FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

3. FAIR VALUE MEASUREMENTS

The Company has certain financial assets and liabilities that are recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

• Level 1 — quoted prices for identical instruments in active markets;

• Level 2 — quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

• Level 3 — valuations derived from valuation techniques in which one or more significant value drivers are unobservable.

The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:

	Fair Value Measurement as of March 31, 2015
	Total		Level 1		Level 2		Level 3
	(in thousands)
Money market funds	$	363	$	363	$	—	$	—
Commercial paper		37,398		—		37,398		—
Government and government agency bonds		77,229		—		77,229		—
Corporate bonds		30,059		—		30,059		—
Certificates of deposit		648		648		—		—
Total assets	$	145,697	$	1,011	$	144,686	$	—

	Fair Value Measurement as of December 31, 2014
	Total		Level 1		Level 2		Level 3
	(in thousands)
Money market funds	$	47,740	$	47,740	$	—	$	—
Commercial paper		2,997		—		2,997		—
Government and government agency bonds		75,250		—		75,250		—
Corporate bonds		58,546		—		58,546		—
Certificates of deposit		647		647		—		—
Total assets	$	185,180	$	48,387	$	136,793	$	—