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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

The tables below present information about the Company’s financial assets that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value: 

 

 

 

Fair Value Measurement as of December 31, 2016

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Money market funds

 

$

1,147

 

 

$

1,147

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

69,304

 

 

 

—

 

 

 

69,304

 

 

 

—

 

Government and government agency bonds

 

 

105,287

 

 

 

—

 

 

 

105,287

 

 

 

—

 

Corporate bonds

 

 

20,834

 

 

 

—

 

 

 

20,834

 

 

 

—

 

Certificates of deposit

 

 

11,343

 

 

 

11,343

 

 

 

—

 

 

 

—

 

Total assets

 

$

207,915

 

 

$

12,490

 

 

$

195,425

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement as of December 31, 2015

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Money market funds

 

$

32,850

 

 

$

32,850

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

48,899

 

 

 

—

 

 

 

48,899

 

 

 

—

 

Government and government agency bonds

 

 

50,918

 

 

 

—

 

 

 

50,918

 

 

 

—

 

Corporate bonds

 

 

17,370

 

 

 

—

 

 

 

17,370

 

 

 

—

 

Certificates of deposit

 

 

11,343

 

 

 

11,343

 

 

 

—

 

 

 

—

 

Total assets

 

$

161,380

 

 

$

44,193

 

 

$

117,187

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds and certificates of deposit. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the consolidated balance sheets as of December 31, 2016

The Company’s assets with fair value categorized as Level 2 within the fair value hierarchy consist of commercial paper, government and government agency bonds and corporate bonds. These assets have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, through income-based approaches utilizing market observable data.

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts for long-term debt approximate fair value based on market activity for other debt instruments with similar characteristics and comparable risk.