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Note 3 - Fair Value Measurements
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
3.
 
Fair Value Measurements
 
Below is a summary of assets and liabilities measured at fair value (in thousands):
 
    As of December 31, 2015
    Quoted Prices  in Active Markets (Level 1)   Significant Observable Inputs (Level 2)   Significant Unobservable Inputs (Level 3)   Total
Assets                                
Cash equivalents   $ 39,233     $ -     $ -     $ 39,233  
Government securities     25,232       -       -       25,232  
Total   $ 64,465     $ -     $ -     $ 64,465  
                                 
Liabilities                                
Foreign currency forward contracts   $ -     $ 537     $ -     $ 537  
Total   $ -     $ 537     $ -     $ 537  
 
    As of December 31, 2014
    Quoted Prices  in Active Markets (Level 1)   Significant Observable Inputs (Level 2)   Significant Unobservable Inputs (Level 3)   Total
Assets                                
Cash equivalents   $ 68,830     $ -     $ -     $ 68,830  
Government securities     6,508       -       -       6,508  
Corporate bonds     -       8,247       -       8,247  
Total   $ 75,338     $ 8,247     $ -     $ 83,585  
 
As of December 31, 2015 and 2014, the Company’s cash equivalents consist principally of money market funds and government debt securities with original maturities of 90 days or less. Government securities consist principally of government debt securities and money market funds which are classified as available-for-sale. Corporate bonds consist of bonds issued by highly-rated corporate entities which are classified as available-for-sale. Forward foreign currency contracts consist of contracts with credit-worthy financial institutions to buy Swiss Francs with U.S. dollars in the future at agreed upon exchange rates.
 
Forward foreign currency contracts are stated at fair value and consist of Level 2 financial instruments in the fair value hierarchy. The Company determines the fair value of its forward foreign currency contracts based on pricing from a service provider. The service provider values the instruments based on market prices from a variety of industry-standard independent data providers. Such market prices are based on inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly (Level 2 inputs). Cash equivalents and government securities are stated at fair value and consist of Level 1 financial instruments in the fair value hierarchy
.
The Company determined the fair value of its debt security holdings and corporate bonds based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. These market prices are quoted prices in active markets for identical assets (Level 1 inputs). Corporate bonds are stated at fair value and consist of Level 2 financial instruments in the fair value hierarchy. The Company determines the fair value of its corporate bonds holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. Such market prices are based on inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly (Level 2 inputs).
 
Available-for-sale securities at December 31, 2015 and 2014 consist of the following (in thousands):
 
    Amortized Cost   Unrealized Gains   Unrealized Losses   Fair Value
December 31, 2015                                
Government securities                                
(Due within 1 year)   $ 25,243     $ 1     $ (12 )   $ 25,232  
    $ 25,243     $ 1     $ (12 )   $ 25,232  
                                 
December 31, 2014                                
Government securities                                
(Due within 1 year)   $ 6,510     $ -     $ (2 )   $ 6,508  
Corporate bonds                                
(Due within 1 year)     8,251       -       (4 )     8,247  
    $ 14,761     $ -     $ (6 )   $ 14,755