Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2015 |
Fair Value Disclosures [Abstract] |
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Schedule of Marketable Securities |
The following is a summary of available-for-sale marketable securities held as of September 30, 2015 and December 31, 2014 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Unrealized | | | | Classification on Balance Sheet | | Amortized Cost | | Gains | | Losses | | Aggregate Fair Value | | Short-Term Marketable Securities | | Long-Term Marketable Securities | As of September 30, 2015 | | | | | | | | | | | | Corporate bonds | $ | 1,017,036 |
| | $ | 668 |
| | $ | (1,179 | ) | | $ | 1,016,525 |
| | $ | 392,335 |
| | $ | 624,190 |
| U.S. government agency obligations | 230,598 |
| | 257 |
| | (25 | ) | | 230,830 |
| | 19,047 |
| | 211,783 |
| | $ | 1,247,634 |
| | $ | 925 |
| | $ | (1,204 | ) | | $ | 1,247,355 |
| | $ | 411,382 |
| | $ | 835,973 |
| | | | | | | | | | | | | As of December 31, 2014 | | | | | | | | | | | | Certificates of deposit | $ | 39 |
| | $ | — |
| | $ | — |
| | $ | 39 |
| | $ | — |
| | $ | 39 |
| Commercial paper | 10,487 |
| | — |
| | (2 | ) | | 10,485 |
| | 10,485 |
| | — |
| Corporate bonds | 1,077,387 |
| | 454 |
| | (2,132 | ) | | 1,075,709 |
| | 424,777 |
| | 650,932 |
| U.S. government agency obligations | 303,808 |
| | 20 |
| | (427 | ) | | 303,401 |
| | 84,380 |
| | 219,021 |
| | $ | 1,391,721 |
| | $ | 474 |
| | $ | (2,561 | ) | | $ | 1,389,634 |
| | $ | 519,642 |
| | $ | 869,992 |
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Schedule of Fair Value Measurement |
The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at September 30, 2015 and December 31, 2014 (in thousands):
| | | | | | | | | | | | | | | | | | Total Fair Value | | Fair Value Measurements at Reporting Date Using | | | Level 1 | | Level 2 | | Level 3 | As of September 30, 2015 | | | | | | | | Cash Equivalents and Marketable Securities: | | | | | | | | Money market funds | $ | 1,805 |
| | $ | 1,805 |
| | $ | — |
| | $ | — |
| Corporate bonds | 1,016,525 |
| | — |
| | 1,016,525 |
| | — |
| U.S. government agency obligations | 230,830 |
| | — |
| | 230,830 |
| | — |
| Mutual funds | 1,047 |
| | 1,047 |
| | — |
| | — |
| | $ | 1,250,207 |
| | $ | 2,852 |
| | $ | 1,247,355 |
| | $ | — |
| | | | | | | | | As of December 31, 2014 | | | | Cash Equivalents and Marketable Securities: | | | | | | | | Money market funds | $ | 501 |
| | $ | 501 |
| | $ | — |
| | $ | — |
| Certificates of deposit | 39 |
| | 39 |
| | — |
| | — |
| Commercial paper | 10,485 |
| | — |
| | 10,485 |
| | — |
| Corporate bonds | 1,075,709 |
| | — |
| | 1,075,709 |
| | — |
| U.S. government agency obligations | 303,401 |
| | — |
| | 303,401 |
| | — |
| | $ | 1,390,135 |
| | $ | 540 |
| | $ | 1,389,595 |
| | $ | — |
| | | | | | | | | Other Liabilities: | | | | | | | | Contingent consideration obligation related to Velocius acquisition | $ | (900 | ) | | $ | — |
| | $ | — |
| | $ | (900 | ) |
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Schedule of Liability Measured at Fair Value using Level 3 Inputs |
The following table reflects the activity for the Company’s liability measured at fair value using Level 3 inputs for the nine months ended September 30, 2015 (in thousands):
| | | | | | September 30, 2015 | Balance as of January 1, 2015 | $ | (900 | ) | Fair value adjustment to contingent consideration included in general and administrative expense | (100 | ) | Achievement of final milestone related to Velocius contingent consideration | 1,000 |
| Balance as of September 30, 2015 | $ | — |
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Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets |
Contractual maturities of the Company’s available-for-sale marketable securities held at September 30, 2015 and December 31, 2014 were as follows (in thousands):
| | | | | | | | | | September 30, 2015 | | December 31, 2014 | Due in 1 year or less | $ | 411,382 |
| | $ | 519,642 |
| Due after 1 year through 5 years | 835,973 |
| | 869,992 |
| | $ | 1,247,355 |
| | $ | 1,389,634 |
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