Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2.

	Level 1		Level 2		Level 3		Total
	(In thousands)
As of March 31, 2015
Money market funds	$	51,944	$	—	$	—	$	51,944
Securities available-for-sale
Municipal securities		—		9,085		—		9,085
Corporate bonds		—		53,110		—		53,110
Foreign currency forward position		—		51		—		51
	$	51,944	$	62,246	$	—	$	114,190
As of December 31, 2014
Money market funds	$	62,126	$	—	$	—	$	62,126
Securities available-for-sale
Municipal securities		—		11,696		—		11,696
Corporate bonds		—		53,167		—		53,167
Foreign currency forward position		—		103		—		103
	$	62,126	$	64,966	$	—	$	127,092

Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted market prices. There were no financial assets classified within Level 3 during the three months ended March 31, 2015 and 2014.

The Company enters into foreign currency forward contracts to hedge the exposure to variability in certain foreign currency cash flows resulting from the net investment in the Company’s U.K. subsidiaries. The Company designates each foreign currency forward contract as a hedge and assesses the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. These hedges are typically for a one-month period and are used to limit exposure to foreign currency exchange rate fluctuations. The fair value of each asset is included in accounts receivable and the fair value of each liability is included in accounts payable in the Consolidated Statements of Financial Condition. Gains or losses on foreign currency forward contracts designated as hedges are included in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. A summary of the Company’s foreign currency forward position is as follows:

	As of
	March 31, 2015		December 31, 2014
	(In thousands)
Notional value	$	33,954	$	32,089
Fair value of notional		33,903		31,986
Fair value of the asset	$	51	$	103

The following is a summary of the Company’s securities available-for-sale:

			Gross		Gross			Estimated
	Amortized		unrealized		unrealized			fair
	cost		gains		losses			value
	(In thousands)
As of March 31, 2015
Municipal securities	$	9,083	$	2	$	—		$	9,085
Corporate bonds		52,985		133		(8	)		53,110
Total securities available-for-sale	$	62,068	$	135	$	(8	)	$	62,195
As of December 31, 2014
Municipal securities	$	11,693	$	5	$	(2	)	$	11,696
Corporate bonds		53,146		50		(29	)		53,167
Total securities available-for-sale	$	64,839	$	55	$	(31	)	$	64,863

The following table summarizes the contractual maturities of securities available-for-sale:

	As of
	March 31, 2015		December 31, 2014
	(In thousands)
Less than one year	$	35,535	$	36,062
Due in 1 - 5 years		26,660		28,801
Total securities available-for-sale	$	62,195	$	64,863

Proceeds from the sales and maturities of securities available-for-sale during the three months ended March 31, 2015 and 2014 were $10.5 million and $3.8 million, respectively.

The following table provides fair values and unrealized losses on securities available-for-sale and by the aging of the securities’ continuous unrealized loss position as of March 31, 2015 and December 31, 2014:

	Less than Twelve Months					Twelve Months or More				Total
	Estimated		Gross			Estimated		Gross		Estimated		Gross
	fair		unrealized			fair		unrealized		fair		unrealized
	value		losses			value		losses		value		losses
	(In thousands)
As of March 31, 2015
Municipal securities	$	3,170	$	—		$	—	$	—	$	3,170	$	—
Corporate bonds		12,187		(8	)		—		—		12,187		(8	)
Total	$	15,357	$	(8	)	$	—	$	—	$	15,357	$	(8	)
As of December 31, 2014
Municipal securities	$	2,139	$	(2	)	$	—	$	—	$	2,139	$	(2	)
Corporate bonds		20,487		(29	)		—		—		20,487		(29	)
Total	$	22,626	$	(31	)	$	—	$	—	$	22,626	$	(31	)