XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of cash equivalents, restricted cash and marketable securities by security type

Cash equivalents, restricted cash and marketable securities by security type at September 30, 2017 were as follows:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Included in cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,133

 

 

$

-

 

 

$

-

 

 

$

8,133

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$

268

 

 

$

-

 

 

$

-

 

 

$

268

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due in

   less than one year)

 

$

17,500

 

 

$

-

 

 

$

(30

)

 

$

17,470

 

Commercial paper (due in less than one year)

 

 

11,159

 

 

 

25

 

 

 

-

 

 

 

11,184

 

Corporate notes (due in less than one year)

 

 

58,353

 

 

 

3

 

 

 

(19

)

 

 

58,337

 

Corporate notes (due in one to two years)

 

 

15,591

 

 

 

-

 

 

 

(31

)

 

 

15,560

 

 

 

$

102,603

 

 

$

28

 

 

$

(80

)

 

$

102,551

 

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2016 were as follows:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Included in cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

11,193

 

 

$

-

 

 

$

-

 

 

$

11,193

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$

268

 

 

$

-

 

 

$

-

 

 

$

268

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due in less

   than one year)

 

$

5,000

 

 

$

-

 

 

$

(3

)

 

$

4,997

 

Government-sponsored enterprise securities (due in one

   to two years)

 

 

12,500

 

 

 

-

 

 

 

(42

)

 

 

12,458

 

Commercial paper (due in less than one year)

 

 

31,024

 

 

 

50

 

 

 

(5

)

 

 

31,069

 

Corporate notes (due in less than one year)

 

 

66,012

 

 

 

4

 

 

 

(47

)

 

 

65,969

 

Corporate notes (due in one to two years)

 

 

1,506

 

 

 

-

 

 

 

(10

)

 

 

1,496

 

 

 

$

116,042

 

 

$

54

 

 

$

(107

)

 

$

115,989

 

 
Schedule of marketable securities with unrealized losses

Marketable securities with unrealized losses at September 30, 2017 and December 31, 2016 were as follows:

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

(In thousands)

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

As of September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due

   in less than one year)

 

$

7,495

 

 

$

(5

)

 

$

9,975

 

 

$

(25

)

 

$

17,470

 

 

$

(30

)

Corporate notes (due in less than one year)

 

 

41,301

 

 

 

(16

)

 

 

1,500

 

 

 

(3

)

 

 

42,801

 

 

 

(19

)

Corporate notes (due in one to two years)

 

 

15,560

 

 

 

(31

)

 

 

-

 

 

 

-

 

 

 

15,560

 

 

 

(31

)

 

 

$

64,356

 

 

$

(52

)

 

$

11,475

 

 

$

(28

)

 

$

75,831

 

 

$

(80

)

As of December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due

   in less than one year)

 

$

4,997

 

 

$

(3

)

 

$

-

 

 

$

-

 

 

$

4,997

 

 

$

(3

)

Government-sponsored enterprise securities (due

   in one to two years)

 

 

12,458

 

 

 

(42

)

 

 

-

 

 

 

-

 

 

 

12,458

 

 

 

(42

)

Commercial paper (due in less than one year)

 

 

8,365

 

 

 

(5

)

 

 

-

 

 

 

-

 

 

 

8,365

 

 

 

(5

)

Corporate notes (due in less than one year)

 

 

39,218

 

 

 

(37

)

 

 

6,944

 

 

 

(10

)

 

 

46,162

 

 

 

(47

)

Corporate notes (due in one to two years)

 

 

1,496

 

 

 

(10

)

 

 

-

 

 

 

-

 

 

 

1,496

 

 

 

(10

)

 

 

$

66,534

 

 

$

(97

)

 

$

6,944

 

 

$

(10

)

 

$

73,478

 

 

$

(107

)

 
Schedule of financial instruments measured at fair value on recurring basis

 

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 and indicates the fair value category assigned.

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted Prices in

 

 

 

 

 

 

Significant

 

 

 

 

 

 

 

Active Markets for

 

 

Significant Other

 

 

Unobservable

 

 

 

 

 

 

 

Identical Assets

 

 

Observable Inputs

 

 

Inputs

 

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

8,133

 

 

$

-

 

 

$

-

 

 

$

8,133

 

Government-sponsored enterprise securities(2)

 

 

-

 

 

 

17,470

 

 

 

-

 

 

 

17,470

 

Commercial paper(2)

 

 

-

 

 

 

11,184

 

 

 

-

 

 

 

11,184

 

Corporate notes(2)(3)

 

 

-

 

 

 

73,897

 

 

 

-

 

 

 

73,897

 

Total

 

$

8,133

 

 

$

102,551

 

 

$

-

 

 

$

110,684

 

As of December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

11,193

 

 

$

-

 

 

$

-

 

 

$

11,193

 

Government-sponsored enterprise securities(2)(3)

 

 

-

 

 

 

17,455

 

 

 

-

 

 

 

17,455

 

Commercial paper(2)

 

 

-

 

 

 

31,069

 

 

 

-

 

 

 

31,069

 

Corporate notes(2)(3)

 

 

-

 

 

 

67,465

 

 

 

-

 

 

 

67,465

 

Total

 

$

11,193

 

 

$

115,989

 

 

$

-

 

 

$

127,182

 

(1)

Included in cash and cash equivalents on our condensed balance sheets.

(2)

Included in current portion of marketable securities on our condensed balance sheets.

(3)

Included in noncurrent portion of marketable securities on our condensed balance sheets.