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Marketable Securities
 9 Months Ended
Sep. 30, 2020
Marketable Securities [Abstract]  
Marketable Securities

5. MARKETABLE SECURITIES:


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,927

 

 

$

46

 

 

$

—

 

$

4,973

 

Corporate debt securities and certificates of deposit

 

3,408

 

 

33

 

 

—

 

3,441

 

Asset backed securities

 

133

 

 

2

 

 

—

 

135

 

Marketable securities – short-term

 

$

8,468

 

 

$

81

 

 

$

—

 

$

8,549

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

7,268

 

 

$

87

 

 

$

(1

 )

 

$

7,354

 

Corporate debt securities and certificates of deposit

 

3,732

 

 

68

 

 

(2

 )

 

3,798

 

Asset backed securities

 

2,471

 

 

54

 

 

—

 

2,525

 

Equity security

 

42

 

 

—

 

 

(16

 )

 

26

 

Marketable securities – long-term

 

$

13,513

 

 

$

209

 

 

$

(19

 )

 

$

13,703

 





 

December 31, 2019

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,766

 

 

$

22

 

 

$

—

 

$

5,788

 

Corporate debt securities and certificates of deposit

 

1,085

 

 

1

 

 

—

 

1,086

 

Asset backed securities

 

1,417

 

 

4

 

 

—

 

 

1,421

 

  Marketable securities – short-term

 

$

8,268

 

 

$

27

 

 

$

—

 

$

8,295

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

6,524

 

 

$

30

 

 

$

(1

 )

 

$

6,553

 

Corporate debt securities and certificates of deposit

 

3,004

 

 

14

 

 

—

 

3,018

 

Asset backed securities

 

2,535

 

 

15

 

 

(1

 )

 

2,549

 

Equity security

 

42

 

 

6

 

 

—

 

 

48

 

Marketable securities – long-term

 

$

12,105

 

 

$

65

 

 

$

(2

 )

 

$

12,168

 



At September 30, 2020 and December 31, 2019, investments in marketable debt securities in an unrealized loss position were as follows:  

 
 
 
 

 
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, 2020












   U.S. government and agency obligations

$
754


$
(1
 )

$
—


$
—

   Corporate debt securities and certificates of deposit

485


(2
 )

—


—

      Marketable securities

$
1,239


$
(3
 )

$
—


$
—

December 31, 2019
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
149

 
$
(1
 )
 
$
—
 
$
—
Asset backed securities
 
684

 
(1
 )
 
—
 
—
Marketable securities
 
$
833

 
$
(2
 )
 
$
—
 
$
—


Our investments in marketable debt securities all have maturities of less than five years. Net pre-tax unrealized gains for marketable debt securities of $287,000 at September 30, 2020 and $84,000 at December 31, 2019 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, 2020 and December 31, 2019 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. No marketable securities were sold in the nine months ended September 30, 2020 or the nine months ended September 30, 2019. See Note 6 for additional information regarding the fair value of our investments in marketable securities.


Investments in marketable securities classified as cash equivalents totaled $1.9 million at September 30, 2020 and $2.6 million at December 31, 2019 and 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, 2020 or December 31, 2019.


Cash and marketable securities held by foreign subsidiaries totaled $371,000 at September 30, 2020 and $327,000 at December 31, 2019.