FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities at March 31, 2019:



(In thousands)	Adjusted Cost		Unrealized Gains		Fair Value⁽³⁾		Cash and Cash Equivalents ⁽¹⁾		Short-term Marketable Securities
Cash	$	3,802	$	—	$	3,802	$	3,802	$	—

Level 1 ⁽²⁾
U.S. Treasury Securities, maturities less than three months	28,613		—		28,613		28,613		—
U.S. Treasury Securities, maturities greater than three months	40,721		164		40,885		—		40,885
Total	$	73,136	$	164	$	73,300	$	32,415	$	40,885

Cash, Cash Equivalents and Marketable Securities at December 31, 2018:



(In thousands)	Adjusted Cost		Unrealized Gains		Fair Value⁽³⁾		Cash and Cash Equivalents ⁽¹⁾		Short-term Marketable Securities
Cash	$	6,467	$	—	$	6,467	$	6,467	$	—

Level 1 ⁽²⁾
U.S. Treasury Securities, maturities less than three months	10,129		—		10,129		10,129		—
U.S. Treasury Securities, maturities greater than three months	61,431		247		61,678		—		61,678
Total	$	78,027	$	247	$	78,274	$	16,596	$	61,678

⁽¹⁾The company considers all highly liquid instruments with maturities of three months or less at the time of purchase to be cash equivalents.

⁽²⁾ The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices. The fair value of these financial instruments are classified as Level 1 in the fair value hierarchy. The original purchase of U.S. Treasury bills occurred in September 2018 utilizing the proceeds from the sale of our Core business.

⁽³⁾ ASC 825-10, Financial Instruments, allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings within interest income at each subsequent reporting date. At the date of purchase, the Company elected the fair value option for all investments with maturities of three months or greater at the time of purchase.