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Fair value measurements (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 (in thousands):

 

Description

 

Total

 

 

Quoted

prices in

active

markets

(Level 1)

 

 

Significant

other

observable

inputs

(Level 2)

 

 

Significant

unobservable

inputs

(Level 3)

 

March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

216,001

 

 

$

209,309

 

 

$

6,692

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities and treasuries

 

 

580,022

 

 

 

 

 

 

580,022

 

 

 

 

Certificates of deposit

 

 

3,846

 

 

 

 

 

 

3,846

 

 

 

 

Total assets

 

$

799,869

 

 

$

209,309

 

 

$

590,560

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

9,189

 

 

$

 

 

$

 

 

$

9,189

 

Total liabilities

 

$

9,189

 

 

$

 

 

$

 

 

$

9,189

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

278,887

 

 

$

278,887

 

 

$

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities and treasuries

 

 

599,460

 

 

 

 

 

 

599,460

 

 

 

 

Certificates of deposit

 

 

6,483

 

 

 

 

 

 

6,483

 

 

 

 

Total assets

 

$

884,830

 

 

$

278,887

 

 

$

605,943

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

7,756

 

 

$

 

 

$

 

 

$

7,756

 

Total liabilities

 

$

7,756

 

 

$

 

 

$

 

 

$

7,756

 

 

Roll-Forward of Fair Value of the Company's Contingent Consideration Obligations

The table below provides a roll-forward of fair value of the Company’s contingent consideration obligations, which include Level 3 inputs (in thousands):

 

 

Three Months Ended

 

 

March 31, 2017

 

Beginning balance

$

7,756

 

Additions

 

 

Changes in fair value

 

1,433

 

Payments

 

 

Ending balance

$

9,189