Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Short-Term Investments

v3.2.0.727
Cash, Cash Equivalents and Short-Term Investments
6 Months Ended
Jun. 30, 2015
Cash, Cash Equivalents and Short-Term Investments  
Cash, Cash Equivalents and Short-Term Investments

 

9.Cash, Cash Equivalents and Short-Term Investments

 

Cash, cash equivalents and short-term investments consisted of the following (in thousands):

 

 

 

June 30,

 

December 31,

 

 

 

2015

 

2014

 

Checking account

 

$

193 

 

$

175 

 

Money market funds

 

15,593 

 

10,027 

 

U. S. treasury bills

 

 

2,010 

 

Government-sponsored enterprise securities

 

46,378 

 

45,786 

 

Corporate bonds and commercial paper

 

81,778 

 

85,161 

 

 

 

 

 

 

 

 

 

$

143,942 

 

$

143,159 

 

 

 

 

 

 

 

 

 

Reported as:

 

 

 

 

 

Cash and cash equivalents

 

$

17,290 

 

$

15,203 

 

Short-term investments

 

126,652 

 

127,956 

 

 

 

 

 

 

 

 

 

$

143,942 

 

$

143,159 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands):

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

June 30, 2015

 

Cost

 

Gains

 

Losses

 

Fair Value

 

Government-sponsored enterprise securities

 

$

46,377

 

$

5

 

$

(4

)

$

46,378

 

Corporate bonds and commercial paper

 

81,768

 

24

 

(14

)

81,778

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

128,145

 

$

29

 

$

(18

)

$

128,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

December 31, 2014

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U. S. treasury bills

 

$

2,010

 

$

 

$

 

$

2,010

 

Government-sponsored enterprise securities

 

45,793

 

4

 

(11

)

45,786

 

Corporate bonds and commercial paper

 

85,161

 

21

 

(21

)

85,161

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

132,964

 

$

25

 

$

(32

)

$

132,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2015, our cash equivalents and short-term investments have contractual maturities within one year.

 

As of June 30, 2015, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 123 days. We view our short-term investments portfolio as available for use in current operations. Accordingly, we have classified certain investments as short-term investments. We have the ability to hold all investments as of June 30, 2015 through their respective maturity dates. At June 30, 2015, we had no investments that had been in a continuous unrealized loss position for more than twelve months. As of June 30, 2015, a total of 34 individual securities had been in an unrealized loss position for twelve months or less and the losses were determined to be temporary. The gross unrealized losses above were caused by interest rate increases. No significant facts or circumstances have arisen to indicate that there has been any deterioration in the creditworthiness of the issuers of the securities held by us. Based on our review of these securities, including the assessment of the duration and severity of the unrealized losses and our ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these securities at June 30, 2015.

 

The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):

 

 

 

 

 

Unrealized

 

June 30, 2015

 

Fair Value

 

Losses

 

Government-sponsored enterprise securities

 

$

18,337

 

$

(4

)

Corporate bonds and commercial paper

 

35,538

 

(14

)

 

 

 

 

 

 

Total

 

$

53,875

 

$

(18

)