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Fair Value Measurements
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements

The Company classifies fair value based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company’s financial instruments as of June 30, 2016 and December 31, 2015 consisted primarily of cash and cash equivalents, accounts receivable and accounts payable. As of June 30, 2016 and December 31, 2015, the Company’s financial assets recognized at fair value consisted of the following:

 

     Fair Value as of June 30, 2016  
     Total      Level 1      Level 2      Level 3  
     (In thousands)  

Cash equivalents

   $ 270,051       $ 270,051       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 270,051       $ 270,051       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value as of December 31, 2015  
     Total      Level 1      Level 2      Level 3  
     (In thousands)  

Cash equivalents

   $ 30,000       $ 30,000       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 30,000       $ 30,000       $ —         $ —