Investments (Tables)

12 Months Ended

Dec. 31, 2014

A summary of the Company’s short-term investments at December 31, 2014 and 2013 was as follows (in thousands):



	December 31, 2014									December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate Debt Securities	$	43,327	$	3	$	(68	)	$	43,262	$	36,947	$	10	$	—		$	36,957
Commercial Paper	14,975		5		(3		)	14,977		13,991		2		—			13,993
Municipal Securities	5,191		3		—			5,194		13,858		—		(2		)	13,856
U.S. Government Agencies Securities	2,000		—		(5		)	1,995		—		—		—			—
Total	$	65,493	$	11	$	(76	)	$	65,428	$	64,796	$	12	$	(2	)	$	64,806

Available-for-sale Securities, Long Term Investments

A summary of the Company’s long-term investments at December 31, 2014 and December 31, 2013 was as follows (in thousands):



	December 31, 2014									December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Auction Rate Notes	$	1,500	$	—	$	(64	)	$	1,436	$	4,700	$	—	$	(505	)	$	4,195

Fair Value, Assets Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):



	December 31, 2014
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Money Market Funds (1)	$	4,725	$	—	$	—	$	4,725
Corporate Debt Securities (2)	—		43,262		—		43,262
Commercial Paper (2)	—		14,977		—		14,977
Municipal Securities (2)	—		5,194		—		5,194
U.S. Government Agencies Securities (2)	—		1,995		—		1,995
Auction-rate notes (3)	—		—		1,436		1,436
Total	$	4,725	$	65,428	$	1,436	$	71,589



	December 31, 2013
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Money Market Funds (1)	$	16,945	$	—	$	—	$	16,945
Corporate Debt Securities (2)	—		36,957		—		36,957
Commercial Paper (2)	—		13,993		—		13,993
Municipal Securities (2)	—		13,856		—		13,856
Auction-rate notes (3)	—		—		4,195		4,195
Total	$	16,945	$	64,806	$	4,195	$	85,946

__________

(1) Included in cash and cash equivalents

(2) Included in short-term investments

(3) Included in long-term investments

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

For the year ended December 31, 2014, the changes in the Company’s Level 3 securities (consisting of auction-rate notes) were as follows (in thousands):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Beginning balance, December 31, 2013	$	4,195
Transfers in and/or out of Level 3	—
Total unrealized gains, before tax, included in other comprehensive income	441
Sales	(3,200		)
Ending balance, December 31, 2014	$	1,436

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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