Fair Value Measurements Fair Value Measurements

12 Months Ended

Dec. 31, 2014

The following tables present the financial assets measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands):



	December 31, 2014
	Fair Value		Level 1		Level 2
Cash equivalents:
Commercial paper	$	5,749	$	—	$	5,749
U.S. government and agency securities	2,000		—		2,000
Money market funds	451		451		—
Municipal bonds	1,409		—		1,409
	$	9,609	$	451	$	9,158

Short-term investments:
Municipal bonds	$	120,282	$	—	$	120,282
Commercial paper	2,498		—		2,498
Corporate bonds	68,672		—		68,672
U.S. government and agency securities	48,062		—		48,062
	$	239,514	$	—	$	239,514



	December 31, 2013
	Fair Value		Level 1		Level 2
Cash equivalents:
Commercial paper	$	34,498	$	—	$	34,498
Money market funds	37		37		—
U.S. government and agency securities	3,801		—		3,801
	$	38,336	$	37	$	38,299

Short-term investments:
Municipal bonds	$	146,100	$	—	$	146,100
Commercial paper	31,597		—		31,597
Corporate bonds	7,875		—		7,875
U.S. government and agency securities	4,995		—		4,995
	$	190,567	$	—	$	190,567

As of December 31, 2014 and 2013, the Company did not use level 3 inputs to measure financial assets or liabilities at fair value.

- 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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