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Available-for-Sale Investments
12 Months Ended
Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]  
Available-for-Sale Investments

(5)

Available-for-Sale Investments

The following tables summarize the available-for-sale securities held at December 31, 2018 and 2017 (in thousands):

 

December 31, 2018

 

Amortized cost

 

 

Gross unrealized

gains

 

 

Gross unrealized

losses

 

 

Fair Value

 

Corporate debt securities

 

$

107,571

 

 

$

4

 

 

$

(70

)

 

$

107,505

 

U.S. government agency securities

 

$

3,971

 

 

$

1

 

 

$

 

 

$

3,972

 

Total

 

$

111,542

 

 

$

5

 

 

$

(70

)

 

$

111,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Amortized cost

 

 

Gross unrealized

gains

 

 

Gross unrealized

losses

 

 

Fair Value

 

Corporate debt securities

 

$

28,593

 

 

$

1

 

 

$

(9

)

 

$

28,585

 

Total

 

$

28,593

 

 

$

1

 

 

$

(9

)

 

$

28,585

 

 

The contractual maturity of all securities held at December 31, 2018 was one year or less.  There were 37 investments in an unrealized loss position at December 31, 2018, none of which had been in an unrealized loss position for more than twelve months.  The aggregate fair value of the securities in an unrealized loss position at December 31, 2018 and 2017 was $96.5 million and $19.3 million, respectively. 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 did not hold any securities with an other-than-temporary impairment at December 31, 2018.

Gross realized gains and losses on the sales of investments have not been material to the Company’s consolidated statement of operations.