|
Fair Value Measurements and Marketable Securities (Tables)
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3 Months Ended |
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Mar. 31, 2014
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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 March 31, 2014 and December 31,
2013:
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Fair Value as of
March 31,
2014
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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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$ |
5,001 |
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|
$ |
5,001 |
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$ |
— |
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|
$ |
— |
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|
Certificates of
deposit
|
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|
1,464 |
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|
— |
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|
1,464 |
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|
|
— |
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|
Corporate debt
securities
|
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|
55,317 |
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|
— |
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|
55,317 |
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|
— |
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|
U.S. Government
securities
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|
18,990 |
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|
— |
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|
18,990 |
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|
— |
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Municipal
securities
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1,618 |
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— |
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|
1,618 |
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— |
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Commercial paper
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3,996 |
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— |
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|
3,996 |
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— |
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Total cash equivalents and
marketable securities
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$ |
86,386 |
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$ |
5,001 |
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$ |
81,385 |
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$ |
— |
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Fair Value as of
December 31,
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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$ |
4,285 |
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$ |
4,285 |
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$ |
— |
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$ |
— |
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Certificates of
deposit
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1,584 |
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— |
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1,584 |
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— |
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Corporate debt
securities
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|
49,019 |
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— |
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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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— |
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2,815 |
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— |
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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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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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| 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 March 31, 2014 and December 31,
2013:
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| As of March 31, 2014 (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
|
|
$ |
5,001 |
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|
$ |
— |
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$ |
— |
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$ |
5,001 |
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Certificates of
deposit
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1,464 |
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— |
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— |
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1,464 |
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Corporate debt
securities
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55,318 |
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15 |
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(16 |
) |
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55,317 |
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U.S. Government
securities
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18,977 |
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15 |
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(2 |
) |
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18,990 |
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Municipal
securities
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1,617 |
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1 |
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— |
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1,618 |
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Commercial paper
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3,996 |
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— |
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— |
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3,996 |
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86,373 |
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31 |
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(18 |
) |
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86,386 |
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Less cash
equivalents
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6,743 |
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— |
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— |
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6,743 |
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Total marketable
securities
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$ |
79,630 |
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$ |
31 |
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$ |
(18 |
) |
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$ |
79,643 |
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| As of December 31,
2013 (in thousands): |
|
Cost Basis |
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Unrealized
Gain |
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Unrealized
Loss |
|
|
Fair
Value |
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|
Money market
funds
|
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$ |
4,285 |
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|
$ |
— |
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|
$ |
— |
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$ |
4,285 |
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Certificates of
deposit
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|
1,584 |
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|
— |
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|
— |
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|
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
|
|
$ |
74,726 |
|
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$ |
38 |
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$ |
(10 |
) |
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$ |
74,754 |
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|
| Marketable Securities with Unrealized Losses |
The following
table provides the breakdown of the marketable securities with
unrealized losses at March 31, 2014 (in thousands):
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In loss position for
less
than twelve months |
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| As of March 31, 2014 (in
thousands): |
|
Fair Value |
|
|
Unrealized Loss |
|
|
Government
securities
|
|
$ |
6,653 |
|
|
$ |
(1 |
) |
|
Corporate debt
securities
|
|
|
20,116 |
|
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|
(12 |
) |
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Total marketable
securities
|
|
$ |
26,769 |
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|
$ |
(13 |
) |
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