Note 3 - Marketable Securities and Time Deposits

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3: MARKETABLE SECURITIES AND TIME DEPOSITS

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

December 31,

201

7

and

2016

(see also Note

8

):

	Amortized cost				Unrealized gains (losses), net						Fair value
	201 7		2016		201 7			2016			201 7		2016
Short-term deposit	$	5,481	$	7,610	$	-		$	-		$	5,481	$	7,610
Long -term deposit		5,013		-		-			-			5,013		-
U.S. GSE securities		22,359		24,351		(315	)		(289	)		22,044		24,062
Corporate obligations		75,722		76,264		(894	)		(813	)		74,828		75,451
	$	108,575	$	108,225	$	(1,209	)	$	(1,102	)	$	107,366	$	107,123

The amortized costs of marketable

debt securities at

December 

31,

2017,

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	$	19,239	$	3	$	(26	)	$	19,216
Due after one year to five years		78,842		10		(1,196	)		77,656
	$	98,081	$	13	$	(1,222	)	$	96,872

The amortized cost of marketable debt securities at

December

 

31,

2016,

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	$	21,491	$	6	$	(76	)	$	21,421
Due after one year to six years		79,124		44		(1,076	)		78,092
	$	100,615	$	50	$	(1,152	)	$	99,513

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, 2017

amounted to

$85,435,

while the

unrealized losses for these marketable securities amounted to

$1,222.

Of the

$1,222

unrealized losses outstanding as of

December 31, 2017,

a portion of which in the amount of

$775

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

12

months and the remaining portion of

$447

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

12

months.

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

December 31, 2016

amounted to

$80,819,

while the unrealized losses for these marketable securities amounted to

$1,152.

Of the

$1,152

unrealized losses outstanding as of

December 31, 2016,

a portion of which in the amount of

$85

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

12

months and the remaining portion of

$1,067

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

12

months.

Management believes that as of

December 31,

2017,

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

no

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, 2017.

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

201

7,

2016

and

2015

were

$21,499,

$35,090

and

$20,127,

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

2017,

2016

and

2015

were

$19,226,

$14,277

and

$13,238

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

2017,

2016

and

2015

were

$7,

$16

and

$3,

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

2017,

2016

and

2015

were

$57,

$33

and

$27,

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