XML 20 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Available-for-Sale Securities
 3 Months Ended
Mar. 31, 2016
Available-for-Sale Securities:  
Available-for-Sale Securities

 

4.Available-for-Sale Securities

 

As of December 31, 2015, the Company held no available-for-sale securities. The following table summarizes the available-for-sale securities held at March 31, 2016 (in thousands):

 

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair Value

 

March 31, 2016

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$
23,122

 

$
14

 

$
(2

)

$
23,134

 

U.S. government-sponsored securities

 
5,622

 
2

 

—

 
5,624

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
28,744

 

$
16

 

$
(2

)

$
28,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The contractual maturities of all securities held at March 31, 2016 were one year or less. There were seven available-for-sale securities in an unrealized loss position at March 31, 2016, none of which had been in an unrealized loss position for more than 12 months. The aggregate fair value of these securities at March 31, 2016 was approximately $6.1 million. The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. The Company does not intend to sell the investments that were in unrealized loss positions at March 31, 2016, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Accordingly, the Company concluded that it did not hold any securities with other-than-temporary impairment at March 31, 2016.

 

Gross realized gains and losses on the sales of available-for-sale securities are included in other (expense) income, net. Unrealized holding gains or losses for the period that have been included in accumulated other comprehensive income, as well as gains and losses reclassified out of accumulated other comprehensive income into other (expense) income, were not material to the Company’s condensed consolidated results of operations. The cost of securities sold or the amount reclassified out of the accumulated other comprehensive income into other (expense) income is based on the specific identification method for purposes of recording realized gains and losses. During the three-month period ended March 31, 2016 the Company received $3.3 million in proceeds from sales of available-for-sale securities the gains on which were not material to the Company’s condensed consolidated results of operations.