Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Marketable Securities (Tables)

v2.4.0.8
Fair Value Measurements and Marketable Securities (Tables)
6 Months Ended
Jun. 30, 2014
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 June 30, 2014 and December 31, 2013:

 

 

Fair Value as of

June 30,

2014

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

$

6,463

 

 

$

6,463

 

 

$

 

 

$

 

Certificates of deposit

 

2,844

 

 

 

 

 

 

2,844

 

 

 

 

Corporate debt securities

 

40,937

 

 

 

 

 

 

40,937

 

 

 

 

U.S. Government securities

 

20,023

 

 

 

 

 

 

20,023

 

 

 

 

Municipal securities

 

1,450

 

 

 

 

 

 

1,450

 

 

 

 

Commercial paper

 

3,498

 

 

 

 

 

 

3,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash equivalents and marketable securities

$

75,215

 

 

$

6,463

 

 

$

68,752

 

 

$

 

 

 

 

Fair Value as of

December 31,

2013

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

 

 

 

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

 

 

 

 

U.S. 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

 

 

$

 

 

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 June 30, 2014 and December 31, 2013:

 

As of June 30, 2014 (in thousands):

Cost Basis

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

Money market funds

$

6,463

 

 

$

 

 

$

 

 

$

6,463

 

Certificates of deposit

 

2,844

 

 

 

 

 

 

 

 

 

2,844

 

Corporate debt securities

 

40,930

 

 

 

12

 

 

 

(5

)

 

 

40,937

 

U.S. Government securities

 

20,013

 

 

 

11

 

 

 

(1

)

 

 

20,023

 

Municipal securities

 

1,450

 

 

 

 

 

 

 

 

 

1,450

 

Commercial paper

 

3,498

 

 

 

 

 

 

 

 

 

3,498

 

 

 

75,198

 

 

 

23

 

 

 

(6

)

 

 

75,215

 

Less cash equivalents

 

6,463

 

 

 

 

 

 

 

 

 

6,463

 

Total marketable securities

$

68,735

 

 

$

23

 

 

$

(6

)

 

$

68,752

 

 

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

 

U.S. 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

 

 

Marketable Securities with Unrealized Losses

The following table provides the breakdown of the marketable securities with unrealized losses at June 30, 2014 (in thousands):

 

 

In loss position for less

than twelve months

 

As of June 30, 2014 (in thousands):

Fair

Value

 

 

Unrealized

Loss

 

U.S. Government securities

$

8,010

 

 

$

(1

)

Corporate debt securities

 

12,259

 

 

 

(5

)

Total marketable securities

$

20,269

 

 

$

(6

)