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Fair value measurements
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair value measurements
Fair value measurements
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
 
September 30, 2016
 
December 31, 2015
(in thousands)
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Cash equivalents (1):
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
4,954

 
$

 
$
4,954

 
$
51,059

 
$

 
$
51,059

Total cash equivalents
$
4,954

 
$

 
$
4,954

 
$
51,059

 
$

 
$
51,059

Marketable securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agency securities
$

 
$
13,334

 
$
13,334

 
$

 
$
14,451

 
$
14,451

Commercial paper

 

 

 

 
2,197

 
2,197

Corporate debt securities

 
77,621

 
77,621

 

 
165,825

 
165,825

Municipal securities

 
2,360

 
2,360

 

 
11,913

 
11,913

Total marketable securities
$

 
$
93,315

 
$
93,315

 
$

 
$
194,386

 
$
194,386

(1) Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets. Cash balances were $126.6 million and $228.6 million as of September 30, 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 September 30, 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. There were no transfers of financial assets between levels during the nine months ended September 30, 2016.
The remaining contractual maturities of available-for-sale marketable securities are as follows:
(in thousands)
September 30,
2016
 
December 31,
2015
Less than one year
$
93,315

 
$
122,199

Greater than one year but less than two years

 
72,187

Total
$
93,315

 
$
194,386


At September 30, 2016 and December 31, 2015, the amortized cost of the Company's cash equivalents and marketable securities approximated their fair value and there were no material unrealized gains or losses, either individually or in the aggregate.
For certain other financial assets and liabilities, including accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances.