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MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2018

Debt Securities, Available-for-sale [Abstract]

MARKETABLE SECURITIES

6.	MARKETABLE SECURITIES

Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale debt securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities are included in interest income.

The net realized (losses) gains and the reclassification of net realized (losses) gains from other comprehensive income are as follows:

		Three months ended								Nine months ended
		September 30,								September 30,
(in thousands)		2018				2017				2018				2017
Net realized (loss) gain		$	(16	)		$	26			$	(36	)		$	38
Reclassification of net realized gains from other comprehensive income		$	(16	)		$	26			$	(36	)		$	38

Gross unrealized gains (losses) on marketable securities are as follows:

		September 30, 2018								December 31, 2017
		Gross unrealized								Gross unrealized
(in thousands)		Gains				(Losses)				Gains				(Losses)
Municipal Obligations		$	0			$	(39	)		$	-			$	(70	)
Corporate Obligations			1				(10	)			-				-
		$	1			$	(49	)		$	-			$	(70	)

The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities are as follows:

		September 30, 2018												December 31, 2017
Type of Securities		Amortized Cost Basis				Fair Value				Net Unrealized Losses				Amortized Cost Basis				Fair Value				Net Unrealized Losses
(in thousands)
Municipal Obligations		$	5,281			$	5,242			$	(39	)		$	13,101			$	13,031			$	(70	)
Corporate Obligations			10,934				10,925				(9	)			-				-				-
Total		$	16,215			$	16,167			$	(48	)		$	13,101			$	13,031			$	(70	)

Municipal obligations consist primarily of municipal notes rated AA- or higher ranging in maturity from less than one year to over 20 years. Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to five years. These securities are rated BBB or higher. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2019 and 2022.