XML 17 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Fair Value Measurements
6 Months Ended
Jun. 30, 2011
Fair Value Measurements  
Fair Value Measurements

6. Fair Value Measurements

As of June 30, 2011, the Company held $39.8 million of cash equivalents and available-for-sale investment securities consisting of a money market fund, U.S. Treasury notes, and high quality, marketable debt instruments of corporations, financial institutions and government sponsored enterprises. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least AA or A1+/p1 as determined by Moody's Investors Service and/or Standard & Poor's.

The Company's cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company's investment securities classified as Level 1 are valued using quoted market prices and the Company's investment securities classified as Level 2 are valued using other observable inputs such as recent trades for the securities or similar securities, interest rates on similar securities, or yield curves or benchmark interest rates observable at commonly quoted intervals. The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred assets between the fair value measurement classifications. No other-than-temporary impairments were identified for the investment securities held by the Company as of June 30, 2011.

 

The fair value measurements of the Company's cash equivalents and available-for-sale investment securities are identified in the following hierarchy (in thousands):

 

     June  30,
2011
     Fair Value Measurements at
Reporting Date Using
 
      Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Money market fund

   $ 7,501       $ 7,501       $ —         $ —     

U.S. Treasury notes

     3,303         3,303         —           —     

Government sponsored enterprise securities

     12,629         —           12,629         —     

Corporate debt securities

     16,409         —           16,409         —     
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 39,842       $ 10,804       $ 29,038       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     December  31,
2010
     Fair Value Measurements at
Reporting Date Using
 
      Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Money market fund

   $ 6,403       $ 6,403       $ —         $ —     

U.S. Treasury notes

     4,291         4,291         —           —     

Government sponsored enterprise securities

     23,428         —           23,428         —     

Corporate debt securities

     2,519         —           2,519         —     
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 36,641       $ 10,694       $ 25,947       $ —