Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Valuation of Company's Assets and Liabilities Measured at Fair Value

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 September 30, 2015
Money market funds	$	51,175	$	—	$	—	$	51,175
Securities available-for-sale
Municipal securities		—		4,274		—		4,274
Corporate bonds		—		91,242		—		91,242
Foreign currency forward position		—		186		—		186
Total	$	51,175	$	95,702	$	—	$	146,877

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
Total	$	62,126	$	64,966	$	—	$	127,092

Summary of Foreign Currency Forward Contracts

A summary of the Company’s foreign currency forward position is as follows:

	As of
	September 30, 2015		December 31, 2014
	(In thousands)
Notional value	$	42,297	$	32,089
Fair value of notional		42,111		31,986
Fair value of the asset	$	186	$	103

Summary of Company's Securities Available-for-Sale

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 September 30, 2015
Municipal securities	$	4,272	$	2	$	—		$	4,274
Corporate bonds		91,237		73		(68	)		91,242
Total securities available-for-sale	$	95,509	$	75	$	(68	)	$	95,516

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

Summary of Contractual Maturities of Securities Available-for-Sale

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

	As of
	September 30, 2015		December 31, 2014
	(In thousands)
Less than one year	$	42,107	$	36,062
Due in 1 - 5 years		53,409		28,801
Total securities available-for-sale	$	95,516	$	64,863

Fair Values and Unrealized Losses on Securities Available-for-Sale

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 September 30, 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 September 30, 2015
Municipal securities	$	—	$	—		$	—	$	—	$	—	$	—
Corporate bonds		37,085		(68	)		—		—		37,085		(68	)
Total	$	37,085	$	(68	)	$	—	$	—	$	37,085	$	(68	)

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	)