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Marketable Securities
 12 Months Ended
Dec. 31, 2014
Marketable Securities [Abstract]  
Marketable Securities

Note 5 - Marketable Securities


The Company's investment in marketable securities as of December 31, 2013 and 2014 are classified as “held-to-maturity” and consist of the following: 


           

Gross

    

Gross

      
           

unrealized

    

unrealized

      
     

Amortized

    

holding

    

holding

    

Aggregate
     

cost basis**

    

gains

    

(losses)

    

fair value*
     

US$ thousands

  

At December 31, 2014




                     

Held to maturity:




                     

Corporate debt securities




                     
Current


  15,328     -     (69 )     15,259
Non-Current


  20,536     -     (271 )     20,265
               
    35,864     -     (340 )     35,524
               
At December 31, 2013


             
Held to maturity:


             
Corporate debt securities and


             

government debt securities


             
Current


  15,015     20     (76 )     14,959
Non-Current


  24,617     69     (167 )     24,519
               
    39,632     89     (243 )     39,478
               
*
Fair value is being determined using quoted market prices in active markets (Level 1).
**
Including accrued interest in the amount of US$ 391 thousand and US$ 339 thousand as of December 31, 2013 and 2014 respectively.


Activity in marketable securities in 2014

 

US$ thousands
               

Balance at January 1, 2014

           39,632
             
 

Purchases of marketable securities

        11,740
 

Discount of marketable securities

        (758 )
 

Proceeds from maturity of marketable securities

        (14,750 )
 

Balance at December 31, 2014

             35,864

The following table summarizes the gross unrealized losses on investment securities for which other-than-temporary impairments have not been recognized and the fair value of those securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2014:

                         
         

Less than 12 months

   

12 months or more

   

Total

Held to maturity         

Unrealized Losses

   

Fair value

   

Unrealized Losses

   

Fair value

   

Unrealized Losses

   

Fair value

                                         

Corporate debt securities

    (170 )     18,936     (170 )     15,573     (340 )     34,509

 

The unrealized losses on the investments were caused by changes in interest rate. The Company has the ability and intent to hold these investments until maturity and it is more likely than not that the Company will not be required to sell any of the securities before recovery; therefore these investments are not considered other than temporarily impaired.