Short-Term Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

Note 7 — Short-Term Investments

Short-term investments include available-for-sale debt securities and certificates of deposit. Available-for-sale debt securities are carried at fair value, inclusive of unrealized gains and losses. Unrealized gains and losses on available for sale debt securities are recognized in other comprehensive income (loss), net of applicable income taxes. Gains or losses on sales of available-for-sale debt securities are recognized on the specific identification basis.

The Company reviews available-for-sale debt securities for other-than-temporary declines in fair value below their cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below its cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security. As of December 31, 2019, the Company believes the carrying values for its available-for-sale debt securities are properly recorded.

Short-term investments as of December 31, 2018 consisted of the following (in thousands):

			Gross
	Amortized		Unrealized		Estimated
	Cost		Losses		Fair Value
Municipal bonds and notes	$	9,210	$	(19)	$	9,191
Zero coupon bonds		29,823		(28)		29,795
Corporate bonds		26,175		(22)		26,153
Certificates of deposit		507		—		507
Total short-term investments	$	65,715	$	(69)	$	65,646

Short-term investments as of December 31, 2019 consisted of the following (in thousands):

			Gross
	Amortized		Unrealized		Estimated
	Cost		Losses		Fair Value
Municipal bonds and notes	$	2,986	$	—	$	2,986
Zero coupon bonds		33,919		—		33,919
Corporate bonds		19,509		(3)		19,506
Certificates of deposit		518		—		518
Total short-term investments	$	56,932	$	(3)	$	56,929