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Financial Instruments
 6 Months Ended
Jun. 30, 2018
Financial Instruments  
Financial Instruments

5. Financial Instruments

The Company elected to invest a portion of its cash assets in conservative, income earning, and liquid investments. Cash equivalents and investments, all of which are classified as available-for-sale securities, consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

December 31, 2017

 

 

    

Amortized
Cost

    

Gross
Unrealized
Gain

    

Gross
Unrealized
Loss

    

Estimated Fair Value

    

Amortized
Cost

    

Gross
Unrealized
Gain

    

Gross
Unrealized
Loss

    

Estimated Fair Value

 

 

 

(in thousands)

 

Money market deposits

 

$

569

 

$

 —

 

$

 —

 

$

569

 

$

3,477

 

$

 —

 

$

 —

 

$

3,477

 

U.S. Treasury securities

 

 

37,445

 

 

 —

 

 

(580)

 

 

36,865

 

 

67,480

 

 

10

 

 

(464)

 

 

67,026

 

U.S. agency securities

 

 

22,544

 

 

 —

 

 

(212)

 

 

22,332

 

 

27,293

 

 

 —

 

 

(221)

 

 

27,072

 

Municipal securities

 

 

11,770

 

 

 —

 

 

(66)

 

 

11,704

 

 

12,240

 

 

 —

 

 

(91)

 

 

12,149

 

Total

 

$

72,328

 

$

 —

 

$

(858)

 

$

71,470

 

$

110,490

 

$

10

 

$

(776)

 

$

109,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

$

569

 

 

 

 

 

 

 

 

 

 

$

3,477

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

70,901

 

 

 

 

 

 

 

 

 

 

 

106,247

 

Total

 

 

 

 

 

 

 

 

 

 

$

71,470

 

 

 

 

 

 

 

 

 

 

$

109,724

 

 

The Company invests in U.S. Treasuries, U.S. agency and high quality municipal bonds which mature at par value and are all paying their coupons on schedule. The Company has therefore concluded there is currently no other than temporary impairment of its investments and will continue to recognize unrealized gains and losses in other comprehensive income (loss). During the three and six months ended June 30, 2018 and 2017,  the amount of gross realized gains and realized losses upon sales of investments were insignificant. The Company uses the specific investment identification method to calculate realized gains and losses and amounts reclassified out of other comprehensive income to net income. As of June 30, 2018, the Company had 17 investments in an unrealized loss position in its portfolio.

The following table summarizes the Company’s portfolio of available-for-sale securities by contractual maturity as of June 30, 2018:

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

 

 

Amortized
Cost

 

Fair
Value

 

 

 

(in thousands)

 

Less than one year

 

$

33,114

 

$

32,989

 

Greater than one year but less than five years

 

 

38,645

 

 

37,912

 

Total

 

$

71,759

 

$

70,901