|
Fair Value of Financial Instruments (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Fair Value of Financial Instruments |
|
| Schedule of estimated fair values of financial instruments outstanding |
The estimated fair values of financial instruments outstanding were as follows (in thousands):
|
|
|
September 30, 2013 |
|
|
|
|
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
|
|
Cash and cash equivalents |
|
$ |
2,174 |
|
$ |
— |
|
$ |
— |
|
$ |
2,174 |
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
20,753 |
|
$ |
12 |
|
$ |
(3 |
) |
$ |
20,762 |
|
|
Corporate notes |
|
7,643 |
|
2 |
|
(1 |
) |
7,644 |
|
|
Certificates of deposit |
|
5,005 |
|
1 |
|
(3 |
) |
5,003 |
|
|
Total short-term investments |
|
$ |
33,401 |
|
$ |
15 |
|
$ |
(7 |
) |
$ |
33,409 |
|
|
Long-term investments: |
|
|
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
5,220 |
|
$ |
3 |
|
$ |
(1 |
) |
$ |
5,222 |
|
|
Corporate notes |
|
10,307 |
|
1 |
|
(13 |
) |
10,295 |
|
|
Certificates of deposit |
|
2,160 |
|
1 |
|
(7 |
) |
2,154 |
|
|
Total long-term investments |
|
$ |
17,687 |
|
$ |
5 |
|
$ |
(21 |
) |
$ |
17,671 |
|
|
|
|
December 31, 2012 |
|
|
|
|
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
|
|
Cash and cash equivalents |
|
$ |
2,529 |
|
$ |
— |
|
$ |
— |
|
$ |
2,529 |
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
15,852 |
|
$ |
6 |
|
$ |
(2 |
) |
$ |
15,856 |
|
|
Corporate notes |
|
14,471 |
|
8 |
|
(4 |
) |
14,475 |
|
|
Certificates of deposit |
|
467 |
|
— |
|
— |
|
467 |
|
|
Total short-term investments |
|
$ |
30,790 |
|
$ |
14 |
|
$ |
(6 |
) |
$ |
30,798 |
|
|
Long-term investments: |
|
|
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
6,330 |
|
$ |
2 |
|
$ |
— |
|
$ |
6,332 |
|
|
Corporate notes |
|
1,050 |
|
1 |
|
— |
|
1,051 |
|
|
Total long-term investments |
|
$ |
7,380 |
|
$ |
3 |
|
$ |
— |
|
$ |
7,383 |
| |
| Schedule of estimated fair values of available-for-sale securities with unrealized losses |
The estimated fair values of available-for-sale securities with unrealized losses were as follows (in thousands):
|
|
|
September 30, 2013 |
|
|
|
|
Cost |
|
Unrealized
Losses |
|
Fair
Value |
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
2,041 |
|
$ |
(3 |
) |
$ |
2,038 |
|
|
Corporate notes |
|
3,270 |
|
(1 |
) |
3,269 |
|
|
Certificates of deposit |
|
3,320 |
|
(3 |
) |
3,317 |
|
|
Total short-term investments |
|
$ |
8,631 |
|
$ |
(7 |
) |
$ |
8,624 |
|
|
Long-term investments: |
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
3,758 |
|
$ |
(1 |
) |
$ |
3,757 |
|
|
Corporate notes |
|
9,286 |
|
(13 |
) |
9,273 |
|
|
Certificates of deposit |
|
1,680 |
|
(7 |
) |
1,673 |
|
|
Total long-term investments |
|
$ |
14,724 |
|
$ |
(21 |
) |
$ |
14,703 |
|
|
|
|
December 31, 2012 |
|
|
|
|
Cost |
|
Unrealized
Losses |
|
Fair
Value |
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
U.S. government debt securities |
|
$ |
2,546 |
|
$ |
(2 |
) |
$ |
2,544 |
|
|
Corporate notes |
|
5,668 |
|
(4 |
) |
5,664 |
|
|
Total short-term investments |
|
$ |
8,214 |
|
$ |
(6 |
) |
$ |
8,208 |
| |
| Schedule of cost and fair value of investments based on maturity groups |
Cost and fair value of investments based on two maturity groups were as follows (in thousands):
|
|
|
September 30, 2013 |
|
|
|
|
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
|
|
Due within 1 year |
|
$ |
33,401 |
|
$ |
15 |
|
$ |
(7 |
) |
$ |
33,409 |
|
|
Due in 1-2 years |
|
17,687 |
|
5 |
|
(21 |
) |
17,671 |
|
|
Total |
|
$ |
51,088 |
|
$ |
20 |
|
$ |
(28 |
) |
$ |
51,080 |
|
|
|
|
December 31, 2012 |
|
|
|
|
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
|
|
Due within 1 year |
|
$ |
30,790 |
|
$ |
14 |
|
$ |
(6 |
) |
$ |
30,798 |
|
|
Due in 1-2 years |
|
7,380 |
|
3 |
|
— |
|
7,383 |
|
|
Total |
|
$ |
38,170 |
|
$ |
17 |
|
$ |
(6 |
) |
$ |
38,181 |
| |
| Schedule of fair value hierarchy for financial assets (cash equivalents and investments) |
The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) as of September 30, 2013 and December 31, 2012 (in thousands):
|
|
|
September 30, 2013 |
|
|
|
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
Money market funds |
|
$ |
1,682 |
|
$ |
1,682 |
|
$ |
— |
|
$ |
— |
|
|
Certificates of deposit |
|
7,397 |
|
— |
|
7,397 |
|
— |
|
|
Corporate notes |
|
17,939 |
|
— |
|
17,939 |
|
— |
|
|
U.S. government debt securities |
|
25,984 |
|
— |
|
25,984 |
|
— |
|
|
Total assets |
|
$ |
53,002 |
|
$ |
1,682 |
|
$ |
51,320 |
|
$ |
— |
|
|
|
|
December 31, 2012 |
|
|
|
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
Money market funds |
|
$ |
1,407 |
|
$ |
1,407 |
|
$ |
— |
|
$ |
— |
|
|
U.S. government debt securities |
|
22,289 |
|
— |
|
22,289 |
|
— |
|
|
Corporate notes |
|
16,226 |
|
— |
|
16,226 |
|
— |
|
|
Certificates of deposit |
|
467 |
|
— |
|
467 |
|
— |
|
|
Total assets |
|
$ |
40,389 |
|
$ |
1,407 |
|
$ |
38,982 |
|
$ |
— |
| |