Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s assets and liabilities as of December 31, 2016 and 2015 that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of December 31, 2016 Using:
	Level 1		Level 2		Level 3		NotSubject to Leveling (1)		Total
Assets:
Cash Equivalents	$	—	$	4,740	$	—	$	1,567	$	6,307
Repurchase Agreements		—		7,000		—		—		7,000
Investments:
Commercial Paper		—		19,689		—		—		19,689
Certificates of Deposit		—		10,629		—		—		10,629
Corporate Bonds		—		94,609		—		—		94,609
Government Securities		—		33,466		—		—		33,466
Treasury Bonds		—		17,063		—		—		17,063
	$	—	$	187,196	$	—	$	1,567	$	188,763

⁽¹⁾ Certain cash equivalents and investments that are valued using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

	Fair Value Measurements as of December 31, 2015 Using:
	Level 1		Level 2		Level 3		Not Subject to Leveling (1)		Total
Assets:
Cash Equivalents	$	—	$	11,952	$	—	$	11,173	$	23,125
Repurchase Agreements		—		20,000		—		—		20,000
Investments:
Commercial Paper		—		64,820		—		—		64,820
Corporate Bonds		—		46,490		—		—		46,490
Government Securities		—		15,819		—		—		15,819
Treasury Bonds		—		4,020		—		—		4,020
	$	—	$	163,101	$	—	$	11,173	$	174,274

⁽¹⁾ Certain cash equivalents and investments that are valued using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

As of December 31, 2016, the Company’s cash equivalents consisted of money market funds, corporate bonds, certificates of deposits, and repurchase agreements with original maturities of less than 90 days from the date of purchase and were valued based on Level 2 inputs. Repurchase agreements are agreements with banks to repurchase notes that are collateralized by U.S. government securities.  All repurchase agreements have overnight maturities.

As of December 31, 2015, the Company’s cash equivalents consisted of money market funds, corporate bonds, commercial paper, and repurchase agreements with original maturities of less than 90 days from the date of purchase and were valued based on Level 2 inputs. Repurchase agreements are agreements with banks to repurchase notes that are collateralized by U.S. government securities.  

The fair value of the Company’s investments, which consisted of corporate bonds, commercial paper, certificates of deposit, government securities, and treasury bonds as of December 31, 2016 and 2015, were determined using Level 2 inputs. During the years ended December 31, 2016 and 2015, there were no transfers between Level 1, Level 2 and Level 3.