Marketable Securities

12 Months Ended

Dec. 31, 2016

Investments Debt And Equity Securities [Abstract]

Marketable Securities

3.    Marketable Securities

The composition of marketable securities is as follows (in thousands, except years):

	Contractual Maturity (in Years)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016:
Classified as current assets
Certificates of deposit	Less than 1	$	—	$	—	$	—		$	—
Corporate notes	Less than 1		—		—		—			—
Commercial paper	Less than 1		—		—		—			—
Securities of government-sponsored entities	Less than 1		—		—		—			—
Short-term marketable securities			—		—		—			—
Classified as non-current assets
Certificates of deposit	1 to 2		—		—		—			—
Corporate notes	1 to 2		—		—		—			—
Securities of government-sponsored entities	1 to 2		—		—		—			—
Long-term marketable securities			—		—		—			—
Total marketable securities at December 31, 2016		$	—	$	—	$	—		$	—
December 31, 2015:
Classified as current assets
Certificates of deposit	Less than 1	$	6,615	$	—	$	—		$	6,615
Corporate notes	Less than 1		108,739		5		(173	)		108,571
Commercial paper	Less than 1		21,991		—		—			21,991
Securities of government-sponsored entities	Less than 1		28,284		—		(38	)		28,246
Short-term marketable securities			165,629		5		(211	)		165,423
Classified as non-current assets
Certificates of deposit	1 to 2		12,392		—		—			12,392
Corporate notes	1 to 2		43,857		—		(109	)		43,748
Securities of government-sponsored entities	1 to 2		56,412		—		(220	)		56,192
Long-term marketable securities			112,661		—		(329	)		112,332
Total marketable securities at December 31, 2015		$	278,290	$	5	$	(540	)	$	277,755

As of December 31, 2016, the Company had liquidated its short-term and long-term marketable securities, and only held investments in securities classified as cash equivalents. During the periods presented, the Company did not hold any investments that were in a significant unrealized loss position and no impairment charges were recorded. Realized gains and losses and interest income related to marketable securities were immaterial during all periods presented.

Foreign Currency and Derivative Financial Instruments

The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations.

Some of the Company’s reporting entities conduct a portion of their business in currencies other than the entity’s functional currency. These transactions give rise to receivables and payables that are denominated in currencies other than the entity’s functional currency. The value of these receivables and payables is subject to changes in currency exchange rates from the point at which the transactions are originated until the settlement in cash. Both realized and unrealized gains and losses in the value of these receivables and payables are included in the determination of net income. Net currency exchange gains (losses), which includes gains and losses from derivative instruments, were $(0.3) million, $0.3 million and $(2.6) million for the years ended December 31, 2016, 2015 and 2014, respectively, and are included in other income (expense) in the Consolidated Statements of Operations.

As of December 31, 2016, 2015, and 2014 a notional principal amount of $15.1 million, $8.5 million, and $26.0 million respectively, was outstanding to hedge currency risk relative to foreign receivables and payables. Derivative instrument net gains on the Company’s forward exchange contracts were $0.7 million, $1.7 million, and $0.7 million for the years ended December 31, 2016, 2015 and 2014, respectively, and are included in other income (expense) in the Consolidated Statements of Operations.

The following table summarizes the fair values of derivative instruments at December 31, 2016 and 2015:  

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	December 31,		December 31,		Balance Sheet	December 31,		December 31,
(in thousands)	Location	2016		2015		Location	2016		2015
Derivatives instruments not designated as cash flow hedges
Forward exchange contracts	Other current assets	$	—	$	46	Other current liabilities	$	166	$	—
Total derivatives		$	—	$	46		$	166	$	—

The Company’s currency exposures vary, but are primarily concentrated in the pound sterling, the euro, the Australian dollar, the Singapore dollar, and the yen. The Company will continuously monitor the costs and the impact of foreign currency risks upon the financial results as part of the Company’s risk management program. The Company does not use derivative financial instruments for speculation or trading purposes or for activities other than risk management. The Company does not require and is not required to pledge collateral for these financial instruments and does not carry any master netting arrangements to mitigate the credit risk.