Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table sets forth the fair value of our financial assets and liabilities (excluding consolidated VIE’s cash), allocated into Level 1, Level 2 and Level 3, that was measured on a recurring basis (in thousands):

	March 31, 2018
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	19,507	$	—	$	—	$	19,507
Corporate notes and commercial paper	—			260,950		—		260,950
U.S. Treasury bills and government agency securities		—		154,412		—		154,412
Total financial assets	$	19,507	$	415,362	$	—	$	434,869
Financial Liabilities:
Embedded derivatives liabilities	$	—	$	—	$	7,220	$	7,220

	December 31, 2017
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	31,836	$	—	$	—	$	31,836
Corporate notes and commercial paper		—		313,164		—		313,164
U.S. Treasury bills and government agency securities		—		170,458		—		170,458
Total financial assets	$	31,836	$	483,622	$	—	$	515,458
Financial Liabilities:
Embedded derivatives liabilities	$	—	$	—	$	8,854	$	8,854

Summary of Changes in Estimated Fair Value of Embedded Derivatives Liabilities Measured on Recurring Basis

The following table sets forth a summary of the changes in the estimated fair value of our embedded derivatives liabilities, which were measured at fair value on a recurring basis (in thousands):

Balance as of December 31, 2017	$	8,854
Net decrease in fair value included in interest and other income, net		(1,634	)
Balance as of March 31, 2018	$	7,220