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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2018
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 September 30, 2018 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

 

$

10,065

 

 

$

-

 

 

$

-

 

 

$

10,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$

269

 

 

$

-

 

 

$

-

 

 

$

269

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper (due in less than one year)

 

$

63,019

 

 

$

62

 

 

$

(22

)

 

$

63,059

 

Corporate notes (due in less than one year)

 

 

90,682

 

 

 

2

 

 

 

(121

)

 

 

90,563

 

Corporate notes (due in one to two years)

 

 

18,176

 

 

 

-

 

 

 

(33

)

 

 

18,143

 

 

 

$

171,877

 

 

$

64

 

 

$

(176

)

 

$

171,765

 

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

 

 
Schedule of cash equivalents and marketable securities with unrealized losses

Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at September 30, 2018 and December 31, 2017 were as follows:

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

(In thousands)

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

As of September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper (due in less than one year)

 

$

14,773

 

 

$

(22

)

 

$

-

 

 

$

-

 

 

$

14,773

 

 

$

(22

)

Corporate notes (due in less than one year)

 

 

59,876

 

 

 

(82

)

 

 

15,482

 

 

 

(39

)

 

 

75,358

 

 

 

(121

)

Corporate notes (due in one to two years)

 

 

18,143

 

 

 

(33

)

 

 

-

 

 

 

-

 

 

 

18,143

 

 

 

(33

)

 

 

$

92,792

 

 

$

(137

)

 

$

15,482

 

 

$

(39

)

 

$

108,274

 

 

$

(176

)

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

)

 
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 September 30, 2018 and December 31, 2017 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 September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

10,065

 

 

$

-

 

 

$

-

 

 

$

10,065

 

Commercial paper(2)

 

 

-

 

 

 

63,059

 

 

 

-

 

 

 

63,059

 

Corporate notes(2)(3)

 

 

-

 

 

 

108,706

 

 

 

-

 

 

 

108,706

 

Equity investment(4)

 

 

-

 

 

 

851

 

 

 

-

 

 

 

851

 

Total

 

$

10,065

 

 

$

172,616

 

 

$

-

 

 

$

182,681

 

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

 

(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 other assets on our condensed balance sheets. See “Equity Investment” in this Note 2 on Fair Value Measurements for further discussion of this equity investment.