XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Marketable Securities
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Investment [Text Block]
Note
6
– Marketable Securities
 
The Company invests in short-term and long-term agency, municipal, corporate 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
September 30, 2017
and
December 31, 2016
is as follows:
 
 
       
September 30, 2017
  
(in thousands)
    
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Fair Value
  
U.S. municipal securities
   $
35,388
     $
23
     $
(43
 )   $
35,368
  
Corporate debt securities
    
29,841
      
3
      
(68
 )    
29,776
  
U.S. government agency securities
    
37,866
      
-
      
(125
 )    
37,741
  
Certificates of deposit/time deposits
    
5,456
      
1
      
(25
 )    
5,432
  
Total marketable securities
   $
108,552
     $
27
     $
(261
 )   $
108,318
  
 
 
 
       
December 31, 2016
  
(in thousands)
    
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Fair Value
  
U.S. municipal securities
   $
46,578
     $
1
     $
(187
 )   $
46,392
  
Corporate debt securities
    
38,490
      
2
      
(147
 )    
38,345
  
U.S. government agency securities
    
31,706
      
1
      
(141
 )    
31,566
  
Certificates of deposit/time deposits
    
7,182
      
12
      
(22
 )    
7,172
  
Total marketable securities
   $
123,956
     $
16
     $
(497
 )   $
123,475
  
 
 
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 and certificates of deposit 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 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.
 
Th
e
September 30, 2017
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. 
 
 
 
       
September 30,
  
(in thousands)
    
2017
  
Due in one year or less
   $
53,201
  
Due after one year through five years
    
55,351
  
Total marketable securities
   $
108,552