Note 3—Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities primarily consist of money market mutual funds, U.S. government and U.S. Government Sponsored Entities (GSEs) securities, 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 consolidated balance sheet. Short-term marketable securities mature twelve months or less, and long-term marketable securities mature greater than twelve months, from the date of the consolidated balance sheet.

Marketable securities at March 31, 2015 are summarized as follows (in thousands):

					Gross			Gross
					Unrealized			Unrealized
			Gross		Losses			Losses
	Amortized		Unrealized		Less than			12 Months		Aggregate
	Cost		Gains		12 Months			or Longer		Fair Value
Balance at March 31, 2015

Corporate debt securities	$	2,942	$	—	$	(39	)	$	—	$	2,903
U.S. government debt securities	744		—		(14		)	—		730
Municipal bonds	668		—		(5		)	—		663
Total	$	4,354	$	—	$	(58	)	$	—	$	4,296

Marketable securities at December 31, 2014 are summarized as follows (in thousands):

					Gross		Gross
					Unrealized		Unrealized
			Gross		Losses		Losses
	Amortized		Unrealized		Less than		12 Months			Aggregate
	Cost		Gains		12 Months		or Longer			Fair Value
Balance at December 31, 2014

Corporate debt securities	$	7,184	$	—	$	—	$	(22	)	$	7,162
U.S. government debt securities	1,347		—		—		(6		)	1,341
Municipal bonds	671		—		—		(2		)	669
Total	$	9,202	$	—	$	—	$	(30	)	$	9,172

The following table summarizes the contractual maturities of marketable securities at March 31, 2015 (in thousands):

	Amortized		Aggregate
	Cost		Fair Value
Matures in less than one year	$	4,354	$	4,296
Matures in one to three years	—		—
Total	$	4,354	$	4,296

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 March 31, 2015, 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 March 31, 2015, 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 March 31, 2015 were temporary in nature. Unrealized gains and losses are a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheet as of March 31, 2015.

During the first quarter of 2015 and 2014, $6.8 million, and $0, respectively, of marketable securities were sold or matured, which did not have any associated material gross realized gains or losses.