Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v3.6.0.2
Fair Value Measurements
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
8. Fair Value Measurements

Recurring Fair Value Measurements

The Company values its investments including assets held in rabbi trust, commercial paper, money market funds and investments in marketable securities, available-for-sale at fair value on a recurring basis. Fair values were determined for each individual security in the investment portfolio.

Assets carried at fair value are categorized into one of the three categories described in Note 2 – “Accounting Policies” and consisted of the following (in thousands):

 

    December 31, 2016     December 31, 2015  
    Fair Value     Level 1     Level 2     Level 3     Fair Value     Level 1     Level 2     Level 3  

Assets held in rabbi trust

   $ 7,337     $ —       $ 7,337     $        —       $ 5,661     $ —       $ 5,661     $        —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents:

                

Cash

   $ 34,881     $ 34,881     $ —       $ —       $ 90,198     $ 90,198     $ —       $ —    

Commercial Paper

     9,987       —         9,987       —         —         —         —         —    

Money market funds

     142,503       142,503       —         —         5,987       5,987       —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 187,371     $ 177,384     $ 9,987     $ —       $   96,185     $   96,185     $ —       $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Marketable securities, available-for-sale:

                

Short-term investments:

                

U.S. Treasuries

   $ 24,957     $ 24,957     $ —       $ —       $ 62,272     $ 62,272     $ —       $ —    

U.S. Government Sponsored Entities

     2,497       —         2,497       —         17,559       —         17,559       —    

Asset-backed securities and other

     —         —         —         —         29       —         29       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 27,454     $ 24,957     $ 2,497     $ —       $ 79,860     $ 62,272     $   17,588     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Long-term investments:

                

U.S. Treasuries

   $ 40,636     $ 40,636     $ —       $ —       $ 15,171     $ 15,171     $ —       $ —    

U.S. Government Sponsored Entities

     12,560       —         12,560       —         12,022       —         12,022       —    

Corporate debt securities

     17,750       —           17,750       —         16,705       —         16,705       —    

Asset-backed securities and other

     6,529       —         6,529       —         10,497       —         10,497       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 77,475     $ 40,636     $ 36,839     $ —       $ 54,395     $ 15,171     $ 39,224     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

See Note 2 – “Accounting Policies” for information on fair value of the Company’s other financial instruments.

 

There were no transfers in or out of Level 1 and Level 2 during the year ended December 31, 2016.