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Investment Securities, Available-for-Sale
 9 Months Ended
Sep. 30, 2017
Investments Debt And Equity Securities [Abstract]  
Investment Securities, Available-for-Sale

4. Investment Securities, Available-for-Sale

The Company invests its excess cash in investment securities, including debt instruments of financial institutions, corporations with investment grade credit ratings and government agencies. Investment securities, available-for-sale, consisted of the following (in thousands):

September 30, 2017

 

 

 

Maturity in

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

Years

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury securities

 

Less than 1

 

$

24,994

 

 

$

—

 

 

$

(4

)

 

$

24,990

 

Total investment securities

 

 

 

$

24,994

 

 

$

—

 

 

$

(4

)

 

$

24,990

 

 

December 31, 2016

 

 

 

Maturity in

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

Years

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury securities

 

Less than 1

 

$

100,026

 

 

$

—

 

 

$

(21

)

 

$

100,005

 

Corporate debt securities

 

Less than 1

 

 

1,498

 

 

 

1

 

 

 

—

 

 

$

1,499

 

Total investment securities

 

 

 

$

101,524

 

 

$

1

 

 

$

(21

)

 

$

101,504

 

 

The Company had restricted investments of $0 and $90.0 million at September 30, 2017 and December 31, 2016, respectively, as described in Note 2. Gross realized gains and losses on available-for-sale securities were immaterial during the three and nine months ended September 30, 2017 and 2016.