Annual report pursuant to Section 13 and 15(d)

Investments in Marketable Securities

v2.4.1.9
Investments in Marketable Securities
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Securities
5. Investments in Marketable Securities

Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following as of December 31, 2014 (in thousands):

 

     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses		      Fair
Value		  

Type of security – long-term:

            

U.S. government and agency debt securities

    $ 4,993       $ 7       $ (3 )     $ 4,997   

Corporate debt securities

      7,442         48         (12 )       7,478   

Asset-backed securities

      2,277         4         (4 )       2,277   
  

 

 

     

 

 

     

 

 

     

 

 

  
$ 14,712    $ 59    $ (19 )  $ 14,752   
  

 

 

     

 

 

     

 

 

     

 

 

  

As of December 31, 2014, the amortized cost and fair value of the Company’s investment in available-for-sale securities that have been in a continuous unrealized loss position for less than 12 months were $5.4 million. Unrealized losses related to these investments are due to interest rate fluctuations as opposed to changes in credit quality. As of December 31, 2014, the Company did not have any investments in a continuous unrealized loss position for 12 months or longer.

In addition, the Company does not intend to sell and it is not more-likely-than-not that the Company would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. For the year-ended December 31, 2014, the Company did not sell any securities. As a result, there is no other-than-temporary impairment for these investments at December 31, 2014. Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following as of December 31, 2014 (in thousands):

 

     Amortized
Cost		      Fair
Value		  

Due in one year or less

    $ —         $ —     

Due after one year through five years

      4,679         4,679   

Due after five years through ten years

      5,652         5,662   

Due after ten years

      4,381         4,411   
  

 

 

     

 

 

  
$ 14,712    $ 14,752   
  

 

 

     

 

 

  

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

As of December 31, 2014, the weighted average maturity date of investments in marketable securities, available-for-sale securities was 9.6 years.