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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2013
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, 2013 |
|  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |
Cash and cash equivalents |  | $ | 2,174 |  | $ | — |  | $ | — |  | $ | 2,174 |
Short-term investments: |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 20,753 |  | $ | 12 |  | $ | (3 | ) | $ | 20,762 |
Corporate notes |  | 7,643 |  | 2 |  | (1 | ) | 7,644 |
Certificates of deposit |  | 5,005 |  | 1 |  | (3 | ) | 5,003 |
Total short-term investments |  | $ | 33,401 |  | $ | 15 |  | $ | (7 | ) | $ | 33,409 |
Long-term investments: |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 5,220 |  | $ | 3 |  | $ | (1 | ) | $ | 5,222 |
Corporate notes |  | 10,307 |  | 1 |  | (13 | ) | 10,295 |
Certificates of deposit |  | 2,160 |  | 1 |  | (7 | ) | 2,154 |
Total long-term investments |  | $ | 17,687 |  | $ | 5 |  | $ | (21 | ) | $ | 17,671 |
|  | December 31, 2012 |
|  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |
Cash and cash equivalents |  | $ | 2,529 |  | $ | — |  | $ | — |  | $ | 2,529 |
Short-term investments: |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 15,852 |  | $ | 6 |  | $ | (2 | ) | $ | 15,856 |
Corporate notes |  | 14,471 |  | 8 |  | (4 | ) | 14,475 |
Certificates of deposit |  | 467 |  | — |  | — |  | 467 |
Total short-term investments |  | $ | 30,790 |  | $ | 14 |  | $ | (6 | ) | $ | 30,798 |
Long-term investments: |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 6,330 |  | $ | 2 |  | $ | — |  | $ | 6,332 |
Corporate notes |  | 1,050 |  | 1 |  | — |  | 1,051 |
Total long-term investments |  | $ | 7,380 |  | $ | 3 |  | $ | — |  | $ | 7,383 |
The estimated fair values of available-for-sale securities with unrealized losses were as follows (in thousands):
|  | September 30, 2013 |
|  | Cost |  | Unrealized Losses |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 2,041 |  | $ | (3 | ) | $ | 2,038 |
Corporate notes |  | 3,270 |  | (1 | ) | 3,269 |
Certificates of deposit |  | 3,320 |  | (3 | ) | 3,317 |
Total short-term investments |  | $ | 8,631 |  | $ | (7 | ) | $ | 8,624 |
Long-term investments: |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 3,758 |  | $ | (1 | ) | $ | 3,757 |
Corporate notes |  | 9,286 |  | (13 | ) | 9,273 |
Certificates of deposit |  | 1,680 |  | (7 | ) | 1,673 |
Total long-term investments |  | $ | 14,724 |  | $ | (21 | ) | $ | 14,703 |
|  | December 31, 2012 |
|  | Cost |  | Unrealized Losses |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 2,546 |  | $ | (2 | ) | $ | 2,544 |
Corporate notes |  | 5,668 |  | (4 | ) | 5,664 |
Total short-term investments |  | $ | 8,214 |  | $ | (6 | ) | $ | 8,208 |
As of September 30, 2013 and December 31, 2012, all of the available-for-sale securities with unrealized losses had been in a loss position for less than 12 months. Cost and fair value of investments based on two maturity groups were as follows (in thousands):
|  | September 30, 2013 |
|  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |
Due within 1 year |  | $ | 33,401 |  | $ | 15 |  | $ | (7 | ) | $ | 33,409 |
Due in 1-2 years |  | 17,687 |  | 5 |  | (21 | ) | 17,671 |
Total |  | $ | 51,088 |  | $ | 20 |  | $ | (28 | ) | $ | 51,080 |
|  | December 31, 2012 |
|  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |
Due within 1 year |  | $ | 30,790 |  | $ | 14 |  | $ | (6 | ) | $ | 30,798 |
Due in 1-2 years |  | 7,380 |  | 3 |  | — |  | 7,383 |
Total |  | $ | 38,170 |  | $ | 17 |  | $ | (6 | ) | $ | 38,181 |
The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) as of September 30, 2013 and December 31, 2012 (in thousands):
|  | September 30, 2013 |
|  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Money market funds |  | $ | 1,682 |  | $ | 1,682 |  | $ | — |  | $ | — |
Certificates of deposit |  | 7,397 |  | — |  | 7,397 |  | — |
Corporate notes |  | 17,939 |  | — |  | 17,939 |  | — |
U.S. government debt securities |  | 25,984 |  | — |  | 25,984 |  | — |
Total assets |  | $ | 53,002 |  | $ | 1,682 |  | $ | 51,320 |  | $ | — |
|  | December 31, 2012 |
|  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Money market funds |  | $ | 1,407 |  | $ | 1,407 |  | $ | — |  | $ | — |
U.S. government debt securities |  | 22,289 |  | — |  | 22,289 |  | — |
Corporate notes |  | 16,226 |  | — |  | 16,226 |  | — |
Certificates of deposit |  | 467 |  | — |  | 467 |  | — |
Total assets |  | $ | 40,389 |  | $ | 1,407 |  | $ | 38,982 |  | $ | — |
There were no transfers in or out of Level 1 and Level 2 securities during the three and nine months ended September 30, 2013 and 2012. As of September 30, 2013 and December 31, 2012, the Company had no Level 3 financial assets or financial liabilities measured at fair value on a recurring basis.

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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 Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: 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=7491637&loc=d3e13537-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: 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=7491637&loc=d3e13433-108611 Reference 8: 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 9: 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=7578670&loc=d3e19207-110258 Reference 10: 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 11: 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=7491637&loc=d3e13504-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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