Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Notes)

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FAIR VALUE MEASUREMENTS (Notes)
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS

As of March 31, 2018, cash and cash equivalents include the Company’s investments in debt securities, comprising municipal notes and bonds and corporate debt, money market funds and time deposits. The Company considers all highly liquid investments with original maturities of three months or less when purchased and have insignificant interest rate risk to be cash equivalents.  Debt securities classified as cash equivalents are required to be accounted for in accordance with ASC 320, Investments - Debt and Equity Securities. As such, the Company determined its investments in debt securities held at March 31, 2018 should be classified as available-for-sale and are carried at fair value with unrealized gains and losses reported in accumulated other comprehensive income in stockholders’ equity. The cost of debt securities is adjusted for amortization of premiums and discounts to maturity. This amortization is included in other income. Realized gains and losses, as well as interest income, are also included in other income. The fair values of securities are based on quoted market prices.

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents and accounts payable, approximate fair value because of their short maturities. The carrying amount of the noncurrent restricted cash approximates fair value since, absent the restrictions, the underlying assets would be included in cash and cash equivalents. The Company’s cash equivalents are valued based on level 1 inputs which consist of quoted prices in active markets.
 
Accounting standards permit companies, at their option, to choose to measure many financial instruments and certain other items at fair value.  The Company has elected to not fair value existing eligible items.

Available-for-sale investments included in cash equivalents at the end of each period were as follows (in thousands):
 
March 31, 2018
 
December 31, 2017
 
Adjusted Cost
 
Gross Unrealized Losses
 
Fair Value
 
Adjusted Cost
 
Gross Unrealized Losses
 
Fair Value
Municipal bonds and notes
$
5,155

 
$
(1
)
 
$
5,154

 
$
13,320

 
$
(1
)
 
$
13,319

Corporate debt securities
54,075

 
(36
)
 
54,039

 
49,432

 
(24
)
 
49,408

Financial institution instruments
15,653

 
—

 
15,653

 
10,881

 
—

 
10,881

Total available-for-sale investments
$
74,883

 
$
(37
)
 
$
74,846

 
$
73,633

 
$
(25
)
 
$
73,608


 
Financial institution instruments include instruments issued or managed by financial institutions such as money market fund deposits and time deposits.