Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate their carrying values due to the short-term nature of these instruments. The Company records marketable securities at amortized cost, which approximates fair value.

The Company’s fair value hierarchy for its cash equivalents and marketable securities as of June 30, 2016 and December 31, 2015, respectively, was as follows:

June 30, 2016	Level 1		Level 2		Level 3		Total
Money market securities	$	2,774	$	—	$	—	$	2,774
Federal agency notes		—		8,765		—		8,765
U.S. treasuries		—		7,556		—		7,556
Pre-refunded municipal bonds (1)		—		4,286		—		4,286
Corporate notes		—		4,050		—		4,050
Commercial paper		—		3,498		—		3,498
Certificates of deposits		—		136		—		136
Total	$	2,774	$	28,291	$	—	$	31,065

December 31, 2015	Level 1		Level 2		Level 3		Total
Money market securities	$	2,001	$	—	$	—	$	2,001
Federal agency notes		—		11,722		—		11,722
U.S. treasuries		—		7,059		—		7,059
Corporate notes		—		6,884		—		6,884
Pre-refunded municipal bonds (1)		—		4,747		—		4,747
Commercial paper		—		3,794		—		3,794
Certificates of deposits		—		2,220		—		2,220
Total	$	2,001	$	36,426	$	—	$	38,427

(1) Pre-refunded municipal bonds are collateralized by U.S. treasuries.

The fair value maturities of the Company’s cash equivalents and marketable securities as of June 30, 2016 are as follows:

	Maturities by Period
	Total		Lessthan 1 year		1-5 years		5 - 10 years		More than 10 years
Cash equivalents and marketable securities	$	31,065	$	31,065	$	—	$	—	$	—

The Company considers all highly liquid marketable securities with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents include money market funds and certificates of deposit totaling $8,687 and $2,401 at June 30, 2016 and December 31, 2015, respectively. Cash equivalents are carried at cost or amortized cost, which approximates fair value.