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Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements of Cash Equivalents, Available-for-Sale Securities and Contingent Consideration Liability

The fair value measurements of our cash equivalents, available-for-sale marketable securities and contingent consideration liability are identified at the following levels within the fair value hierarchy (in thousands):

 

 

September 30, 2014

 

 

Fair Value Measurements

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

7,193

 

 

$

7,193

 

 

$

 

 

$

 

Total

 

7,193

 

 

 

7,193

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

36,247

 

 

 

 

 

 

36,247

 

 

 

 

Corporate debt securities

 

20,611

 

 

 

 

 

 

20,611

 

 

 

 

U.S. government sponsored entity debt

   securities

 

163,410

 

 

 

 

 

 

163,410

 

 

 

 

Total

 

220,268

 

 

 

 

 

 

220,268

 

 

 

 

Total cash equivalents and marketable securities

$

227,461

 

 

$

7,193

 

 

$

220,268

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

$

1,700

 

 

$

 

 

$

 

 

$

1,700

 

Total

$

1,700

 

 

$

 

 

$

 

 

$

1,700

 

 

 

December 31, 2013

 

 

Fair Value Measurements

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

6,934

 

 

$

6,934

 

 

$

 

 

$

 

Total

 

6,934

 

 

 

6,934

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government sponsored entity debt

   securities

 

121,290

 

 

 

 

 

 

121,290

 

 

 

 

Total cash equivalents and marketable securities

$

128,224

 

 

$

6,934

 

 

$

121,290

 

 

$

-

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

$

1,570

 

 

$

 

 

$

 

 

$

1,570

 

Total

$

1,570

 

 

$

 

 

$

 

 

$

1,570

 

 

 

Schedule of Changes in Estimated Fair Value of Contingent Consideration Liability

The following sets forth the changes in the estimated fair value for our contingent consideration liability classified as Level 3 (in thousands):

 

Fair value as of December 31, 2013

$

1,570

 

Change in fair value

 

130

 

Fair value as of September 30, 2014

$

1,700