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Table of Contents
Cash, cash equivalents and short-term investments consisted of the following as of June 30, 2012 (in thousands):
The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments
based on stated maturities as of June 30, 2013 (in thousands):
Declines in fair value judged to be other-than-temporary on securities available for sale are included as a component of other income, net. In
order to determine whether a decline in value is other-than-temporary, we evaluate, among other factors: the duration and extent to which the fair
value has been less than the carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any
anticipated recovery in fair market value. As of June 30, 2013 and 2012 , we did not consider any of our investments to be other-than-temporarily
impaired.
We measure certain financial instruments at fair value on a recurring basis. We have established a hierarchy, which consists of three levels, for
disclosure of the inputs used to determine the fair value of our financial instruments.
F-14
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
Cash
$
23,546
$
—
$
—
$
23,546
Cash equivalents:
Money market mutual funds
2,241
—
—
2,241
Total cash equivalents
2,241
—
—
2,241
Total cash and cash equivalents
25,787
—
—
25,787
Short-term securities:
Certificates of deposit
1,000
3
—
1,003
Municipal securities
148,888
242
(137
)
148,993
Commercial paper
3,389
2
—
3,391
Corporate bonds
12,462
58
(9
)
12,511
Total short-term investments
165,739
305
(146
)
165,898
Cash, cash equivalents and short-term investments
$
191,526
$
305
$
(146
)
$
191,685
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
Cash
$
1,430
$
—
$
—
$
1,430
Cash equivalents:
Money market mutual funds
4,490
—
—
4,490
Commercial paper
1,000
1,000
Total cash equivalents
5,490
—
—
5,490
Total cash and cash equivalents
6,920
—
—
6,920
Short-term investments:
Asset-backed securities
1,001
—
(
1
)
1,000
Certificates of deposit
2,750
—
—
2,750
Municipal securities
160,114
208
(81
)
160,241
Commercial paper
3,463
2
—
3,465
Corporate bonds
25,045
57
(10
)
25,092
Total short-term investments
192,373
267
(92
)
192,548
Cash, cash equivalents and short-term investments
$
199,293
$
267
$
(92
)
$
199,468
Amortized
Cost
Estimated
Fair Value
Due within one year
$
57,758
$
57,850
Due within two years
85,315
85,476
Due after two years
22,666
22,572
Total
$
165,739
$
165,898
4.
Fair value of financial instruments