Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2.

	Level 1		Level 2		Level 3		Total
As of December 31, 2015	(In thousands)
Money market funds	$	61,913	$	—	$	—	$	61,913
Securities available-for-sale
Corporate bonds		—		82,671		—		82,671
Municipal securities		—		2,035		—		2,035
Foreign currency forward position		—		354		—		354
Total	$	61,913	$	85,060	$	—	$	146,973
As of December 31, 2014
Money market funds	$	62,126	$	—	$	—	$	62,126
Securities available-for-sale
Corporate bonds		—		53,167		—		53,167
Municipal securities		—		11,696		—		11,696
Foreign currency forward position		—		103		—		103
Total	$	62,126	$	64,966	$	—	$	127,092

Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted market prices. There were no financial assets classified within Level 3 during the years ended December 31, 2015 and 2014.

The Company enters into foreign currency forward contracts to hedge the net investment in the Company’s U.K. subsidiaries. The Company designates each foreign currency forward contract as a hedge and assesses the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. These hedges are for a one-month period and are used to limit exposure to foreign currency exchange rate fluctuations. The fair value of the asset is included in accounts receivable and the fair value of the liability is included in accounts payable in the Consolidated Statements of Financial Condition. Gains or losses on foreign currency forward contracts designated as hedges are included in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. A summary of the foreign currency forward position is as follows:

	As of December 31,
		2015		2014
	(In thousands)
Notional value	$	45,716	$	32,089
Fair value of notional		45,362		31,986
Fair value of the asset	$	354	$	103

The following is a summary of the Company’s securities available-for-sale:

			Gross		Gross			Estimated
	Amortized		unrealized		unrealized			fair
	cost		gains		losses			value
	(In thousands)
As of December 31, 2015
Corporate bonds	$	82,937	$	4	$	(270	)	$	82,671
Municipal securities		2,035		—		—			2,035
Total securities available-for-sale	$	84,972	$	4	$	(270	)	$	84,706
As of December 31, 2014
Corporate bonds	$	53,146	$	50	$	(29	)	$	53,167
Municipal securities		11,693		5		(2	)		11,696
Total securities available-for-sale	$	64,839	$	55	$	(31	)	$	64,863

The following table summarizes the contractual maturities of securities available-for-sale:

	As of December 31,
		2015		2014
	(In thousands)
Less than one year	$	37,694	$	36,062
Due in 1 - 5 years		47,012		28,801
Total securities available-for-sale	$	84,706	$	64,863

Proceeds from the sales and maturities of securities available-for-sale during the years ended December 31, 2015, 2014 and 2013 were $35.2 million, $17.6 million and $43.4 million, respectively.

The following table provides fair values and unrealized losses on securities available-for-sale that have been in a continuous unrealized loss position for less than 12 months:

	Less than Twelve Months					Twelve Months or More				Total
	Estimated		Gross			Estimated		Gross		Estimated		Gross
	fair		unrealized			fair		unrealized		fair		unrealized
	value		losses			value		losses		value		losses
	(In thousands)
As of December 31, 2015
Corporate bonds	$	70,651	$	(270	)	$	—	$	—	$	70,651	$	(270	)
Total	$	70,651	$	(270	)	$	—	$	—	$	70,651	$	(270	)
As of December 31, 2014
Corporate bonds	$	20,487	$	(29	)	$	—	$	—	$	20,487	$	(29	)
Municipal securities		2,139		(2	)		—		—		2,139		(2	)
Total	$	22,626	$	(31	)	$	—	$	—	$	22,626	$	(31	)