NOTE

MARKETABLE SECURITIES AND TIME DEPOSITS

The following is a summary of marketable securities and time deposits at

December 31, 2019

and

2018

(see also Note

	Amortized cost				Unrealized gains (losses), net						Fair value
	201 9		2018		201 9			2018			201 9		2018

Short-term deposit	$	15,067	$	8,349	$	-		$	-		$	15,067	$	8,349
Long-term deposit		-		5,130		-			-			-		5,130
U.S. GSE securities		4,468		21,550		(6	)		(253	)		4,462		21,297
Corporate obligations		82,556		77,857		(60	)		(1,382	)		82,496		76,475

	$	102,091	$	112,885	$	(66	)	$	(1,635	)	$	102,025	$	111,251

The amortized costs of marketable debt securities at

December

31,

2019,

by contractual maturities or anticipated dates of sale, are shown below

	Amortized		Unrealized gains (losses)					Fair
	cost		Gains		Losses			value

Due in one year or less	$	24,033	$	55	$	(14	)	$	24,074
Due after one year to five years		62,991		124		(231	)		62,884

	$	87,024	$	179	$	(245	)	$	86,958

The amortized cost of marketable debt securities at

December

31,

2018,

by contractual maturities or anticipated dates of sale, are shown below

	Amortized		Unrealized gains (losses)					Fair
	cost		Gains		Losses			value

Due in one year or less	$	27,442	$	-	$	(78	)	$	27,364
Due after one year to six years		71,965		1		(1,558	)		70,408

	$	99,406	$	1	$	(1,636	)	$	97,772

The actual maturity dates

may

differ from the contractual maturities because debtors

may

have the right to call or prepay obligations without penalties.

The total fair value of marketable securities with outstanding unrealized losses as of

December 31, 2019

amounted to

$56,855,

while the unrealized losses for these marketable securities amounted to

$245.

Of the

$245

unrealized losses outstanding as of

December 31, 2019,

a portion of which in the amount of

$115

was related to marketable securities that were in a loss position for more than

months and the remaining portion of

$130

was related to marketable securities that were in a loss position for less than

months.

The total fair value of marketable securities with outstanding unrealized losses as of

December 31, 2018

amounted to

$94,550,

while the unrealized losses for these marketable securities amounted to

$1,636.

Of the

$1,636

unrealized losses outstanding as of

December 31, 2018,

a portion of which in the amount of

$1,498

was related to marketable securities that were in a loss position for more than

months and the remaining portion of

$138

was related to marketable securities that were in a loss position for less than

months.

Management believes that as of

December 31, 2019,

the unrealized losses in the Company’s investments in all types of marketable securities were temporary and

impairment loss was realized in the Company’s consolidated statements of operations.

The unrealized losses related to the Company’s marketable securities were primarily due to changes in interest rates. Because the Company does

not

intend to sell the investments and it is

not

more likely than

not

that the Company will be required to sell the investments before recovery of their amortized cost bases, which

may

be maturity, the Company does

not

consider those investments to be other-than-temporarily impaired at

December 31, 2019.

Proceeds from maturity of available-for-sale marketable securities during

2019,

2018

and

2017

were

$44,396,

$20,501

and

$21,499,

respectively. Proceeds from sales of available-for-sale marketable securities during

2019,

2018

and

2017

were

$25,064,

$5,113

and

$19,226,

respectively. Realized gains from the sale of available-for sale marketable securities for

2019,

2018

and

2017

were

$4,

$26

and

$7,

respectively. Realized losses from the sale of available-for sale marketable securities for

2019,

2018

and

2017

were

$77,

$67

and

$57,

respectively. The Company determines realized gains or losses on the sale of available-for-sale marketable securities based on a specific identification method.