Fair Value Measurements and Marketable Securities (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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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 available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2015 and 2014:
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Fair Value as of
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December 31,
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Basis of Fair Value Measurements
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(in thousands)
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2015
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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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$
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5,421
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$
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5,421
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$
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—
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$
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—
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Certificates of deposit
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696
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—
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696
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—
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Corporate debt securities
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12,571
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—
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12,571
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—
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Government securities
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21,769
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—
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21,769
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—
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Municipal securities
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1,908
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—
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1,908
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—
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Commercial paper
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6,145
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—
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6,145
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—
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Total cash equivalents and marketable securities
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$
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48,510
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$
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5,421
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$
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43,089
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$
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—
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Fair Value as of
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December 31,
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Basis of Fair Value Measurements
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(in thousands)
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2014
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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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$
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3,369
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$
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3,369
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$
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—
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$
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—
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Certificates of deposit
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2,505
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—
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2,505
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—
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Corporate debt securities
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28,081
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—
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28,081
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—
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Government securities
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19,123
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—
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19,123
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—
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Commercial paper
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5,499
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—
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5,499
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—
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Total cash equivalents and marketable securities
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$
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58,577
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$
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3,369
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$
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55,208
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$
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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, 2015 and 2014:
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As of December 31, 2015 (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
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$
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5,421
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$
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—
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$
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—
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$
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5,421
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Certificates of deposit
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|
696
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—
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—
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|
696
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Corporate debt securities
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12,578
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1
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(8
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)
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12,571
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Municipal securities
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1,908
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—
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—
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1,908
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Government securities
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21,783
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—
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(14
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)
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21,769
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Commercial paper
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6,145
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—
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—
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6,145
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48,531
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1
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(22
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)
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48,510
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Less cash equivalents
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(9,419
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)
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—
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—
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(9,419
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)
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Total marketable securities
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$
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39,112
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$
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1
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$
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(22
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)
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$
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39,091
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As of December 31, 2014 (in thousands):
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Cost Basis
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|
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Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
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|
$
|
3,369
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|
$
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—
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$
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—
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$
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3,369
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Certificates of deposit
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2,505
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|
|
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—
|
|
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—
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2,505
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Corporate debt securities
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28,094
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1
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(14
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)
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28,081
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Government securities
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19,123
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3
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(3
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)
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19,123
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Commercial paper
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5,499
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—
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—
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5,499
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58,590
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4
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(17
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)
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58,577
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Less cash equivalents
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(8,368
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)
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—
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—
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(8,368
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)
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Total marketable securities
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$
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50,222
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$
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4
|
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$
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(17
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)
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$
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50,209
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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, 2015 (in thousands):
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As of December 31, 2015 (in thousands):
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In loss position for less
than twelve months
|
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Fair
Value
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Unrealized
Loss
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Government securities
|
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$
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16,730
|
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$
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(14
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)
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Corporate debt securities
|
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10,260
|
|
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(8
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)
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Total marketable securities
|
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$
|
26,990
|
|
|
$
|
(22
|
)
|
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