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Available-for-sale Securities
 3 Months Ended
Mar. 31, 2015
Available-for-sale Securities

Note 3. Available-for-sale Securities

The following is a summary of available-for-sale securities at March 31, 2015 (in thousands):

 

     March 31, 2015  
     Amortized
Cost		      Gross 
Unrealized
Gain		      Gross 
Unrealized
Loss		      Fair Value  

Money market funds

    $ 5,512       $ 0       $ 0       $ 5,512   

United States government agency securities

      73,412         1         (6 )       73,407   

Corporate debt securities

      20,559         3         (10 )       20,552   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

 $ 99,483    $ 4    $ (16 )  $ 99,471   
  

 

 

     

 

 

     

 

 

     

 

 

  

The following is a summary of available-for-sale securities at December 31, 2014 (in thousands):

 

     December 31, 2014  
     Amortized
Cost		      Gross 
Unrealized
Loss		      Fair Value  

Money market funds

    $ 3,912       $ 0       $ 3,912   

United States government agency securities

      3,427         (1 )       3,426   

Corporate debt securities

      26,118         (30 )       26,088   
  

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

 $ 33,457    $ (31 )  $ 33,426   
  

 

 

     

 

 

     

 

 

  

Available-for-sale securities at March 31, 2015 and December 31, 2014, consisted of the following by original contractual maturity (in thousands):

 

     March 31, 2015      December 31, 2014  
     Amortized
Cost		      Fair Value      Amortized
Cost		      Fair Value  

One year or less

    $ 99,483       $ 99,471       $ 27,752       $ 27,727   

Greater than one year and less than five years

      0         0         5,705         5,699   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

 $ 99,483    $ 99,471    $ 33,457    $ 33,426   
  

 

 

     

 

 

     

 

 

     

 

 

  

As of March 31, 2015, the Company considered the declines in market value of its marketable securities investment portfolio to be temporary in nature and did not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. During the three months ended March 31, 2015 and 2014, the Company did not recognize any other-than-temporary impairment losses.

The Company did not record any gross realized gains from the sale or maturity of available-for-sale investments during the three months ended March 31, 2015 and 2014. The Company did not record any gross realized losses from the sale or maturity of available-for-sale investments during the three months ended March 31, 2015 and 2014.