XML 51 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Marketable Securities | 6 Months Ended
--- | ---
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | MARKETABLE SECURITIES ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:
($ in thousands) |  |  | June 30, 2014 |  | December 31, 2013
Marketable Securities: | Fair Value Hierarchy |  | Cost |  | Estimated Fair Value |  | Cost |  | Estimated Fair Value
Certificates of deposit |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  | $ | 1,290 |  |  | $ | 1,282 |  |  | $ | 1,690 |  |  | $ | 1,677 |
with unrecognized losses for more than 12 months |  |  | 459 |  |  | 455 |  |  | 110 |  |  | 110 |
with unrecognized gains |  |  | 6,530 |  |  | 6,560 |  |  | 6,298 |  |  | 6,334 |
Total Certificates of deposit | Level 1 |  | 8,279 |  |  | 8,297 |  |  | 8,098 |  |  | 8,121 |
US Treasury and agency notes |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  | 3,434 |  |  | 3,427 |  |  | 4,672 |  |  | 4,664 |
with unrecognized losses for more than 12 months |  |  | 1,322 |  |  | 1,319 |  |  | 1,699 |  |  | 1,694 |
with unrecognized gains |  |  | 5,851 |  |  | 5,889 |  |  | 3,713 |  |  | 3,760 |
Total US Treasury and agency notes | Level 2 |  | 10,607 |  |  | 10,635 |  |  | 10,084 |  |  | 10,118 |
Corporate notes |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  | 3,010 |  |  | 2,990 |  |  | 7,270 |  |  | 7,192 |
with unrecognized losses for more than 12 months |  |  | 1,338 |  |  | 1,334 |  |  | 530 |  |  | 523 |
with unrecognized gains |  |  | 23,338 |  |  | 23,524 |  |  | 21,945 |  |  | 22,173 |
Total Corporate notes | Level 2 |  | 27,686 |  |  | 27,848 |  |  | 29,745 |  |  | 29,888 |
Municipal notes |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  | 419 |  |  | 417 |  |  | 1,688 |  |  | 1,677 |
with unrecognized losses for more than 12 months |  |  | 315 |  |  | 311 |  |  | 318 |  |  | 316 |
with unrecognized gains |  |  | 5,291 |  |  | 5,336 |  |  | 5,267 |  |  | 5,316 |
Total Municipal notes | Level 2 |  | 6,025 |  |  | 6,064 |  |  | 7,273 |  |  | 7,309 |
|  |  | $ | 52,597 |  |  | $ | 52,844 |  |  | $ | 55,200 |  |  | $ | 55,436 |
We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. At June 30, 2014, the fair market value of investment securities exceeded the cost basis by $247,000. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. None have been recorded at June 30, 2014. The Company has determined that any unrealized losses in the portfolio are temporary as of June 30, 2014. The Company believes that market factors such as, changes in interest rates, liquidity discounts, and premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in credit quality of the issuer have led to the temporary declines in value. In the future based on changes in the economy, credit markets, financial condition of issuers, or market interest rates, this could change. As of June 30, 2014, the adjustment to accumulated other comprehensive income (loss) in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $11,000, which includes estimated taxes of $4,000. As of June 30, 2014, the Company’s gross unrealized holding gains equal $299,000 and gross unrealized holding losses equal $52,000. The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):
At June 30, 2014 | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | Total
Certificates of deposit | $ | 1,166 |  |  | $ | 4,213 |  |  | $ | 1,501 |  |  | $ | 831 |  |  | $ | 509 |  |  | $ | 8,220 |
U.S. Treasury and agency notes | 4,481 |  |  | 3,836 |  |  | 600 |  |  | 1,209 |  |  | 523 |  |  | $ | 10,649 |
Corporate notes | 1,919 |  |  | 9,937 |  |  | 6,704 |  |  | 6,798 |  |  | 1,264 |  |  | $ | 26,622 |
Municipal notes | 1,485 |  |  | 2,205 |  |  | 1,235 |  |  | 790 |  |  | 125 |  |  | $ | 5,840 |
| $ | 9,051 |  |  | $ | 20,191 |  |  | $ | 10,040 |  |  | $ | 9,628 |  |  | $ | 2,421 |  |  | $ | 51,331 |
At December 31, 2013 | 2014 |  | 2015 |  | 2016 |  | 2017 |  | Total
Certificates of deposit | $ | 1,627 |  |  | $ | 4,213 |  |  | $ | 1,501 |  |  | $ | 681 |  |  | $ | 8,022 |
U.S. Treasury and agency notes | 5,485 |  |  | 3,336 |  |  | 600 |  |  | 692 |  |  | $ | 10,113 |
Corporate notes | 6,729 |  |  | 10,037 |  |  | 6,704 |  |  | 5,174 |  |  | $ | 28,644 |
Municipal notes | 3,325 |  |  | 2,205 |  |  | 1,235 |  |  | 295 |  |  | $ | 7,060 |
| $ | 17,166 |  |  | $ | 19,791 |  |  | $ | 10,040 |  |  | $ | 6,842 |  |  | $ | 53,839 |
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration