Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2015 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2015
Cash equivalents:
Money market funds	$	10,412	$	—	$	—		$	10,412
Long-term investments:
Failed Auction Security		—		—		2,526			2,526
Brokered certificates of deposit		—		340		—			340
Liabilities:
Contingent consideration obligation		—		—		(144	)		(144	)

Assets measured at fair value on a recurring basis included the following as of December 31, 2014 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value as of December 31, 2014
Cash equivalents:
Money market funds	$	11,207	$	—	$	—	$	11,207
Short-term investments:
Brokered certificates of deposit		—		270		—		270
Long-term investments:
Failed Auction Securities		—		—		2,575		2,575
Brokered certificates of deposit		—		427		—		427

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of December 31, 2015 are as follows (dollars in thousands):


	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Failed Auction Security	$	2,526	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.03	%
				Cumulative probability of principal return prior to maturity		93.73	%
				Cumulative probability of default		6.24	%
				Liquidity risk premium		5.00	%
				Recovery rate in default		40.00	%

Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs

The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the year ended December 31, 2015 was as follows (in thousands):


Balance at the beginning of the period	$	2,575
Credit gain on available- for- sale security included in Other income (expense), net		12
Loss included in Other comprehensive income (loss)		(61	)

Balance at the end of the period	$	2,526

Change in Estimated Fair Value Calculated for Liability Valued on Recurring Basis Utilizing Level 3 Inputs

The change in the estimated fair value calculated for the liability valued on a recurring basis utilizing Level 3 inputs (i.e., the Contingent consideration obligation) for the year ended December, 31, 2015 was as follows (in thousands):


Balance at the beginning of the period	$	—
Obligation incurred upon acquisition of noncontrolling interest (see Note 9)		(144	)

Balance at the end of the period	$	(144	)