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Fair Value Measurements
6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements

6. Fair Value Measurements

As of June 30, 2013, the Company held $204.6 million of cash equivalents and available-for-sale investment securities consisting of a money market fund 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 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 any investment securities between the classifications. No other-than-temporary impairments were identified for the investment securities held by the Company as of June 30, 2013 or December 31, 2012.

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

 

            Fair Value Measurements at
Reporting Date Using
 
     June 30,
2013
     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 
     (unaudited)  

Money market fund

   $ 6,692       $ 6,692       $ —        $ —    

Government sponsored enterprise securities

     95,477         —          95,477         —    

Commercial paper

     40,583         —          40,583         —    

Corporate debt securities

     61,881         —          61,881         —    
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 204,633       $ 6,692       $ 197,941       $ —    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

            Fair Value Measurements at
Reporting Date Using
 
     December 31,
2012
     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Money market fund

   $ 51,216       $ 51,216       $ —        $ —    

U.S. Treasury notes

     2,030         2,030         —          —    

Government sponsored enterprise securities

     54,352         —          54,352         —    
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 107,598       $ 53,246       $ 54,352       $ —