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INVESTMENTS

12 Months Ended

Dec. 31, 2019

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

The following table summarizes the Company’s investments at:


														Continuous			Continuous
					Gross			Gross						Unrealized			Unrealized
					Unrealized			Unrealized						Loss Position			Loss Position
		Amortized			Holding			Holding			Fair			less than 12			greater than 12
December 31, 2019		Cost			Gains			Losses			Value			Months			Months
Available-for-sale
Short-term:
Commercial paper		$	83,478		$	—		$	—		$	83,478		$	—		$	—
Certificates of deposit			28,049			—			—			28,049			—			—
Municipal securities			147,983			145			20			148,108			20			—
U.S. government agency securities			40,620			5			35			40,590			35			—
U.S. treasuries			211,055			134			31			211,158			31			—
Variable rate demand notes			21,680			—			—			21,680			—			—
Long-term:
Municipal securities			1,562			—			1			1,561			1			—
U.S. government agency securities			5,267			—			1			5,266			1			—
U.S. treasuries			6,077			1			—			6,078			—			—
Total		$	545,771		$	285		$	88		$	545,968		$	88		$	—


														Continuous			Continuous
					Gross			Gross						Unrealized			Unrealized
					Unrealized			Unrealized						Loss Position			Loss Position
		Amortized			Holding			Holding			Fair			less than 12			greater than 12
December 31, 2018		Cost			Gains			Losses			Value			Months			Months
Available-for-sale
Short-term:
Commercial paper		$	52,838		$	—		$	—		$	52,838		$	—		$	—
Certificates of deposit			14,075			—			—			14,075			—			—
Municipal securities			151,690			16			62			151,644			62			—
U.S. government agency securities			19,943			—			12			19,931			12			—
U.S. treasuries			78,189			—			32			78,157			32			—
Variable rate demand notes			4,005			—			—			4,005			—			—
Total		$	320,740		$	16		$	106		$	320,650		$	106		$	—

During the years ended December 31, 2019, 2018 and 2017, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at December 31, 2019 and 2018 in commercial paper, certificates of deposit, municipal securities, U.S. government agency securities, U.S. treasuries and/or variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source.

While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally, on a seven-day settlement basis.

The following table summarizes the underlying contractual maturities of the Company’s investments at:


		December 31, 2019						December 31, 2018
		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Less than 1 year:
Commercial paper		$	83,478		$	83,478		$	52,838		$	52,838
Municipal securities			147,983			148,108			151,690			151,644
U.S. government agency securities			40,620			40,590			19,943			19,931
Certificates of deposit			28,049			28,049			14,075			14,075
U.S. treasuries			211,055			211,158			78,189			78,157
Due 1 -10 years:
Municipal securities			1,562			1,561			—			—
U.S. treasuries			6,077			6,078			—			—
U.S. government agency securities			5,267			5,266			—			—
Variable rate demand notes			3,905			3,905			—			—
Due 11 - 20 years:
Variable rate demand notes			8,886			8,886			—			—
Due 21 - 30 years:
Variable rate demand notes			6,885			6,885			4,005			4,005
Due 31 - 40 years:
Variable rate demand notes			2,004			2,004			—			—
Total		$	545,771		$	545,968		$	320,740		$	320,650