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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2018
Fair Value of Financial Instruments [Abstract]  
Fair Value of Financial Instruments

5. Fair Value of Financial Instruments

The carrying value of our cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short-term nature. Investments are carried at fair value and are classified as available-for-sale.  Investments consist of U.S. treasury notes with maturities of approximately one year.  Fair value of investments is measured using Level 1 inputs (quoted prices for identical assets in active markets).

The following is a summary of available-for-sale securities:



 

 

 

 

 



 

 



March 31,

 

December 31,



2018

 

2017

Amortized cost

$

 348,690 

 

$

 324,875 

Unrealized gains (losses)

 

 (551)

 

 

 (493)

Fair value

$

 348,139 

 

$

 324,382 

The following is a summary of unrealized gains (losses) on available-for-sale securities recorded in other comprehensive income in the condensed consolidated statement of comprehensive income:





 

 

 

 

 



 

 

 

 

 



Three months ended March 31,



2018

 

2017

Unrealized gains (losses) on available-for-sale securities

$

 (144)

 

$

 (276)

Unrealized gains (losses) on available-for-sale securities, net of tax

$

 (101)

 

$

 (182)

Realized gains and losses on available-for-sale securities are recorded in interest and other income, net on the condensed consolidated statement of income. We had no realized gains or losses for the three months ended March 31, 2018 and 2017.



We also maintain a rabbi trust to fund obligations under a deferred compensation plan. Amounts in the rabbi trust are invested in mutual funds, which are designated as trading securities and carried at fair value, and are included in other assets in the condensed consolidated balance sheet. Fair value of mutual funds is measured using Level 1 inputs. The fair value of the investments in the rabbi trust was $16,282 and $19,887 as of March 31, 2018, and December 31, 2017, respectively. We record trading gains and losses in general and administrative expenses in the condensed consolidated statement of income, along with the offsetting amount related to the increase or decrease in deferred compensation to reflect our exposure to liabilities for payment under the deferred plan.

The following table sets forth unrealized gains (losses) on trading securities held in the rabbi trust:

























 

 

 

 

 



 

 

 

 

 



Three months ended March 31,



2018

 

2017

Unrealized gains (losses) on trading securities held in rabbi trust

$

 (1,623)

 

$

 463