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Cash, Cash Equivalents, and Short-Term Investments (Tables)
3 Months Ended
Mar. 31, 2016
Cash And Cash Equivalents [Abstract]  
Summary of Cash, Cash Equivalents and Short-Term Investments

Cash, cash equivalents and short-term investments consist of the following (in thousands):

 

 

 

As of March 31, 2016

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

51,182

 

 

$

 

 

$

 

 

$

51,182

 

Bank deposits

 

 

10,262

 

 

 

 

 

 

 

 

 

10,262

 

Commercial paper

 

 

20,921

 

 

 

 

 

 

2

 

 

 

20,919

 

Money market funds

 

 

76,328

 

 

 

 

 

 

 

 

 

76,328

 

Total

 

$

158,693

 

 

$

 

 

$

2

 

 

$

158,691

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

11,548

 

 

$

 

 

$

 

 

$

11,548

 

Corporate debt obligations

 

 

63,665

 

 

 

16

 

 

 

64

 

 

 

63,617

 

US government agencies

 

 

14,514

 

 

 

12

 

 

 

3

 

 

 

14,523

 

Bank deposits

 

 

10,366

 

 

 

 

 

 

 

 

 

10,366

 

Total

 

$

100,093

 

 

$

28

 

 

$

67

 

 

$

100,054

 

 

 

 

As of December 31, 2015

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

57,906

 

 

$

 

 

$

 

 

$

57,906

 

Bank deposits

 

 

10,253

 

 

 

 

 

 

 

 

 

10,253

 

Commercial paper

 

 

13,896

 

 

 

 

 

 

3

 

 

 

13,893

 

Money market funds

 

 

86,200

 

 

 

 

 

 

 

 

 

86,200

 

Total

 

$

168,255

 

 

$

 

 

$

3

 

 

$

168,252

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt obligations

 

$

86,590

 

 

$

2

 

 

$

300

 

 

$

86,292

 

Bank deposits

 

 

10,263

 

 

 

 

 

 

 

 

 

10,263

 

Total

 

$

96,853

 

 

$

2

 

 

$

300

 

 

$

96,555

 

 

Summary of Cost and Estimated Fair Value of Short-Term Investments

The following table summarizes the cost and estimated fair value of short-term investments based on stated effective maturities as of March 31, 2016 (in thousands):

 

 

 

As of March 31, 2016

 

 

 

 

 

 

 

Estimated

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Short-term investments:

 

 

 

 

 

 

 

 

Due within one year

 

$

66,464

 

 

$

66,422

 

Due within two years

 

 

33,629

 

 

 

33,632

 

Total

 

$

100,093

 

 

$

100,054

 

 

Schedule of Short-Term Investments at Fair Value and Length of Continuous Unrealized Loss Position

The following tables show the short-term investments in an unrealized loss position and the related gross unrealized losses and fair value and length of time that the short-term investments have been in a continuous unrealized loss position (in thousands):

 

 

 

As of March 31, 2016

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Commercial paper

 

$

11,548

 

 

$

 

 

$

 

 

$

 

 

$

11,548

 

 

$

 

Corporate debt obligations

 

 

33,916

 

 

 

55

 

 

 

13,116

 

 

 

9

 

 

 

47,032

 

 

$

64

 

US government agencies

 

 

3,999

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

3,999

 

 

 

3

 

 

 

$

49,463

 

 

$

58

 

 

$

13,116

 

 

$

9

 

 

$

62,579

 

 

$

67

 

 

 

 

As of December 31, 2015

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Corporate debt obligations

 

$

73,673

 

 

$

286

 

 

$

10,609

 

 

$

14

 

 

$

84,282

 

 

$

300

 

 

 

$

73,673

 

 

$

286

 

 

$

10,609

 

 

$

14

 

 

$

84,282

 

 

$

300