188

 
(4
)
 
65,624

Sovereign bonds
6,286

 
8

 
—

 
6,294

Municipal bonds
4,628

 
3

 
(1
)
 
4,630

Non-current:
 
 
 
 
 
 


Treasury bills
215,339

 
1,005

 
(10
)
 
216,334

Corporate bonds
145,806

 
674

 
(6
)
 
146,474

Asset-backed securities
46,269

 
150

 
(16
)
 
46,403

Sovereign bonds
15,971

 
40

 
(6
)
 
16,005

Agency bonds
5,930

 
—

 
(16
)
 
5,914

Municipal bonds
2,318

 
4

 
—

 
2,322

 
$
667,243

 
$
2,416

 
$
(65
)
 
$
669,594


The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2019 (in thousands):
 
Unrealized Loss
Position For Less than
12 Months
 
Unrealized Loss
Position For Greater than
12 Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Treasury bills
$
27,121

 
$
(13
)
 
$
7,488

 
$
(2
)
 
$
34,609

 
$
(15
)
Asset-backed securities
11,621

 
(16
)
 
2,469

 
(1
)
 
14,090

 
(17
)
Sovereign bonds
11,566

 
(6
)
 
—

 
—

 
11,566

 
(6
)
Corporate bonds
8,128

 
(4
)
 
2,804

 
(6
)
 
10,932

 
(10
)
Agency Bonds
—

 
—

 
5,914

 
(16
)
 
5,914

 
(16
)
Municipal bonds
2,111

 
—

 
344

 
(1
)
 
2,455

 
(1
)
 
$
60,547

 
$
(39
)
 
$
19,019

 
$
(26
)
 
$
79,566

 
$
(65
)

As of December 31, 2019, the Company did not recognize any other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, our intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before its effective maturity or market price recovery.
The Company recorded gross realized gains on the sale of debt securities totaling $1,581,000 in 2019, $669,000 in 2018, and $929,000 in 2017, and gross realized losses on the sale of debt securities totaling $129,000 in 2019, $168,000 in 2018, and $100,000 in 2017. These gains and losses are included in "Investment income" on the Consolidated Statement of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, are recorded in shareholders’ equity as other comprehensive income (loss).
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2019 (in thousands):
 
<1 Year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
Total
Treasury bills
$
92,914

 
$
187,917

 
$
28,417

 
$
—

 
$
—

 
$
309,248

Corporate bonds
65,624

 
88,033

 
54,208

 
4,233

 
—

 
212,098

Asset-backed securities
66,680

 
17,744

 
24,089

 
3,423

 
1,147

 
113,083

Sovereign bonds
6,294

 
16,005

 
—

 
—

 
—

 
22,299

Municipal bonds
4,630

 
2,322

 
—

 
—

 
—

 
6,952

Agency bonds
—

 
—

 
5,914

 
—

 
—

 
5,914

 
$
236,142

 
$
312,021

 
$
112,628

 
$
7,656

 
$
1,147

 
$
669,594