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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Note 3: Fair Value of Financial Instruments

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

		December 31, 2013
		Cost			Unrealized Gains			Unrealized Losses			Fair Value
Cash and cash equivalents		$	4,364		$	—		$	—		$	4,364
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Short-term investments:
U.S. government debt securities		$	19,944		$	11		$	(1	)	$	19,954
Corporate notes			7,245			2			(2	)		7,245
Certificates of deposit			4,994			1			(2	)		4,993
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total short-term investments		$	32,183		$	14		$	(5	)	$	32,192
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Long-term investments:
U.S. government debt securities		$	3,016		$	—		$	—		$	3,016
Corporate notes			9,466			9			(1	)		9,474
Certificates of deposit			1,440			—			(4	)		1,436
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total long-term investments		$	13,922		$	9		$	(5	)	$	13,926
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

		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
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

        U.S. government debt securities include securities for government-sponsored enterprises and state and local municipalities.

        The estimated fair values of available-for-sale securities with unrealized losses were as follows (in thousands):

		December 31, 2013
		Cost			Unrealized Losses			Fair Value
Short-term investments:
U.S. government debt securities		$	5,289		$	(1	)	$	5,288
Corporate notes			3,844			(2	)		3,842
Certificates of deposit			3,080			(2	)		3,078
​	​	​	​	​	​	​	​	​	​	​
Total short-term investments		$	12,213		$	(5	)	$	12,208
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Long-term investments:
U.S. government debt securities		$	1,253		$	—		$	1,253
Corporate notes			1,001			(1	)		1,000
Certificates of deposit			1,440			(4	)		1,436
​	​	​	​	​	​	​	​	​	​	​
Total long-term investments		$	3,694		$	(5	)	$	3,689
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

		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 December 31, 2013 and 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):

		December 31, 2013
		Cost			Unrealized Gains			Unrealized Losses			Fair Value
Due within 1 year		$	32,183		$	14		$	(5	)	$	32,192
Due in 1-2 years			13,922			9			(5	)		13,926
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	46,105		$	23		$	(10	)	$	46,118
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

		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 December 31, 2013 and 2012 (in thousands):

		December 31, 2013
		Fair Value			Level 1			Level 2			Level 3
Money market funds		$	3,012		$	3,012		$	—		$	—
U.S. government debt securities			22,970			—			22,970			—
Corporate notes			16,719			—			16,719			—
Certificates of deposit			6,429			—			6,429			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total assets		$	49,130		$	3,012		$	46,118		$	—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

		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 years ended December 31, 2013 and 2012.

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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.

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