Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Cash and Cash Equivalents, Available-for-sale Securities Reconciliation |
The Company's cash and cash equivalents, short-term investments, and long-term investments consist of the following:
| | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | | (in thousands) | Cash and cash equivalents: | | | | | | | | | Cash | | $ | 61,372 |
| | $ | — |
| | $ | — |
| | $ | 61,372 |
| Money market funds | | 3,980 |
| | — |
| | — |
| | 3,980 |
| U.S. government agencies | | 8,999 |
| | 1 |
| | — |
| | 9,000 |
| Commercial paper | | 17,345 |
| | 1 |
| | — |
| | 17,346 |
| Total | | 91,696 |
| | 2 |
| | — |
| | 91,698 |
| Short-term investments: | | | | | | | | | Commercial paper | | 10,447 |
| | 1 |
| | — |
| | 10,448 |
| Corporate bonds | | 12,448 |
| | — |
| | (13 | ) | | 12,435 |
| U.S. government agencies | | 64,422 |
| | 3 |
| | (40 | ) | | 64,385 |
| Total | | 87,317 |
| | 4 |
| | (53 | ) | | 87,268 |
| Long-term investments: | | | | | | | | | Asset-backed securities | | 7,007 |
| | — |
| | (18 | ) | | 6,989 |
| U.S. government agencies | | 32,683 |
| | — |
| | (142 | ) | | 32,541 |
| Corporate bonds | | 3,751 |
| | — |
| | (4 | ) | | 3,747 |
| Total | | 43,441 |
| | — |
| | (164 | ) | | 43,277 |
| Total | | $ | 222,454 |
| | $ | 6 |
| | $ | (217 | ) | | $ | 222,243 |
|
| | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | | (in thousands) | Cash and cash equivalents: | | | | | | | | | Cash | | $ | 36,024 |
| | $ | — |
| | $ | — |
| | $ | 36,024 |
| Money market funds | | 39,180 |
| | — |
| | — |
| | 39,180 |
| U.S. government agencies | | 300 |
| | — |
| | — |
| | 300 |
| Commercial paper | | 1,000 |
| | — |
| | — |
| | 1,000 |
| Total | | 76,504 |
| | — |
| | — |
| | 76,504 |
| Short-term investments: | | | | | | | | | Commercial paper | | 4,998 |
| | 1 |
| | — |
| | 4,999 |
| Corporate bonds | | 12,438 |
| | 6 |
| | (6 | ) | | 12,438 |
| U.S. government agencies | | 33,280 |
| | 3 |
| | (6 | ) | | 33,277 |
| Total | | 50,716 |
| | 10 |
| | (12 | ) | | 50,714 |
| Long-term investments: | | | | | | | | | Asset-backed securities | | 16,092 |
| | 5 |
| | (3 | ) | | 16,094 |
| U.S. government agencies | | 20,243 |
| | 22 |
| | (10 | ) | | 20,255 |
| Corporate bonds | | 3,101 |
| | — |
| | (2 | ) | | 3,099 |
| Total | | 39,436 |
| | 27 |
| | (15 | ) | | 39,448 |
| Total | | $ | 166,656 |
| | $ | 37 |
| | $ | (27 | ) | | $ | 166,666 |
|
|
| Schedule of Assets Measured on Recurring Basis |
The following table sets forth by level within the fair value hierarchy the fair value of the Company's available-for-sale securities measured on a recurring basis, excluding cash and money market funds:
| | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | | (in thousands) | Commercial paper | | $ | — |
| | $ | 27,794 |
| | $ | — |
| | $ | 27,794 |
| U.S. government agencies | | — |
| | 105,926 |
| | — |
| | 105,926 |
| Corporate bonds | | — |
| | 16,182 |
| | — |
| | 16,182 |
| Asset-backed securities | | — |
| | 6,989 |
| | — |
| | 6,989 |
| Total | | $ | — |
| | $ | 156,891 |
| | $ | — |
| | $ | 156,891 |
|
| | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | | (in thousands) | Commercial paper | | $ | — |
| | $ | 5,999 |
| | $ | — |
| | $ | 5,999 |
| U.S. government agencies | | — |
| | 53,832 |
| | — |
| | 53,832 |
| Corporate bonds | | — |
| | 15,537 |
| | — |
| | 15,537 |
| Asset-backed securities | | — |
| | 16,094 |
| | — |
| | 16,094 |
| Total | | $ | — |
| | $ | 91,462 |
| | $ | — |
| | $ | 91,462 |
|
|
| Schedule of Investments Classified by Contractual Maturity |
The following summarizes the fair value of securities classified as available-for-sale by contractual maturity:
| | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | Mature within One Year | | After One Year through Two Years | | Over Two Years | | Fair Value | | | (in thousands) | Commercial paper | | $ | 27,794 |
| | $ | — |
| | $ | — |
| | $ | 27,794 |
| U.S. government agencies | | 73,385 |
| | 32,541 |
| | — |
| | 105,926 |
| Corporate bonds | | 12,435 |
| | 3,747 |
| | — |
| | 16,182 |
| Asset-backed securities | | — |
| | 3,411 |
| | 3,578 |
| | 6,989 |
| Total | | $ | 113,614 |
| | $ | 39,699 |
| | $ | 3,578 |
| | $ | 156,891 |
|
| | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Mature within One Year | | After One Year through Two Years | | Over Two Years | | Fair Value | | | (in thousands) | Commercial paper | | $ | 5,999 |
| | $ | — |
| | $ | — |
| | $ | 5,999 |
| U.S. government agencies | | 33,577 |
| | 20,255 |
| | — |
| | 53,832 |
| Corporate bonds | | 12,438 |
| | 3,099 |
| | — |
| | 15,537 |
| Asset-backed securities | | — |
| | 7,327 |
| | 8,767 |
| | 16,094 |
| Total | | $ | 52,014 |
| | $ | 30,681 |
| | $ | 8,767 |
| | $ | 91,462 |
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