Note

– Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate, commercial paper and other debt securities. The securities are categorized as held-to-maturity and are recorded at amortized cost. Categorization as held-to-maturity is based on the Company’s ability and intent to hold these securities to maturity. Information regarding the Company’s short-term and long-term marketable securities as of June

30, 2015 and December 31, 2014 is as follows:


	June 30, 2015
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. municipal securities	$	32,661	$	20	$	(49	)	$	32,632
Corporate debt securities		25,932		5		(31	)		25,906
U.S. government agency securities		19,857		9		(23	)		19,843
Certificates of deposit/time deposits		5,656		12		-			5,668
Commercial paper		1,566		-		(1	)		1,565
Total marketable securities	$	85,672	$	46	$	(104	)	$	85,614


	December 31, 2014
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. municipal securities	$	30,004	$	32	$	(18	)	$	30,018
Corporate debt securities		29,316		7		(79	)		29,244
U.S. government agency securities		20,048		-		(71	)		19,977
Certificates of deposit/time deposits		5,656		5		(15	)		5,646
Total marketable securities	$	85,024	$	44	$	(183	)	$	84,885

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and commercial paper are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

The Company tests for other-than-temporary losses on a quarterly basis and has considered the unrealized losses indicated above, which are the result of changes in interest rates, to be temporary in nature. In reaching this conclusion, the Company considered the credit quality of the issuers of the debt securities as well as the Company's intent to hold the investments to maturity and recover the full principal.

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The June

30, 2015 balance of held-to-maturity debt securities by contractual maturity is shown in the following table at amortized cost. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.


	June 30,
(in thousands)	2015
Due in one year or less	$	31,190
Due after one year through five years		54,482
Total marketable securities	$	85,672