FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2016

FAIR VALUE MEASUREMENTS

Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall

The following table presents the Company’s fair value measurements as of September 30, 2016 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.

			Fair Value Measurement at September 30, 2016 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	Fair Value at		Identical Assets		Inputs		Inputs
(In thousands)	September 30, 2016		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents
Cash and money market	$	50,347	$	50,347	$	—	$	—
U.S. government agency securities		7,000		—		7,000		—
Commercial paper		5,498		—		5,498		—
Corporate bonds		600		—		600		—
Available-for-sale
Marketable securities
Corporate bonds		143,160		—		143,160		—
Asset backed securities		56,550		—		56,550		—
U.S. government agency securities		49,610		—		49,610		—
Commercial paper		24,013		—		24,013		—
Certificates of deposit		1,052		—		1,052		—
Total	$	337,830	$	50,347	$	287,483	$	—

The following table presents the Company’s fair value measurements as of December 31, 2015 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.

			Fair Value Measurement at December 31, 2015 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	Fair Value at		Identical Assets		Inputs		Inputs
(In thousands)	December 31, 2015		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents
Cash and money market	$	37,435	$	37,435	$	—	$	—
Commercial paper		3,700		—		3,700		—
Available-for-sale
Marketable securities
Corporate bonds		179,211		—		179,211		—
Asset backed securities		77,495		—		77,495		—
U.S. government agency securities		7,039		—		7,039		—
Certificates of deposit		1,999		—		1,999		—
Total	$	306,879	$	37,435	$	269,444	$	—

Schedule of gross unrealized losses and fair values of investments in an unrealized loss position

		September 30, 2016
		Less than 12 months			12 months or greater				Total
(In thousands)		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Marketable securities
Corporate bonds	$	98,190	$	(88)	$	—	$	—	$	98,190	$	(88)
Asset backed securities		18,895		(8)		3,594		(2)		22,489		(10)
U.S. government agency securities		15,033		(4)		—		—		15,033		(4)
Commercial paper		8,444		(1)		—		—		8,444		(1)
Certificates of deposit		1,053		(1)		—		—		1,053		(1)
Total	$	141,615	$	(102)	$	3,594	$	(2)	$	145,209	$	(104)

Summary of contractual maturities available for the sale of investments in debt securities

The following summarizes contractual underlying maturities of the Company’s available-for-sale investments in debt securities at September 30, 2016:

		Due one year or less			Due after one year through four years
(In thousands)		Cost		Fair Value		Cost		Fair Value
Marketable securities
Corporate bonds	$	124,796	$	124,774	$	18,425	$	18,386
Certificates of deposit		—		—		1,053		1,052
Commercial paper		24,007		24,013		—		—
U.S. government agency securities		4,559		4,566		45,037		45,044
Asset backed securities		—		—		56,542		56,550
Total	$	153,362	$	153,353	$	121,057	$	121,032