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Cash, Money Market Funds and Marketable Securities | 3 Months Ended
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Mar. 31, 2017
Cash, Money Market Funds and Marketable Securities |
Cash, Money Market Funds and Marketable Securities | Note 5. Cash, Money Market Funds and Marketable Securities As of March 31, 2017, the Company held $44.8 million in cash and cash equivalents and $235.1 million of available-for-sale securities which are reported at fair value on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses are reported within accumulated other comprehensive income/ (loss) in the statements of comprehensive loss. If a decline in the fair value of a marketable security below the Company’s cost basis is determined to be other than temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge. To date, only temporary impairment adjustments have been recorded. The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as many of these securities are either government backed or of the highest credit rating. Investments that have original maturities or greater than 3 months but less than 1 year are classified as short-term and investments with maturities that are greater than 1 year are classified as long-term. The Company transacts business in various foreign countries and therefore, is subject to risk of foreign currency exchange rate fluctuations. As such, in June 2016 the Company entered into a forward contract to economically hedge transactional exposure associated with commitments arising from trade accounts payable denominated in a currency other than the functional currency of the respective operating entity. The Company does not designate these forward contracts as hedging instruments under applicable accounting guidance and, therefore, changes in fair value are recorded within other income (expense) in the Consolidated Statements of Operations, with the corresponding liability in current liabilities on the Consolidated Balance Sheet. For the three months ended March 31, 2017, the Company recognized a gain of $0.2 million, related to the derivative instruments not designated as hedging instruments in other expense in the Consolidated Statements of Operations and the corresponding liability of $0.1 million is recorded as other current liability in the Consolidated Balance Sheets. Cash and available-for-sale securities are all current unless mentioned otherwise and consisted of the following as of March 31, 2017 and December 31, 2016 (in thousands):
|  | As of March 31, 2017 |
|  | Cost |  | Gross unrealized Gain |  | Gross unrealized Loss |  | Fair Value |
Cash balances |  | $ | 44,755 |  | $ | — |  | $ | — |  | $ | 44,755 |
Corporate debt securities, current portion |  | 124,061 |  | 5 |  | (38 | ) | 124,028 |
Commercial paper |  | 110,441 |  | 218 |  | — |  | 110,659 |
Money market |  | 350 |  | — |  | — |  | 350 |
Certificate of deposit |  | 50 |  | — |  | — |  | 50 |
|  | $ | 279,657 |  | $ | 223 |  | $ | (38 | ) | $ | 279,842 |
Included in cash and cash equivalents |  | $ | 44,755 |  | $ | — |  | $ | — |  | $ | 44,755 |
Included in marketable securities |  | 234,902 |  | 223 |  | (38 | ) | 235,087 |
Total cash and marketable securities |  | $ | 279,657 |  | 223 |  | $ | (38 | ) | $ | 279,842 |
|  | As of December 31, 2016 |
|  | Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value |
Cash balances |  | $ | 187,026 |  | $ | — |  | $ | — |  | $ | 187,026 |
Corporate debt securities, current portion |  | 74,564 |  | 2 |  | (31 | ) | 74,535 |
Commercial paper |  | 68,258 |  | 132 |  | — |  | 68,390 |
Money market |  | 350 |  | — |  | — |  | 350 |
Certificate of deposit |  | 50 |  | — |  | — |  | 50 |
|  | $ | 330,248 |  | $ | 134 |  | $ | (31 | ) | $ | 330,351 |
Included in cash and cash equivalents |  | $ | 187,026 |  | $ | — |  | $ | — |  | $ | 187,026 |
Included in marketable securities |  | 143,222 |  | 134 |  | (31 | ) | 143,325 |
Total cash and marketable securities |  | $ | 330,248 |  | 134 |  | $ | (31 | ) | $ | 330,351 |
For the three months ended March 31, 2017 and the year ended December 31, 2016, there were no realized gains or losses. The cost of securities sold is based on the specific identification method. Unrealized loss positions in the available for sale securities as of March 31, 2017 and December 31, 2016 reflect temporary impairments that have been in a loss position for less than twelve months and as such are recognized in other comprehensive gain/ (loss). The fair value of these available for sale securities in unrealized loss positions was $101.3 million and $58.7 million as of March 31, 2017 and December 31, 2016, respectively. The Company holds available-for-sale investment securities which are reported at fair value on the Company’s balance sheet. Unrealized holding gains and losses are reported within accumulated other comprehensive income (“AOCI”) in the statements of comprehensive loss.

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References No definition available. + Details
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