Fair Value Measurements. Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:



	March 31, 2020
	Fair Value		Level 1		Level 2		Level 3

	(unaudited)
	(in thousands)
Financial Assets:
Money market funds	$	35,592	$	35,592	$	—	$	—
Total cash equivalents	$	35,592	$	35,592	$	—	$	—

Corporate bonds	$	4,035	$	—	$	4,035	$	—
U.S. government debt securities	363,818		—		363,818		—
Total short-term marketable securities	$	367,853	$	—	$	367,853	$	—

U.S. government debt securities	$	238,206	$	—	$	238,206	$	—
Total long-term marketable securities	$	238,206	$	—	$	238,206	$	—
Total	$	641,651	$	35,592	$	606,059	$	—

Financial Liabilities:
Contingent consideration	$	1,175	$	—	$	—	$	1,175
Total	$	1,175	$	—	$	—	$	1,175



	December 31, 2019
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	10,734	$	10,734	$	—	$	—
Total cash equivalents	$	10,734	$	10,734	$	—	$	—

Corporate bonds	$	16,690	$	—	$	16,690	$	—
U.S. government debt securities	362,884		—		362,884		—
Total short-term marketable securities	$	379,574	$	—	$	379,574	$	—

U.S. government debt securities	$	268,783	$	—	$	268,783	$	—
Total long-term marketable securities	$	268,783	$	—	$	268,783	$	—
Total	$	659,091	$	10,734	$	648,357	$	—

Financial Liabilities:
Contingent consideration	$	1,365	$	—	$	—	$	1,365
Total	$	1,365	$	—	$	—	$	1,365

Schedule of Debt Securities, Available-for-sale

The following tables summarizes the Company’s cash equivalents and marketable securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:



	March 31, 2020
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value

	(unaudited)
	(in thousands)
Money market fund	$	35,592	$	—	$	—	$	35,592
Corporate bond	4,035		—		—		4,035
U.S. government debt securities	594,064		7,961		—		602,025
Total	$	633,691	$	7,961	$	—	$	641,652



	December 31, 2019
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value

	(in thousands)
Money market fund	$	10,734	$	—	$	—		$	10,734
Corporate bond	16,679		11		—			16,690
U.S. government debt securities	630,283		1,422		(39		)	631,666
Total	$	657,696	$	1,433	$	(39	)	$	659,090

Schedule of Level 3 Activity

The following table summarizes the activities for the Level 3 financial instruments for the three months ended March 31, 2020 and 2019:



	Redeemable Noncontrolling Interest						Contingent consideration
	Three Months Ended March 31,						Three Months Ended March 31,
	2020			2019			2020			2019

	(unaudited)
	(in thousands)
Fair value — beginning of period	$	49,600		$	41,800		$	1,365		$	—
Increase (decrease) in fair value	(3,027		)	5,022			(190		)	—
Net loss for the period	(1,073		)	(322		)	—			—
Fair value — end of period	$	45,500		$	46,500		$	1,175		$	—