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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value
The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of December 31, 2016 and December 31, 2015:
 
Fair Value Measurements Using
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
As of December 31, 2016
(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies
$
50,719

 
$
12,460

 
$

 
$
63,179

Municipal debt securities

 
40,269

 

 
40,269

Corporate debt securities

 
349,078

 

 
349,078

Asset-backed securities

 
114,661

 

 
114,661

Cash, cash equivalents and short-term investments
109,528

 

 

 
109,528

Total assets
$
160,247

 
$
516,468

 
$

 
$
676,715

Warrant liability
$

 
$

 
$
3,367

 
$
3,367

Total liabilities
$

 
$

 
$
3,367

 
$
3,367

 
Fair Value Measurements Using
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
As of December 31, 2015
(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies
$
65,185

 
$
19,297

 
$

 
$
84,482

Municipal debt securities

 
20,079

 

 
20,079

Corporate debt securities

 
333,327

 

 
333,327

Asset-backed securities

 
100,793

 

 
100,793

Cash, cash equivalents and short-term investments
77,872

 

 

 
77,872

Total assets
$
143,057

 
$
473,496

 
$

 
$
616,553

Warrant liability
$

 
$

 
$
1,467

 
$
1,467

Total liabilities
$

 
$

 
$
1,467

 
$
1,467

Roll-Forward of Level 3 Liabilities Measured at Fair Value
The following is a roll-forward of Level 3 liabilities measured at fair value:
 
For the year ended December 31,
 
2016
 
2015
 
2014
 
(In Thousands)
Balance, January 1,
$
1,467

 
$
3,372

 
$
6,371

Change in fair value of warrant liability included in earnings
1,900

 
(1,905
)
 
(2,949
)
Gain on settlement of warrants

 

 
(37
)
Issuance of common stock on warrant exercise

 

 
(13
)
Balance, December 31
$
3,367

 
$
1,467

 
$
3,372