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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Mar. 31, 2016
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS | (5) FAIR VALUE MEASUREMENTS The Financial Accounting Standards Board has issued authoritative guidance which requires that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. The fair value hierarchy establishes and prioritizes the inputs used to measure fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three levels of the fair value hierarchy established are as follows:
Level 1 |  | Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 |  | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3 |  | Unobservable inputs that reflect the Company’s assumptions about the assumptions that market participants would use in pricing the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.
Fixed-income securities and mutual funds are valued using a third-party pricing agency. The valuation is based on observable inputs including pricing for similar assets and other observable market factors. There has been no material change from period to period. The estimated fair value of the Company’s long-term debt based on a ma rket approach was approximately $4.8 million as of March 31, 2016 and December 31, 2015, and represent Level 2 measurements. When determining the estimated fair value of the Company’s long-term debt, the Company used market-based risk measurements, such as credit risk. 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 |  | $ | — |
The following table summarizes gross unrealized losses and fair values of our investments in an unrealized loss position as of March 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous 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) |
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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -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 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 + Details
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