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Fair value measurements | 9 Months Ended
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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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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