Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

2.	Cash Equivalents and Investments:

As of March 31, 2019 and December 31, 2018, the Company’s cash equivalents consisted entirely of money market funds totaling $2.5 million and $0.5 million, respectively. Investments consisted of municipal debt securities, federal home loan securities and certificates of deposit.

During the three months ended March 31, 2019, the Company changed its accounting policy for and the classification of its investments from held-to-maturity to available for sale. Although there is no stated expectation that the investments will be sold within one year, the investments are available for use, if needed, and accordingly are classified as short-term. Such investments are carried at fair value with any unrealized gains and losses reported as a component of other accumulated comprehensive income or loss.

Prior to January 1, 2019, the Company classified its investments as held-to-maturity and carried such investments at amortized cost. Investments with remaining maturities of less than one year were classified as short-term and investments classified as long-term had maturities of one year to five years.

Investments held at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands):


	March 31, 2019				December 31, 2018
	Short-Term		Long-Term		Short-Term		Long-Term
Municipal debt securities	$	45,111	$	—	$	18,473	$	30,841
Federal home loan securities		35,234		—		2,000		34,393
Certificates of deposit		5,878		—		1,450		4,465

	$	86,223	$	—	$	21,923	$	69,699