Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2016

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:

	September 30, 2016
(in thousands)		Level 1		Level 2		Level 3		Total
Assets:
Investment in money market funds (1)		$	10	$	-	$	-	$	10
Total assets		$	10	$	-	$	-	$	10

Liabilities:
Contingent consideration		$	-	$	-	$	22,928	$	22,928
Total liabilities		$	-	$	-	$	22,928	$	22,928

	December 31, 2015
(in thousands)		Level 1		Level 2		Level 3		Total
Assets:
Investment in money market funds (1)		$	3,323	$	-	$	-	$	3,323
Total assets		$	3,323	$	-	$	-	$	3,323

Liabilities:
Contingent consideration		$	-	$	-	$	25,155	$	25,155
Total liabilities		$	-	$	-	$	25,155	$	25,155

(1) Included in cash and cash equivalents in the 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, consisting only of contingent consideration, measured at fair value using significant unobservable inputs (Level 3) during the nine months ended September 30, 2016.

(in thousands)
Balance at December 31, 2015	$	25,155
Income included in earnings		1,263
Settlements		(964	)
Purchases, sales and issuances		-
Transfers in/(out) of Level 3		-
Balance at September 30, 2016	$	22,928