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Marketable Securities
 12 Months Ended
Dec. 31, 2018
MARKETABLE SECURITIES [Abstract]  
MARKETABLE SECURITIES

NOTE 3 – MARKETABLE SECURITIES


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

3,377

 

 

$

—

 

 

$

(20

 )

 

$

3,357

 

Corporate debt securities and certificates of deposit

 

1,787

 

 

3

 

 

(5

 )

 

1,785

 

Asset backed securities

 

633

 

 

—

 

 

(4

 )

 

629

 

Marketable securities – short-term

 

$

5,797

 

 

$

3

 

 

$

(29

 )

 

$

5,771

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

6,114

 

 

$

10

 

 

$

(23

 )

 

$

6,101

 

Corporate debt securities and certificates of deposit

 

754

 

 

1

 

 

(3

 )

 

752

 

Asset backed securities

 

3,422

 

 

2

 

 

(15

 )

 

3,409

 

Equity security

 

42

 

 

18

 

 

—

 

 

60

 

Marketable securities – long-term

 

$

10,332

 

 

$

31

 

 

$

(41

 )

 

$

10,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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
December 31, 2018
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
1,548

 
$
(4
 )
 
$
4,608
 
$
(39
 )
Corporate debt securities and certificates of deposit
 
250

 
—
 
1,178
 
(8
 )
Asset backed securities
 
1,023

 
(3
 )
 
2,137

 
(16
 )
Marketable securities
 
$
2,821

 
$
(7
 )
 
$
7,923
 
$
(63
 )
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
 )

 

On January 1, 2018, we adopted ASU 2016-01, which requires us to recognize the change in fair value of our equity security in net income rather than in comprehensive income. See Note 1 for additional information regarding our adoption of ASU 2016-01. Our investments in marketable debt securities all have maturities of less than 5 years. Net pre-tax unrealized losses for marketable securities of $54,000 at December 31, 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 December 31, 2018 and December 31, 2017 were caused by fluctuations in interest rates and are temporary in nature. We review our marketable debt 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 fair value has been less than the cost basis, credit quality 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 the sales of marketable securities of $545,000 in 2018. No marketable securities were sold in 2017. We realized a gain of $3,000 from the sales of marketable securities in 2018. See Note 5 for additional information regarding the fair value of our investments in marketable securities. 


Investments in marketable securities classified as cash equivalents of $2.5 million at December 31, 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 December 31, 2018 or December 31, 2017.