Cash, Cash Equivalents and Investments (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Cash and Cash Equivalents [Abstract] |
|
| Schedule of cash, cash equivalents and investments |
Cash, cash equivalents and investments consisted of the following:
|
|
|
|
|
|
|
|
|
|
As of
December 31,
2015 |
|
As of
September 30,
2016 |
|
(in thousands) |
Cash and cash equivalents |
|
|
|
|
|
Cash |
$ |
104,361 |
|
|
$ |
130,132 |
|
Money market funds |
180,021 |
|
|
33,446 |
|
Commercial paper |
31,089 |
|
|
35,904 |
|
Corporate debt securities |
2,000 |
|
|
8,213 |
|
U.S. government and government agency debt securities |
17,196 |
|
|
— |
|
Total cash and cash equivalents |
$ |
334,667 |
|
|
$ |
207,695 |
|
Short-term investments |
|
|
|
|
|
Commercial paper |
$ |
4,792 |
|
|
$ |
1,000 |
|
Corporate debt securities |
31,052 |
|
|
49,052 |
|
Total short-term investments |
$ |
35,844 |
|
|
$ |
50,052 |
|
Long-term investments |
|
|
|
|
|
Corporate debt securities |
$ |
46,369 |
|
|
$ |
6,273 |
|
Total long-term investments |
$ |
46,369 |
|
|
$ |
6,273 |
|
Cash, cash equivalents and investments |
$ |
416,880 |
|
|
$ |
264,020 |
|
|
| Summary of available-for-sale securities' adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category |
The following tables summarize our available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of December 31, 2015 and September 30, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
|
Adjusted
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
(in thousands) |
Money market funds |
$ |
180,021 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
180,021 |
|
Commercial paper |
35,881 |
|
|
— |
|
|
— |
|
|
35,881 |
|
Corporate debt securities |
79,760 |
|
|
8 |
|
|
(347 |
) |
|
79,421 |
|
U.S. government and government agency debt securities |
17,198 |
|
|
— |
|
|
(2 |
) |
|
17,196 |
|
Total cash equivalents and marketable securities |
$ |
312,860 |
|
|
$ |
8 |
|
|
$ |
(349 |
) |
|
$ |
312,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2016 |
|
Adjusted
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
(in thousands) |
Money market funds |
$ |
33,446 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
33,446 |
|
Commercial paper |
36,904 |
|
|
— |
|
|
— |
|
|
36,904 |
|
Corporate debt securities |
63,531 |
|
|
26 |
|
|
(19 |
) |
|
63,538 |
|
Total cash equivalents and marketable securities |
$ |
133,881 |
|
|
$ |
26 |
|
|
$ |
(19 |
) |
|
$ |
133,888 |
|
|
| Schedule of available-for-sale investments by contractual maturity date |
The following table presents available-for-sale investments by contractual maturity date as of December 31, 2015 and September 30, 2016.
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
|
Adjusted
Cost
|
|
Fair Value |
|
(in thousands) |
Due in one year or less |
$ |
266,205 |
|
|
$ |
266,150 |
|
Due after one year through three years |
46,655 |
|
|
46,369 |
|
Total |
$ |
312,860 |
|
|
$ |
312,519 |
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2016 |
|
Adjusted
Cost
|
|
Fair Value |
|
(in thousands) |
Due in one year or less |
$ |
127,629 |
|
|
$ |
127,615 |
|
Due after one year through three years |
6,252 |
|
|
6,273 |
|
Total |
$ |
133,881 |
|
|
$ |
133,888 |
|
|
| Summary of available-for-sale securities' fair value and gross unrealized losses |
The following tables summarize our available-for-sale securities’ fair value and gross unrealized losses aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2015 and September 30, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
|
Twelve Months or Less |
|
More than Twelve Months |
|
Total |
|
Fair
Value |
|
Gross Unrealized Losses |
|
Fair
Value |
|
Gross Unrealized Losses |
|
Fair
Value |
|
Gross Unrealized Losses |
|
(in thousands) |
Corporate debt securities |
$ |
64,804 |
|
|
$ |
(293 |
) |
|
$ |
8,531 |
|
|
$ |
(54 |
) |
|
$ |
73,335 |
|
|
$ |
(347 |
) |
U.S. government and government agency debt securities |
16,241 |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
16,241 |
|
|
(2 |
) |
Total |
$ |
81,045 |
|
|
$ |
(295 |
) |
|
$ |
8,531 |
|
|
$ |
(54 |
) |
|
$ |
89,576 |
|
|
$ |
(349 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2016 |
|
Twelve Months or Less |
|
More than Twelve Months |
|
Total |
|
Fair
Value |
|
Gross Unrealized Losses |
|
Fair
Value |
|
Gross Unrealized Losses |
|
Fair
Value |
|
Gross Unrealized Losses |
|
(in thousands) |
Corporate debt securities |
$ |
33,240 |
|
|
$ |
(12 |
) |
|
$ |
8,843 |
|
|
$ |
(7 |
) |
|
$ |
42,083 |
|
|
$ |
(19 |
) |
Total |
$ |
33,240 |
|
|
$ |
(12 |
) |
|
$ |
8,843 |
|
|
$ |
(7 |
) |
|
$ |
42,083 |
|
|
$ |
(19 |
) |
|