Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table represents the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:

	At December 31, 2014
(in thousands)		Level 1		Level 2		Level 3		Total
Assets:
Investment in money market funds (1)		$	111,912	$	-	$	-	$	111,912
Total assets		$	111,912	$	-	$	-	$	111,912

Liabilities:
Contingent consideration		$	-	$	-	$	47,657	$	47,657
Total liabilities		$	-	$	-	$	47,657	$	47,657

	At December 31, 2013
(in thousands)		Level 1		Level 2		Level 3		Total
Assets:
Investment in money market funds (1)		$	37,701	$	-	$	-	$	37,701
Total assets		$	37,701	$	-	$	-	$	37,701

Liabilities:
Contingent price consideration		$	-	$	-	$	16,619	$	16,619
Total liabilities		$	-	$	-	$	16,619	$	16,619

(1) Included in cash and cash equivalents in accompanying consolidated balance sheets.

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table is a reconciliation of the beginning and ending balance of the liabilities measured at fair value using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013.

(in thousands)
Balance at December 31, 2012	$	-
Expense (income) included in earnings		735
Settlements		(348	)
Purchases, sales and issuances		16,232
Transfers in/(out) of Level 3		-
Balance at December 31, 2013	$	16,619
Expense (income) included in earnings		3,133
Settlements		(1,579	)
Purchases, sales and issuances		29,484
Transfers in/(out) of Level 3		-
Balance at December 31, 2014	$	47,657

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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