Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes, as of September 30, 2017 and December 31, 2016, the Company's financial assets and liabilities that are measured at fair value on a recurring basis, according to the fair value hierarchy described in the significant accounting policies included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (in thousands):



	As of September 30, 2017								As of December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	127,672	$	—	$	—	$	127,672	$	93,384	$	—	$	—	$	93,384
Money market funds	763		—		—		763		135		—		—		135
Total cash and cash equivalents	128,435		—		—		128,435		93,519		—		—		93,519
Commercial paper and corporate bonds	—		387,603		—		387,603		—		388,636		—		388,636
U.S. government agency debt securities	—		37,574		—		37,574		—		33,067		—		33,067
Total marketable securities	—		425,177		—		425,177		—		421,703		—		421,703
Total financial assets measured at fair value on a recurring basis	$	128,435	$	425,177	$	—	$	553,612	$	93,519	$	421,703	$	—	$	515,222

Contingent consideration – short-term	$	—	$	—	$	3,985	$	3,985	$	—	$	—	$	—	$	—
Contingent consideration – long-term	—		—		1,867		1,867		—		—		—		—
Total financial liabilities measured at fair value on a recurring basis	$	—	$	—	$	5,852	$	5,852	$	—	$	—	$	—	$	—

Changes in fair value of level 3 liabilities

The following table provides a summary of changes in fair value of the Company's Level 3 financial liabilities during the nine months ended September 30, 2017 (in thousands):



Balance as of January 1, 2017	$	—
Contingent consideration — acquisition	5,697
Due to sellers	(5		)
Fair value adjustment (included in general and administrative expenses)	160
Balance as of September 30, 2017	$	5,852