Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of assets and liabilities carried at fair value

As of September 30, 2020 and December 31, 2019, our assets and liabilities carried at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Total Fair Value
September 30, 2020	(In thousands)
Assets
Corporate bonds	$	—	$	10,092	$	—	$	10,092

Agency bond securities	—		54,931		—		54,931
Agency mortgage-backed securities	—		215,185		—		215,185
Municipal bonds	—		13,950		—		13,950
Asset-backed securities	—		15,216		—		15,216
Total assets	$	—	$	309,374	$	—	$	309,374

Liabilities
Contingent consideration	$	—	$	—	$	6,300	$	6,300

December 31, 2019
Assets
Corporate bonds	$	—	$	10,012	$	—	$	10,012


Agency bond securities	—		20,000		—		20,000
Agency mortgage-backed securities	—		211,033		—		211,033
Municipal bonds	—		4,342		—		4,342
Asset-backed securities	—		32,052		—		32,052
Total assets	$	—	$	277,439	$	—	$	277,439

Liabilities
Contingent consideration	$	—	$	—	$	9,300	$	9,300

Schedule of changes in contingent consideration payable

The following table presents changes in our contingent consideration payable for the three and nine months ended September 30, 2020 and 2019, which is categorized in Level 3 of the fair value hierarchy:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Balance, beginning of period	$	7,300	$	13,166	$	9,300	$	15,800

Payments of contingent consideration	(1,000)		(1,000)		(3,000)		(3,634)

Change in fair value of contingent consideration	—		(1,866)		—		(1,866)
Balance, end of period	$	6,300	$	10,300	$	6,300	$	10,300