Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:

	March 31,
(In thousands)	2022		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	160,499	$	130,612	$	29,887	$	—
Corporate debt securities		225,482		—		224,982		500
Non-U.S. government debt securities		88,339		—		88,339		—
Contingent consideration		3,440		—		—		3,440
Total	$	477,760	$	130,612	$	343,208	$	3,940

	December 31,
	2021		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	126,139	$	96,597	$	29,542	$	—
Corporate debt securities		196,478		—		196,478		—
Non-U.S. government debt securities		103,760		—		103,760		—
Contingent consideration		23,048		—		—		23,048
Total	$	449,425	$	96,597	$	329,780	$	23,048

Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs

The following table is a rollforward of the fair value of the Company’s investments with fair values that were determined using Level 3 inputs at March 31, 2022:

(In thousands)	Fair Value
Balance, January 1, 2022	$	23,048
Purchase of corporate debt security		500
Change in the fair value of contingent consideration		(19,067	)
Milestone and royalty payments received by the Company related to contingent consideration		(501	)
Royalty payments due to the Company related to contingent consideration		(40	)
Balance, March 31, 2022	$	3,940