Shutterfly 2014 Annual Report Download - page 90

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Note 4 — Investments
At December 31, 2014, the estimated fair value of short-term and long-term investments classified as
available for sale are as follows (in thousands):
December 31, 2014
Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
Short-term investments
Corporate debt securities ................ $ 64,922 $ 3 $ (59) $ 64,866
Agency securities ......................————
Total short-term investments ............ $ 64,922 $ 3 $ (59) $ 64,866
Long-term investments
Corporate debt securities ................ $ 14,511 $ 1 $ (30) $ 14,482
Agency securities ...................... 13,649 3 (7) 13,645
US Government securities ............... 1,799 2 — 1,801
Total long-term investments ............ $ 29,959 $ 6 $ (37) $ 29,928
The Company had no short-term or long-term investments that have been in a continuous unrealized
loss position for more than 12 months as of December 31, 2014 and no impairments were recorded in the
period. The Company had no material realized gains or losses during the year ended December 31, 2014.
The following table summarizes the contractual maturities of the Company’s investments as of
December 31, 2014 (in thousands):
December 31,
2014
One year or less ...................................................... $ 64,866
One year through three years ............................................ 29,928
$ 94,794
Actual maturities may differ from the contractual maturities because borrowers may have certain
prepayment conditions.
Note 5 — Fair Value Measurement
Cash Equivalents and Investments
The Company measures the fair value of money market funds and investments based on quoted prices
in active markets for identical assets or liabilities. All other financial instruments were valued either based
on recent trades of securities in inactive markets or based on quoted market prices of similar instruments
and other significant inputs derived from or corroborated by observable market data. The Company did
not hold any cash equivalents or investments categorized as Level 3 as of December 31, 2014.
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