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Marketable Securities
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

 120,898 

 

$

 76 

 

$

 (81)

 

$

 120,893 

 

Certificates of deposit

 

 

 43,198 

 

 

 -

 

 

 -

 

 

 43,198 

 

Asset backed securities

 

 

 37,610 

 

 

 6 

 

 

 (16)

 

 

 37,600 

 

Commercial paper

 

 

 17,013 

 

 

 -

 

 

 -

 

 

 17,013 

 

U.S. government bonds

 

 

 16,644 

 

 

 1 

 

 

 (15)

 

 

 16,630 

 

Agency bonds

 

 

 4,600 

 

 

 -

 

 

 (1)

 

 

 4,599 

 

Total marketable securities

 

$

 239,963 

 

$

 83 

 

$

 (113)

 

$

 239,933 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2016

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

 130,833 

 

$

 40 

 

$

 (102)

 

$

 130,771 

 

Certificates of deposit

 

 

 40,400 

 

 

 -

 

 

 -

 

 

 40,400 

 

Asset backed securities

 

 

 27,290 

 

 

 25 

 

 

 -

 

 

 27,315 

 

Commercial paper

 

 

 20,228 

 

 

 -

 

 

 -

 

 

 20,228 

 

U.S. government bonds

 

 

 12,244 

 

 

 1 

 

 

 (14)

 

 

 12,231 

 

Agency bonds

 

 

 4,600 

 

 

 4 

 

 

 -

 

 

 4,604 

 

Municipal bonds

 

 

 1,400 

 

 

 -

 

 

 -

 

 

 1,400 

 

Total marketable securities

 

$

 236,995 

 

$

 70 

 

$

 (116)

 

$

 236,949 

 



As of March 31, 2017, 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 March 31, 2017. There were no marketable securities that we consider to be other-than-temporarily impaired as of March 31, 2017.



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







 

 

 

 

 

 

 

As of March 31, 2017

 

 

Amortized Cost

 

 

Fair Value

 



 

 

 

 

 

 

 

Due in one year or less

 

$

 144,581 

 

$

 144,547 

 

Due after one year through three years

 

 

 95,382 

 

 

 95,386 

 



 

$

 239,963 

 

$

 239,933 

 



 

      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.