Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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Available-for-Sale Short-Term Investments

Our available-for-sale short-term investments as of March 31, 2016 and December 31, 2015 are as follows (in thousands):

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
March 31, 2016
U.S. Government and sponsored entities	$	81,008	$	322	$	(2	)	$	81,328
Corporate debt securities		165,037		368		(236	)		165,169
Asset-backed securities		33,298		273		(56	)		33,515
Mortgage-backed securities – residential		1,460		2		(3	)		1,459
Total short-term investments	$	280,803	$	965	$	(297	)	$	281,471
December 31, 2015
U.S. Government and sponsored entities	$	98,411	$	12	$	(137	)	$	98,286
Corporate debt securities		198,498		20		(510	)		198,008
Asset-backed securities		35,276		195		(174	)		35,297
Mortgage-backed securities – residential		1,689		2		(6	)		1,685
Total short-term investments	$	333,874	$	229	$	(827	)	$	333,276

Summary of Fair Value and Duration of Investments, Including Cash Equivalents, that have been Classified in Gross Unrealized Loss Position

The fair value and duration that investments, including cash equivalents, have been in a gross unrealized loss position as of March 31, 2016 and December 31, 2015 are as follows (in thousands):

	Less than 12 Months					More than 12 Months					TOTAL
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
March 31, 2016
U.S. Government and sponsored entities	$	15,813	$	(2	)	$	—	$	—		$	15,813	$	(2	)
Corporate debt securities		68,349		(189	)		11,957		(47	)		80,306		(236	)
Asset-backed securities		18,392		(16	)		7,022		(40	)		25,414		(56	)
Mortgage-backed securities – residential		487		(1	)		240		(2	)		727		(3	)
Total	$	103,041	$	(208	)	$	19,219	$	(89	)	$	122,260	$	(297	)
December 31, 2015
U.S. Government and sponsored entities	$	82,366	$	(137	)	$	—	$	—		$	82,366	$	(137	)
Corporate debt securities		136,274		(448	)		16,940		(62	)		153,214		(510	)
Asset-backed securities		27,928		(103	)		7,131		(71	)		35,059		(174	)
Mortgage-backed securities – residential		764		(2	)		269		(4	)		1,033		(6	)
Total	$	247,332	$	(690	)	$	24,340	$	(137	)	$	271,672	$	(827	)

Amortized Cost and Estimated Fair Value of Investments

Amortized cost and estimated fair value of investments as of March 31, 2016 are summarized by maturity date as follows (in thousands):

	Amortized cost		Fair value
Mature in less than one year	$	90,975	$	90,993
Mature in one to three years		189,828		190,478
Total short-term investments	$	280,803	$	281,471

Investments in Accordance with Fair Value Hierarchy

Our investments and liabilities measured at fair value have been presented in accordance with the fair value hierarchy specified in ASC 820 as of March 31, 2016 and December 31, 2015 in order of liquidity as follows (in thousands):

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
March 31, 2016
Assets:
Money market funds	$	62,197	$	62,197	$	—	$	—
U.S. Government and sponsored entities		81,328		39,738		41,590		—
Corporate debt securities		165,739		—		165,739		—
Asset-backed securities		33,516		—		33,280		236
Mortgage-backed securities – residential		1,458		—		1,458		—
	$	344,238	$	101,935	$	242,067	$	236
Liabilities:
Contingent consideration, current and noncurrent	$	57,633	$	—	$	—	$	57,633
Self-insurance		1,477		—		—		1,477
	$	59,110	$	—	$	—	$	59,110
December 31, 2015
Assets:
Money market funds	$	13,221	$	13,221	$	—	$	—
U.S. Government and sponsored entities		98,286		34,712		63,574		—
Corporate debt securities		198,778		—		198,778		—
Asset-backed securities		35,297		—		35,113		184
Mortgage-backed securities – residential		1,684		—		1,684		—
	$	347,266	$	47,933	$	299,149	$	184
Liabilities:
Contingent consideration, current and noncurrent	$	54,796	$	—	$	—	$	54,796
Self-insurance		1,268		—		—		1,268
	$	56,064	$	—	$	—	$	56,064

Summary of Changes in Fair Value of Contingent Consideration

Changes in the fair value of contingent consideration are summarized as follows (in thousands):

Fair value of contingent consideration at January 1, 2015	$	12,277
Fair value of Reggiani contingent consideration at July 1, 2015		43,170
Fair value of CTI contingent consideration at October 6, 2015		2,551
Fair value of Shuttleworth contingent consideration at November 4, 2015		5,077
Changes in valuation		(3,575	)
Payments		(4,093	)
Foreign currency adjustment		(611	)
Fair value of contingent consideration at December 31, 2015	$	54,796
Fair value of Rialco contingent consideration at March 1, 2016	$	2,109
Changes in valuation		(206	)
Payments		(1,443	)
Foreign currency adjustment		2,377
Fair value of contingent consideration at March 31, 2016	$	57,633