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Marketable Securities and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
Marketable Securities and Fair Value Measurements | Marketable Securities and Fair Value Measurements Marketable Securities As of June 30, 2016, the estimated fair value of our marketable securities, classified as available for sale, are as follows (in thousands):
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Certificates of deposit |  | $ | 9,000 |  |  | $ | 2 |  |  | $ | (1 | ) |  | $ | 9,001 |
Corporate securities |  | 35,870 |  |  | 103 |  |  | (7 | ) |  | 35,966 |
Commercial paper |  | 23,392 |  |  | 9 |  |  | — |  |  | 23,401 |
Asset-backed securities |  | 16,671 |  |  | 30 |  |  | — |  |  | 16,701 |
|  | $ | 84,933 |  |  | $ | 144 |  |  | $ | (8 | ) |  | $ | 85,069 |
For the three and six months ended June 30, 2016, realized gains were immaterial. During the three and six months ended June 30, 2016, we did not reclassify any amount to earnings from accumulated other comprehensive income related to unrealized gains or losses. We did not have any marketable securities as of December 31, 2015. The following table summarizes the contractual maturities of our marketable securities as of June 30, 2016 (in thousands):
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 46,847 |  |  | $ | 46,875 |
Due between one year to three years | 38,086 |  |  | 38,194 |
Total available for sale marketable securities | $ | 84,933 |  |  | $ | 85,069 |
All available-for-sale securities have been classified as current, based on management's ability to use the funds in current operations. Marketable securities in an unrealized loss position as of June 30, 2016 consisted of the following (in thousands):
| Fair Value |  | Unrealized Losses
Certificates of deposit | $ | 3,499 |  |  | $ | (1 | )
Corporate securities | 4,179 |  |  | (7 | )
| $ | 7,678 |  |  | $ | (8 | )
As of June 30, 2016, no marketable securities were in a continuous unrealized loss position for more than twelve months. We do not intend to sell any of these investments, and it is not more likely than not, that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. As a result, there is no other-than-temporary impairment for these marketable securities as of June 30, 2016. Fair Value Measurements Our financial instruments consist of cash, cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities. Our cash equivalents, which include money market funds, are measured and recorded at fair value on a recurring basis. Marketable Securities are comprised of Certificates of Deposit, Corporate Securities, Commercial Paper and Asset-backed securities and we measure the fair value at the measurement date using the three-tier fair value hierarchy as described below. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment. Assets and liabilities recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Our Level I assets consist of highly liquid money market funds that are included in cash and cash equivalents. Level II—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; Our Level II assets consist of Certificates of Deposit, Corporate Securities, Commercial Paper and Asset-backed securities. Level III—Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. We did not have any Level III assets or liabilities as of June 30, 2016 and December 31, 2015. The following table sets forth the fair value of our cash, cash equivalents and marketable securities on a recurring basis, by level, within the fair value hierarchy (in thousands):
|  | June 30, 2016 |  | December 31, 2015
|  | Cash and Cash Equivalents |  | Marketable Securities |  | Total |  | Cash and Cash Equivalents |  | Marketable Securities |  | Total
Cash |  | $ | 27,302 |  |  |  |  | $ | 27,302 |  |  | $ | 27,036 |  |  |  |  | $ | 27,036 |
Level I |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,330 |  |  | $ | — |  |  | $ | 1,330 |  |  | $ | 71,081 |  |  | $ | — |  |  | $ | 71,081 |
|  | 1,330 |  |  | — |  |  | 1,330 |  |  | 71,081 |  |  | — |  |  | 71,081 |
Level II |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | — |  |  | 9,001 |  |  | 9,001 |  |  | — |  |  | — |  |  | — |
Corporate securities |  | — |  |  | 35,966 |  |  | 35,966 |  |  | — |  |  | — |  |  | — |
Commercial paper |  | — |  |  | 23,401 |  |  | 23,401 |  |  | — |  |  | — |  |  | — |
Asset-backed securities |  | — |  |  | 16,701 |  |  | 16,701 |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 85,069 |  |  | 85,069 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 28,632 |  |  | $ | 85,069 |  |  | $ | 113,701 |  |  | $ | 98,117 |  |  | $ | — |  |  | $ | 98,117 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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