Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

2.	Cash Equivalents and Investments:

As of September 30, 2019 and December 31, 2018, the Company’s cash equivalents consisted entirely of money market funds totaling $3.2 million and $0.5 million, respectively. Investments consisted of municipal debt securities, federal home loan securities

, corporate securities,

and certificates of deposit.

During the nine months ended September 30, 2019, the Company changed 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 September 30, 2019 and December 31, 2018 are summarized as follows (in thousands):


	September 30, 2019				December 31, 2018
	Short-Term		Long-Term		Short-Term		Long-Term
Municipal debt securities	$	36,256	$	—	$	18,473	$	30,841
Federal home loan securities		23,825		—		2,000		34,393
Corporate securities		13,823		—		—		—
Certificates of deposit		4,467		—		1,450		4,465

	$	78,371	$	—	$	21,923	$	69,699