XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Cash, Cash Equivalents, and Investments | 12 Months Ended
--- | ---
Dec. 31, 2016
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2016 |  | 2015
Cash | $ | 77,307 |  |  | $ | 45,951 |
Money market instruments | 2,334 |  |  | 6,024 |
Cash and cash equivalents | 79,641 |  |  | 51,975 |
Corporate bonds | 141,188 |  |  | 54,376 |
Asset-backed securities | 69,614 |  |  | 61,994 |
Treasury bills | 67,175 |  |  | 109,360 |
Euro liquidity fund | 46,499 |  |  | 47,730 |
Sovereign bonds | 7,298 |  |  | 21,440 |
Municipal bonds | 6,517 |  |  | 590 |
Agency bonds | 2,903 |  |  | 978 |
Short-term investments | 341,194 |  |  | 296,468 |
Corporate bonds | 169,952 |  |  | 176,575 |
Treasury bills | 92,280 |  |  | 44,437 |
Asset-backed securities | 26,946 |  |  | 24,582 |
Sovereign bonds | 23,585 |  |  | 13,503 |
Agency bonds | 10,339 |  |  | 8,180 |
Municipal bonds | 1,233 |  |  | 4,869 |
Limited partnership interest (accounted for using cost method) | — |  |  | 942 |
Long-term investments | 324,335 |  |  | 273,088 |
| $ | 745,170 |  |  | $ | 621,531 |
The Company’s cash balance included foreign bank balances totaling $68,076,000 and $39,279,000 as of December 31, 2016 and 2015, respectively. Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury bills consist of debt securities issued by the U.S. government; the Euro liquidity fund invests in a portfolio of investment-grade bonds; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; and agency bonds consist of domestic or foreign obligations of government agencies and government- sponsored enterprises that have government backing. The Euro liquidity fund is denominated in Euros, and the remaining securities are denominated in U.S. Dollars. The following table summarizes the Company’s available-for-sale investments as of December 31, 2016 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term: |  |  |  |  |  |  |
Corporate bonds | $ | 141,216 |  |  | $ | 37 |  |  | $ | (65 | ) |  | $ | 141,188 |
Asset-backed securities | 69,623 |  |  | 18 |  |  | (27 | ) |  | 69,614 |
Treasury bills | 67,201 |  |  | 21 |  |  | (47 | ) |  | 67,175 |
Euro liquidity fund | 46,173 |  |  | 326 |  |  | — |  |  | 46,499 |
Sovereign bonds | 7,313 |  |  | — |  |  | (15 | ) |  | 7,298 |
Municipal bonds | 6,517 |  |  | 2 |  |  | (2 | ) |  | 6,517 |
Agency bonds | 2,900 |  |  | 3 |  |  | — |  |  | 2,903 |
Long-term: |  |  |  |  |  |  |  |
Corporate bonds | 169,911 |  |  | 406 |  |  | (365 | ) |  | 169,952 |
Treasury bills | 92,392 |  |  | 40 |  |  | (152 | ) |  | 92,280 |
Asset-backed securities | 26,968 |  |  | 25 |  |  | (47 | ) |  | 26,946 |
Sovereign bonds | 23,704 |  |  | 6 |  |  | (125 | ) |  | 23,585 |
Agency bonds | 10,310 |  |  | 29 |  |  | — |  |  | 10,339 |
Municipal bonds | 1,236 |  |  | — |  |  | (3 | ) |  | 1,233 |
| $ | 665,464 |  |  | $ | 913 |  |  | $ | (848 | ) |  | $ | 665,529 |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2016 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 117,853 |  |  | $ | (400 | ) |  | $ | 14,931 |  |  | $ | (30 | ) |  | $ | 132,784 |  |  | $ | (430 | )
Treasury bills | 99,358 |  |  | (199 | ) |  | — |  |  | — |  |  | 99,358 |  |  | (199 | )
Asset-backed securities | 45,429 |  |  | (70 | ) |  | 5,998 |  |  | (4 | ) |  | 51,427 |  |  | (74 | )
Sovereign bonds | 27,687 |  |  | (140 | ) |  | — |  |  | — |  |  | 27,687 |  |  | (140 | )
Municipal bonds | 4,028 |  |  | (5 | ) |  | — |  |  | — |  |  | 4,028 |  |  | (5 | )
| $ | 294,355 |  |  | $ | (814 | ) |  | $ | 20,929 |  |  | $ | (34 | ) |  | $ | 315,284 |  |  | $ | (848 | )
As of December 31, 2016, the Company did not recognize any other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, our intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before its effective maturity or market price recovery. The Company recorded gross realized gains on the sale of debt securities totaling $292,000 in 2016, $549,000 in 2015, and $843,000 in 2014, and gross realized losses on the sale of debt securities totaling $101,000 in 2016, $205,000 in 2015, and $170,000 in 2014. These gains and losses are included in "Investment income" on the Consolidated Statement of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, are recorded in shareholders’ equity as other comprehensive income (loss). The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2016 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  |  | Total
Corporate bonds | $ | 141,188 |  |  | $ | 84,007 |  |  | $ | 77,975 |  |  | $ | 2,211 |  |  | $ | 5,759 |  |  |  | $ | 311,140 |
Treasury bills | 67,175 |  |  | 92,280 |  |  | — |  |  | — |  |  | — |  |  |  | 159,455 |
Asset-backed securities | 69,614 |  |  | 8,957 |  |  | 7,372 |  |  | 10,530 |  |  | 87 |  |  |  | 96,560 |
Euro liquidity fund | 46,499 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 46,499 |
Sovereign bonds | 7,298 |  |  | 19,007 |  |  | 4,578 |  |  | — |  |  | — |  |  |  | 30,883 |
Agency bonds | 2,903 |  |  | 7,614 |  |  | 2,725 |  |  | — |  |  | — |  |  |  | 13,242 |
Municipal bonds | 6,517 |  |  | 1,233 |  |  | — |  |  | — |  |  | — |  |  |  | 7,750 |
| $ | 341,194 |  |  | $ | 213,098 |  |  | $ | 92,650 |  |  | $ | 12,741 |  |  | $ | 5,846 |  |  |  | $ | 665,529 |
The Company is a Limited Partner in Venrock Associates III, L.P. (Venrock), a venture capital fund. The Company has committed to a total investment in the limited partnership of up to $20,500,000 with an expiration date of December 31, 2017. The Company does not have the right to withdraw from the partnership prior to this date. As of December 31, 2016, the Company contributed $19,886,000 to the partnership. The remaining commitment of $614,000 can be called by Venrock at any time before December 31, 2017. Contributions and distributions are at the discretion of Venrock’s management. No contributions were made in 2016. The Company received cash distributions totaling $2,257,000 in 2016, of which $942,000 was accounted for as a return of capital, reducing the carrying value of this investment to zero, with the remaining $1,315,000 recorded as investment income.

X
- References No definition available. + Details
Name: | us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
Name: | us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration