Note 2—Cash Equivalents and Marketable Securities

At June 30, 2013, cash equivalents and marketable securities primarily consisted of money market mutual funds, US government and US Government Sponsored Entities (GSE’s), foreign government debt securities and high credit quality corporate debt securities. All marketable securities were considered available-for-sale and were carried at fair value on the Company’s condensed consolidated balance sheets. Short-term marketable securities mature twelve months or less, and long-term marketable securities mature greater than twelve months, from the date of the condensed consolidated balance sheet.

Marketable securities are summarized as follows (in thousands):

					Gross			Gross
					Unrealized			Unrealized
			Gross		Losses			Losses
	Amortized		Unrealized		Less than			12 Months		Aggregate
Balance at June 30, 2013	Cost		Gains		12 Months			or Longer		Fair Value

Corporate debt securities	$	11,662	$	—	$	(22	)	$	—	$	11,640
Foreign government debt securities	3,609		—		(6		)	—		3,603
Total	$	15,271	$	—	$	(28	)	$	—	$	15,243

					Gross			Gross
					Unrealized			Unrealized
			Gross		Losses			Losses
	Amortized		Unrealized		Less than			12 Months		Aggregate
Balance at December 31, 2012	Cost		Gains		12 Months			or Longer		Fair Value

Corporate debt securities	$	110,540	$	13	$	(45	)	$	—	$	110,508
US government debt securities	59,811		7		(3		)	—		59,815
Foreign government debt securities	2,415		6		—			—		2,421
Total	$	172,766	$	26	$	(48	)	$	—	$	172,744

The following table summarizes the contractual maturities of marketable securities at June 30, 2013 (in thousands):

	Amortized		Aggregate
	Cost		Fair Value
Matures within one year	$	6,020	$	6,013
Matures within one to three years	9,251		9,230
Total	$	15,271	$	15,243

Advent regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition, credit quality and near-term prospects of the investee, and Advent’s ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

For fixed income securities that have unrealized losses as of June 30, 2013, the Company has determined that (i) it does not have the intent to sell any of these investments while in a loss position and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, the Company has evaluated these fixed income securities and has determined that no credit losses exist. As of June 30, 2013, all securities in an unrealized loss position have been in an unrealized loss position for less than one year. The Company’s management has determined that the unrealized losses on its fixed income securities as of June 30, 2013 were temporary in nature. Unrealized gains and losses are a component of “Accumulated other comprehensive income” in the accompanying condensed consolidated balance sheets.

During the six months ended June 30, 2013 and 2012, $213.4 million and $60.3 million, respectively, of marketable securities were sold or matured, which did not have any associated material gross realized gains or losses.