|
Fair Value Measurements and Marketable Securities (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| 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 marketable securities) at fair value on a recurring basis as of September 30, 2014 and December 31, 2013:
|
|
Fair Value as of September 30, 2014
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
6,175
|
|
|
$
|
6,175
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
|
2,554
|
|
|
|
—
|
|
|
|
2,554
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
33,956
|
|
|
|
—
|
|
|
|
33,956
|
|
|
|
—
|
|
|
U.S. Government securities
|
|
20,046
|
|
|
|
—
|
|
|
|
20,046
|
|
|
|
—
|
|
|
Municipal securities
|
|
227
|
|
|
|
—
|
|
|
|
227
|
|
|
|
—
|
|
|
Commercial paper
|
|
5,347
|
|
|
|
—
|
|
|
|
5,347
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
68,305
|
|
|
$
|
6,175
|
|
|
$
|
62,130
|
|
|
$
|
—
|
|
|
|
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 September 30, 2014 and December 31, 2013:
|
As of September 30, 2014 (in thousands):
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
|
$
|
6,175
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,175
|
|
|
Certificates of deposit
|
|
2,554
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,554
|
|
|
Corporate debt securities
|
|
33,962
|
|
|
|
6
|
|
|
|
(12
|
)
|
|
|
33,956
|
|
|
U.S. Government securities
|
|
20,036
|
|
|
|
11
|
|
|
|
(1
|
)
|
|
|
20,046
|
|
|
Municipal securities
|
|
227
|
|
|
|
—
|
|
|
|
—
|
|
|
|
227
|
|
|
Commercial paper
|
|
5,347
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,347
|
|
|
|
|
68,301
|
|
|
|
17
|
|
|
|
(13
|
)
|
|
|
68,305
|
|
|
Less cash equivalents
|
|
11,022
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,022
|
|
|
Total marketable securities
|
$
|
57,279
|
|
|
$
|
17
|
|
|
$
|
(13
|
)
|
|
$
|
57,283
|
|
|
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 September 30, 2014 (in thousands):
|
|
In loss position for less
than twelve months
|
|
|
As of September 30, 2014 (in thousands):
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
U.S. Government securities
|
$
|
6,023
|
|
|
$
|
(1
|
)
|
|
Corporate debt securities
|
|
18,938
|
|
|
|
(12
|
)
|
|
Total marketable securities
|
$
|
24,961
|
|
|
$
|
(13
|
)
|
|