Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements and Marketable Securities (Tables)

v2.4.0.8
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:

 

    (in thousands)    Fair Value as of
December 31,
2013
     Basis of Fair Value Measurements  
      Level 1      Level 2      Level 3   

Money market funds

   $ 4,285      $ 4,285      $ —        $ —    

Certificates of Deposit

     1,584         —           1,584      

Corporate debt securities

     49,019        —          49,019        —    

Government securities

     21,731        —          21,731        —    

Municipal securities

     2,815            2,815      

Commercial paper

     2,599        —          2,599        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash equivalents and marketable securities

   $ 82,033      $ 4,285      $ 77,748      $ —    
  

 

 

    

 

 

    

 

 

    

 

 

 
    (in thousands)    Fair Value as of
December 31,
2012
     Basis of Fair Value Measurements  
      Level 1      Level 2      Level 3   

Money market funds

   $ 5,886      $ 5,886      $ —        $ —    

Certificates of deposit

     1,185        —          1,185        —    

Corporate debt securities

     20,242        —          20,242        —    

Government securities

     27,899        —          27,899        —    

Commercial paper

     15,613        —          15,613        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash equivalents and marketable securities

   $ 70,825      $ 5,886      $ 64,939      $ —    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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:

 

    As of December 31, 2013 (in thousands):    Cost Basis      Unrealized
Gain
     Unrealized
Loss
    Fair
Value
 

Money market funds

   $ 4,285      $ —        $ —       $ 4,285  

Certificates of Deposit

     1,584         —           —          1,584   

Corporate debt securities

     49,001        25        (7 )     49,019  

Government securities

     21,722        12        (3 )     21,731  

Municipal securities

     2,814         1         —          2,815   

Commercial paper

     2,599        —          —         2,599  
  

 

 

    

 

 

    

 

 

   

 

 

 
     82,005        38        (10     82,033  

Less cash equivalents

     7,279        —          —         7,279  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total marketable securities

   $ 74,726      $ 38      $ (10 )   $ 74,754  
  

 

 

    

 

 

    

 

 

   

 

 

 
    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        —          —         1,185  

Corporate debt securities

     20,237        6        (1 )     20,242  

Government securities

     27,893        12        (6 )     27,899  

Commercial paper

     15,613        —          —         15,613  
  

 

 

    

 

 

    

 

 

   

 

 

 
     70,814        18        (7 )     70,825  

Less cash equivalents

     11,006        —          —         11,006  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total marketable securities

   $ 59,808      $ 18      $ (7 )   $ 59,819  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

Marketable Securities with Unrealized Losses

The following table provides the breakdown of the marketable securities with unrealized losses at December 31, 2013 (in thousands):

 

    As of December 31, 2013 (in thousands):    In loss position for less
than twelve months
 
     Fair
Value
     Unrealized
Loss
 

Government securities

   $ 2,898      $ (3

Corporate debt securities

     11,919        (7
  

 

 

    

 

 

 

Total marketable securities

   $ 14,817      $ (10