Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Short-Term And Long-Term Investments

v3.19.2
Cash, Cash Equivalents, Short-Term And Long-Term Investments
6 Months Ended
Jun. 30, 2019
Cash Cash Equivalents And Short Term And Long Term Investments [Abstract]  
Cash, Cash Equivalents, Short-Term and Long-Term Investments

(2)

CASH, CASH EQUIVALENTS, SHORT-TERM AND LONG-TERM INVESTMENTS

The Company’s investments consist of mutual funds held in the Company’s deferred compensation plan which are classified as trading securities, U.S. Treasury securities, corporate notes and bonds, asset-backed securities and U.S. Agency securities, which the Company has the intent and ability to hold to maturity and therefore, are classified as held-to-maturity. The following tables show the Company’s cash, cash equivalents, short-term and long-term investments by significant investment category as of June 30, 2019 and December 31, 2018 (in thousands):

 

 

 

June 30, 2019

 

 

 

Adjusted Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Short-Term Investments

 

 

Long-Term Investments

 

Cash

 

$

615,873

 

 

$

-

 

 

$

-

 

 

$

615,873

 

 

$

615,873

 

 

$

-

 

 

$

-

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

163,408

 

 

 

-

 

 

 

-

 

 

 

163,408

 

 

 

163,408

 

 

 

-

 

 

 

-

 

U.S. Treasury securities

 

 

7,414

 

 

 

-

 

 

 

-

 

 

 

7,414

 

 

 

-

 

 

 

2,382

 

 

 

5,032

 

Total level 1

 

 

170,822

 

 

 

-

 

 

 

-

 

 

 

170,822

 

 

 

163,408

 

 

 

2,382

 

 

 

5,032

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

Corporate notes and bonds

 

 

131,272

 

 

 

-

 

 

 

-

 

 

 

131,272

 

 

 

-

 

 

 

93,620

 

 

 

37,652

 

Asset-backed securities

 

 

18,896

 

 

 

-

 

 

 

-

 

 

 

18,896

 

 

 

-

 

 

 

4,281

 

 

 

14,615

 

U.S. Agency securities

 

 

13,841

 

 

 

-

 

 

 

-

 

 

 

13,841

 

 

 

-

 

 

 

3,988

 

 

 

9,853

 

Mutual funds

 

 

22,334

 

 

 

-

 

 

 

-

 

 

 

22,334

 

 

 

-

 

 

 

-

 

 

 

22,334

 

Total level 2

 

 

186,343

 

 

 

-

 

 

 

-

 

 

 

186,343

 

 

 

-

 

 

 

101,889

 

 

 

84,454

 

TOTAL

 

$

973,038

 

 

$

-

 

 

$

-

 

 

$

973,038

 

 

$

779,281

 

 

$

104,271

 

 

$

89,486

 

 

 

 

December 31, 2018

 

 

 

Adjusted Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Short-Term Investments

 

 

Long-Term Investments

 

Cash

 

$

713,624

 

 

$

-

 

 

$

-

 

 

$

713,624

 

 

$

713,624

 

 

$

-

 

 

$

-

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

158,613

 

 

 

-

 

 

 

-

 

 

 

158,613

 

 

 

158,613

 

 

 

-

 

 

 

-

 

U.S. Treasury securities

 

 

6,955

 

 

 

-

 

 

 

-

 

 

 

6,955

 

 

 

-

 

 

 

4,979

 

 

 

1,976

 

Total level 1

 

 

165,568

 

 

 

-

 

 

 

-

 

 

 

165,568

 

 

 

158,613

 

 

 

4,979

 

 

 

1,976

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

Corporate notes and bonds

 

 

132,280

 

 

 

-

 

 

 

-

 

 

 

132,280

 

 

 

-

 

 

 

88,412

 

 

 

43,868

 

Asset-backed securities

 

 

23,310

 

 

 

-

 

 

 

-

 

 

 

23,310

 

 

 

-

 

 

 

2,115

 

 

 

21,195

 

U.S. Agency securities

 

 

10,272

 

 

 

-

 

 

 

-

 

 

 

10,272

 

 

 

-

 

 

 

4,523

 

 

 

5,749

 

Mutual funds

 

 

20,957

 

 

 

-

 

 

 

-

 

 

 

20,957

 

 

 

-

 

 

 

-

 

 

 

20,957

 

Total level 2

 

 

186,819

 

 

 

-

 

 

 

-

 

 

 

186,819

 

 

 

-

 

 

 

95,050

 

 

 

91,769

 

TOTAL

 

$

1,066,011

 

 

$

-

 

 

$

-

 

 

$

1,066,011

 

 

$

872,237

 

 

$

100,029

 

 

$

93,745

 

 

The Company may sell certain of its investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s long-term investments are typically less than two years.

The Company considers the declines in market value of its marketable securities investment portfolio to be temporary in nature. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. As of June 30, 2019, the Company does not consider any of its investments to be other-than-temporarily impaired.