Fair Value of Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2015 |
Fair Value Disclosures [Abstract] |
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Fair Value Hierarchy for Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis |
The following table represents the fair value hierarchy for our financial assets and financial liabilities measured at fair value on a recurring basis:
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Quoted |
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Significant |
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Prices in |
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Other |
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Total |
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Active Markets |
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Observable Inputs |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(in thousands) |
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At June 30, 2015: |
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Cash equivalents: |
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Money market funds |
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$ |
25,880 |
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$ |
25,880 |
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$ |
— |
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Agency bonds |
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185 |
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— |
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185 |
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Corporate bonds |
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96 |
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— |
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|
96 |
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Total cash equivalents |
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$ |
26,161 |
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$ |
25,880 |
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$ |
281 |
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Short-term available-for-sale investments: |
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Corporate bonds |
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$ |
98,245 |
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$ |
— |
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$ |
98,245 |
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Agency bonds |
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17,513 |
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— |
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17,513 |
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Asset-backed securities |
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13,083 |
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— |
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13,083 |
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Total short-term available-for-sale
investments |
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$ |
128,841 |
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$ |
— |
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$ |
128,841 |
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At December 31, 2014: |
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Cash equivalents: |
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Money market funds |
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$ |
18,141 |
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$ |
18,141 |
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$ |
— |
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Agency bonds |
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1,750 |
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— |
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1,750 |
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Corporate bonds |
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2,006 |
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— |
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|
2,006 |
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Total cash equivalents |
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$ |
21,897 |
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$ |
18,141 |
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$ |
3,756 |
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Short-term available-for-sale investments: |
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Corporate bonds |
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$ |
57,958 |
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$ |
— |
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$ |
57,958 |
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Agency bonds |
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10,764 |
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— |
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10,764 |
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Treasury bonds |
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465 |
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— |
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465 |
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Commercial paper |
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1,200 |
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— |
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1,200 |
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Asset-backed securities |
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11,832 |
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— |
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11,832 |
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Total short-term available-for-sale
investments |
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$ |
82,219 |
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$ |
— |
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$ |
82,219 |
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Short Term Available for Sale Investments Carried at Fair Value Included Short Term Investments |
Short-term available-for-sale investments are carried at fair value and are included in the tables above under short-term investments. The aggregate market value, cost basis, and gross unrealized gains and losses of short-term available-for-sale investments by major security type are as follows:
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Total |
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Total |
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Total |
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Amortized |
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Unrealized |
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Unrealized |
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Total |
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Cost |
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Gain |
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Loss |
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Fair Value |
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(in thousands) |
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At June 30, 2015: |
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Corporate bonds |
$ |
98,321 |
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$ |
6 |
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$ |
(82 |
) |
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$ |
98,245 |
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Agency bonds |
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17,507 |
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9 |
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(3 |
) |
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17,513 |
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Asset-backed securities |
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13,079 |
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6 |
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(2 |
) |
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13,083 |
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Total short-term available-for-sale
investments |
$ |
128,907 |
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$ |
21 |
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$ |
(87 |
) |
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$ |
128,841 |
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At December 31, 2014: |
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Corporate bonds |
$ |
58,046 |
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$ |
1 |
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$ |
(89 |
) |
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$ |
57,958 |
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Agency bonds |
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10,769 |
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— |
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(5 |
) |
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10,764 |
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Treasury bonds |
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466 |
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— |
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(1 |
) |
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|
465 |
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Commercial paper |
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1,200 |
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— |
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— |
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1,200 |
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Asset-backed securities |
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11,838 |
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2 |
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(8 |
) |
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|
11,832 |
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Total short-term available-for-sale
investments |
$ |
82,319 |
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$ |
3 |
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$ |
(103 |
) |
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$ |
82,219 |
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Amortized Cost and Fair Value of Short Term Available for Sale Investments by Contractual Maturity |
The amortized cost and fair value of short-term available-for-sale investments, by contractual maturity, were as follows:
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Total |
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Amortized |
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Total |
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Cost |
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Fair Value |
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(in thousands) |
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At June 30, 2015: |
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Maturing within one year |
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$ |
86,980 |
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$ |
86,926 |
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Maturing in one to five years |
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|
41,927 |
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|
41,915 |
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Total short-term available-for-sale investments |
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$ |
128,907 |
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$ |
128,841 |
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At December 31, 2014: |
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Maturing within one year |
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$ |
56,752 |
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$ |
56,714 |
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Maturing in one to five years |
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25,567 |
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|
25,505 |
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Total short-term available-for-sale investments |
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$ |
82,319 |
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$ |
82,219 |
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