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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
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:  

 

 

 

 

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

Prices in

 

 

Other

 

 

 

Total

 

 

Active Markets

 

 

Observable Inputs

 

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

 

(in thousands)

 

At June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,880

 

 

$

25,880

 

 

$

 

Agency bonds

 

 

185

 

 

 

 

 

 

185

 

Corporate bonds

 

 

96

 

 

 

 

 

 

96

 

Total cash equivalents

 

$

26,161

 

 

$

25,880

 

 

$

281

 

Short-term available-for-sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

98,245

 

 

$

 

 

$

98,245

 

Agency bonds

 

 

17,513

 

 

 

 

 

 

17,513

 

Asset-backed securities

 

 

13,083

 

 

 

 

 

 

13,083

 

Total short-term available-for-sale

   investments

 

$

128,841

 

 

$

 

 

$

128,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

18,141

 

 

$

18,141

 

 

$

 

Agency bonds

 

 

1,750

 

 

 

 

 

 

1,750

 

Corporate bonds

 

 

2,006

 

 

 

 

 

 

2,006

 

Total cash equivalents

 

$

21,897

 

 

$

18,141

 

 

$

3,756

 

Short-term available-for-sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

57,958

 

 

$

 

 

$

57,958

 

Agency bonds

 

 

10,764

 

 

 

 

 

 

10,764

 

Treasury bonds

 

 

465

 

 

 

 

 

 

465

 

Commercial paper

 

 

1,200

 

 

 

 

 

 

1,200

 

Asset-backed securities

 

 

11,832

 

 

 

 

 

 

11,832

 

Total short-term available-for-sale

   investments

 

$

82,219

 

 

$

 

 

$

82,219

 

 

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:

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Total

 

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

(in thousands)

 

At June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

$

98,321

 

 

$

6

 

 

$

(82

)

 

$

98,245

 

Agency bonds

 

17,507

 

 

 

9

 

 

 

(3

)

 

 

17,513

 

Asset-backed securities

 

13,079

 

 

 

6

 

 

 

(2

)

 

 

13,083

 

Total short-term available-for-sale

   investments

$

128,907

 

 

$

21

 

 

$

(87

)

 

$

128,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

$

58,046

 

 

$

1

 

 

$

(89

)

 

$

57,958

 

Agency bonds

 

10,769

 

 

 

 

 

 

(5

)

 

 

10,764

 

Treasury bonds

 

466

 

 

 

 

 

 

(1

)

 

 

465

 

Commercial paper

 

1,200

 

 

 

 

 

 

 

 

 

1,200

 

Asset-backed securities

 

11,838

 

 

 

2

 

 

 

(8

)

 

 

11,832

 

Total short-term available-for-sale

   investments

$

82,319

 

 

$

3

 

 

$

(103

)

 

$

82,219

 

 

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:

 

 

 

Total

 

 

 

 

 

 

 

Amortized

 

 

Total

 

 

 

Cost

 

 

Fair Value

 

 

 

(in thousands)

 

At June 30, 2015:

 

 

 

 

 

 

 

 

Maturing within one year

 

$

86,980

 

 

$

86,926

 

Maturing in one to five years

 

 

41,927

 

 

 

41,915

 

Total short-term available-for-sale investments

 

$

128,907

 

 

$

128,841

 

 

 

 

 

 

 

 

 

 

At December 31, 2014:

 

 

 

 

 

 

 

 

Maturing within one year

 

$

56,752

 

 

$

56,714

 

Maturing in one to five years

 

 

25,567

 

 

 

25,505

 

Total short-term available-for-sale investments

 

$

82,319

 

 

$

82,219