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Marketable Securities
 9 Months Ended
Sep. 30, 2019
Marketable Securities [Abstract]  
Marketable Securities

4. MARKETABLE SECURITIES:


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,138

 

 

$

11

 

 

$

(2

 )

 

$

5,147

 

Corporate debt securities and certificates of deposit

 

1,170

 

 

1

 

 

—

 

1,171

 

Asset backed securities

 

1,469

 

 

5

 

 

—

 

1,474

 

Marketable securities – short-term

 

$

7,777

 

 

$

17

 

 

$

(2

 )

 

$

7,792

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,646

 

 

$

32

 

 

$

(1

 )

 

$

5,677

 

Corporate debt securities and certificates of deposit

 

1,602

 

 

12

 

 

—

 

1,614

 

Asset backed securities

 

2,035

 

 

17

 

 

—

 

2,052

 

Equity security

 

42

 

 

7

 

 

—

 

 

49

 

Marketable securities – long-term

 

$

9,325

 

 

$

68

 

 

$

(1

 )

 

$

9,392

 





 

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

 

 
 
 
 

 
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, 2019
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
1,057

 
$
(2
 )
 
$
2,282
 
$
(1
 )
Corporate debt securities and certificates of deposit
 
20

 
—
 
80
 
—
Asset backed securities
 
50

 
—
 
733

 
—
Marketable securities
 
$
1,127

 
$
(2
 )
 
$
3,095
 
$
(1
 )
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
 )


The marketable debt securities in which we have invested all have maturities of less than five years. Net pre-tax unrealized gains for marketable debt securities of $75,000 at September 30, 2019 and net pre-tax losses for marketable debt securities of $54,000 at December 31, 2018 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, 2019 and December 31, 2018 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 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. No marketable securities were sold in the three or nine months ended September 30, 2019. In the three and nine months ended September 30, 2018, proceeds from sales of marketable securities totaled $410,000 and $480,000, respectively. In both the three and nine months ended September 30, 2018, gains of $3,000 were recognized on the sales. 


Investments in marketable securities classified as cash equivalents of $3.9 million at September 30, 2019 and $2.5 million at December 31, 2018 consist of corporate debt securities and certificates of deposit. There were no unrealized gains or losses with respect to any of these securities at September 30, 2019 or December 31, 2018.


Cash and marketable securities held by foreign subsidiaries totaled $405,000 at September 30, 2019 and $362,000 at December 31, 2018.