|
Fair Value Measurements and Marketable Securities (Tables)
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9 Months Ended |
|
Sep. 30, 2013
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| Fair Value Disclosures [Abstract] |
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| Financial Assets at Fair Value on Recurring Basis |
The following
table sets forth the Company’s financial assets (cash
equivalents and marketable securities) at fair value on a recurring
basis as of September 30, 2013 and December 31,
2012:
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Fair Value as of
September 30,
2013 |
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|
Basis of Fair Value Measurements |
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| (in thousands) |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Money market
funds
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$ |
4,001 |
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|
$ |
4,001 |
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$ |
— |
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|
$ |
— |
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|
Certificates of
deposit
|
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|
1,880 |
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|
|
— |
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|
1,880 |
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|
— |
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|
Corporate debt
securities
|
|
|
56,484 |
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|
— |
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|
56,484 |
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|
— |
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|
U.S. Government
securities
|
|
|
26,089 |
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|
— |
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|
26,089 |
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|
— |
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Municipal
securities
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1,211 |
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— |
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|
1,211 |
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— |
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Commercial paper
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2,249 |
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— |
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|
2,249 |
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— |
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Total cash equivalents and
marketable securities
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$ |
91,914 |
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$ |
4,001 |
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$ |
87,913 |
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$ |
— |
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Fair Value as of
December 31,
2012 |
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|
Basis of Fair Value Measurements |
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| (in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Money market
funds
|
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$ |
5,886 |
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$ |
5,886 |
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$ |
— |
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$ |
— |
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Certificates of
deposit
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1,185 |
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— |
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1,185 |
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— |
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Corporate debt
securities
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20,242 |
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— |
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20,242 |
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— |
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U.S. Government
securities
|
|
|
27,899 |
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— |
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27,899 |
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— |
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Commercial paper
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15,613 |
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— |
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15,613 |
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— |
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Total cash equivalents and
marketable securities
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$ |
70,825 |
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$ |
5,886 |
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$ |
64,939 |
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$ |
— |
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| Summary of Company's Available-for-Sale Securities |
The Company
invests in highly-liquid, investment-grade securities. The
following is a summary of the Company’s available-for-sale
securities at September 30, 2013 and December 31,
2012:
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| As of September 30, 2013 (in
thousands): |
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Cost Basis |
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Unrealized
Gain |
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Unrealized
Loss |
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Fair
Value |
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|
Money market
funds
|
|
$ |
4,001 |
|
|
$ |
— |
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|
$ |
— |
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$ |
4,001 |
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Certificates of
deposit
|
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|
1,880 |
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|
— |
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— |
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|
1,880 |
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Corporate debt
securities
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56,466 |
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23 |
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(5 |
) |
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56,484 |
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|
U.S. Government
securities
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26,071 |
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19 |
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(1 |
) |
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26,089 |
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Municipal
securities
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1,210 |
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1 |
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— |
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1,211 |
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Commercial paper
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2,249 |
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— |
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— |
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2,249 |
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91,877 |
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43 |
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(6 |
) |
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91,914 |
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Less cash
equivalents
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4,001 |
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— |
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— |
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4,001 |
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Total marketable
securities
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$ |
87,876 |
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$ |
43 |
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$ |
(6 |
) |
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$ |
87,913 |
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| As of December 31, 2012 (in
thousands): |
|
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
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|
Money market
funds
|
|
$ |
5,886 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
5,886 |
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Certificates of
deposit
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|
1,185 |
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|
— |
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— |
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|
1,185 |
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Corporate debt
securities
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20,237 |
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6 |
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(1 |
) |
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20,242 |
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|
U.S. Government
securities
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27,893 |
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12 |
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(6 |
) |
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27,899 |
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Commercial paper
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15,613 |
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— |
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— |
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15,613 |
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70,814 |
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18 |
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(7 |
) |
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70,825 |
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Less cash
equivalents
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11,006 |
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— |
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— |
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11,006 |
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Total marketable
securities
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$ |
59,808 |
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$ |
18 |
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$ |
(7 |
) |
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$ |
59,819 |
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|
| Marketable Securities with Unrealized Losses |
The following
table provides the breakdown of the marketable securities with
unrealized losses at September 30, 2013 (in
thousands):
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In loss position for
less
than twelve
months
|
|
| As of September 30, 2013 (in
thousands): |
|
Fair Value |
|
|
Unrealized Loss |
|
|
U.S. Government
securities
|
|
$ |
3,002 |
|
|
$ |
(1 |
) |
|
Corporate debt
securities
|
|
|
17,435 |
|
|
|
(5 |
) |
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Total marketable
securities
|
|
$ |
20,437 |
|
|
$ |
(6 |
) |
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