Annual report pursuant to Section 13 and 15(d)

Investments in Marketable Securities

v2.4.1.9
Investments in Marketable Securities
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Investments in Marketable Securities
 
Available-for-sale securities are carried at fair value with the unrealized holding gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses on available-for-sale securities are computed based upon specific identification and included in other income (expense), net in the consolidated statements of comprehensive loss.  Declines in value judged to be other than-temporary on available-for-sale securities are recorded as realized in other income (expense), net in the consolidated statements of comprehensive loss and the cost basis of the security is reduced. The fair values for marketable equity securities are based on quoted market prices.  Held-to-maturity investments are stated at amortized cost which approximates fair value.  Interest income is accrued as earned.  Realized gains and losses on held-to-maturity investments are computed based upon specific identification and included in interest income, net in the consolidated statements of comprehensive loss.  The Company does not have any investments classified as trading.
 
Available-for-sale securities consist of assets in a rabbi trust associated with the Company’s deferred compensation plan.  At both December 31, 2014 and 2013, the carrying value of available-for-sale securities was approximately $107,000 and $103,000, respectively, which is included in short-term investments.  The available-for-sale securities at December 31, 2014 and 2013 were approximately $48,000 in money market accounts for both periods, and approximately $59,000 and $55,000, respectively, in mutual funds.  At December 31, 2014, accumulated other comprehensive income included gross unrealized holding gains of approximately $16,000 and no gross unrealized holding losses.  At December 31, 2013, accumulated other comprehensive income (loss) included gross unrealized holding gains of approximately $16,000 and no gross unrealized holding losses.  During the years ended December 31, 2014 and 2013, other income, net included no gross realized losses or realized gains.
 
The Company’s other marketable securities consist of investment grade debt instruments such as obligations of U.S. Treasury and U.S. Federal Government agencies and are maintained in separate accounts to support the Company’s letters-of-credit.  These investments are categorized as held-to-maturity because the Company’s management has the intent and ability to hold these securities to maturity.  The Company had standby letters-of-credit of approximately $1.4 million and $2.0 million at December 31, 2014 and 2013, respectively, as collateral for its existing insurance policies and facility leases.
 
At December 31, 2014 and 2013, held-to-maturity investments included:
  
 
 
 
Maturing
 
 
 
Maturing
 
December 31,
2014
 
within
1 year
 
after 1 year
through
3 years
 
December 31,
2013
 
within
1 year
 
after 1 year
through
3 years
Cash/money market funds
$
204

 
$
204

 
$
—

 
$
116

 
$
116

 
$
—

US Treasury securities
1,070

 
105

 
965

 
1,730

 
1,360

 
370

Government agency securities
317

 
225

 
92

 
382

 
382

 
—

Total
$
1,591

 
$
534

 
$
1,057

 
$
2,228

 
$
1,858

 
$
370


At December 31, 2014 and December 31, 2013, held-to-maturity investments were recorded in the following accounts: 
 
December 31,
2014
 
December 31,
2013
Other current assets
$
534

 
$
1,858

Other long-term assets
1,057

 
370

Total
$
1,591

 
$
2,228