XML 38 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of cash equivalents, restricted cash and marketable securities by security type

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2017 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

 

$

11,030

 

 

$

—

 

 

$

—

 

 

$

11,030

 

Commercial paper

 

 

2,242

 

 

 

—

 

 

 

—

 

 

 

2,242

 

Corporate notes

 

 

1,750

 

 

 

—

 

 

 

(1

)

 

 

1,749

 

 

 

$

15,022

 

 

$

—

 

 

$

(1

)

 

$

15,021

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$

268

 

 

$

—

 

 

$

—

 

 

$

268

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities

   (due in less than one year)

 

$

12,500

 

 

$

—

 

 

$

(40

)

 

$

12,460

 

Commercial paper (due in less than one year)

 

 

10,928

 

 

 

4

 

 

 

(1

)

 

 

10,931

 

Corporate notes (due in less than one year)

 

 

55,067

 

 

 

—

 

 

 

(107

)

 

 

54,960

 

Corporate notes (due in one to two years)

 

 

14,303

 

 

 

—

 

 

 

(62

)

 

 

14,241

 

 

 

$

92,798

 

 

$

4

 

 

$

(210

)

 

$

92,592

 

 

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2016 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

 

$

11,193

 

 

$

—

 

 

$

—

 

 

$

11,193

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$

268

 

 

$

—

 

 

$

—

 

 

$

268

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities

   (due in less than one year)

 

$

5,000

 

 

$

—

 

 

$

(3

)

 

$

4,997

 

Government-sponsored enterprise securities

   (due in one to two years)

 

 

12,500

 

 

 

—

 

 

 

(42

)

 

 

12,458

 

Commercial paper (due in less than one year)

 

 

31,024

 

 

 

50

 

 

 

(5

)

 

 

31,069

 

Corporate notes (due in less than one year)

 

 

66,012

 

 

 

4

 

 

 

(47

)

 

 

65,969

 

Corporate notes (due in one to two years)

 

 

1,506

 

 

 

—

 

 

 

(10

)

 

 

1,496

 

 

 

$

116,042

 

 

$

54

 

 

$

(107

)

 

$

115,989

 

 
Schedule of cash equivalents and marketable securities with unrealized losses

2. FAIR VALUE MEASUREMENTS (Continued)

Cash equivalents and marketable securities with unrealized losses at December 31, 2017 and 2016 were as follows:

 

 

 

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 December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise

   securities (due in less than one year)

 

$

—

 

 

$

—

 

 

$

12,460

 

 

$

(40

)

 

$

12,460

 

 

$

(40

)

Commercial paper (due in less than one

   year)

 

 

7,717

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

7,717

 

 

 

(1

)

Corporate notes (due in less than one year)

 

 

55,210

 

 

 

(106

)

 

 

1,499

 

 

 

(2

)

 

 

56,709

 

 

 

(108

)

Corporate notes (due in one to two years)

 

 

14,241

 

 

 

(62

)

 

 

—

 

 

 

—

 

 

 

14,241

 

 

 

(62

)

 

 

$

77,168

 

 

$

(169

)

 

$

13,959

 

 

$

(42

)

 

$

91,127

 

 

$

(211

)

As of December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise

   securities (due in less than one year)

 

$

4,997

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

4,997

 

 

$

(3

)

Government-sponsored enterprise

   securities (due in one to two years)

 

 

12,458

 

 

 

(42

)

 

 

—

 

 

 

—

 

 

 

12,458

 

 

 

(42

)

Commercial paper (due in less than one

   year)

 

 

8,365

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

8,365

 

 

 

(5

)

Corporate notes (due in less than one year)

 

 

39,218

 

 

 

(37

)

 

 

6,944

 

 

 

(10

)

 

 

46,162

 

 

 

(47

)

Corporate notes (due in one to two years)

 

 

1,496

 

 

 

(10

)

 

 

—

 

 

 

—

 

 

 

1,496

 

 

 

(10

)

 

 

$

66,534

 

 

$

(97

)

 

$

6,944

 

 

$

(10

)

 

$

73,478

 

 

$

(107

)

 
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 December 31, 2017 and 2016 and indicates the fair value category assigned.

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted Prices in

 

 

 

 

 

 

Significant

 

 

 

 

 

 

 

Active Markets for

 

 

Significant Other

 

 

Unobservable

 

 

 

 

 

 

 

Identical Assets

 

 

Observable Inputs

 

 

Inputs

 

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

11,030

 

 

$

—

 

 

$

—

 

 

$

11,030

 

Government-sponsored enterprise securities(2)

 

 

—

 

 

 

12,460

 

 

 

—

 

 

 

12,460

 

Commercial paper(1)(2)

 

 

—

 

 

 

13,173

 

 

 

—

 

 

 

13,173

 

Corporate notes(1)(2)(3)

 

 

—

 

 

 

70,950

 

 

 

—

 

 

 

70,950

 

Total

 

$

11,030

 

 

$

96,583

 

 

$

—

 

 

$

107,613

 

As of December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

11,193

 

 

$

—

 

 

$

—

 

 

$

11,193

 

Government-sponsored enterprise securities(2)(3)

 

 

—

 

 

 

17,455

 

 

 

—

 

 

 

17,455

 

Commercial paper(2)

 

 

—

 

 

 

31,069

 

 

 

—

 

 

 

31,069

 

Corporate notes(2)(3)

 

 

—

 

 

 

67,465

 

 

 

—

 

 

 

67,465

 

Total

 

$

11,193

 

 

$

115,989

 

 

$

—

 

 

$

127,182

 

 

(1)

Included in cash and cash equivalents on our balance sheets.

(2)

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

(3)

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