Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Available-For-Sale Securities

v2.4.0.8
Cash, Cash Equivalents and Available-For-Sale Securities
9 Months Ended
Sep. 30, 2014
CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES  
Cash, Cash Equivalents and Available-For-Sale Securities

9.      Cash, Cash Equivalents and Available-For-Sale Securities

 

Cash, cash equivalents and available-for-sale securities consisted of the following (in thousands):

 

 

 

September 30,

 

December 31,

 

 

 

2014

 

2013

 

Checking account

 

$

760 

 

$

195 

 

Money market funds

 

8,754 

 

9,059 

 

U. S. treasury bills

 

2,029 

 

2,085 

 

Government-sponsored enterprise securities

 

52,093 

 

67,178 

 

Corporate bonds and commercial paper

 

94,036 

 

133,458 

 

 

 

 

 

 

 

 

 

$

157,672 

 

$

211,975 

 

 

 

 

 

 

 

Reported as:

 

 

 

 

 

Cash and cash equivalents

 

$

12,814 

 

$

20,854 

 

Available-for-sale securities

 

144,858 

 

191,121 

 

 

 

 

 

 

 

 

 

$

157,672 

 

$

211,975 

 

 

Cash equivalents and available-for-sale securities include the following securities with unrealized gains and losses (in thousands):

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

September 30, 2014

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U. S. treasury bills

 

$

2,027

 

$

2

 

$

 

$

2,029

 

Government-sponsored enterprise securities

 

52,082

 

19

 

(8

)

52,093

 

Corporate bonds and commercial paper

 

94,033

 

21

 

(18

)

94,036

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

148,142

 

$

42

 

$

(26

)

$

148,158

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

December 31, 2013

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U. S. treasury bills

 

$

2,083

 

$

2

 

$

 

$

2,085

 

Government-sponsored enterprise securities

 

67,160

 

29

 

(11

)

67,178

 

Corporate bonds and commercial paper

 

133,431

 

33

 

(6

)

133,458

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

202,674

 

$

64

 

$

(17

)

$

202,721

 

 

As of September 30, 2014, the contractual maturities of our cash equivalents and available-for-sale securities were (in thousands):

 

 

 

Years to Maturity

 

 

 

 

 

After One Year

 

 

 

Within One

 

Through

 

 

 

Year

 

Two Years

 

U. S. treasury bills

 

$

2,029 

 

$

 

Government-sponsored enterprise securities

 

32,523 

 

19,570 

 

Corporate bonds and commercial paper

 

88,514 

 

5,522 

 

Total

 

$

123,066 

 

$

25,092 

 

 

As of September 30, 2014, our cash equivalents and available-for-sale securities had a weighted-average time to maturity of approximately 187 days. We view our available-for-sale portfolio as available for use in current operations. Accordingly, we have classified certain investments as available-for-sale securities on our balance sheet even though the stated maturity date of these securities may be more than one year from the current balance sheet date. We have the ability to hold all investments as of September 30, 2014 through their respective maturity dates. At September 30, 2014, we had no investments that had been in a continuous unrealized loss position for more than twelve months. As of September 30, 2014, a total of 21 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 September 30, 2014.

 

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

 

September 30, 2014

 

Fair Value

 

Losses

 

Government-sponsored enterprise securities

 

$

14,804

 

$

(8

)

Corporate bonds and commercial paper

 

27,289

 

(18

)

Total

 

$

42,093

 

$

(26

)