Chegg 2014 Annual Report Download - page 109
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Table of Contents
71
Cost Fair Value
Due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,813 $ 33,799
Due in 1-2 years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,453 1,451
Investments not due at a single maturity date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,828 5,828
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,094 $ 41,078
Investments not due at a single maturity date in the preceding table consist of money market fund deposits.
As of December 31, 2014, we considered the declines in market value of our investment portfolio to be temporary in
nature and did not consider any of our investments to be other-than-temporarily impaired. We typically invest in highly-rated
securities with a minimum credit rating of A- and a weighted average maturity of nine months, and our investment policy
generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment
grade, with the primary objective of preserving capital and maintaining liquidity. Fair values were determined for each
individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, we review
factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the
issuer and any changes thereto, changes in market interest rates, and our intent to sell, or whether it is more likely than not it
will be required to sell, the investment before recovery of the investment’s cost basis. During the year ended December 31,
2014, we did not recognize any impairment charges.
Note 4. Fair Value Measurement
We have established a fair value hierarchy used to determine the fair value of our financial instruments as follows:
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the
assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial
instruments.
Level 3—Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair
value; the inputs require significant management judgment or estimation.
A financial instrument’s classification within the fair value hierarchy is based on the lowest level of any input that is
significant to the fair value measurement.