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Marketable Securities
 9 Months Ended
Sep. 30, 2016
Marketable Securities [Abstract]  
Marketable Securities



Note 4.      marketable securities



The amortized cost and fair value of marketable securities were as follows (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2016

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

 142,656 

 

$

 87 

 

$

 (63)

 

$

 142,680 

 

Certificates of deposit

 

 

 32,149 

 

 

 -

 

 

 -

 

 

 32,149 

 

Asset backed securities

 

 

 29,147 

 

 

 79 

 

 

 -

 

 

 29,226 

 

Commercial paper

 

 

 21,826 

 

 

 -

 

 

 -

 

 

 21,826 

 

U.S. government bonds

 

 

 14,112 

 

 

 11 

 

 

 (4)

 

 

 14,119 

 

Municipal bonds

 

 

 1,400 

 

 

 2 

 

 

 -

 

 

 1,402 

 

Total marketable securities

 

$

 241,290 

 

$

 179 

 

$

 (67)

 

$

 241,402 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

 177,810 

 

$

 24 

 

$

 (221)

 

$

 177,613 

 

U.S. government bonds

 

 

 12,881 

 

 

 -

 

 

 (10)

 

 

 12,871 

 

Agency bonds

 

 

 12,068 

 

 

 -

 

 

 (3)

 

 

 12,065 

 

Certificates of deposit

 

 

 3,500 

 

 

 -

 

 

 -

 

 

 3,500 

 

Commercial paper

 

 

 3,491 

 

 

 -

 

 

 -

 

 

 3,491 

 

International government bonds

 

 

 1,462 

 

 

 -

 

 

 (3)

 

 

 1,459 

 

Municipal bonds

 

 

 1,400 

 

 

 -

 

 

 (1)

 

 

 1,399 

 

Treasury bill

 

 

 1,192 

 

 

 1 

 

 

 -

 

 

 1,193 

 

Total marketable securities

 

$

 213,804 

 

$

 25 

 

$

 (238)

 

$

 213,591 

 



As of September 30, 2016, unrealized losses on marketable securities that have been in a continuous loss position for more than twelve months were not material. Our portfolio of marketable securities had an average AA- credit rating as of September 30, 2016. There were no marketable securities that we consider to be other-than-temporarily impaired as of September 30, 2016.



Remaining effective maturities of marketable securities were as follows (in thousands):







 

 

 

 

 

 

 

As of September 30, 2016

 

 

Amortized Cost

 

 

Fair Value

 



 

 

 

 

 

 

 

Due in one year or less

 

$

 206,388 

 

$

 206,470 

 

Due after one year through three years

 

 

 34,902 

 

 

 34,932 

 



 

$

 241,290 

 

$

 241,402 

 



 

      Our investment strategy is to buy short-duration marketable securities with a high credit rating. Some of our marketable securities have call features that can effectively shorten the lifespan from the contractual maturity date. We use the effective maturity date to measure the duration of the marketable securities.