Short-term Investment Securities

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Short-term Investment Securities

Short-term Investment Securities

The Company's short-term investment securities are classified as available-for-sale and generally consist of U.S. Treasury and U.S. government agency securities with contractual maturities of twelve months or less. These securities are stated at fair value within current assets on the Company's balance sheet. Realized gains and losses on sales of investments, if any, are reflected in non-operating income (expense) in the statements of operations. Unrealized gains and losses on investment securities are reflected as a component of accumulated other comprehensive income, ("AOCI").

As of December 31, 2019 and December 31, 2018, the Company had $105.3 million and $102.8 million in short-term available-for-sale investment securities, respectively. During the twelve months ended December 31, 2019, 2018 and 2017, these investments earned interest income at a weighted-average fixed rate of approximately 2.3%, 1.6% and 1.4% respectively. For the twelve months ended December 31, 2019 and December 31, 2018, an unrealized gain of $104 thousand and an unrealized gain of $30 thousand, net of deferred taxes of $31 thousand and $44 thousand, respectively, was recorded within AOCI related to these investment securities. For the twelve months ended December 31, 2019, a realized gain of $5 thousand was recorded within non-operating income (expense) in the statements of operations. For the twelve months ended December 31, 2018 and 2017, the Company did not recognize any realized gains or losses related to these securities as the Company did not transact any sales of these securities during these periods. As of December 31, 2019 and December 31, 2018, $104 thousand and $74 thousand, net of tax, respectively, remained in AOCI, related to these instruments.