Fair Value Measurements

9 Months Ended

Sep. 30, 2015

As of September 30, 2015 and December 31, 2014, the fair value of our financial assets was as follows:



	Level 1		Level 2		Level 3		Total
	(in thousands)
September 30, 2015
Assets:
Money market funds ⁽¹⁾	$	18,085	$	—	$	—	$	18,085
Corporate bonds ⁽²⁾	—		131,630		—		131,630
Municipal bonds ⁽²⁾	—		17,970		—		17,970
Commercial paper ⁽³⁾	—		46,171		—		46,171
Certificates of deposit ⁽²⁾	—		2,492		—		2,492
Agency securities ⁽²⁾	—		7,286		—		7,286
Government securities ⁽²⁾	—		1,201		—		1,201
Total assets measured at fair value	$	18,085	$	206,750	$	—	$	224,835
December 31, 2014
Assets:
Money market funds ⁽¹⁾	$	11,903	$	—	$	—	$	11,903
Corporate bonds ⁽²⁾	—		99,474		—		99,474
Municipal bonds ⁽²⁾	—		18,137		—		18,137
Commercial paper ⁽⁴⁾	—		54,399		—		54,399
Certificates of deposit ⁽²⁾	—		498		—		498
Total assets measured at fair value	$	11,903	$	172,508	$	—	$	184,411


⁽¹⁾	Classified in cash and cash equivalents


⁽²⁾	Classified in marketable securities


⁽³⁾	Includes commercial paper with maturities of three months or less at time of purchase of $10.1 million classified in cash and cash equivalents and commercial paper with maturities of greater than three months of $36.1 million classified in marketable securities.


⁽⁴⁾	Includes commercial paper with maturities of three months or less at time of purchase of $45.2 million classified in cash and cash equivalents and commercial paper with maturities of greater than three months of $9.2 million classified in marketable securities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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