Marketable Securities

9 Months Ended

Sep. 30, 2014

Marketable Securities [Abstract]

Marketable Securities [Text Block]

Marketable Securities

The Company has evaluated its investment policies and determined that all of its investment securities are to be classified as available-for-sale.  Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ Equity under the caption “Accumulated other comprehensive loss.”  Realized gains and losses on available-for-sale securities are included in “Other expense (income)” in the Condensed Consolidated Statements of Operations.  The Company records other-than-temporary impairment charges for its available-for-sale investments when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities.  The cost of securities sold is based on the specific identification method.

At December 31, 2013, the Company held one auction rate security. The auction rate security was called and redeemed by the issuer during the three month period ended September 30, 2014. The auction rate security was redeemed for the full amount of $475.

The Company has determined that the gross unrealized losses on its marketable securities at September 30, 2014 and December 31, 2013 are temporary in nature. The Company reviews its investment portfolio 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 the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

At September 30, 2014 and December 31, 2013, marketable securities are categorized as follows:

	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
September 30, 2014
Municipal notes and bonds	$	114,820	$	39	$	2	$	114,857
Auction rate securities	—		—		—		—
Total marketable securities	$	114,820	$	39	$	2	$	114,857
December 31, 2013
Municipal notes and bonds	$	86,257	$	50	$	2	$	86,305
Auction rate securities	475		—		198		277
Total marketable securities	$	86,732	$	50	$	200	$	86,582

 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at September 30, 2014 and December 31, 2013:

	September 30, 2014				December 31, 2013
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	102,567	$	102,595	$	81,495	$	81,533
Due after one through five years	12,253		12,262		4,762		4,772
Due after five through ten years	—		—		—		—
Due after ten years	—		—		475		277
Total marketable securities	$	114,820	$	114,857	$	86,732	$	86,582

The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at September 30, 2014 and December 31, 2013:  

	In Unrealized Loss Position For Less Than 12 Months				In Unrealized Loss Position For Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2014
Municipal notes and bonds	$	2,965	$	2	$	—	$	—
Auction rate securities	—		—		—		—
Total	$	2,965	$	2	$	—	$	—
December 31, 2013
Municipal notes and bonds	$	16,448	$	2	$	—	$	—
Auction rate securities	—		—		277		198
Total	$	16,448	$	2	$	277	$	198

See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities.