Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 and December 31, 2015, by level within the fair value hierarchy (in thousands):

	As of September 30, 2016
	Level I		Level II		Level III		Fair Value
Financial Assets:
Cash equivalents:
Commercial paper	$	—	$	10,244	$	—	$	10,244
Money market funds		38,164		—		—		38,164
Short-term investments:
Commercial paper and debt obligations		—		19,184		—		19,184
Corporate debt obligations		—		100,460		—		100,460
US government agencies		—		19,003		—		19,003
Bank deposits		—		10,367		—		10,367
Prepaid expenses and other current assets - Forward foreign exchange contracts		—		160		—		160
Total financial assets	$	38,164	$	159,418	$	—	$	197,582

	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