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Cash, Cash Equivalents, and Short-Term Investments (Tables)
12 Months Ended
Dec. 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 December 31, 2016

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

63,642

 

 

$

 

 

$

 

 

$

63,642

 

Commercial paper

 

 

6,995

 

 

 

 

 

 

2

 

 

 

6,993

 

Money market funds

 

 

36,708

 

 

 

 

 

 

 

 

 

36,708

 

Total

 

$

107,345

 

 

$

 

 

$

2

 

 

$

107,343

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

14,245

 

 

$

 

 

$

8

 

 

$

14,237

 

Corporate debt obligations

 

 

110,062

 

 

 

 

 

 

347

 

 

 

109,715

 

US government agencies

 

 

18,998

 

 

 

2

 

 

 

50

 

 

 

18,950

 

Bank deposits

 

 

10,846

 

 

 

1

 

 

 

 

 

 

10,847

 

Total

 

$

154,151

 

 

$

3

 

 

$

405

 

 

$

153,749

 

 

 

 

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 sets forth the cost and estimated fair value of short-term investments based on stated effective maturities as of December 31, 2016 (in thousands):

 

 

 

As of December 31, 2016

 

 

 

 

 

 

 

Estimated

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Short-term investments:

 

 

 

 

 

 

 

 

Due in 2017

 

$

84,406

 

 

$

84,315

 

Due in 2018

 

 

69,745

 

 

 

69,434

 

Total

 

$

154,151

 

 

$

153,749

 

 

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 December 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

 

$

14,237

 

 

$

8

 

 

 

 

 

 

 

 

 

 

$

14,237

 

 

$

8

 

Corporate debt obligations

 

 

78,821

 

 

 

323

 

 

 

29,689

 

 

 

24

 

 

 

108,510

 

 

 

347

 

US government agencies

 

 

11,451

 

 

 

46

 

 

 

3,496

 

 

 

4

 

 

 

14,947

 

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

104,509

 

 

$

377

 

 

$

33,185

 

 

$

28

 

 

$

137,694

 

 

$

405

 

 

 

 

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