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Fair Value Measurements
9 Months Ended
Sep. 30, 2015
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]  
Fair Value Measurements
Fair Value Measurements
 
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis at September 30, 2015 (in thousands): 
 
Level 1
 
Level 2
 
Total
Cash equivalents:
 
 
 
 
 
Money market funds
$
160,582

 
$

 
$
160,582

Short-term investments:
 
 
 
 
 
Commercial paper

 
11,365

 
11,365

Corporate notes and bonds

 
312,176

 
312,176

Certificates of deposit

 
33,913

 
33,913

U.S. government agency securities

 
22,424

 
22,424

Long-term investments:
 
 
 
 
 
Corporate notes and bonds

 
305,907

 
305,907

Certificates of deposit

 
7,160

 
7,160

U.S. government agency securities

 
87,445

 
87,445

Total
$
160,582

 
$
780,390

 
$
940,972

 
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis at December 31, 2014 (in thousands): 
 
Level 1
 
Level 2
 
Total
Cash equivalents:
 
 
 
 
 
Money market funds
$
46,541

 
$

 
$
46,541

Commercial paper

 
4,600

 
4,600

Short-term investments:
 
 
 
 
 
Commercial paper

 
8,196

 
8,196

Corporate notes and bonds

 
342,864

 
342,864

Certificates of deposit

 
25,258

 
25,258

U.S. government agency securities

 
40,018

 
40,018

Long-term investments:
 
 
 
 
 
Corporate notes and bonds

 
210,768

 
210,768

Certificates of deposit

 
1,999

 
1,999

U.S. government agency securities

 
54,005

 
54,005

Total
$
46,541

 
$
687,708

 
$
734,249



We determine the fair value of our security holdings based on pricing from our service provider and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.