Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.7.0.1
Fair Value Measurements
6 Months Ended
Jun. 30, 2017
Fair Value Measurements [Abstract]  
Fair Value Measurements
8.
Fair Value Measurements

Financial assets measured at fair value on a recurring basis are classified in one of the three following categories, which are described below:

Level 1 - Valuations based on unadjusted quoted prices for identical assets in an active market

Level 2 - Valuations based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets

Level 3 - Valuations based on inputs that are unobservable and involve management judgment and our own assumptions about market participants and pricing
 
The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, respectively (in thousands):
 
         
Fair Value Measurement at Reporting Date Using
 
 
 
 
 
Description
 
June 30,
2017
   
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   
Significant
Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
                         
Cash and cash equivalents
 
$
110,343
   
$
110,343
   
$
   
$
 
Available-for-sale debt securities
   
     
     
     
 
Total
 
$
110,343
   
$
110,343
   
$
   
$
 

         
Fair Value Measurement at Reporting Date Using
 
 
 
 
 
Description
 
December 31,
2016
   
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   
Significant
Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
                         
Cash and cash equivalents
 
$
106,932
   
$
106,932
   
$
   
$
 
Available-for-sale debt securities
   
1,511
     
     
1,511
     
 
Total
 
$
108,443
   
$
106,932
   
$
1,511
   
$
 

The fair value of our available-for-sale debt securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers.