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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2018
Fair Value of Financial Instruments |
Summary of valuation of the financial instruments |
|  | Fair Value Measurements at June 30, 2018 Using |  |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 82,111 |  | $ | — |  | $ | — |  | $ | 82,111 |
Corporate debt securities |  | — |  | 23,906 |  | — |  | 23,906 |
Government debt securities |  | — |  | 8,359 |  | — |  | 8,359 |
Total cash equivalents |  | $ | 82,111 |  | $ | 32,265 |  | $ | — |  | $ | 114,376 |
Short-term investments: |  |  |  |  |  |  |  |  |
Government debt securities |  | $ | 71,459 |  | $ | 124,322 |  | $ | — |  | $ | 195,781 |
Corporate debt securities |  | — |  | 151,635 |  | — |  | 151,635 |
Total short-term investments |  | $ | 71,459 |  | $ | 275,957 |  | $ | — |  | $ | 347,416 |
Other assets, net: |  |  |  |  |  |  |  |  |
Auction rate securities |  | $ | — |  | $ | — |  | $ | 5,642 |  | $ | 5,642 |
Total |  | $ | — |  | $ | — |  | $ | 5,642 |  | $ | 5,642 |
Total |  | $ | 153,570 |  | $ | 308,222 |  | $ | 5,642 |  | $ | 467,434 |
|  | Fair Value Measurements at December 30, 2017 Using |  |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 106,047 |  | $ | — |  | $ | — |  | $ | 106,047 |
Corporate debt securities |  | — |  | 11,231 |  | — |  | 11,231 |
Government debt securities |  | 53,615 |  | 1,453 |  | — |  | 55,068 |
Total cash equivalents |  | $ | 159,662 |  | $ | 12,684 |  | $ | — |  | $ | 172,346 |
Short-term investments: |  |  |  |  |  |  |  |  |
Government debt securities |  | $ | 94,575 |  | $ | 228,247 |  | $ | — |  | $ | 322,822 |
Corporate debt securities |  | — |  | 171,835 |  | — |  | 171,835 |
Total short-term investments |  | $ | 94,575 |  | $ | 400,082 |  | $ | — |  | $ | 494,657 |
Other assets, net: |  |  |  |  |  |  |  |  |
Auction rate securities |  | $ | — |  | $ | — |  | $ | 5,681 |  | $ | 5,681 |
Total |  | $ | — |  | $ | — |  | $ | 5,681 |  | $ | 5,681 |
Total |  | $ | 254,237 |  | $ | 412,766 |  | $ | 5,681 |  | $ | 672,684 |
Summarization of contractual underlying maturities of available-for-sale investments | The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at June 30, 2018 (in thousands):
|  | Cost |  | Fair Value |
Due in one year or less |  | $ | 313,832 |  | $ | 313,333 |
Due after one year through ten years |  | 131,655 |  | 130,420 |
Due after ten years |  | 24,042 |  | 23,681 |
|  | $ | 469,529 |  | $ | 467,434 |
Schedule of available-for-sale investments in continuous unrealized loss position by length of time | The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
As of June 30, 2018 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
Government debt securities |  | $ | 153,566 |  | $ | (893 | ) | $ | 3,269 |  | $ | (6 | ) | $ | 156,835 |  | $ | (899 | )
Corporate debt securities |  | 126,879 |  | (790 | ) | 11,152 |  | (70 | ) | 138,031 |  | (860 | )
Auction rate securities |  | — |  | — |  | 5,642 |  | (358 | ) | 5,642 |  | (358 | )
|  | $ | 280,445 |  | $ | (1,683 | ) | $ | 20,063 |  | $ | (434 | ) | $ | 300,508 |  | $ | (2,117 | )
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
As of December 30, 2017 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
Government debt securities |  | $ | 244,880 |  | $ | (931 | ) | $ | 3,027 |  | $ | (15 | ) | $ | 247,907 |  | $ | (946 | )
Corporate debt securities |  | 151,149 |  | (447 | ) | 11,578 |  | (73 | ) | 162,727 |  | (520 | )
Auction rate securities |  | — |  | — |  | 5,681 |  | (319 | ) | 5,681 |  | (319 | )
|  | $ | 396,029 |  | $ | (1,378 | ) | $ | 20,286 |  | $ | (407 | ) | $ | 416,315 |  | $ | (1,785 | )
Summary of quantitative information about level 3 fair value measurements | Auction rate securities
Fair Value at June 30, 2018 (000s) |  | Valuation Technique |  | Unobservable Input |  | Weighted Average |
$ | 5,642 |  | Discounted cash flow |  | Estimated yield |  | 2.56% |
|  |  |  | Expected holding period |  | 10 years |
|  |  |  | Estimated discount rate |  | 3.82% |
Summary of activity in Level 3 financial instruments | The following summarizes the activity in Level 3 financial instruments for the three and six months ended June 30, 2018 (in thousands): Assets
Auction Rate Securities |  | Three Months Ended |  | Six Months Ended |
Beginning balance |  | $ | 5,609 |  | $ | 5,681 |
Gain (loss) included in other comprehensive loss |  | 33 |  | (39 | )
Balance at June 30, 2018 |  | $ | 5,642 |  | $ | 5,642 |

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- Definition Tabular disclosure of the fair value measurement of financial instruments classified in shareholders' equity using significant unobservable inputs (level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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