Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis

The composition of our financial assets and liabilities as of June 30, 2019 and December 31, 2018 among the three levels of the fair value hierarchy are as follows (in thousands):

	June 30, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	190,094	$	—	$	—	$	190,094
Corporate debt securities		—		228,388		—		228,388
Short-term investments:
Corporate debt securities		—		134,262		—		134,262
U.S. government and government agency debt    securities		—		3,003		—		3,003
Long-term investments:
Corporate debt securities		—		2,004		—		2,004
Total financial assets	$	190,094	$	367,657	$	—	$	557,751
Liabilities:
Contingent consideration	$	—	$	—	$	256,400	$	256,400

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	565	$	—	$	—	$	565
Corporate debt securities		—		4,987		—		4,987
Short-term investments:
Corporate debt securities		—		36,232		—		36,232
Total financial assets	$	565	$	41,219	$	—	$	41,784
Liabilities:
Contingent consideration	$	—	$	—	$	49,000	$	49,000

Fair Value Liabilities Measured on Recurring Basis

The following table presents the activity for the six months ended June 30, 2019 related to our Level 3 liabilities (in thousands):

Level 3 Liabilities:	Total
Contingent consideration obligation –  December 31, 2018	$	49,000
Additions		98,000
Fair value adjustments		109,400
Contingent consideration obligation –  June 30, 2019	$	256,400