Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Investments and Fair Value Measurements

As of March 31, 2018 and December 31, 2017, our cash, cash equivalents and investments are classified as follows (in thousands):


	March 31, 2018								December 31, 2017
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		(Loss)		Value		Cost		Gain		(Loss)		Value
Classified as:
Cash	$	39,189	$	—	$	—	$	39,189	$	43,610	$	—	$	—	$	43,610
Cash equivalents:
Certificates of deposit 1		—		—		—		—		742		—		—		742
Total cash and cash equivalents		39,189		—		—		39,189		44,352		—		—		44,352
Investments (available-for-sale):
Certificates of deposit 2		7,340		—		(41)		7,299		7,099		—		(24)		7,075
Corporate bonds		20,576		—		(169)		20,407		25,602		—		(69)		25,533
Total investments		27,916		—		(210)		27,706		32,701		—		(93)		32,608
Total cash, cash equivalents and investments	$	67,105	$	—	$	(210)	$	66,895	$	77,053	$	—	$	(93)	$	76,960
Contractual maturities on investments:
Due within 1 year 3	$	15,288					$	15,195	$	20,056					$	20,032
Due after 1 through 5 years 4		12,628						12,511		12,645						12,576
	$	27,916					$	27,706	$	32,701					$	32,608

Certificates of deposit with original maturities of less than three months.

Certificates of deposit with original maturities of more than three months.

Classified as “Short-term investments” in our condensed consolidated balance sheets.

Classified as “Long-term investments” in our condensed consolidated balance sheets.

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 March 31, 2018 (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 March 31, 2018	Value		(Losses)		Value		(Losses)		Value		(Losses)
Investments:
Certificates of deposit	$	4,935	$	(35)	$	2,344	$	(6)	$	7,279	$	(41)
Corporate bonds		13,153		(107)		7,254		(62)		20,407		(169)
Total in loss position	$	18,088	$	(142)	$	9,598	$	(68)	$	27,686	$	(210)


	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, 2017	Value		(Loss)		Value		(Loss)		Value		(Loss)
Investments:
Certificates of deposit	$	3,994	$	(16)	$	2,342	$	(8)	$	6,336	$	(24)
Corporate bonds		25,533		(69)		—		—		25,533		(69)
Total in loss position	$	29,527	$	(85)	$	2,342	$	(8)	$	31,869	$	(93)

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 March 31, 2018 (in thousands):


			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	March 31, 2018		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	7,299	$	—	$	7,299	$	—
Corporate bonds		20,407		—		20,407		—
Total	$	27,706	$	—	$	27,706	$	—

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, 2017 (in thousands):


			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	December 31, 2017		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	7,817	$	—	$	7,817	$	—
Corporate bonds		25,533		—		25,533		—
Total	$	33,350	$	—	$	33,350	$	—