Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Investments and Fair Value Measurements

Cash, cash equivalents and investments

As of September 30, 2016 and December 31, 2015, our cash, cash equivalents and investments are classified as follows (in thousands):

	September 30, 2016								December 31, 2015
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		(Loss)		Value		Cost		Gain		(Loss)		Value
Classified as:
Cash	$	16,957	$	—	$	—	$	16,957	$	10,289	$	—	$	—	$	10,289
Cash equivalents:
Certificates of deposit 1		12,704		—		—		12,704		14,586		—		—		14,586
Total cash and cash equivalents		29,661		—		—		29,661		24,875		—		—		24,875
Investments (available for sale):
Certificates of deposit 2		9,047		2		(9)		9,040		9,795		1		(13)		9,783
Corporate bonds		8,488		—		(24)		8,464		8,776		—		(63)		8,713
Corporate equity securities		48		135		—		183		200		432		—		632
Total investments		17,583		137		(33)		17,687		18,771		433		(76)		19,128
Total cash, cash equivalents and investments	$	47,244	$	137	$	(33)	$	47,348	$	43,646	$	433	$	(76)	$	44,003
Contractual maturities on investments:
Due within 1 year	$	9,436					$	9,563	$	11,022					$	11,437
Due after 1 through 5 years		8,147						8,124		7,749						7,691
	$	17,583					$	17,687	$	18,771					$	19,128

1. Certificate of deposit with original maturities of less than 90 days.

2. Certificate of deposit with original maturities of more than 90 days.

Fair value and gross unrealized losses related to available-for-sale securities

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2016 (in thousands):

	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of September 30, 2016	Value		(Losses)		Value		(Losses)		Value		(Losses)
Investments:
Certificates of deposit	$	3,541	$	(9)	$	1,440	$	—	$	4,981	$	(9)
Corporate bonds		5,060		(17)		3,404		(7)		8,464		(24)
Total in loss position	$	8,601	$	(26)	$	4,844	$	(7)	$	13,445	$	(33)

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2015 (in thousands):

	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2015	Value		(Loss)		Value		(Loss)		Value		(Loss)
Investments:
Certificates of deposit	$	4,509	$	(11)	$	3,543	$	(2)	$	8,052	$	(13)
Corporate bonds		6,866		(56)		1,847		(7)		8,713		(63)
Total in loss position	$	11,375	$	(67)	$	5,390	$	(9)	$	16,765	$	(76)

Summary of financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of September 30, 2016 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	September 30, 2016		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	21,744	$	—	$	21,744	$	—
Corporate bonds		8,464		—		8,464		—
Corporate equity securities		183		183		—		—
Total	$	30,391	$	183	$	30,208	$	—
Liabilities:
Foreign currency hedge obligations	$	53	$	—	$	—	$	53

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2015 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	December 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	24,369	$	—	$	24,369	$	—
Corporate bonds		8,713		—		8,713		—
Corporate equity securities		632		632		—		—
Total	$	33,714	$	632	$	33,082	$	—
Liabilities:
Foreign currency hedge obligations	$	36	$	—	$	—	$	36