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Marketable Securities
 9 Months Ended
Sep. 30, 2018
Marketable Securities [Abstract]  
Marketable Securities

3. MARKETABLE SECURITIES:


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2018

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

3,611

 

 

$

—

 

 

$

(20

 )

 

$

3,591

 

Corporate debt securities and certificates of deposit

 

2,163

 

 

—

 

 

(8

 )

 

2,155

 

Asset backed securities

 

654

 

 

—

 

 

(4

 )

 

650

 

Marketable securities – short-term

 

$

6,428

 

 

$

—

 

 

$

(32

 )

 

$

6,396

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

6,399

 

 

$

—

 

 

$

(55

 )

 

$

6,344

 

Corporate debt securities and certificates of deposit

 

230

 

 

—

 

 

(3

 )

 

227

 

Asset backed securities

 

3,184

 

 

—

 

 

(22

 )

 

3,162

 

Equity security

 

42

 

 

31

 

 

—

 

 

73

 

Marketable securities – long-term

 

$

9,855

 

 

$

31

 

 

$

(80

 )

 

$

9,806

 


 

 

December 31, 2017

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,381

 

 

$

—

 

 

$

(13

 )

 

$

4,368

 

Corporate debt securities and certificates of deposit

 

1,792

 

 

—

 

 

(4

 )

 

1,788

 

Asset backed securities

 

515

 

 

—

 

 

(1

) 

 

514

 

  Marketable securities – short-term

 

$

6,688

 

 

$

—

 

 

$

(18

 )

 

$

6,670

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,801

 

 

$

—

 

 

$

(33

 )

 

$

4,768

 

Corporate debt securities and certificates of deposit

 

1,189

 

 

—

 

 

(10

 )

 

1,179

 

Asset backed securities

 

3,045

 

 

—

 

 

(16

 )

 

3,029

 

Equity security

 

42

 

 

55

 

 

—

 

 

97

 

Marketable securities – long-term

 

$

9,077

 

 

$

55

 

 

$

(59

 )

 

$

9,073

 


 
 
 
 

 
In Unrealized Loss Position For
Less Than 12 Months 
 
 In Unrealized Loss Position For
Greater Than 12 Months
(In thousands) 
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
September 30, 2018
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
5,185

 
$
(36
 )
 
$
4,327
 
$
(39
 )
Corporate debt securities and certificates of deposit
 
628

 
(3
 )
 
1,324
 
(8
 )
Asset backed securities
 
2,343

 
(14
 )
 
1,469

 
(12
 )
Marketable securities
 
$
8,156

 
$
(53
 )
 
$
7,120
 
$
(59
 )
December 31, 2017
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
5,593

 
$
(29
 )
 
$
3,543
 
$
(17
 )
Corporate debt securities and certificates of deposit
 
478

 
(2
 )
 
1,991
 
(12
 )
Asset backed securities
 
2,312

 
(9
 )
 
1,232
 
(8
 )
Marketable securities
 
$
8,383

 
$
(40
 )
 
$
6,766
 
$
(37
 )


Effective January 1, 2018, we adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities, which impacted the accounting for our marketable equity security (see Note 16). Our investments in marketable debt securities all have maturities of less than five years. Net pre-tax unrealized losses for marketable securities of $112,000 at September 30, 2018 and $22,000 at December 31, 2017 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We have determined that the net pre-tax unrealized losses for marketable debt securities at September 30, 2018 and December 31, 2017 were caused by fluctuations in interest rates and are temporary in nature. We review our marketable securities to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which the fair value of the investment has been less than the cost basis, the credit quality of the investment and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. We received proceeds from sales of marketable securities of $480,000, and recognized a $3,000 gain on the sales, in the three and nine months ended September 30, 2018. No marketable securities were sold in the nine months ended September 30, 2017.  


Investments in marketable securities classified as cash equivalents of $2.3 million at September 30, 2018 and $1.6 million at December 31, 2017 consist of corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at September 30, 2018 or December 31, 2017.


Cash and marketable securities held by foreign subsidiaries totaled $532,000 at September 30, 2018 and $187,000 at December 31, 2017.