Investments in Available-for-Sale Securities

12 Months Ended

Dec. 31, 2020

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

10. Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid U.S Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company’s investments in available-for-sale marketable securities are as follows:

	December 31, 2020
			Gross					Allowance
			Unrealized					for Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	57,299	$	11	$	(86)	$	—	$	57,224
Corporate notes and bonds		39,817		1		(277)		—		39,541
Total Investments	$	97,116	$	12	$	(363)	$	—	$	96,765

	December 31, 2019
			Gross					Allowance
			Unrealized					for Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	35,044	$	1	$	(16)	$	—	$	35,029
Corporate notes and bonds		100,643		200		(205)		—		100,638
Total Investments	$	135,687	$	201	$	(221)	$	—	$	135,667

The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $45.3 million and $72.3 million at December 31, 2020 and 2019, respectively. The aggregate fair value of investments with unrealized losses that have been owned for over a year was $8.1 million and $0.0 million at December 31, 2020 and 2019, respectively.

The debt securities outstanding at December 31, 2020 have maturity dates ranging from the first quarter of 2021 through the second quarter of 2022. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations, if needed.