XML 43 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2015
FAIR VALUE MEASUREMENTS  
Schedule of cash equivalents, restricted cash and marketable securities by security type

 

Cash equivalents, restricted cash and marketable securities by security type at March 31, 2015 were as follows:

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Estimated

 

(In thousands)

 

Cost

 

Gains

 

Losses

 

Fair Value

 

Included in cash and cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$
7,231

 

$

—

 

$

—

 

$
7,231

 

Restricted cash:

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$
266

 

$

—

 

$

—

 

$
266

 

Marketable securities:

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due in less than 1 year)

 

$
401

 

$

—

 

$
(1

)

$
400

 

Government-sponsored enterprise securities (due in 1 to 2 years)

 
5,806

 

—

 
(1

)
5,805

 

Commercial paper (due in less than 1 year)

 
28,963

 
33

 

—

 
28,996

 

Corporate notes (due in less than 1 year)

 
106,305

 
10

 
(56

)
106,259

 

Corporate notes (due in 1 to 2 years)

 
11,936

 
2

 
(4

)
11,934

 

 

 

$
153,411

 

$
45

 

$
(62

)

$
153,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2014 were as follows:

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Estimated

 

(In thousands)

 

Cost

 

Gains

 

Losses

 

Fair Value

 

Included in cash and cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$
40,342

 

$

—

 

$

—

 

$
40,342

 

Restricted cash:

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$
266

 

$

—

 

$

—

 

$
266

 

Marketable securities:

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due in less than 1 year)

 

$
401

 

$

—

 

$
(1

)

$
400

 

Government-sponsored enterprise securities (due in 1 to 2 years)

 
6,556

 

—

 
(7

)
6,549

 

Commercial paper (due in less than 1 year)

 
10,985

 
14

 

—

 
10,999

 

Corporate notes (due in less than 1 year)

 
97,307

 
2

 
(63

)
97,246

 

Corporate notes (due in l to 2 years)

 
12,412

 

—

 
(29

)
12,383

 

 

 

$
127,661

 

$
16

 

$
(100

)

$
127,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of marketable securities with unrealized losses

 

 

 

Less Than 12 Months

 

12 Months or Greater

 

Total

 

 

 

 

 

Gross

 

 

 

Gross

 

 

 

Gross

 

 

 

Estimated

 

Unrealized

 

Estimated

 

Unrealized

 

Estimated

 

Unrealized

 

(In thousands)

 

Fair Value

 

Losses

 

Fair Value

 

Losses

 

Fair Value

 

Losses

 

As of March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due in less than 1 year)  

 

$
400

 

$
(1

)

$

—

 

$

—

 

$
400

 

$
(1

)

Government-sponsored enterprise securities (due in 1 to 2 years)

 
5,805

 
(1

)

—

 

—

 
5,805

 
(1

)

Corporate notes (due in less than 1 year)

 
80,083

 
(56

)

—

 

—

 
80,083

 
(56

)

Corporate notes (due in 1 to 2 years)

 
6,012

 
(4

)

—

 

—

 
6,012

 
(4

)

 

 

$
92,300

 

$
(62

)

$

—

 

$

—

 

$
92,300

 

$
(62

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities (due in less than 1 year)

 

$
400

 

$
(1

)

$

—

 

$

—

 

$
400

 

$
(1

)

Government-sponsored enterprise securities (due in 1 to 2 years)

 
5,549

 
(7

)

—

 

—

 
5,549

 
(7

)

Corporate notes (due in less than 1 year)

 
92,989

 
(63

)

—

 

—

 
92,989

 
(63

)

Corporate notes (due in 1 to 2 years)

 
12,383

 
(29

)

—

 

—

 
12,383

 
(29

)

 

 

$
111,321

 

$
(100

)

$

—

 

$

—

 

$
111,321

 

$
(100

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of financial instruments measured at fair value on recurring basis

 

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of March 31, 2015 and indicates the fair value category assigned.

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

 

 

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Money market funds(1) 

 

$
7,231 

 

$

—

 

$

—

 

$
7,231 

 

Government-sponsored enterprise securities(2)(3) 

 

—

 
6,205 

 

—

 
6,205 

 

Commercial paper(2) 

 

—

 
28,996 

 

—

 
28,996 

 

Corporate notes(2)(3) 

 

—

 
118,193 

 

—

 
118,193 

 

Total

 

$
7,231 

 

$
153,394 

 

$

—

 

$
160,625 

 

 

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of December 31, 2014 and indicates the fair value category assigned.

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets / Liabilities

 

Inputs

 

Inputs

 

 

 

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$
40,342 

 

$

—

 

$

—

 

$
40,342 

 

Government-sponsored enterprise securities(2)(3) 

 

—

 
6,949 

 

—

 
6,949 

 

Commercial paper(2) 

 

—

 
10,999 

 

—

 
10,999 

 

Corporate notes(2)(3) 

 

—

 
109,629 

 

—

 
109,629 

 

Total

 

$
40,342 

 

$
127,577 

 

$

—

 

$
167,919 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Derivatives(4) 

 

$

—

 

$

—

 

$
16 

 

$
16 

 

 

(1)

Included in cash and cash equivalents on our condensed balance sheets.

 

(2)

Included in current portion of marketable securities on our condensed balance sheets.

 

(3)

Included in noncurrent portion of marketable securities on our condensed balance sheets.

 

(4)

Included in fair value of derivatives on our condensed balance sheets.
Schedule of rollforward of the balance sheet amounts for financial instruments in Level 3 category

 

 

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

 

 

 

 

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gain

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Related to

 

 

 

 

 

Unrealized

 

 

 

 

 

Transfers

 

 

 

Financial

 

 

 

Fair Value at

 

Gain

 

Purchases

 

 

 

In and/or

 

Fair Value at

 

Instruments

 

 

 

December 31,

 

Included in

 

and

 

Sales and

 

Out of

 

March 31,

 

Held at

 

(In thousands)

 

2014

 

Earnings(1)

 

Issuances

 

Settlements

 

Level 3

 

2015

 

March 31, 2015

 

Derivative liabilities

 

$
16

 

$
(16

)

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

(1)

Reported as unrealized gain on derivatives in our condensed statements of operations.