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Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2011
Fair Value of Financial Instruments 
Fair Value of Financial Instruments

Note 2. Fair Value of Financial Instruments

 

The estimated fair values of financial instruments outstanding were as follows (in thousands):

 

 

 

September 30, 2011

 

 

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair
Value

 

Cash and cash equivalents

 

$

5,781

 

$

—

 

$

—

 

$

5,781

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. government debt securities

 

$

8,763

 

$

1

 

$

—

 

$

8,764

 

Corporate notes

 

3,037

 

4

 

(1

)

3,040

 

Certificates of deposit

 

720

 

—

 

—

 

720

 

Total short-term investments

 

$

12,520

 

$

5

 

$

(1

)

$

12,524

 

Long-term investments:

 

 

 

 

 

 

 

 

 

U.S. government debt securities

 

$

3,000

 

$

—

 

$

(1

)

$

2,999

 

Corporate notes

 

3,876

 

—

 

(14

)

3,862

 

Certificates of deposit

 

1,200

 

1

 

(1

)

1,200

 

Total long-term investments

 

$

8,076

 

$

1

 

$

(16

)

$

8,061

 

 

 

 

December 31, 2010

 

 

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair
Value

 

Cash and cash equivalents

 

$

14,340

 

$

—

 

$

—

 

$

14,340

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. government debt securities

 

$

8,711

 

$

1

 

$

(2

)

$

8,710

 

Corporate notes

 

5,115

 

6

 

(5

)

5,116

 

Certificates of deposit

 

1,185

 

—

 

—

 

1,185

 

Total short-term investments

 

$

15,011

 

$

7

 

$

(7

)

$

15,011

 

Long-term investments:

 

 

 

 

 

 

 

 

 

U.S. government debt securities

 

$

6,204

 

$

—

 

$

(2

)

$

6,202

 

Corporate notes

 

1,507

 

6

 

—

 

1,513

 

Certificates of deposit

 

480

 

—

 

(2

)

478

 

Total long-term investments

 

$

8,191

 

$

6

 

$

(4

)

$

8,193

 

 

As of September, 30, 2011 and December 31, 2010, all of the available-for-sale securities with unrealized losses had been in a loss position for less than 12 months. Total fair value of available-for-sale securities with unrealized losses was $11.7 million at September 30, 2011.

 

Cost and fair value of investments based on two maturity groups were as follows (in thousands):

 

 

 

September 30, 2011

 

 

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair
Value

 

Due within 1 year

 

$

12,520

 

$

5

 

$

(1

)

$

12,524

 

Due in 1-2 years

 

8,076

 

1

 

(16

)

8,061

 

Total

 

$

20,596

 

$

6

 

$

(17

)

$

20,585

 

 

 

 

December 31, 2010

 

 

 

Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair
Value

 

Due within 1 year

 

$

15,011

 

$

7

 

$

(7

)

$

15,011

 

Due in 1-2 years

 

8,191

 

6

 

(4

)

8,193

 

Total

 

$

23,202

 

$

13

 

$

(11

)

$

23,204

 

 

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) as of September 30, 2011 (in thousands):

 

 

 

September 30, 2011

 

 

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Money market funds

 

$

5,321

 

$

5,321

 

$

—

 

$

—

 

Certificates of deposit

 

1,920

 

—

 

1,920

 

—

 

Corporate notes

 

6,902

 

—

 

6,902

 

—

 

U.S. government debt securities

 

11,763

 

—

 

11,763

 

—

 

Total assets

 

$

25,906

 

$

5,321

 

$

20,585

 

$

—

 

 

There were no transfers in or out of Level 1 and Level 2 securities during the three and nine months ended September 30, 2011. There were no Level 3 financial assets as of September 30, 2011.