Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables represent the fair value hierarchy as of September 30, 2014 and December 31, 2013 for those assets and liabilities that we measure at fair value on a recurring basis (in thousands):

	Fair Value Measurements at September 30, 2014 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	191,258	$	191,258	$	—	$	—
Corporate debt securities	134,590		—		134,590		—
U.S. treasury and government agency securities	53,998		—		53,998		—
Commercial paper	1,500		—		1,500		—
Total Assets	$	381,346	$	191,258	$	190,088	$	—
Liabilities:
Acquisition-related contingent consideration	$	11,848	—		—		11,848
Total Liabilities	$	11,848	$	—	$	—	$	11,848

	Fair Value Measurements at December 31, 2013 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	18,767	$	18,767	$	—	$	—
Corporate debt securities	134,123		—		134,123		—
U.S. treasury and government agency securities	52,680		—		52,680		—
Total Assets	$	205,570	$	18,767	$	186,803	$	—
Liabilities:
Acquisition-related contingent consideration	$	14,550	$	—	$	—	$	14,550
Total Liabilities	$	14,550	$	—	$	—	$	14,550

Schedule of reconciliation of contingent consideration obligations related to acquisition of MuGard rights measured on recurring basis using Level 3 inputs

The following table presents a reconciliation of contingent consideration obligations related to our acquisition of the MuGard Rights measured on a recurring basis using Level 3 inputs as of September 30, 2014 (in thousands):

Balance as of December 31, 2013	$	14,550
Payments made	(186		)
Adjustments to fair value of contingent consideration	(2,535		)
Other adjustments	19
Balance as of September 30, 2014	$	11,848