XML 97 R14.htm IDEA: XBRL DOCUMENT v3.19.3
Marketable Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The following is a summary of available-for-sale securities as of September 30, 2019 (in thousands):
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized (Losses)
 
Estimated Fair Value
Corporate debt securities
$
40,148

 
$
207

 
$
(6
)
 
$
40,349

Tax-exempt municipal securities
13,936

 
131

 
(29
)
 
14,038

Variable rate demand notes
5,600

 
—

 
—

 
5,600

Total
$
59,684

 
$
338

 
$
(35
)
 
$
59,987


The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands):
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized (Losses)
 
Estimated Fair Value
Corporate debt securities
$
48,202

 
$
12

 
$
(284
)
 
$
47,930

Tax-exempt municipal securities
22,858

 
45

 
(34
)
 
22,869

Variable rate demand notes
4,000

 
—

 
—

 
4,000

Total
$
75,060

 
$
57

 
$
(318
)
 
$
74,799


The unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of December 31, 2018 and September 30, 2019 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2019, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $6.3 million. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No other-than-temporary impairment charges were recorded during the three and nine months ended September 30, 2018 and 2019.
The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 and September 30, 2019 (in thousands):
 
December 31, 2018
 
September 30, 2019
Due within one year
$
37,121

 
$
33,455

Due after one year through five years
37,678

 
26,532

Total
$
74,799

 
$
59,987


Amounts due within one year in the table above included $5.6 million of variable rate demand notes, which have contractual maturities ranging from 18 years to 26 years as of September 30, 2019. The variable rate demand notes are floating rate municipal bonds with embedded put options that allow the Company to sell the security at par plus accrued interest on a settlement basis ranging from one day to seven days. The Company has classified these securities based on their effective maturity dates, which ranges from one day to seven days from the balance sheet date.
The following table summarizes the proceeds from the maturities of available-for-sale securities for the three and nine months ended September 30, 2018 and 2019 (in thousands):
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
2018
 
2019
 
2018
 
2019
Maturities of marketable securities
$
5,842

 
$
10,300

 
$
5,842

 
$
32,860

Total
$
5,842

 
$
10,300

 
$
5,842

 
$
32,860


The Company did not record any gross realized gains or gross realized losses in net income during the three and nine months ended September 30, 2018 and 2019. Additionally, there were no proceeds from sales of marketable securities prior to maturity during the three and nine months ended September 30, 2018 and 2019.