Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following table presents our financial assets and liabilities that are carried at fair value, classified according to the three categories described above (in thousands):

	Fair Value Measurement at March 31, 2018
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents—money market funds	$	3,072	$	3,072	$	—	$	—
Cash equivalents—commercial paper		16,476		—		16,476		—
Cash equivalents—corporate bonds		1,507		—		1,507		—
Cash equivalents—U.S. government and agency securities		7,487		7,487		—		—
Restricted cash equivalents—money market fund		10,000		10,000		—		—
Total current assets		38,542		20,559		17,983		—
Restricted cash equivalents—money market fund		6,000		6,000		—		—
Total long term assets		6,000		6,000		—		—
Total assets	$	44,542	$	26,559	$	17,983	$	—
	Fair Value Measurement at December 31, 2017
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents—money market funds	$	2,014	$	2,014	$	—	$	—
Cash equivalents—commercial paper		16,477		—		16,477		—
Cash equivalents—corporate bonds		1,457		—		1,457		—
Cash equivalents—U.S. government and agency securities		10,488		10,488		—		—
Restricted cash equivalents—money market fund		3,000		3,000		—		—
Restricted cash equivalents—U.S. government and agency security fund		8,987		8,987		—		—
Total current assets		42,423		24,489		17,934		—
Restricted cash equivalents—money market fund		6,000		6,000		—		—
Total long term assets		6,000		6,000		—		—
Total assets	$	48,423	$	30,489	$	17,934	$	—

The Company’s recurring fair value measures relate to short-term investments, which are classified as cash equivalents, derivative instruments and from time-to-time as contingent consideration. The fair value of our cash equivalents are either based on quoted prices for similar assets or other observable inputs such as yield curves at commonly quoted intervals and other market corroborated inputs. The fair value of our derivatives is based on quoted market prices from various banking institutions or an independent third-party provider for similar instruments. In determining the fair value, we consider our non-performance risk and that of our counterparties. At March 31, 2018, we had one 30-day forward contract to sell 2.4 million British pounds sterling and purchase $3.4 million that together, had an immaterial fair value; and at December 31, 2017, we had one 30-day forward contract to sell 2.5 million British pounds sterling and purchase $3.4 million that together, had an immaterial fair value.

The Company’s non-financial assets and non-financial liabilities subject to non-recurring measurements include goodwill and intangible assets.