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SEC Filings

10-Q
HEARTWARE INTERNATIONAL, INC. filed this Form 10-Q on 11/02/2015
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Table of Contents

The amortized cost and fair value of our investments, with gross unrealized gains and losses, were as follows:

 

     Amortized
Cost Basis
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
     Aggregate
Fair Value
 
     (in thousands)  
At September 30, 2015            

Short-term investments:

           

Corporate debt

   $ 32,906       $ —         $ (85    $ 32,821   

U.S. government agency debt

     20,000         1         (1      20,000   

Certificates of deposit

     10,570         —           —           10,570   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total short-term investments

   $ 63,476       $ 1       $ (86    $ 63,391   
  

 

 

    

 

 

    

 

 

    

 

 

 

Long-term investments:

           

Certificates of deposit

   $ 1,225       $ —         $ —         $ 1,225   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total long-term investments

   $ 1,225       $ —         $ —         $ 1,225   
  

 

 

    

 

 

    

 

 

    

 

 

 
     Amortized
Cost Basis
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
     Aggregate
Fair Value
 
     (in thousands)  
At December 31, 2014            

Short-term investments:

           

Corporate debt

   $ 51,241       $ 8       $ (244    $ 51,005   

U.S. government agency debt

     15,000         —           (25      14,975   

Certificates of deposit

     9,555         —           —           9,555   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total short-term investments

   $ 75,796       $ 8       $ (269    $ 75,535   
  

 

 

    

 

 

    

 

 

    

 

 

 

Long-term investments:

           

Certificates of deposit

   $ 1,225       $ —         $ —         $ 1,225   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total long-term investments

   $ 1,225       $ —         $ —         $ 1,225   
  

 

 

    

 

 

    

 

 

    

 

 

 

For the three and nine months ended September 30, 2015 and 2014, we did not have any realized gains or losses on our investments. At September 30, 2015, 13 of our available-for-sale investments with an aggregate fair value of $34.7 million had been in a continuous loss position for more than twelve months. At September 30, 2015, the gross unrealized loss on these 13 available-for-sale investments was $79,000 and was deemed to be temporary. At September 30, 2015, 4 individual securities had been in an unrealized loss position for twelve months or less. At December 31, 2014, none of our available-for-sale investments had been in a continuous loss position for more than twelve months, while 22 individual securities had been in an unrealized loss position for twelve months or less.

The unrealized losses noted above were deemed to be temporary. We regularly review our investment portfolio to determine if any security is other-than-temporarily impaired, which would require us to record an impairment charge in the period any such determination is made. In making this judgment, we evaluate, among other things, the duration and extent to which the fair value of a security has been less than its amortized cost, the financial condition of the issuer, the time to maturity of the investment and our intent to sell the security prior to maturity where we would not be able to recover its amortized cost basis.

 

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