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Marketable Securities
 9 Months Ended
Sep. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2017

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,693

 

 

$

—

 

 

$

(6

 )

 

$

4,687

 

Corporate debt securities and certificates of deposit

 

1,665

 

 

—

 

 

(1

 )

 

1,664

 

Asset backed securities

 

350

 

 

—

 

 

—

  

 

350

 

Marketable securities – short-term

 

$

6,708

 

 

$

—

 

 

$

(7

 )

 

$

6,701

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,525

 

 

$

—

 

 

$

(13

 )

 

$

4,512

 

Corporate debt securities and certificates of deposit

 

1,566

 

 

1

 

 

(6

 )

 

1,561

 

Asset backed securities

 

2,797

 

 

—

 

 

(5

 )

 

2,792

 

Equity security

 

42

 

 

42

 

 

—

 

 

84

 

Marketable securities – long-term

 

$

8,930

 

 

$

43

 

 

$

(24

 )

 

$

8,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 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 nine months ended September 30, 2017 or the three months ended September 30, 2016. We received proceeds from the sale of marketable securities in the nine months ended September 30, 2016 of $1.4 million. No gain or loss was recognized from the sale of marketable securities during the 2016 period.

 

Our investments in marketable debt securities all have maturities of less than five years. At September 30, 2017, marketable debt securities valued at $2.0 million were in an unrealized gain position totaling $1,000, and marketable debt securities valued at $13.6 million were in an unrealized loss position totaling $31,000 (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 $3.2 million at September 30, 2017 and $5.2 million at December 31, 2016 consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2017

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Recorded
Basis

Money market and certificates of deposit

 

$

3,164

 

 

$

—

 

 

$

—

 

 

$

3,164

 

 

 

$

3,164

 

 

$

—

 

 

$

—

 

 

$

3,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $197,000 at September 30, 2017 and $614,000 at December 31, 2016.