Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2016
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	57,500	$	—	$	—	$	57,500
U.S. government and agency securities		—		186,948		—		186,948
Corporate debt securities		—		68,191		—		68,191
Commercial paper		—		59,521		—		59,521
Total	$	57,500	$	314,660	$	—	$	372,160
Financial Liabilities:
Contingent consideration related to acquisition	$	—	$	—	$	3,542	$	3,542
Total	$	—	$	—	$	3,542	$	3,542

	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		(313	)
Foreign currency impact on contingent consideration		105
Balance at September 30, 2016	$	3,542

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

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

	September 30, 2016
	Amortized cost		Unrealized gains		Unrealized losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	14,987	$	—	$	—		$	14,987
Money market funds		57,500		—		—			57,500
U.S. government and agency securities		4,700		—		—			4,700
Commercial paper		20,796		—		—			20,796
Total cash and cash equivalents	$	97,983	$	—	$	—		$	97,983
Marketable securities:
U.S. government and agency securities	$	182,206	$	65	$	(23	)	$	182,248
Corporate debt securities		68,209		6		(24	)		68,191
Commercial paper		38,725		—		—			38,725
Total marketable securities	$	289,140	$	71	$	(47	)	$	289,164

	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 September 30, 2016 (in thousands):

	Amortized cost		Estimated Fair Value
Mature in one year or less	$	271,960	$	271,985
Mature after one year through two years		17,180		17,179
Total available-for-sale marketable securities	$	289,140	$	289,164