Available-for-sale Securities

12 Months Ended

Dec. 31, 2014

Available-for-sale Securities

Note 4. Available-for-sale Securities

The following is a summary of available-for-sale securities at December 31, 2014 (in thousands):

	December 31, 2014
	Amortized Cost		Gross     Unrealized Loss			Fair Value
Money market funds	$	3,912	$	0		$	3,912
United States government agency securities		3,427		(1	)		3,426
Corporate debt securties		26,118		(30	)		26,088
Total available-for-sale securities	$	33,457	($	31	)	$	33,426

The following is a summary of available-for-sale securities at December 31, 2013 (in thousands):

	December 31, 2013
	Amortized Cost		Gross     Unrealized (Loss)     Gain			Fair Value
Money market funds	$	8,650	$	0		$	8,650
United States government agency securities		5,019		(1	)		5,018
Corporate debt securties		23,165		8			23,173
Total available-for-sale securities	$	36,834	$	7		$	36,841

Available-for-sale securities at December 31, 2014 and 2013, consisted of the following by original contractual maturity (in thousands):

	December 31, 2014				December 31, 2013
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	27,752	$	27,727	$	30,700	$	30,701
Greater than one year and less than five years		5,705		5,699		6,134		6,140
Total available-for-sale securities	$	33,457	$	33,426	$	36,834	$	36,841

As of December 31, 2014, the Company considered the declines in market value of its marketable securities investment portfolio to be temporary in nature and did not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. During the years ended December 31, 2014, 2013, and 2012, the Company did not recognize any other-than-temporary impairment loss.

The Company recorded minimal gross realized gains from the sale or maturity of available-for-sale investments during the year ended December 31, 2014, and did not record any gross realized gains from the sale or maturity of available-for-sale investments during the years ended December 31, 2013 and 2012. The Company recorded insignificant gross realized losses from the sale of available-for-sale investments during the year ended December 31, 2013, and did not record any gross realized losses during the years ended December 31, 2014 and 2012. The Company did not record losses on investments experiencing an other-than-temporary decline in fair value during the years ended December 31, 2014, 2013, and 2012.