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Marketable Securities

9 Months Ended

Sep. 30, 2018

Marketable Securities

Marketable Securities

5. Marketable Securities

The Company’s marketable securities held as of September 30, 2018 and December 31, 2017 are summarized below:

					Gross			Gross
		Amortized			Unrealized			Unrealized
September 30, 2018		Cost			Gains			Losses			Fair Value
(in thousands)
Money Market Funds		$	15,632		$	—		$	—		$	15,632
Corporate Securities			98,498			1			(471)			98,028
Government Securities			416,664			—			(1,859)			414,805
		$	530,794		$	1		$	(2,330)		$	528,465
Reported as
Cash and cash equivalents											$	15,632
Marketable securities												512,833
Total investments											$	528,465
					Gross			Gross
		Amortized			Unrealized			Unrealized
December 31, 2017		Cost			Gains			Losses			Fair Value
(in thousands)
Money Market Funds		$	5,175		$	—		$	—		$	5,175
Corporate Securities			123,860			—			(590)			123,270
Government Securities			224,739			—			(1,209)			223,530
		$	353,774		$	—		$	(1,799)		$	351,975
Reported as
Cash and cash equivalents											$	5,175
Marketable securities												346,800
Total investments											$	351,975

The maturities of the Company’s marketable securities are as follows:

		Amortized			Estimated
September 30, 2018		Cost			Fair Value
(in thousands)
Mature in one year or less		$	237,736		$	236,605
Mature within two years			277,426			276,228
		$	515,162		$	512,833

The unrealized losses on available-for-sale investments and their related fair values as of September 30, 2018 and December 31, 2017 are as follows:

		Less than 12 months						12 months or greater
September 30, 2018			Fair value			Unrealized losses			Fair value			Unrealized losses
(in thousands)
Corporate Securities		$	69,494		$	(411)		$	28,534		$	(60)
Government Securities			167,111			(720)			247,694			(1,139)
		$	236,605		$	(1,131)		$	276,228		$	(1,199)
		Less than 12 months						12 months or greater
December 31, 2017			Fair value			Unrealized losses			Fair value			Unrealized losses
(in thousands)
Corporate Securities		$	79,290		$	(137)		$	43,980		$	(453)
Government Securities			128,313			(461)			95,217			(748)
		$	207,603		$	(598)		$	139,197		$	(1,201)

The unrealized losses from the listed securities are due to a change in the interest rate environment and not a change in the credit quality of the securities.

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 the securities before recovery of the amortized cost basis. Therefore, the Company did not consider these securities to be other-than-temporarily impaired as of September 30, 2018 and December 31, 2017.

X

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

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- References

No definition available.

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