INVESTMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Investments Schedule [Abstract] |
|
| Investments |
Investments consist of the following (in thousands):
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| |
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September 30,
2016 |
|
|
December 31,
2015 |
|
|
Certificates of deposit
|
|
$ |
962 |
|
|
$ |
10,078 |
|
|
Commercial paper
|
|
|
44,130 |
|
|
|
23,955 |
|
|
Corporate debt securities
|
|
|
212,279 |
|
|
|
323,219 |
|
|
Securities of government sponsored entities
|
|
|
26,117 |
|
|
|
30,232 |
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
$ |
283,488 |
|
|
$ |
387,484 |
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|
|
|
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|
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|
|
| Summary of Investments Classified as Available-For-Sale Securities |
The following is a summary of investments classified as
available-for-sale securities (in thousands):
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Contractual
Maturity
(in years) |
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|
Amortized
Cost |
|
|
Gross
Unrealized
Gains(1) |
|
|
Gross
Unrealized
Losses(1) |
|
|
Aggregate
Estimated
Fair
Value |
|
|
September 30, 2016:
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Classified as current assets:
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|
|
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|
|
|
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|
|
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Certificates of deposit
|
|
|
Less than 1 |
|
|
$ |
720 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
721 |
|
|
Commercial paper
|
|
|
Less than 1 |
|
|
|
44,192 |
|
|
|
— |
|
|
|
(62 |
) |
|
|
44,130 |
|
|
Corporate debt securities
|
|
|
Less than 1 |
|
|
|
194,877 |
|
|
|
12 |
|
|
|
(88 |
) |
|
|
194,801 |
|
|
Securities of government-sponsored entities
|
|
|
Less than 1 |
|
|
|
13,630 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
13,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term available-for-sale securities
|
|
|
|
|
|
$ |
253,419 |
|
|
$ |
13 |
|
|
$ |
(151 |
) |
|
$ |
253,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified as non-current assets:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Certificates of deposit
|
|
|
1 to 2 |
|
|
$ |
240 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
241 |
|
|
Corporate debt securities
|
|
|
1 to 2 |
|
|
|
17,506 |
|
|
|
8 |
|
|
|
(36 |
) |
|
|
17,478 |
|
|
Securities of government-sponsored entities
|
|
|
1 to 2 |
|
|
|
12,510 |
|
|
|
— |
|
|
|
(22 |
) |
|
|
12,488 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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Total long-term available-for-sale securities
|
|
|
|
|
|
$ |
30,256 |
|
|
$ |
9 |
|
|
$ |
(58 |
) |
|
$ |
30,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified as current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Certificates of deposit
|
|
|
Less than 1 |
|
|
$ |
9,120 |
|
|
$ |
1 |
|
|
$ |
(1 |
) |
|
$ |
9,120 |
|
|
Commercial paper
|
|
|
Less than 1 |
|
|
|
23,965 |
|
|
|
1 |
|
|
|
(11 |
) |
|
|
23,955 |
|
|
Corporate debt securities
|
|
|
Less than 1 |
|
|
|
254,592 |
|
|
|
1 |
|
|
|
(414 |
) |
|
|
254,179 |
|
|
Securities of government-sponsored entities
|
|
|
Less than 1 |
|
|
|
17,762 |
|
|
|
1 |
|
|
|
(21 |
) |
|
|
17,742 |
|
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|
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|
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|
|
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|
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|
|
|
|
|
|
|
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|
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Total short-term available-for-sale securities
|
|
|
|
|
|
$ |
305,439 |
|
|
$ |
4 |
|
|
$ |
(447 |
) |
|
$ |
304,996 |
|
|
|
|
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|
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|
|
|
|
|
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|
|
Classified as non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
|
1 to 2 |
|
|
$ |
960 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
958 |
|
|
Corporate debt securities
|
|
|
1 to 2 |
|
|
|
69,528 |
|
|
|
— |
|
|
|
(488 |
) |
|
|
69,040 |
|
|
Securities of government-sponsored entities
|
|
|
1 to 2 |
|
|
|
12,534 |
|
|
|
— |
|
|
|
(44 |
) |
|
|
12,490 |
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
Total long-term available-for-sale securities
|
|
|
|
|
|
$ |
83,022 |
|
|
$ |
— |
|
|
$ |
(534 |
) |
|
$ |
82,488 |
|
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|
| (1) |
Unrealized gains and losses are
included in other comprehensive loss. |
|
| Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position |
The following table presents gross unrealized losses and fair value
for those available-for-sale investments that were in an unrealized
loss position as of September 30, 2016 and December 31,
2015, aggregated by investment category and length of time that
individual securities have been in a continuous loss position
(in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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| |
|
Less Than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
| |
|
Estimated
Fair
Value |
|
|
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Unrealized
Losses |
|
|
September 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper
|
|
$ |
44,130 |
|
|
$ |
(62 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,130 |
|
|
$ |
(62 |
) |
|
Corporate debt securities
|
|
|
138,534 |
|
|
|
(100 |
) |
|
|
30,826 |
|
|
|
(24 |
) |
|
|
169,360 |
|
|
|
(124 |
) |
|
Securities of government-sponsored entities
|
|
|
22,817 |
|
|
|
(23 |
) |
|
|
— |
|
|
|
— |
|
|
|
22,817 |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
205,481 |
|
|
$ |
(185 |
) |
|
$ |
30,826 |
|
|
$ |
(24 |
) |
|
$ |
236,307 |
|
|
$ |
(209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
$ |
5,517 |
|
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,517 |
|
|
$ |
(3 |
) |
|
Commercial paper
|
|
|
16,959 |
|
|
|
(11 |
) |
|
|
— |
|
|
|
— |
|
|
|
16,959 |
|
|
|
(11 |
) |
|
Corporate debt securities
|
|
|
310,160 |
|
|
|
(880 |
) |
|
|
5,521 |
|
|
|
(22 |
) |
|
|
315,681 |
|
|
|
(902 |
) |
|
Securities of government-sponsored entities
|
|
|
25,913 |
|
|
|
(65 |
) |
|
|
— |
|
|
|
— |
|
|
|
25,913 |
|
|
|
(65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
358,549 |
|
|
$ |
(959 |
) |
|
$ |
5,521 |
|
|
$ |
(22 |
) |
|
$ |
364,070 |
|
|
$ |
(981 |
) |
|
|
|
|
|
|
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