Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Investments

Marketable securities at September 30, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,554		$	—	$	—		$	42,554
Mutual funds	15,722			5,153		(116		)	20,759
Corporate securities	105,932			13,539		(2,675		)	116,796
Corporate obligations	31,248			995		(163		)	32,080
Total available-for-sale securities	195,456			19,687		(2,954		)	212,189
Amounts classified as cash equivalents	(42,554		)	—		—			(42,554		)
Amounts classified as marketable securities	$	152,902		$	19,687	$	(2,954	)	$	169,635

Marketable securities at December 31, 2013, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	60,909		$	—	$	—		$	60,909
Mutual funds	15,722			5,061		—			20,783
United States government securities	50,356			23		—			50,379
Corporate securities	69,806			9,961		(5,208		)	74,559
Corporate obligations	31,356			885		(276		)	31,965
Commercial paper	1,799			—		—			1,799
Total available-for-sale securities	229,948			15,930		(5,484		)	240,394
Amounts classified as cash equivalents	(61,909		)	—		—			(61,909		)
Amounts classified as marketable securities	$	168,039		$	15,930	$	(5,484	)	$	178,485

Available-for-sale Securities

Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Gross realized gains	$	682		$	1,914		$	7,078		$	5,779
Gross realized losses	(1,683		)	(51		)	(3,012		)	(3,945		)
Realized gains (losses), net	$	(1,001	)	$	1,863		$	4,066		$	1,834

Schedule of Unrealized Loss on Investments

The fair value of the Company’s marketable securities with unrealized losses at September 30, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows:

	Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	28,611	$	(2,675	)
Corporate obligations	7,592		(163		)
Mutual funds	5,079		(116		)
Total	$	41,282	$	(2,954	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 2013, and the duration of time that such losses had been unrealized, were as follows:

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	15,609	$	(4,757	)	$	803	$	(451	)	$	16,412	$	(5,208	)
Corporate obligations	10,477		(276		)	—		—			10,477		(276		)
Total	$	26,086	$	(5,033	)	$	803	$	(451	)	$	26,889	$	(5,484	)

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at September 30, 2014, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities:
Mature after one year through three years	$	223	$	228
Mature in more than three years	31,025		31,852
Total debt securities	31,248		32,080
Securities with no contractual maturities	164,208		180,109
Total	$	195,456	$	212,189

Financial Instrument Obligations

As of September 30, 2014, the Company's financial instrument obligations consisted of the following.

	Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	655	$	532
Market indices	18,685		19,603
Covered call options	80		123
Naked put options	92		6
Total	$	19,512	$	20,264

Equity Method Investments

The following table summarizes the Company's equity-method investments.

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended						Nine Months Ended
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	3,115	$	3,671	$	(263	)	$	(138	)	$	(556	)	$	(218	)
iGo	46.9	%	44.7	%	2,742		4,668		(121		)	—			(1,926		)	—
Fair value option
API	20.6	%			26,871		—		(4,459		)	—			(920		)	—
Total					$	32,728	$	8,339	$	(4,843	)	$	(138	)	$	(3,402	)	$	(218	)