Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

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Available-for-Sale Short-Term Investments

Our available-for-sale short-term investments as of December 31, 2017 and 2016 are as follows (in thousands):

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
December 31, 2017
U.S. Government and sponsored entities	$	59,824	$	—	$	(660	)	$	59,164
Corporate debt securities		79,356		—		(450	)		78,906
Municipal securities		382		—		(2	)		380
Asset-backed securities		9,808		44		(47	)		9,805
Mortgage-backed securities—residential		445		—		(3	)		442
Total short-term investments	$	149,815	$	44	$	(1,162	)	$	148,697
December 31, 2016
U.S. Government and sponsored entities	$	70,893	$	49	$	(348	)	$	70,594
Corporate debt securities		198,166		102		(621	)		197,647
Municipal securities		1,278		—		(1	)		1,277
Asset-backed securities		24,233		79		(17	)		24,295
Mortgage-backed securities—residential		1,615		3		(3	)		1,615
Total short-term investments	$	296,185	$	233	$	(990	)	$	295,428

Summary of Fair Value and Duration of Investments, Including Cash Equivalents, that have been Classified in Gross Unrealized Loss Position

The fair value and duration that investments, including cash equivalents, have been in a gross unrealized loss position as of December 31, 2017 and 2016 are as follows (in thousands):

	Less than 12 Months					More than 12 Months					TOTAL
December 31, 2017	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and sponsored entities	$	23,023	$	(206	)	$	35,989	$	(454	)	$	59,012	$	(660	)
Corporate debt securities		45,857		(207	)		32,634		(243	)		78,491		(450	)
Municipal securities		378		(2	)		—		—			378		(2	)
Asset-backed securities		6,779		(31	)		2,947		(16	)		9,726		(47	)
Mortgage-backed securities—residential		162		(2	)		142		(1	)		304		(3	)
Total	$	76,199	$	(448	)	$	71,712	$	(714	)	$	147,911	$	(1,162	)
December 31, 2016
U.S. Government and sponsored entities	$	39,810	$	(348	)	$	—	$	—		$	39,810	$	(348	)
Corporate debt securities		133,382		(581	)		13,158		(40	)		146,540		(621	)
Municipal securities		1,268		(1	)		—		—			1,268		(1	)
Asset-backed securities		4,540		(7	)		4,611		(10	)		9,151		(17	)
Mortgage-backed securities—residential		428		(1	)		153		(2	)		581		(3	)
Total	$	179,428	$	(938	)	$	17,922	$	(52	)	$	197,350	$	(990	)

Amortized Cost and Estimated Fair Value of Investments

Amortized cost and estimated fair value of investments at December 31, 2017 are summarized by maturity date as follows (in thousands):

	Amortized cost		Fair value
Mature in less than one year	$	43,862	$	43,741
Mature in one to three years		105,953		104,956
Total short-term investments	$	149,815	$	148,697

Investments in Accordance with Fair Value Hierarchy

Our investments and liabilities measured at fair value have been presented in accordance with the fair value hierarchy specified in ASC 820 as of December 31, 2017 and 2016 in order of liquidity as follows (in thousands):

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
December 31, 2017
Assets:
Money market funds	$	9,897	$	9,897	$	—	$	—
U.S. Government and sponsored entities		59,164		33,261		25,903		—
Corporate debt securities		78,906		—		78,906		—
Municipal securities		380		—		380		—
Asset-backed securities		9,805		—		9,754		51
Mortgage-backed securities—residential		442		—		442		—
	$	158,594	$	43,158	$	115,385	$	51
Liabilities:
Contingent consideration, current and noncurrent	$	35,702	$	—	$	—	$	35,702
Self-insurance		902		—		—		902
	$	36,604	$	—	$	—	$	36,604
December 31, 2016
Assets:
Money market funds	$	23,575	$	23,575	$	—	$	—
U.S. Government and sponsored entities		70,594		51,870		18,724		—
Corporate debt securities		197,647		—		197,647		—
Municipal securities		1,277		—		1,277		—
Asset-backed securities		24,295		—		24,228		67
Mortgage-backed securities—residential		1,615		—		1,615		—
	$	319,003	$	75,445	$	243,491	$	67
Liabilities:
Contingent consideration, current and noncurrent	$	56,463	$	—	$	—	$	56,463
Self-insurance		1,542		—		—		1,542
	$	58,005	$	—	$	—	$	58,005

Summary of Changes in Contingent Liability for Contingent Consideration

Changes in the contingent liability for contingent consideration during the years ended December 31, 2017 and 2016 are summarized as follows

	Amount
Fair value of contingent consideration at December 31, 2015	$	54,796
Fair value of Rialco contingent consideration at March 1, 2016		2,109
Fair value of Optitex contingent consideration at June 16, 2016		22,300
Changes in valuation		6,813
Payments		(28,111	)
Foreign currency adjustment		(1,444	)
Fair value of contingent consideration at December 31, 2016	$	56,463
Fair value of Generation Digital contingent consideration at August 14, 2017		3,600
Fair value of Escada contingent consideration at October 1, 2017		2,049
Escrow adjustment for Reggiani acquisition		(4,711	)
Changes in valuation		6,472
Payments and settlements		(30,924	)
Foreign currency adjustment		2,753
Fair value of contingent consideration at December 31, 2017	$	35,702