Cash, Cash Equivalents, and Investments (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Cash and Cash Equivalents [Abstract] |
|
Components of Cash, Cash Equivalents and Investments |
Cash, cash equivalents, and investments consisted of the following (in thousands): | | | | | | | | | | December 31, | | 2014 | | 2013 | Cash | $ | 54,917 |
| | $ | 40,124 |
| Money market instruments | 777 |
| | 520 |
| Cash and cash equivalents | 55,694 |
| | 40,644 |
| Euro liquidity fund | 48,235 |
| | — |
| Corporate bonds | 30,889 |
| | 109,040 |
| Agency bonds | 6,883 |
| | 1,499 |
| Supranational bonds | 1,901 |
| | — |
| Asset-backed securities | 1,311 |
| | 53,559 |
| Municipal bonds | 1,237 |
| | 9,276 |
| Sovereign bonds | — |
| | 11,448 |
| Short-term investments | 90,456 |
| | 184,822 |
| Corporate bonds | 216,294 |
| | 109,909 |
| Treasury bills | 90,412 |
| | 73,666 |
| Asset-backed securities | 62,556 |
| | 21,820 |
| Sovereign bonds | 13,461 |
| | 16,385 |
| Agency bonds | 9,566 |
| | — |
| Municipal bonds | 6,600 |
| | 5,919 |
| Limited partnership interest (accounted for using cost method) | 1,956 |
| | 1,956 |
| Long-term investments | 400,845 |
| | 229,655 |
| | $ | 546,995 |
| | $ | 455,121 |
|
|
Summary of Available-for-Sale Investments |
The following tables summarize the Company’s available-for-sale investments as of December 31, 2014 (in thousands): | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Short-term: | | | | | | | | Euro liquidity fund | $ | 48,229 |
| | $ | 6 |
| | $ | — |
| | $ | 48,235 |
| Corporate bonds | 30,842 |
| | 50 |
| | (3 | ) | | 30,889 |
| Agency bonds | 6,883 |
| | — |
| | — |
| | 6,883 |
| Supranational bonds | 1,900 |
| | 1 |
| | — |
| | 1,901 |
| Asset-backed securities | 1,311 |
| | — |
| | — |
| | 1,311 |
| Municipal bonds | 1,232 |
| | 5 |
| | — |
| | 1,237 |
| Long-term: | | | | | | | | Corporate bonds | 216,404 |
| | 442 |
| | (552 | ) | | 216,294 |
| Treasury bills | 90,458 |
| | 8 |
| | (54 | ) | | 90,412 |
| Asset-backed securities | 62,590 |
| | 18 |
| | (52 | ) | | 62,556 |
| Sovereign bonds | 13,461 |
| | 11 |
| | (11 | ) | | 13,461 |
| Agency bonds | 9,570 |
| | 4 |
| | (8 | ) | | 9,566 |
| Municipal bonds | 6,567 |
| | 33 |
| | — |
| | 6,600 |
| | $ | 489,447 |
| | $ | 578 |
| | $ | (680 | ) | | $ | 489,345 |
|
|
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2014 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Position For Less than 12 Months | Unrealized Loss Position For Greater than 12 Months | Total | | Fair Value | | Unrealized Losses | Fair Value | | Unrealized Losses | Fair Value | | Unrealized Losses | Corporate bonds | $ | 126,038 |
| | $ | (555 | ) | $ | — |
| | $ | — |
| $ | 126,038 |
| | $ | (555 | ) | Treasury bills | 70,901 |
| | (54 | ) | — |
| | — |
| 70,901 |
| | (54 | ) | Asset-backed securities | 33,603 |
| | (36 | ) | 3,487 |
| | (16 | ) | 37,090 |
| | (52 | ) | Agency bonds | 7,135 |
| | (8 | ) | — |
| | — |
| 7,135 |
| | (8 | ) | Sovereign bonds | 6,553 |
| | (11 | ) | — |
| | — |
| 6,553 |
| | (11 | ) | | $ | 244,230 |
| | $ | (664 | ) | $ | 3,487 |
| | $ | (16 | ) | $ | 247,717 |
| | $ | (680 | ) |
|
Effective Maturity Dates of Available-for-Sale Investments |
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2014 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | <1 Year | | 1-2 Years | | 2-3 Years | | 3-4 Years | | 4-5 Years | | 5-8 Years | | Total | Corporate bonds | $ | 30,889 |
| | $ | 82,238 |
| | $ | 97,921 |
| | $ | 19,718 |
| | $ | 16,417 |
| | $ | — |
| | $ | 247,183 |
| Treasury bills | — |
| | 85,629 |
| | 4,783 |
| | — |
| | — |
| | — |
| | 90,412 |
| Asset-backed securities | 1,311 |
| | 4,788 |
| | 19,542 |
| | 23,815 |
| | 8,967 |
| | 5,444 |
| | 63,867 |
| Euro liquidity fund | 48,235 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 48,235 |
| Agency bonds | 6,883 |
| | 4,506 |
| | 5,060 |
| | — |
| | — |
| | — |
| | 16,449 |
| Sovereign bonds | — |
| | 9,768 |
| | 3,693 |
| | — |
| | — |
| | — |
| | 13,461 |
| Municipal bonds | 1,237 |
| | 1,719 |
| | 4,881 |
| | — |
| | — |
| | — |
| | 7,837 |
| Supranational bonds | 1,901 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,901 |
| | $ | 90,456 |
| | $ | 188,648 |
| | $ | 135,880 |
| | $ | 43,533 |
| | $ | 25,384 |
| | $ | 5,444 |
| | $ | 489,345 |
|
|