Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.10.0.1
Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at September 30, 2018 and December 31, 2017 measured at fair value on a recurring basis (in thousands):

 

 

 

September 30, 2018

 

 

December 31, 2017

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

Gains

 

 

Recorded

 

 

 

 

 

 

Gains

 

 

Recorded

 

 

 

Cost

 

 

(Losses)

 

 

Basis

 

 

Cost

 

 

(Losses)

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

61

 

 

$

 

 

$

61

 

 

$

121

 

 

$

 

 

$

121

 

U.S. treasuries

 

 

 

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

100

 

Total cash equivalents

 

 

61

 

 

 

 

 

 

61

 

 

 

221

 

 

 

 

 

 

221

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

346

 

 

 

(1

)

 

 

345

 

 

 

199

 

 

 

 

 

 

199

 

Corporate bonds

 

 

45

 

 

 

 

 

 

45

 

 

 

400

 

 

 

 

 

 

400

 

U.S. government agency securities

 

 

5

 

 

 

 

 

 

5

 

 

 

65

 

 

 

 

 

 

65

 

Municipal bonds

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

10

 

Total current investments

 

 

396

 

 

 

(1

)

 

 

395

 

 

 

674

 

 

 

 

 

 

674

 

Long term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

745

 

 

 

(10

)

 

 

735

 

 

 

202

 

 

 

(2

)

 

 

200

 

Mortgage backed securities

 

 

501

 

 

 

(18

)

 

 

483

 

 

 

577

 

 

 

(5

)

 

 

572

 

Corporate bonds

 

 

383

 

 

 

(11

)

 

 

372

 

 

 

419

 

 

 

(2

)

 

 

417

 

U.S. government agency securities

 

 

50

 

 

 

(1

)

 

 

49

 

 

 

 

 

 

 

 

 

 

Asset backed securities

 

 

10

 

 

 

 

 

 

10

 

 

 

10

 

 

 

 

 

 

10

 

Total long term investments

 

 

1,689

 

 

 

(40

)

 

 

1,649

 

 

 

1,208

 

 

 

(9

)

 

 

1,199

 

Restricted cash and investments (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

187,203

 

 

 

(4,673

)

 

 

182,530

 

 

 

184,808

 

 

 

(953

)

 

 

183,855

 

Mortgage backed securities

 

 

93,211

 

 

 

(3,178

)

 

 

90,033

 

 

 

86,240

 

 

 

(595

)

 

 

85,645

 

U.S. treasuries

 

 

54,296

 

 

 

(492

)

 

 

53,804

 

 

 

45,833

 

 

 

(143

)

 

 

45,690

 

U.S. government agency securities

 

 

45,570

 

 

 

(1,785

)

 

 

43,785

 

 

 

38,168

 

 

 

(222

)

 

 

37,946

 

Supranational bonds

 

 

4,764

 

 

 

(67

)

 

 

4,697

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

416

 

 

 

 

 

 

416

 

 

 

16,018

 

 

 

 

 

 

16,018

 

Municipal bonds

 

 

80

 

 

 

 

 

 

80

 

 

 

472

 

 

 

(14

)

 

 

458

 

Asset backed securities

 

 

75

 

 

 

(1

)

 

 

74

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

 

 

 

 

 

 

18,973

 

 

 

 

 

 

18,973

 

Total restricted cash and investments

 

 

385,615

 

 

 

(10,196

)

 

 

375,419

 

 

 

390,512

 

 

 

(1,927

)

 

 

388,585

 

Total investments

 

$

387,761

 

 

$

(10,237

)

 

$

377,524

 

 

$

392,615

 

 

$

(1,936

)

 

$

390,679

 

 

(1) Included in restricted cash and investments within the condensed consolidated balance sheet as of September 30, 2018 is restricted cash of $70.0 million, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

Summary of Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at September 30, 2018 and December 31, 2017 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

 

 

 

September 30, 2018

 

 

December 31, 2017

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recorded

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis

 

 

 

Level 2

 

 

 

Other (1)

 

 

Basis

 

 

 

Level 2

 

 

 

Other (1)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

61

 

 

 

$

 

 

 

$

61

 

 

$

121

 

 

 

$

 

 

 

$

121

 

U.S. treasuries

 

 

 

 

 

 

 

 

 

 

 

 

 

100

 

 

 

 

100

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

1,080

 

 

 

 

1,080

 

 

 

 

 

 

 

399

 

 

 

 

399

 

 

 

 

 

Mortgage backed securities

 

 

483

 

 

 

 

483

 

 

 

 

 

 

 

572

 

 

 

 

572

 

 

 

 

 

Corporate bonds

 

 

417

 

 

 

 

417

 

 

 

 

 

 

 

817

 

 

 

 

817

 

 

 

 

 

U.S. government agency securities

 

 

54

 

 

 

 

54

 

 

 

 

 

 

 

65

 

 

 

 

65

 

 

 

 

 

Asset backed securities

 

 

10

 

 

 

 

10

 

 

 

 

 

 

 

10

 

 

 

 

10

 

 

 

 

 

Municipal bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

10

 

 

 

 

 

Restricted cash and investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

182,530

 

 

 

 

182,530

 

 

 

 

 

 

 

183,855

 

 

 

 

183,855

 

 

 

 

 

Mortgage backed securities

 

 

90,033

 

 

 

 

90,033

 

 

 

 

 

 

 

85,645

 

 

 

 

85,645

 

 

 

 

 

U.S. treasuries

 

 

53,804

 

 

 

 

53,804

 

 

 

 

 

 

 

45,690

 

 

 

 

45,690

 

 

 

 

 

U.S. government agency securities

 

 

43,785

 

 

 

 

43,785

 

 

 

 

 

 

 

37,946

 

 

 

 

37,946

 

 

 

 

 

Supranational bonds

 

 

4,697

 

 

 

 

4,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

416

 

 

 

 

 

 

 

 

416

 

 

 

16,018

 

 

 

 

 

 

 

 

16,018

 

Municipal bonds

 

 

80

 

 

 

 

80

 

 

 

 

 

 

 

458

 

 

 

 

458

 

 

 

 

 

Asset backed securities

 

 

74

 

 

 

 

74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

 

 

 

 

 

 

 

 

18,973

 

 

 

 

18,973

 

 

 

 

 

Total investments

 

$

377,524

 

 

 

$

377,047

 

 

 

$

477

 

 

$

390,679

 

 

 

$

374,540

 

 

 

$

16,139

 


(1)  Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure.  The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.