Fair Value Measurements
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
We categorize assets and liabilities recorded at fair value based upon the level of judgment associated with inputs used to measure their fair value. The levels of the fair value hierarchy are as follows:
•
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•
Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or 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.
•
Level 3—Inputs are unobservable inputs based on our own assumptions and valuation techniques used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.
Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.
The following table presents the fair value of our financial assets using the fair value hierarchy:
 
 
September 30, 2016
Description
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(in thousands)
Money market funds
 
$
826,173

 
$
—

 
$
—

 
$
826,173

 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
Description
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(in thousands)
Money market funds
 
$
736,806

 
$
—

 
$
—

 
$
736,806


We did not have any investments in prime money market funds as of September 30, 2016. We have no material financial assets or liabilities measured using Level 2 or Level 3 inputs.