Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

10. CASH, CASH EQUIVALENTS, INVESTMENTS AND RESTRICTED CASH

The following is a summary of the Company’s cash, cash equivalents and investments (in thousands): 

	September 30,		December 31,
	2019		2018
Cash, cash equivalents and investments:
Cash	$	162,741	$	131,569
Money market funds		39,982		41,135
Corporate debt securities		195,667		170,909
U.S. treasuries and government agency bonds		20,350		32,068
Certificates of deposit		-		1,600
Auction-rate securities backed by student-loan notes		3,264		3,241
Total	$	422,004	$	380,522

	September 30,		December 31,
	2019		2018
Reported as:
Cash and cash equivalents	$	205,229	$	172,704
Short-term investments		213,511		204,577
Long-term investments		3,264		3,241
Total	$	422,004	$	380,522

The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands):

	September 30,		December 31,
	2019		2018
Due in less than 1 year	$	142,336	$	125,845
Due in 1 - 5 years		71,175		78,732
Due in greater than 5 years		3,264		3,241
Total	$	216,775	$	207,818

The following tables summarize the unrealized gain and loss positions related to the Company’s available-for sale investments (in thousands): 

	September 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	39,982	$	-	$	-		$	39,982	$	-
Corporate debt securities		195,471		324		(128	)		195,667		83,247
U.S. treasuries and government agency bonds		20,341		11		(2	)		20,350		7,998
Auction-rate securities backed by student-loan notes		3,445		-		(181	)		3,264		3,264
Total	$	259,239	$	335	$	(311	)	$	259,263	$	94,509

	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	41,135	$	-	$	-		$	41,135	$	-
Corporate debt securities		172,288		7		(1,386	)		170,909		166,204
U.S. treasuries and government agency bonds		32,207		2		(141	)		32,068		28,507
Certificates of deposit		1,600		-		-			1,600		-
Auction-rate securities backed by student-loan notes		3,570		-		(329	)		3,241		3,241
Total	$	250,800	$	9	$	(1,856	)	$	248,953	$	197,952

As of  September 30, 2019 and  December 31, 2018, unrealized losses that had been in a continuous loss position for 12 months or longer were $0.3 million and $1.6 million, respectively. As of  September 30, 2019, the Company did not consider any of its available-for-sale investments to be other-than-temporarily impaired.

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the amounts reported on the Condensed Consolidated Statements of Cash Flows (in thousands): 

	September 30,		December 31,
	2019		2018
Cash and cash equivalents	$	205,229	$	172,704
Restricted cash included in other current assets		1,161		-
Restricted cash included in other long-term assets		113		114
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows	$	206,503	$	172,818

As of September 30, 2019, restricted cash included amounts that are set aside for the liquidation of a wholly-owned foreign subsidiary and cannot be withdrawn by the Company under the local law. The restriction will end when the liquidation is complete. In addition, as of September 30, 2019 and December 31, 2018, restricted cash included a security deposit that is set aside in a bank account and cannot be withdrawn by the Company under the terms of a lease agreement. The restriction will end upon the expiration of the lease.