NOTE 4 - MARKETABLE SECURITIES

Marketable securities as of June 30, 2019, and December 31, 2018 consisted mainly of debt and mutual funds securities. The debt securities are classified as available-for-sale and are recorded at fair value. Changes in fair value, net of taxes (if applicable), are reflected in other comprehensive loss. Realized gains and losses on sales of the securities, as well as premium or discount amortization, are included in the consolidated statement of operations as finance income or expenses.

As of January 1, 2018, following the adoption of ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10), equity securities with readily determinable fair value are measured at fair value. The changes in the fair value of equity investments are recognized through net income. Adoption of the standard was applied through a cumulative one-time adjustment of $35 to the accumulated deficit.

The following table sets forth the Company’s marketable securities:

		June 30				December 31
		2019				2018

Israeli mutual funds	$	1,011	$	991
Certificates of deposit		1,589		2,773
U.S Government and agency bonds		11,413		25,215
U.S Treasury bills		499		18,241
Total	$	14,512	$	47,220

As of June 30, 2019 and December 31, 2018, the fair value, cost and gross unrealized holding gains and losses of the marketable securities owned by the Company were as follows:

	June 30, 2019
	Fair value		Cost or amortized cost		Gross unrealized holding losses		Gross unrealized holding gains
Certificates of deposit	$	1,589	$	1,591	$	2	$	-
U.S Government and agency Bonds		11,413		11,411		-		2
U.S Treasury bills		499		499		-		-
Total	$	13,501	$	13,501	$	2	$	2

	December 31, 2018
	Fair value		Cost or amortized cost		Gross unrealized holding losses		Gross unrealized holding gains
Certificates of deposit	$	2,773	$	2,790	$	17	$	-
U.S Government and agency Bonds		25,215		25,236		22		1
U.S Treasury bills		18,241		18,243		3		1
Total	$	46,229	$	46,269	$	42	$	2

As of June 30, 2019, the unrealized losses attributed to the Company’s marketable securities were primarily due to credit spreads and interest rate movements. The Company has considered factors regarding other than temporary impaired securities and determined that there are no securities with impairment that is other than temporary as of June 30, 2019 and December 31, 2018.

As of June 30, 2019 and December 31, 2018, the Company’s debt securities had the following maturity dates:

		Market value
		June 30,				December 31,
		2019				2018

Due within one year	$	13,501	$	46,079
1 to 2 years		-		150
Total	$	13,501	$	46,229

During the six months ended June 30, 2019 and June 30, 2018 the Company received aggregate proceeds of $33,014 and $16,944, respectively, upon sale and maturity of marketable securities.

$421 and $401 of the Company’s marketable securities were restricted as of June 30, 2019, and December 31, 2018, respectively, due to a lien in respect of bank guarantees granted to secure hedging transactions and the Company’s rental agreements. Refer to note 6 and note 3.