Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis

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

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	625	$	—	$	—	$	625
Corporate debt securities		—		151,770		—		151,770
Foreign certificates of deposit and time deposits		—		3,260		—		3,260
Short-term investments:
Corporate debt securities		—		814,946		—		814,946
U.S. government and government agency debt securities		—		25,000		—		25,000
Foreign certificates of deposit and time deposits		—		53,786		—		53,786
Mutual funds		—		44,441		—		44,441
Long-term investments:
Corporate debt securities		—		108,288		—		108,288
U.S. government and government agency debt securities		—		67,012		—		67,012
Total financial assets	$	625	$	1,268,503	$	—	$	1,269,128
Liabilities:
Contingent consideration	$	—	$	—	$	320,100	$	320,100
Total financial liabilities	$	—	$	—	$	320,100	$	320,100

	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
Total financial liabilities	$	—	$	—	$	49,000	$	49,000

Fair Value Liabilities Measured on Recurring Basis

The following table presents the activity for the year ended December 31, 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		201,564
Payments		(28,464	)
Contingent consideration obligation –  December 31, 2019	$	320,100