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Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 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 March 31, 2016 and December 31, 2015, respectively, was as follows:

 

March 31, 2016

   Level 1      Level 2      Level 3      Total  

Money market securities

   $ 2,255       $ —        $ —        $ 2,255   

Federal agency notes

     —          10,242         —          10,242   

U.S. treasuries

     —          7,555         —          7,555   

Commercial paper

     —          7,497         —          7,497   

Corporate notes

     —          4,891         —          4,891   

Pre-refunded municipal bonds (1)

     —          1,836         —          1,836   

Certificates of deposits

     —          381         —          381   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 2,255       $ 32,402       $ —        $ 34,657   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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 March 31, 2016 are as follows:

 

     Maturities by Period  
     Total      Less than
1 year
     1-5 years      5-10 years      More than
10 years
 

Cash equivalents and marketable securities

   $ 34,657       $ 32,611       $ 2,046      $ —        $ —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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 $6,827 and $2,401 at March 31, 2016 and December 31, 2015, respectively. Cash equivalents are carried at cost or amortized cost, which approximates fair value.