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Marketable Securities
 6 Months Ended
Jun. 30, 2017
Marketable Securities [Abstract]  
Marketable Securities

2. MARKETABLE SECURITIES:


Our investments in marketable securities are classified as available-for-sale and consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,235

 

 

$

—

 

 

$

(7

 )

 

$

5,228

 

Corporate debt securities and certificates of deposit

 

916

 

 

—

 

 

(1

 )

 

915

 

Marketable securities – short-term

 

$

6,151

 

 

$

—

 

 

$

(8

 )

 

$

6,143

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,143

 

 

$

—

 

 

$

(12

 )

 

$

4,131

 

Corporate debt securities and certificates of deposit

 

1,971

 

 

1

 

 

(9

 )

 

1,963

 

Asset backed securities

 

3,136

 

 

1

 

 

(5

 )

 

3,132

 

Equity security

 

42

 

 

44

 

 

—

 

 

86

 

Marketable securities – long-term

 

$

9,292

 

 

$

46

 

 

$

(26

 )

 

$

9,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,005

 

 

$

4

 

 

$

(1

 )

 

$

5,008

 

Corporate debt securities and certificates of deposit

 

1,476

 

 

1

 

 

(1

 )

 

1,476

 

Asset backed securities

 

9

 

 

—

 

 

—

 

 

9

 

  Marketable securities – short-term

 

$

6,490

 

 

$

5

 

 

$

(2

 )

 

$

6,493

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,815

 

 

$

1

 

 

$

(12

 )

 

$

4,804

 

Corporate debt securities and certificates of deposit

 

2,161

 

 

—

 

 

(17

 )

 

2,144

 

Asset backed securities

 

1,732

 

 

—

 

 

(5

 )

 

1,727

 

Equity security

 

42

 

 

11

 

 

—

 

 

53

 

Marketable securities – long-term

 

$

8,750

 

 

$

12

 

 

$

(34

 )

 

$

8,728

 


Net pre-tax unrealized gains for marketable securities of $12,000 at June 30, 2017 and net pre-tax unrealized losses for marketable securities of $19,000 at December 31, 2016 were recorded as a component of accumulated other comprehensive loss in stockholders’ equity. No marketable securities were sold in the six months ended June 30, 2017. We received proceeds from the sale of marketable securities in the three and six months ended June 30, 2016 of $625,000 and $1.4 million, respectively. No gain or loss was recognized on the sale of marketable securities in the three and six months ended June 30, 2016.

 

Our investments in marketable debt securities all have maturities of less than five years. At June 30, 2017, marketable debt securities valued at $2.5 million were in an unrealized gain position totaling $2,000, and marketable debt securities valued at $12.9 million were in an unrealized loss position totaling $34,000 (all of these securities had been in an unrealized loss position for less than 12 months). At December 31, 2016, marketable debt securities valued at $6.4 million were in an unrealized gain position totaling $6,000, and marketable debt securities valued at $8.8 million were in an unrealized loss position totaling $36,000 (all of these securities had been in an unrealized loss position for less than 12 months).


Investments in marketable securities classified as cash equivalents of $4.4 million at June 30, 2017 and $5.2 million at December 31, 2016 consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Recorded
Basis

Money market and certificates of deposit

 

$

4,402

 

 

$

—

 

 

$

—

 

 

$

4,402

 

 

 

$

4,402

 

 

$

—

 

 

$

—

 

 

$

4,402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Recorded
Basis

Money market and certificates of deposit

 

$

5,195

 

 

$

—

 

 

$

—

 

 

$

5,195

 

 

 

$

5,195

 

 

$

—

 

 

$

—

 

 

$

5,195

 


Cash and marketable securities held by foreign subsidiaries totaled $307,000 at June 30, 2017 and $614,000 at December 31, 2016.