Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.3.1.900
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents a summary of the Company’s financial instruments that are measured on a recurring basis:
 
 
 
Fair Value Measurements at December 31, 2015
 
Balance at
December 31,
2015
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in thousands)
Assets
 
 
 
 
 
 
 
Money market funds
$
17,144

 
$
17,144

 
$
—

 
$
—

Government debt securities
17,273

 
—

 
17,273

 
—

Corporate debt securities
45,269

 
—

 
45,269

 
—

 
$
79,686

 
$
17,144

 
$
62,542

 
$
—

Liabilities
 
 
 
 
 
 
 
Contingent consideration
$
395

 
$
—

 
$
—

 
$
395

 
$
395

 
$
—

 
$
—

 
$
395

 
 
 
Fair Value Measurements at December 31, 2014
 
Balance at
December 31,
2014
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in thousands)
Assets
 
 
 
 
 
 
 
Money market funds
$
1,858

 
$
1,858

 
$
—

 
$
—

Government debt securities
27,151

 
—

 
27,151

 
—

Corporate debt securities
31,504

 
—

 
31,504

 
—

 
$
60,513

 
$
1,858

 
$
58,655

 
$
—

Liabilities
 
 
 
 
 
 
 
Contingent consideration
$
265

 
$
—

 
$
—

 
$
265

 
$
265

 
$
—

 
$
—

 
$
265

Available-for-sale Securities [Table Text Block]
The composition of financial instruments is as follows:
 
December 31, 2015
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
Gains
 
Losses
 
 
(in thousands)
Assets
 
 
 
 
 
 
 
Money market funds
$
17,144

 
$
—

 
$
—

 
$
17,144

Government debt securities
17,303

 
—

 
(30
)
 
17,273

Corporate debt securities
45,353

 
—

 
(84
)
 
45,269

 
79,800

 
—

 
(114
)
 
79,686

Less amounts included in cash and cash equivalents
(17,144
)
 
—

 
—

 
(17,144
)
 
$
62,656

 
$
—

 
$
(114
)
 
$
62,542

 
Fair Value at December 31, 2015
 
(in thousands)
Liabilities
 
Contingent Consideration
$
395

Total
$
395

 
December 31, 2014
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
Gains
 
Losses
 
 
(in thousands)
Assets
 
 
 
 
 
 
 
Money market funds
$
1,858

 
$
—

 
$
—

 
$
1,858

Government debt securities
27,154

 
5

 
(8
)
 
27,151

Corporate debt securities
31,543

 
3

 
(42
)
 
31,504

 
60,555

 
8

 
(50
)
 
60,513

Less amounts included in cash and cash equivalents
(1,858
)
 
—

 
—

 
(1,858
)
 
$
58,697

 
$
8

 
$
(50
)
 
$
58,655


 
Fair Value at December 31, 2014
 
(in thousands)
Liabilities
 
Contingent Consideration
$
265

Total
$
265

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following summarizes the activity in Level 3 financial instruments:
 
Year Ended December 31, 2015
 
(in thousands)
Contingent Consideration (1)
 
Beginning balance
$
265

Loss recognized in earnings (2)
130

Ending balance
$
395

Net loss for the period included in earnings attributable to contingent consideration held at the end of the period:
$
130

(1)
In connection with the acquisition of Physpeed, the Company recorded contingent consideration based upon the expected achievement of certain 2015 and 2016 revenue milestones. Changes to the fair value of contingent consideration due to changes in assumptions used in preparing the valuation model are recorded in selling, general and administrative expense in the statement of operations.
(2)
Changes to the estimated fair value of contingent consideration were primarily due to revisions to the Company's expectations of earn-out achievement.