Fair Value Measurements and Marketable Securities (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Fair Value Disclosures [Abstract] |
|
Financial Assets at Fair Value on Recurring Basis |
The following
table sets forth the Company’s financial assets (cash
equivalents and available-for-sale marketable securities) at fair
value on a recurring basis as of December 31, 2013 and
2012:
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(in thousands) |
|
Fair Value as of
December 31,
2013 |
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|
Basis of Fair Value Measurements |
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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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|
$ |
4,285 |
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|
$ |
4,285 |
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|
$ |
— |
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|
$ |
— |
|
Certificates of
Deposit
|
|
|
1,584 |
|
|
|
— |
|
|
|
1,584 |
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|
|
|
|
Corporate debt
securities
|
|
|
49,019 |
|
|
|
— |
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|
49,019 |
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|
|
— |
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Government
securities
|
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|
21,731 |
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|
— |
|
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|
21,731 |
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|
|
— |
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Municipal
securities
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2,815 |
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2,815 |
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Commercial paper
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2,599 |
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— |
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|
2,599 |
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|
— |
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|
|
|
|
|
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|
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Total cash equivalents and
marketable securities
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$ |
82,033 |
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|
$ |
4,285 |
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$ |
77,748 |
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$ |
— |
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(in thousands) |
|
Fair Value as of
December 31,
2012 |
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|
Basis of Fair Value Measurements |
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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
|
|
$ |
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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Government
securities
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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 December 31, 2013 and 2012:
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As of December 31, 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
|
|
$ |
4,285 |
|
|
$ |
— |
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|
$ |
— |
|
|
$ |
4,285 |
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Certificates of
Deposit
|
|
|
1,584 |
|
|
|
— |
|
|
|
— |
|
|
|
1,584 |
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Corporate debt
securities
|
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|
49,001 |
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|
25 |
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(7 |
) |
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49,019 |
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Government
securities
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21,722 |
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12 |
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(3 |
) |
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|
21,731 |
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Municipal
securities
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2,814 |
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1 |
|
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— |
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|
2,815 |
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Commercial paper
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|
2,599 |
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— |
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— |
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|
2,599 |
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82,005 |
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38 |
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(10 |
) |
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82,033 |
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Less cash
equivalents
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|
7,279 |
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— |
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— |
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|
7,279 |
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Total marketable
securities
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$ |
74,726 |
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|
$ |
38 |
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|
$ |
(10 |
) |
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$ |
74,754 |
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As of December 31, 2012
(in thousands): |
|
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
Money market
funds
|
|
$ |
5,886 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,886 |
|
Certificates of
deposit
|
|
|
1,185 |
|
|
|
— |
|
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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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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 December 31, 2013 (in
thousands):
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|
As of December 31, 2013
(in thousands): |
|
In loss position for
less
than twelve months |
|
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Fair
Value |
|
|
Unrealized
Loss |
|
Government
securities
|
|
$ |
2,898 |
|
|
$ |
(3 |
) |
Corporate debt
securities
|
|
|
11,919 |
|
|
|
(7 |
) |
|
|
|
|
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|
Total marketable
securities
|
|
$ |
14,817 |
|
|
$ |
(10 |
) |
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