Fair value disclosures (Tables)

3 Months Ended

Mar. 31, 2016

Fair value disclosures

Fair Value of Financial Assets

The following table presents the Company's assets that are measured at fair value on a recurring basis (in thousands):

	As of March 31, 2016								As of December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments:
Money market funds	$	11,860	$	—	$	—	$	11,860	$	11,318	$	—	$	—	$	11,318
U.S. government securities		1,751		—		—		1,751		997		—		—		997
Money market accounts		—		31,957		—		31,957		—		46,955		—		46,955
Corporate bonds		—		8,202		—		8,202		—		5,676		—		5,676
Government-sponsored enterprise obligations		—		6,298		—		6,298		—		3,284		—		3,284
Commercial papers		—		9,632		—		9,632		—		1,398		—		1,398
Sovereign government bonds		—		621		—		621		—		621		—		621
Total	$	13,611	$	56,710	$	—	$	70,321	$	12,315	$	57,934	$	—	$	70,249
Mutual funds held in Rabbi Trust, recorded in other long-term assets	$	561	$	—	$	—	$	561	$	435	$	—	$	—	$	435

Fair Value of Financial Liabilities

The following table presents the Company's liabilities that are measured at fair value on a recurring basis (in thousands):

	As of March 31, 2016								As of December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Penalty payment derivative (Note 10)	$	—	$	—	$	389	$	389	$	—	$	—	$	389	$	389