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Cash, Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2016

Cash, Cash Equivalents and Marketable Securities [Abstract]

Summary of investments in cash, cash equivalents and marketable securities

The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments:



	June 30, 2016			December 31, 2015
	(in thousands)
Overnight Holdings
Money market funds (cash equivalents)	$	233,080		$	247,720
Investment Holdings
Money market funds (cash equivalents)	24,010			26,048
Marketable securities	1,881			9,875
	258,971			283,643
Cash held in demand accounts	24,666			19,377
Outstanding checks	(10,183		)	(23,607		)
Total cash, cash equivalents and marketable securities	$	273,454		$	279,413

Cash and cash equivalents	$	271,573		$	269,538
Marketable securities	1,881			9,875
Total cash, cash equivalents and marketable securities	$	273,454		$	279,413

Summary of fair value measurements of financial assets

The following table summarizes the levels of fair value measurements of our financial assets:



	Fair Value Measurements
	(in thousands)
	June 30, 2016		Level 1		Level 2		Level 3

Money market funds	$	257,090	$	257,090	$	—	$	—
Municipal bonds	1,881		—		1,881		—
Total	$	258,971	$	257,090	$	1,881	$	—



	Fair Value Measurements
	(in thousands)
	December 31, 2015		Level 1		Level 2		Level 3

Money market funds	$	273,768	$	273,768	$	—	$	—
Municipal bonds	9,875		—		9,875		—
Total	$	283,643	$	273,768	$	9,875	$	—

Summary of available-for-sale securities

The following is a summary of our available-for-sale marketable securities:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
			(in thousands)
June 30, 2016
Municipal bonds	$	1,879	$	2	$	—		$	1,881

December 31, 2015
Municipal bonds	$	9,875	$	3	$	(3	)	$	9,875

Contractual maturities of marketable securities

As of June 30, 2016, the contractual maturities of our marketable securities were as follows:



	Amortized Cost		Estimated Fair Value
	(in thousands)

Less than one year	$	1,351	$	1,351
One to five years	528		530
Total	$	1,879	$	1,881

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References + Details