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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets Measured on Recurring Basis

The following table sets forth the fair value of our financial assets, allocated into Level 1, Level 2 and Level 3, that were measured on a recurring basis (in thousands):

 

 

 

 

September 30, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

3,003

 

 

$

 

 

$

 

 

$

3,003

 

Corporate notes and commercial paper

 

 

 

 

162,819

 

 

 

 

 

 

162,819

 

U.S. government agency securities

 

 

 

 

 

77,236

 

 

 

 

 

 

77,236

 

Total financial assets

 

$

3,003

 

 

$

240,055

 

 

$

 

 

$

243,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,074

 

 

$

 

 

$

 

 

$

22,074

 

Corporate notes and commercial paper

 

 

 

 

 

242,033

 

 

 

 

 

 

242,033

 

U.S. government agency securities

 

 

 

 

 

180,876

 

 

 

 

 

 

180,876

 

Total financial assets

 

$

22,074

 

 

$

422,909

 

 

$

 

 

$

444,983