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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2016
FAIR VALUE MEASUREMENTS |
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall | The following table presents the Company’s fair value measurements as of March 31, 2016 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall. Amounts in the table are in thousands.
|  |  |  |  | Fair Value Measurement at March 31, 2016 Using: |
|  |  |  |  | Quoted Prices |  | Significant |  |  |  |
|  |  |  |  | in Active |  | Other |  | Significant |
|  |  |  |  | Markets for |  | Observable |  | Unobservable |
|  | Fair Value at |  | Identical Assets |  | Inputs |  | Inputs |
Description |  | March 31, 2016 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market |  | $ | 38,151 |  | $ | 38,151 |  | $ | — |  | $ | — |
Certificates of deposit |  |  | 14,000 |  |  | — |  |  | 14,000 |  |  | — |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 132,906 |  |  | — |  |  | 132,906 |  |  | — |
Asset backed securities |  |  | 62,348 |  |  | — |  |  | 62,348 |  |  | — |
U.S. government agency securities |  |  | 7,065 |  |  | — |  |  | 7,065 |  |  | — |
Certificates of deposit |  |  | 5,502 |  |  | — |  |  | 5,502 |  |  | — |
Commercial paper |  |  | 2,620 |  |  | — |  |  | 2,620 |  |  | — |
Total |  | $ | 262,592 |  | $ | 38,151 |  | $ | 224,441 |  | $ | — |
The following table presents the Company’s fair value measurements as of December 31, 2015 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall. Amounts in the table are in thousands.
|  |  |  |  | Fair Value Measurement at December 31, 2015 Using: |
|  |  |  |  | Quoted Prices |  | Significant |  |  |  |
|  |  |  |  | in Active |  | Other |  | Significant |
|  |  |  |  | Markets for |  | Observable |  | Unobservable |
|  | Fair Value at |  | Identical Assets |  | Inputs |  | Inputs |
Description |  | December 31, 2015 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market |  | $ | 37,435 |  | $ | 37,435 |  | $ | — |  | $ | — |
Commercial Paper |  |  | 3,700 |  |  | — |  |  | 3,700 |  |  | — |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 179,211 |  |  | — |  |  | 179,211 |  |  | — |
Asset backed securities |  |  | 77,495 |  |  | — |  |  | 77,495 |  |  | — |
U.S. government agency securities |  |  | 7,039 |  |  | — |  |  | 7,039 |  |  | — |
Certificates of deposit |  |  | 1,999 |  |  | — |  |  | 1,999 |  |  | — |
Total |  | $ | 306,879 |  | $ | 37,435 |  | $ | 269,444 |  | $ | — |
Schedule of gross unrealized losses and fair values of investments in an unrealized loss position |
|  |  | March 31, 2016 |
|  |  | Less than 12 months |  | 12 months or greater |  | Total |
(In thousands) |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset backed securities |  | $ | 43,177 |  | $ | (44) |  | $ | — |  | $ | — |  | $ | 43,177 |  | $ | (44) |
Corporate bonds |  |  | 41,402 |  |  | (41) |  |  | — |  |  | — |  |  | 41,402 |  |  | (41) |
Commercial Paper |  |  | 2,620 |  |  | (1) |  |  | — |  |  | — |  |  | 2,620 |  |  | (1) |
U.S. government agency securities |  |  | 2,499 |  |  | — |  |  | — |  |  | — |  |  | 2,499 |  |  | — |
Total |  | $ | 89,698 |  | $ | (86) |  | $ | — |  | $ | — |  | $ | 89,698 |  | $ | (86) |
Summary of contractual maturities available for the sale of investments in debt securities | The following summarizes contractual underlying maturities of the Company’s available-for-sale investments in debt securities at March 31, 2016 (in thousands):
|  |  | Due one year or less |  | Due after one year through four years
Description |  |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 98,989 |  | $ | 99,012 |  | $ | 33,865 |  | $ | 33,894
Certificates of deposit |  |  | 5,500 |  |  | 5,502 |  |  | — |  |  | —
Commercial Paper |  |  | 2,621 |  |  | 2,620 |  |  | — |  |  | —
U.S. government agency securities |  |  | 2,500 |  |  | 2,500 |  |  | 4,557 |  |  | 4,565
Asset backed securities |  |  | 1 |  |  | 1 |  |  | 62,379 |  |  | 62,347
Total |  | $ | 109,611 |  | $ | 109,635 |  | $ | 100,801 |  | $ | 100,806

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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