Fair Value of Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2018 |
|---|
| Fair Value Disclosures [Abstract] |
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| Schedule of Cash and Cash Equivalents, Available-for-sale Securities Reconciliation |
The Company's cash and cash equivalents, short-term investments, and long-term investments consist of the following: | | | | | | | | | | | | | | | | | | March 31, 2018 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | (in thousands) | Cash and cash equivalents: | | | | | | | | Cash | $ | 78,685 |
| | $ | — |
| | $ | — |
| | $ | 78,685 |
| Money market funds | 208 |
| | — |
| | — |
| | 208 |
| Commercial paper | 14,284 |
| | — |
| | (3 | ) | | 14,281 |
| Total | 93,177 |
| | — |
| | (3 | ) | | 93,174 |
| Short-term investments: | | | | | | | | Commercial paper | 11,866 |
| | — |
| | (7 | ) | | 11,859 |
| Corporate bonds | 39,296 |
| | 1 |
| | (139 | ) | | 39,158 |
| U.S. government agencies | 184,613 |
| | — |
| | (277 | ) | | 184,336 |
| Total | 235,775 |
| | 1 |
| | (423 | ) | | 235,353 |
| Long-term investments: | | | | | | | | Asset-backed securities | 14,665 |
| | — |
| | (32 | ) | | 14,633 |
| U.S. government agencies | 19,091 |
| | 2 |
| | (73 | ) | | 19,020 |
| Corporate bonds | 32,097 |
| | 1 |
| | (388 | ) | | 31,710 |
| Total | 65,853 |
| | 3 |
| | (493 | ) | | 65,363 |
| Total | $ | 394,805 |
| | $ | 4 |
| | $ | (919 | ) | | $ | 393,890 |
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| | | | | | | | | | | | | | | | | | December 31, 2017 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | (in thousands) | Cash and cash equivalents: | | | | | | | | Cash | $ | 86,500 |
| | $ | — |
| | $ | — |
| | $ | 86,500 |
| Money market funds | 91 |
| | — |
| | — |
| | 91 |
| Total | 86,591 |
| | — |
| | — |
| | 86,591 |
| Short-term investments: | | | | | | | | Commercial paper | 12,623 |
| | — |
| | (3 | ) | | 12,620 |
| Corporate bonds | 38,425 |
| | 1 |
| | (64 | ) | | 38,362 |
| U.S. government agencies | 151,058 |
| | — |
| | (217 | ) | | 150,841 |
| Total | 202,106 |
| | 1 |
| | (284 | ) | | 201,823 |
| Long-term investments: | | | | | | | | Asset-backed securities | 4,998 |
| | — |
| | (12 | ) | | 4,986 |
| U.S. government agencies | 24,269 |
| | — |
| | (54 | ) | | 24,215 |
| Corporate bonds | 38,198 |
| | — |
| | (175 | ) | | 38,023 |
| Total | 67,465 |
| | — |
| | (241 | ) | | 67,224 |
| Total | $ | 356,162 |
| | $ | 1 |
| | $ | (525 | ) | | $ | 355,638 |
|
|
| Schedule of changes to accumulated other comprehensive income |
The following table shows the changes to accumulated other comprehensive loss for the three months ended March 31, 2018 (in thousands):
| | | | | | Unrealized (Loss) Gain, net on Investments | Balance at December 31, 2017 | $ | (574 | ) | Change in net unrealized loss on investments, net of tax | (407 | ) | Amounts reclassified for net realized gain included in net income, net of tax | 16 |
| Other comprehensive loss, net of tax | (391 | ) | Balance at March 31, 2018 | $ | (965 | ) |
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| Schedule of Assets Measured on Recurring Basis |
The following table sets forth by level within the fair value hierarchy the fair value of the Company's available-for-sale securities measured on a recurring basis, excluding cash and money market funds:
| | | | | | | | | | | | | | | | | | March 31, 2018 | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | (in thousands) | Commercial paper | $ | — |
| | $ | 26,140 |
| | $ | — |
| | $ | 26,140 |
| U.S. government agencies | — |
| | 203,356 |
| | — |
| | 203,356 |
| Corporate bonds | — |
| | 70,868 |
| | — |
| | 70,868 |
| Asset-backed securities | — |
| | 14,633 |
| | — |
| | 14,633 |
| Total | $ | — |
| | $ | 314,997 |
| | $ | — |
| | $ | 314,997 |
|
| | | | | | | | | | | | | | | | | | December 31, 2017 | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | (in thousands) | Commercial paper | $ | — |
| | $ | 12,620 |
| | $ | — |
| | $ | 12,620 |
| U.S. government agencies | — |
| | 175,056 |
| | — |
| | 175,056 |
| Corporate bonds | — |
| | 76,385 |
| | — |
| | 76,385 |
| Asset-backed securities | — |
| | 4,986 |
| | — |
| | 4,986 |
| Total | $ | — |
| | $ | 269,047 |
| | $ | — |
| | $ | 269,047 |
|
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| Schedule of Available-for-Sale Securities by Contractual Maturity |
The following summarizes the fair value of securities classified as available-for-sale by contractual, or effective, maturity:
| | | | | | | | | | | | | | | | | | March 31, 2018 | | Mature within One Year | | After One Year through Two Years | | Over Two Years | | Fair Value | | (in thousands) | Commercial paper | $ | 26,140 |
| | $ | — |
| | $ | — |
| | $ | 26,140 |
| U.S. government agencies | 184,336 |
| | 16,859 |
| | 2,161 |
| | 203,356 |
| Corporate bonds | 39,158 |
| | 26,833 |
| | 4,877 |
| | 70,868 |
| Asset-backed securities | 6,162 |
| | 8,471 |
| | — |
| | 14,633 |
| Total | $ | 255,796 |
| | $ | 52,163 |
| | $ | 7,038 |
| | $ | 314,997 |
|
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| Summary of Gains (Losses) Recognized From Forward Contracts and Other Foreign Currency Transactions |
The following summarizes the gains (losses) recognized in Other income (expense), net on the condensed consolidated statement of operations, from forward contracts and other foreign currency transactions: | | | | | | | | | | Three Months Ended | | March 31, | | 2018 | | 2017 | | (in thousands) | Net loss from forward contracts | $ | (578 | ) | | $ | (257 | ) | Other foreign currency transactions gain | 810 |
| | 260 |
| Total foreign exchange gain, net | $ | 232 |
| | $ | 3 |
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