Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

As of March 31, 2016 and December 31, 2015, the fair value of our financial assets was as follows:



	Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2016
Assets:
Money market funds ⁽¹⁾	$	13,338	$	—	$	—	$	13,338
Corporate bonds ⁽²⁾	—		115,068		—		115,068
Municipal bonds ⁽²⁾	—		13,124		—		13,124
Government securities ⁽²⁾	—		11,703		—		11,703
Commercial paper ⁽²⁾	—		7,473		—		7,473
Agency securities ⁽²⁾	—		7,266		—		7,266
Certificates of deposit ⁽²⁾	—		2,244		—		2,244
Total assets measured at fair value	$	13,338	$	156,878	$	—	$	170,216
December 31, 2015
Assets:
Money market funds ⁽¹⁾	$	18,114	$	—	$	—	$	18,114
Corporate bonds ⁽²⁾	—		124,829		—		124,829
Municipal bonds ⁽²⁾	—		16,223		—		16,223
Commercial paper ⁽³⁾	—		47,294		—		47,294
Government securities ⁽²⁾	—		8,688		—		8,688
Agency securities ⁽²⁾	—		7,253		—		7,253
Certificates of deposit ⁽²⁾	—		2,244		—		2,244
Total assets measured at fair value	$	18,114	$	206,531	$	—	$	224,645


⁽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 $37.2 million classified in marketable securities.