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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements of Cash Equivalents, Available-for-Sale Securities and Contingent Consideration Liabilities

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

 

 

 

December 31, 2015

 

 

 

Fair Value Measurements

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,070

 

 

$

25,070

 

 

$

 

 

$

 

Commercial paper securities

 

 

2,000

 

 

 

2,000

 

 

 

 

 

 

 

U.S. government sponsored entity debt securities

 

 

38,867

 

 

 

38,867

 

 

 

 

 

 

 

Total

 

 

65,937

 

 

 

65,937

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

 

30,717

 

 

 

 

 

 

30,717

 

 

 

 

Corporate debt securities

 

 

17,263

 

 

 

 

 

 

17,263

 

 

 

 

U.S. government sponsored entity debt securities

 

 

91,538

 

 

 

 

 

 

91,538

 

 

 

 

Total

 

 

139,518

 

 

 

 

 

 

139,518

 

 

 

 

Total cash equivalents and marketable securities

 

$

205,455

 

 

$

65,937

 

 

$

139,518

 

 

$

 

 

 

 

December 31, 2014

 

 

 

Fair Value Measurements

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

3,182

 

 

$

3,182

 

 

$

 

 

$

 

Total

 

 

3,182

 

 

 

3,182

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

 

33,748

 

 

 

 

 

 

33,748

 

 

 

 

Corporate debt securities

 

 

22,813

 

 

 

 

 

 

22,813

 

 

 

 

U.S. government sponsored entity debt securities

 

 

163,631

 

 

 

 

 

 

163,631

 

 

 

 

Total

 

 

220,192

 

 

 

 

 

 

220,192

 

 

 

 

Total cash equivalents and marketable securities

 

$

223,374

 

 

$

3,182

 

 

$

220,192

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

 

$

1,800

 

 

$

 

 

$

 

 

$

1,800

 

Total

 

$

1,800

 

 

$

 

 

$

 

 

$

1,800

 

 

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

 

 

230

 

Fair value as of December 31, 2014

 

 

1,800

 

Change in fair value

 

 

(1,800

)

Fair value as of December 31, 2015

 

$