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Marketable Securities
 9 Months Ended
Sep. 30, 2021
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, 2021

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

3,278

 

 

$

18

 

 

$

—

 

$

3,296

 

Corporate debt securities and certificates of deposit

 

3,475

 

 

11

 

 

—

 

3,486

 

Asset backed securities
127

2

—

129

Marketable securities – short-term

 

$

6,880

 

 

$

31

 

 

$

—

 

$

6,911

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

9,077

 

 

$

17

 

 

$

(9

 )

 

$

9,085

 

Corporate debt securities and certificates of deposit 

 

3,755

 

 

20

 

 

(2

 )

 

3,773

 

Asset backed securities

 

2,675

 

 

17

 

 

(1

 )

 

2,691

 

Equity security

 

42

 

 

2

 

 

—

 

44

 

Marketable securities – long-term

 

$

15,549

 

 

$

56

 

 

$

(12

 )

 

$

15,593

 






 

December 31, 2020

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,817

 

 

$

36

 

 

$

—

 

$

4,853

 

Corporate debt securities and certificates of deposit

 

3,113

 

 

21

 

 

—

 

3,134

 

Asset backed securities

 

133

 

 

1

 

 

—

 

 

134

 

  Marketable securities – short-term

 

$

8,063

 

 

$

58

 

 

$

—

 

$

8,121

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

7,529

 

 

$

66

 

 

$

—

 

$

7,595

 

Corporate debt securities and certificates of deposit

 

3,975

 

 

61

 

 

(1

 )

 

4,035

 

Asset backed securities

 

2,347

 

 

45

 

 

—

 

2,392

 

Equity security

 

42

 

 

—

 

 

(12

)

 

30

 

Marketable securities – long-term

 

$

13,893

 

 

$

172

 

 

$

(13

 )

 

$

14,052

 


At September 30, 2021 and December 31, 2020, 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, 2021












   U.S. government and agency obligations

$
5,275


$
(9
 )

$
—


$
—

   Corporate debt securities and certificates of deposit

1,247


(1
 )

226


(1
 )
   Asset backed securities

934


(1
 )

—


—

      Marketable securities

$
7,456


$
(11
 )

$
226


$
(1
 )
December 31, 2020
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
330

 
$
—
 
$
—
 
$
—
Corporate debt securities and certificates of deposit
 
411

 
(1
 )
 
—
 
—
Marketable securities
 
$
741

 
$
(1
 )
 
$
—
 
$
—


Our investments in marketable debt securities all have maturities of less than five years. Net pre-tax unrealized gains for marketable debt securities of $73,000 at September 30, 2021 and $229,000 at December 31, 2020 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, 2021 and December 31, 2020 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 sale of marketable securities of $225,000 in the nine months ended September 30, 2021. The gain recognized on the sale was insignificant. No marketable securities were sold in the three months ended September 30, 2021 or the three and nine months ended September 30, 2020. See Note 6 for additional information regarding the fair value of our investments in marketable securities.


Investments in marketable securities classified as cash equivalents of $6.0 million at September 30, 2021 and $1.3 million at December 31, 2020, consist of commercial money market savings accounts, corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at September 30, 2021 or December 31, 2020.


Cash and marketable securities held by foreign subsidiaries totaled $877,000 at September 30, 2021 and $672,000 at December 31, 2020.