Marketable Securities

9 Months Ended

Sep. 30, 2019

Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to four years at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income/(loss). Amortization of premiums and discounts is included in interest income. These securities are classified as current and non-current marketable securities based upon their maturities. As of September 30, 2019, all bonds previously held by the Company reached maturity. For the three and nine months ended September 30, 2019 and 2018, the amortization of bond premiums totaled $0 and $218 compared to $175 and $557, respectively. The value of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at September 30, 2019 and December 31, 2018 is as follows:



	Maturities as of September 30, 2019				Maturities as of December 31, 2018
	1 Year or Less		1 to 4 Years		1 Year or Less		1 to 4 Years
Corporate bonds	$	—	$	—	$	24,617	$	—
Certificates of deposit	27,452		—		42,351		—
Total	$	27,452	$	—	$	66,968	$	—

For the three and nine months ended September 30, 2019, losses of $0 and $5 were reclassified from accumulated other comprehensive income and recognized in the Condensed Consolidated Statements of Income in interest and other income compared to losses of $0 and $182 for the comparable periods in 2018. As of September 30, 2019, there were no unrealized gains or losses, as all bonds previously held by the Company reached maturity. For the comparable period in 2018, current marketable securities included unrealized losses of $113 and no non-current marketable securities were held by the Company.