Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	March 31, 2016
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	85,450	$	—	$	—	$	85,450
U.S. government and agency securities		—		191,225		—		191,225
Corporate debt securities		—		63,656		—		63,656
Commercial paper		—		54,890		—		54,890
Total	$	85,450	$	309,771	$	—	$	395,221
Financial Liabilities:
Contingent consideration related to acquisition	$	—	$	—	$	3,594	$	3,594
Total	$	—	$	—	$	3,594	$	3,594

	December 31, 2015
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	104,602	$	—	$	—	$	104,602
U.S. government and agency securities		—		194,055		—		194,055
Corporate debt securities		—		74,918		—		74,918
Commercial paper		—		42,295		—		42,295
Total	$	104,602	$	311,268	$	—	$	415,870
Financial Liabilities:
Contingent consideration related to acquisition	$	—	$	—	$	3,750	$	3,750
Total	$	—	$	—	$	3,750	$	3,750

Summary of Changes in Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):

	Contingent Consideration
Balance at December 31, 2015	$	3,750
Net decrease in fair value upon remeasurement		(317	)
Foreign currency impact on contingent consideration		161
Balance at March 31, 2016	$	3,594

Summary of Estimated Value of Cash Equivalents and Marketable Securities and Gross Unrealized Holding Gains and Losses

The following tables summarize the estimated value of the Company’s cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands):

	March 31, 2016
	Amortized cost		Unrealized gains		Unrealized losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	13,185	$	—	$	—		$	13,185
Money market funds		85,451		—		—			85,451
Commercial paper		19,498		—		—			19,498
U.S. government and agency securities		1,999		—		—			1,999
Total cash and cash equivalents	$	120,133	$	—	$	—		$	120,133
Marketable securities:
U.S. government and agency securities	$	189,226	$	48	$	(12	)	$	189,262
Corporate debt securities		63,656		25		(8	)		63,673
Commercial paper		35,392		—		—			35,392
Total marketable securities	$	288,274	$	73	$	(20	)	$	288,327

	December 31, 2015
	Amortized cost		Unrealized gains		Unrealized losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	15,175	$	—	$	—		$	15,175
Money market funds		104,602		—		—			104,602
Commercial paper		7,899		—		—			7,899
U.S. government and agency securities		22,780		—		—			22,780
Total cash and cash equivalents	$	150,456	$	—	$	—		$	150,456
Marketable securities:
U.S. government and agency securities	$	171,416	$	3	$	(144	)	$	171,275
Corporate debt securities		74,958		38		(78	)		74,918
Commercial paper		34,396		—		—			34,396
Total marketable securities	$	280,770	$	41	$	(222	)	$	280,589

Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity

The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2016 (in thousands):

	Amortized cost		Estimated Fair Value
Mature in one year or less	$	281,796	$	281,848
Mature after one year through two years		6,478		6,479
Total available-for-sale marketable securities	$	288,274	$	288,327