TiVo 2015 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 of the 2015 TiVo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 141

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141

Table of Contents
The Company attributes the unrealized losses on its auction rate securities to liquidity issues rather than credit issues. The Company
’
s auction
rate securities as of
December 31, 2015
are comprised solely of AAA
-
rated investments in federally insured student loans. The Company continues to earn
interest on its auction rate securities and has the ability and intent to hold these securities until they recover their amortized cost.
As of
December 31, 2015
, the amortized cost and fair value of marketable securities, by contractual maturity, were as follows (in thousands):
(6) Fair Value Measurements
Fair Value Hierarchy
The Company uses valuation techniques that are based on observable and unobservable inputs to measure fair value. Observable inputs are
developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs
are developed using the best information available about the assumptions market participants would use. Fair value measurements are classified in a
hierarchy that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Assets and liabilities are classified in the fair
value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety:
Level 1. Quoted prices in active markets for identical assets or liabilities.
Level 2. Inputs other than Level 1 inputs that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar
assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or market
-
corroborated inputs.
Level 3. Unobservable inputs for the asset or liability.
Assets and liabilities reported at fair value on a recurring basis in the Consolidated Balance Sheets as of
December 31, 2015 and 2014
were
classified in the fair value hierarchy as follows (in thousands):
F
-
20
December 31, 2014
Less than 12 Months
12 Months or Longer
Total
Description of Securities
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Auction rate securities
$
—
$
—
$
10,638
$
(162
)
$
10,638
$
(162
)
Corporate debt securities
69,977
(116
)
—
—
69,977
(116
)
Foreign government obligations
10,547
(4
)
—
—
10,547
(4
)
U.S. Treasuries / Agencies
115,359
(123
)
—
—
115,359
(123
)
Marketable securities
$
195,883
$
(243
)
$
10,638
$
(162
)
$
206,521
$
(405
)
Amortized Cost
Fair Value
Due in less than 1 year
$
108,090
$
107,879
Due in 1
-
2 years
104,905
104,455
Due in more than 2 years
10,800
10,260
Total
$
223,795
$
222,594