Summary of assets and liabilities subject to fair value measurements |
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of September 30, 2019 are identified in the following table: | | | | | | | | | | (in thousands) | | Level 2 | | Total | Assets: | | |
| | |
| Commercial paper | | $ | 114,808 |
| | $ | 114,808 |
| Asset-backed securities | | 75,255 |
| | 75,255 |
| Corporate debt securities | | 139,745 |
| | 139,745 |
| U.S. government agency bonds | | 17,666 |
| | 17,666 |
| Money market funds | | 4,328 |
| | 4,328 |
| | | $ | 351,802 |
| | $ | 351,802 |
|
| | | | | | | | | | | | | | | | Level 2 | | Level 3 | | Total | Liabilities: | | |
| | |
| | |
| Contingent consideration payable | | $ | — |
| | $ | 22,036 |
| | $ | 22,036 |
| Deferred compensation plan liability | | 4,003 |
| | — |
| | 4,003 |
| | | $ | 4,003 |
| | $ | 22,036 |
| | $ | 26,039 |
|
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2018 are identified in the following table: | | | | | | | | | | (in thousands) | | Level 2 | | Total | Assets: | | | | | Commercial paper | | $ | 115,141 |
| | $ | 115,141 |
| Asset-backed securities | | 68,135 |
| | 68,135 |
| Corporate debt securities | | 240,726 |
| | 240,726 |
| Money market funds | | 3,082 |
| | 3,082 |
| | | $ | 427,084 |
| | $ | 427,084 |
|
| | | | | | | | | | | | | | Level 2 | | Level 3 | | Total | Liabilities: | |
| | |
| | |
| Contingent consideration payable | $ | — |
| | $ | 19,700 |
| | $ | 19,700 |
| Deferred compensation plan liability | 2,732 |
| | — |
| | 2,732 |
| | $ | 2,732 |
| | $ | 19,700 |
| | $ | 22,432 |
|
|
Schedule of changes in contingent consideration payable |
The following table shows the change in the balance of contingent consideration payable for the three and nine months ended September 30, 2019 and 2018, respectively: | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2019 | | 2018 | | 2019 | | 2018 | Balance, beginning of the period | | $ | 21,247 |
| | $ | 26,800 |
| | $ | 28,700 |
| | $ | 25,400 |
| Payment of contingent consideration in stock | | — |
| | — |
| | (9,316 | ) | | — |
| Changes in fair value during the period, included in the Consolidated Statements of Operations | | 789 |
| | 1,300 |
| | 2,652 |
| | 2,700 |
| Balance, end of the period | | $ | 22,036 |
| | $ | 28,100 |
| | $ | 22,036 |
| | $ | 28,100 |
|
|