Fair Value of Financial instruments

12 Months Ended

Dec. 31, 2015

Fair Value of Financial instruments [Abstract]

Fair Value of Financial instruments

12. Fair Value of Financial instruments

U.S. GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact a purchase or sale and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability.

The Company uses a fair value hierarchy established by U.S. GAAP that established a three-tiered fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable to prioritize inputs used to measure fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is available and significant to the fair value measurement. Those tiers are defined as follows:

Level 1 —	inputs are quoted prices in active markets for identical assets or liabilities.
Level 2 —	inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level 3 —	inputs are unobservable and shall be used to the extent that observable inputs are not available in the overall fair value measurement.

The following table represents the fair value hierarchy for the Company's financial assets (investments) measured at fair value on a recurring basis at December 31, 2015 and December 31, 2014 (in thousands):

	Fair Value Measurements at
	Reporting Date Using
			Quoted Prices			Significant
			in Active			Other			Significant
	Balance at		Markets for			Observable			Unobservable
	December 31,		Identical Assets			Inputs			Inputs
	2015		(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market mutual funds	$	281	$	281		$	-	$		-
Marketable Securities:
Time deposits		12,825		12,825			-			-
Corporate bonds		5,006		-			5,006			-
Long-term investments:
Time deposits		10,821		10,821			-			-
Total	$	28,933	$	23,927		$	5,006	$		-
	Fair Value Measurements at
	Reporting Date Using
			Quoted Prices			Significant
			in Active			Other			Significant
	Balance at		Markets for			Observable			Unobservable
	December 31,		Identical Assets			Inputs			Inputs
		2014		(Level 1	)		(Level 2)			(Level 3	)
Cash equivalents:
Money market mutual funds	$	4,070	$	4,070		$	-	$		-
Marketable Securities:
Time deposits		21,782		21,782			-			-
Corporate bonds		10,075		-			10,075			-
Long-term investments:
Time deposits		10,635		10,635			-			-
Total	$	46,562	$	36,487		$	10,075	$		-

As of December 31, 2015 and 2014, the Company held investments in corporate bonds, certificates of deposit, and money market securities. The Company's cash and cash equivalents consist of investments with original maturities of 90 days or less from the date of purchase. The Company's short-term investments consist of corporate bonds and certificates of deposit with original maturities of 91 days or more from the date of purchase. The Company's long-term investments are comprised of certificates of deposit with original maturities of 365 days or more from the date of purchase.