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Marketable Securities
 12 Months Ended
Dec. 31, 2017
MARKETABLE SECURITIES [Abstract]  
MARKETABLE SECURITIES

NOTE 3 – MARKETABLE SECURITIES


Our investments in marketable securities are classified as available-for-sale and consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,381

 

 

$

—

 

 

$

(13

 )

 

$

4,368

 

Corporate debt securities and certificates of deposit

 

1,792

 

 

—

 

 

(4

 )

 

1,788

 

Asset backed securities

 

515

 

 

—

 

 

(1

)  

 

514

 

Marketable securities – short-term

 

$

6,688

 

 

$

—

 

 

$

(18

 )

 

$

6,670

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,801

 

 

$

—

 

 

$

(33

 )

 

$

4,768

 

Corporate debt securities and certificates of deposit

 

1,189

 

 

—

 

 

(10

 )

 

1,179

 

Asset backed securities

 

3,045

 

 

—

 

 

(16

 )

 

3,029

 

Equity security

 

42

 

 

55

 

 

—

 

 

97

 

Marketable securities – long-term

 

$

9,077

 

 

$

55

 

 

$

(59

 )

 

$

9,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

December 31, 2016

(In thousands)

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,005

 

 

$

4

 

 

$

(1

)

 

$

5,008

 

Corporate debt securities and certificates of deposit

 

1,476

 

 

1

 

 

(1

)

 

1,476

 

Asset backed securities

 

9

 

 

—

 

 

—

 

 

9

 

Marketable securities – short-term

 

$

6,490

 

 

$

5

 

 

$

(2

)

 

$

6,493

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,815

 

 

$

1

 

 

$

(12

)

 

$

4,804

 

Corporate debt securities and certificates of deposit

 

2,161

 

 

—

 

 

(17

)

 

2,144

 

Asset backed securities

 

1,732

 

 

—

 

 

(5

)

 

1,727

 

Equity security

 

42

 

 

11

 

 

—

 

 

53

 

Marketable securities – long-term

 

$

8,750

 

 

$

12

 

 

$

(34

)

 

$

8,728

  

 

42
 
 
 
 

In Unrealized Loss Position For
Less Than 12 Months 
 
 In Unrealized Loss Position For
Greater Than 12 Months
(In thousands) 
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
December 31, 2017
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
5,593

 
$
(29
 )
 
$
3,543
 
$
(17
 )
Corporate debt securities and certificates of deposit
 
478

 
(2
 )
 
1,991
 
(12
 )
Asset backed securities
 
2,312

 
(9
 )
 
1,232

 
(8
 )
Marketable securities – short-term
 
$
8,383

 
$
(40
 )
 
$
6,766
 
$
(37
 )
December 31, 2016
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
4,481

 
$
(13
 )
 
$
—
 
$
—

Corporate debt securities and certificates of deposit
 
2,795

 
(18
 )
 
—
 
—

Asset backed securities
 
1,471

 
(5
 )
 
—
 
—

Marketable securities – long-term
 
$
8,747

 
$
(36
 )
 
$
—
 
$
—

 

Our investments in marketable debt securities all have maturities of less than 5 years. Net pre-tax unrealized losses for marketable securities of $22,000 at December 31, 2017 and $19,000 at December 31, 2016 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We have determined that the net pre-tax unrealized losses for marketable debt securities at December 31, 2017 and December 31, 2016 were caused by fluctuations in interest rates and are temporary in nature. We review our marketable securities to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. No marketable securities were sold in 2017. We received proceeds from the sale of marketable securities of $1.5 million in 2016 and $1.5 million in 2015. No gain or loss was recognized on any of these sales. 


See Note 6 for additional information regarding the fair value of our investments in marketable securities. 


Investments in marketable securities classified as cash equivalents of $1.6 million at December 31, 2017 and $5.2 million at December 31, 2016, consist of corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at December 31, 2017 or December 31, 2016.