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FAIR VALUE MEASUREMENTS
 3 Months Ended
Jun. 30, 2014
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

3. FAIR VALUE MEASUREMENTS

        We follow a three-level fair value 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 prices in active markets for identical assets or liabilities.

    •
    Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.

    •
    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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

        The table below segregates all assets that are measured at fair value on a recurring basis (which is measured at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.

 
   June 30, 2014   Quoted prices
in active
markets for
identical assets
(level 1)		   Significant
other
observable
inputs
(level 2)		   Significant
unobservable
inputs
(level 3)		   Balance Sheet Classification

Money market funds

   $ 610,469   $ 610,469   $ —   $ —   Cash and cash equivalents

Bank-time deposits

     48,250     48,250     —     —   Cash and cash equivalents

Corporate bonds

     19,369     —     19,369     —   Short-term investments