Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis

The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy (in thousands):

	As of March 31, 2016
	Level I		Level II		Level III		Fair Value
Financial Assets:
Cash equivalents:
Bank deposits	$	—	$	10,262	$	—	$	10,262
Commercial paper		—		20,919		—		20,919
Money market funds		76,328		—		—		76,328
Short-term investments:
Commercial paper and debt obligations		—		11,548		—		11,548
Corporate debt obligations				63,617				63,617
US government agencies				14,523				14,523
Bank deposits		—		10,366		—		10,366
Prepaid expenses and other current assets - Forward foreign exchange contracts		—		817		—		817
Total financial assets	$	76,328	$	132,052	$	—	$	208,380

	As of December 31, 2015
	Level I		Level II		Level III		Fair Value
Financial Assets:
Cash equivalents:
Bank deposits	$	—	$	10,253	$	—	$	10,253
Commercial paper		—		13,893		—		13,893
Money market funds		86,200		—		—		86,200
Short-term investments:
Corporate debt obligations		—		86,292		—		86,292
Bank deposits		—		10,263		—		10,263
Total financial assets	$	86,200	$	120,701	$	—	$	206,901
Financial Liability:
Accrued and other current liabilities - Forward foreign exchange contracts	$	—	$	595	$	—	$	595