Cash and Cash Equivalents and Investments in Marketable Securities

3 Months Ended

Mar. 31, 2018

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash And Cash Equivalents And Investments In Marketable Securities

Cash and Cash Equivalents and Investments in Marketable Securities

Our investment portfolio at March 31, 2018 consisted of cash and cash equivalents.

We periodically invest in marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than one year from the date of purchase, which are usually held until maturity. All of these instruments are classified as available-for-sale and are reported at fair value. Interest income is recorded as earned. Unrealized gains and losses, net of related income taxes, are reported as a component of accumulated other comprehensive income. Upon sale or maturity, realized gains on our marketable debt securities are recognized as interest income. These gains are computed based on the specific identification of the underlying cost of the securities, net of unrealized gains and losses previously reported in other comprehensive income. Unrealized gains and losses on our available-for-sale securities are due to changes in market prices and are considered temporary.

The following is a summary of our marketable securities as of December 31, 2017:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value (Net Carrying Amount)
	(In thousands)
December 31, 2017
Commercial paper	$	—	$	—	$	—	$	—
Corporate debt securities	—		—		—		—
State and political subdivisions debt securities	—		—		—		—
Total marketable securities	$	—	$	—	$	—	$	—

Interest income recognized on our marketable securities was zero and $0.0 million for the three months ended March 31, 2018 and 2017 respectively, and $0.0 million and $0.0 million for the three months ended March 31, 2018 and 2017, respectively.