3. Investments and Fair Value Measurements

The following table is a summary of the Company’s investments:


	2014		2013
	Held-to- Maturity		Held-to- Maturity
Federal agency debt instruments	$	13,990	$	11,748

The following table summarizes unrealized gains, losses, and fair value of investments:


	2014			2013
	Held-to- Maturity			Held-to- Maturity
Cost/amortized cost	$	13,990		$	11,748
Gross unrealized gains		112			20
Gross unrealized losses		(386	)		(1,459	)

Fair value	$	13,716		$	10,309

The following table sets forth the maturity profile of investments; however these investments may be called prior to maturity date:


	2014		2013
	Held-to- Maturity		Held-to- Maturity
Due within one year	$	—	$	—
Due one year through five years		1,409		—
Due five years through ten years		350		686
Due over ten years		12,231		11,062

Total	$	13,990	$	11,748

Fair Value Measurement

Under the accounting for fair value measurements and disclosures, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions.

These three types of inputs create the following fair value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3—Instruments whose significant value drivers are unobservable.

This hierarchy requires the use of observable market data when available. The Company’s held-to-maturity securities are categorized as Level 1. The majority of the Company’s acquisition payable is measured at fair value and is categorized as Level 3. Fair value is determined, in part, based on the contractual minimum payment obligation to the Boost shareholders (Note 13). Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature.