Fair value measurements

3 Months Ended

Mar. 31, 2016

The Company’s assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:



	March 31, 2016						December 31, 2015
(in thousands)	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents ⁽¹⁾:
Money market funds	$	56,821	$	—	$	56,821	$	51,059	$	—	$	51,059
Total cash equivalents	$	56,821	$	—	$	56,821	$	51,059	$	—	$	51,059
Marketable securities:
U.S. agency securities	$	—	$	14,440	$	14,440	$	—	$	14,451	$	14,451
Commercial paper	—		1,200		1,200		—		2,197		2,197
Corporate debt securities	—		112,459		112,459		—		165,825		165,825
Municipal securities	—		11,852		11,852		—		11,913		11,913
Total marketable securities	$	—	$	139,951	$	139,951	$	—	$	194,386	$	194,386

⁽¹⁾ Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015. Cash balances were $191.9 million and $228.6 million as of March 31, 2016 and December 31, 2015, respectively.

Cash equivalents and marketable securities are classified as Level 1 or Level 2 because the Company uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. At March 31, 2016 and December 31, 2015, the Company had no financial assets or liabilities that were classified as Level 3, which are valued based on inputs supported by little or no market activity. During the three months ended March 31, 2016, the Company had no transfers of financial assets between levels.

The remaining contractual maturities of available-for-sale marketable securities are as follows:



(in thousands)	March 31, 2016		December 31, 2015
Less than one year	$	83,678	$	122,199
Greater than one year but less than two years	56,273		72,187
Total	$	139,951	$	194,386

At March 31, 2016, the amortized cost of the Company's cash equivalents and marketable securities approximated their fair value and there were no material unrealized gains/(losses) either individually or in the aggregate.

- 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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