Fair value disclosures

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair value disclosures

Note 4.  Fair value disclosures

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company's assets that are measured at fair value on a recurring basis (in thousands):

	As of September 30, 2015								As of December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents, short-term investments and restricted investments:
Money market funds	$	13,442	$	—	$	—	$	13,442	$	4,587	$	—	$	—	$	4,587
Time deposits		—		—		—		—		—		—		—		—
Money market accounts		—		46,952		—		46,952		—		—		—		—
Corporate bonds		—		5,839		—		5,839		—		2,010		—		2,010
Government-sponsored enterprise obligations		—		2,019		—		2,019		—		—		—		—
U.S. government securities		1,003		—		—		1,003		—		—		—		—
Commercial papers		—		999		—		999		—		—		—		—
Variable rate demand notes		—		—		—		—		—		1,700		—		1,700
Total	$	14,445	$	55,809	$	—	$	70,254	$	4,587	$	3,710	$	—	$	8,297
Mutual funds held in Rabbi Trust, recorded in other long-term assets	$	411	$	—	$	—	$	411	$	424	$	—	$	—	$	424

The Company offers a Non-Qualified Deferred Compensation Plan (“NQDC Plan”) to a select group of its highly compensated employees.  The NQDC Plan provides participants the opportunity to defer payment of certain compensation as defined in the NQDC Plan.  A Rabbi Trust has been established to fund the NQDC Plan obligation, which was fully funded at September 30, 2015.  The assets held by the Rabbi Trust are substantially in the form of exchange traded mutual funds and are included in the Company’s other long-term assets on its condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014.

The following table presents the Company's liabilities that are measured at fair value on a recurring basis (in thousands):

	As of September 30, 2015								As of December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Penalty payment derivative (Note 10)	$	—	$	—	$	389	$	389	$	—	$	—	$	530	$	530

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2015 or December 31, 2014.

Assets and Liabilities Not Measured at Fair Value

The carrying values of cash and cash equivalents, accounts receivable, accounts payable, notes payable and short-term borrowings approximate their fair values due to the short-term nature and liquidity of these financial instruments.

The fair values of the Company’s long-term debt have been calculated using an estimate of the interest rate the Company would have had to pay on the issuance of liabilities with a similar maturity and discounting the cash flows at that rate which it considers to be a level 2 fair value measurement. The fair values do not necessarily give an indication of the amount that the Company would currently have to pay to extinguish any of this debt.

The fair value of the Company’s variable rate bank borrowings was not materially different than its carrying value as of September 30, 2015 and December 31, 2014 as the interest rates approximated rates available to the Company and the fair value of the Company’s acquisition-related debt at December 31, 2014 approximated its carrying value.