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v2.4.0.8
Cash and Cash Equivalents, Short-Term Investments and Restricted Investments
3 Months Ended
Mar. 31, 2014
Cash and Cash Equivalents, Short-Term Investments and Restricted Investments

5. Cash and Cash Equivalents, Short-Term Investments and Restricted Investments

The carrying amounts of certain of the Company’s financial instruments, including cash, cash equivalents, short-term investments and restricted investments, are stated at fair value. The Company accounts for the fair value of its financial instruments in accordance with the provisions of the Fair Value Measurement topic of the Codification.

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company applies the market approach valuation technique for fair value measurements on a recurring basis and attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. All of the Company’s cash equivalents and short-term investments are measured using inputs classified at Level 1 or Level 2 within the fair value hierarchy. Level 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and market reference data.

 

The following are summaries of cash and cash equivalents, short-term investments and restricted investments (in thousands):

 

     Cost      Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Estimated
Fair

Value
 

As of March 31, 2014:

          

Cash

   $ 6,489       $ —         $ —        $ 6,489   

Money market funds

     11,329         —           —          11,329   

Corporate debt securities

     104,649         26         (30     104,645   

Certificates of deposit

     1,725         —           —          1,725   
  

 

 

    

 

 

    

 

 

   

 

 

 
   $ 124,192       $ 26       $ (30   $ 124,188   
  

 

 

    

 

 

    

 

 

   

 

 

 

Reported as:

          

Cash and cash equivalents

           $ 17,818   

Short-term investments

             104,645   

Restricted investments

             1,725   
          

 

 

 
           $ 124,188   
          

 

 

 

 

     Cost      Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Estimated
Fair

Value
 

As of December 31, 2013:

          

Cash

   $ 2,281       $ —         $ —        $ 2,281   

Money market funds

     10,046         —           —          10,046   

U.S. government-sponsored agencies

     2,500         —           —          2,500   

Corporate debt securities

     43,831         6         (6     43,831   

Certificates of deposit

     1,725         —           —          1,725   
  

 

 

    

 

 

    

 

 

   

 

 

 
   $   60,383       $   6       $ (6   $ 60,383   
  

 

 

    

 

 

    

 

 

   

 

 

 

Reported as:

          

Cash and cash equivalents

           $ 20,584   

Short-term investments

             38,074   

Restricted investments

             1,725   
          

 

 

 
           $   60,383   
          

 

 

 

At March 31, 2014, the contractual maturities of all investments held were less than thirteen months. At December 31, 2013, the contractual maturities of all investments held were less than one year. All investments have been designated as available-for-sale, and changes to unrealized gains and losses are reflected as the only component of accumulated other comprehensive loss. The Company views its available-for-sale portfolio as available for use in current operations. Accordingly, the Company has classified all investments as short-term, even though the stated maturity may be one year or more beyond the current balance sheet date.

No gross realized gains or losses were recognized and accordingly, there were no amounts reclassified out of accumulated other comprehensive loss to earnings in the three months ended March 31, 2014 or in the same period in 2013.

 

The Company’s available-for-sale investments, which include cash equivalents and short-term investments, are measured at fair value on a recurring basis and are classified at the following fair value hierarchy (in thousands):

 

Description

   Total As of
March 31, 2014
     Fair Value Measurements at Reporting Date Using  
      Quoted Prices
in Active
Markets
for Identical
Assets

(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Money market funds

   $ 11,329       $ 11,329       $ —         $ —     

Corporate debt securities

     104,645         —           104,645         —     

Certificates of deposit

     1,725         —           1,725         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 117,699       $ 11,329       $ 106,370       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Description

   Total As of
December 31,
2013
     Fair Value Measurements at Reporting Date Using  
      Quoted Prices
in Active
Markets
for Identical
Assets

(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Money market funds

   $ 10,046       $ 10,046       $ —         $ —     

U.S. government-sponsored agencies

     2,500         —           2,500         —     

Corporate debt securities

     43,831         —           43,831         —     

Certificates of deposit

     1,725         —           1,725         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 58,102       $ 10,046       $ 48,056       $ —