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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at September 30, 2017 and December 31, 2016.

		September 30, 2017
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents and investments:
Money market funds		$	26,230			$	—			$	—			$	26,230
Commercial paper			—				4,767				—				4,767
Corporate bonds			—				77,359				—				77,359
U.S. government agency obligations			—				8,990				—				8,990
U.S. Treasury securities			—				368,422				—				368,422
Restricted cash:
Certificates of deposit			—				5,106				—				5,106
Other assets:
Strategic investments			—				—				2,800				2,800
Total		$	26,230			$	464,644			$	2,800			$	493,674

		December 31, 2016
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents and investments:
Money market funds		$	32,260			$	—			$	—			$	32,260
Commercial paper			—				12,439				—				12,439
Corporate bonds			—				66,947				—				66,947
U.S. government agency obligations			—				10,980				—				10,980
Total		$	32,260			$	90,366			$	—			$	122,626

Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at September 30, 2017 and December 31, 2016.

		September 30, 2017
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
		(in thousands)
Commercial paper		$	4,770			$	—			$	(3	)		$	4,767
Corporate bonds			77,460				2				(103	)			77,359
U.S. government agency obligations			8,999				—				(9	)			8,990
U.S. Treasury securities			259,663				26				(6	)			259,683
Total		$	350,892			$	28			$	(121	)		$	350,799

		December 31, 2016
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
		(in thousands)
Commercial paper		$	12,446			$	—			$	(7	)		$	12,439
Corporate bonds			67,126				—				(179	)			66,947
U.S. government agency obligations			10,998				—				(18	)			10,980
Total		$	90,570			$	—			$	(204	)		$	90,366

Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held at September 30, 2017 and December 31, 2016 are as follows:

		September 30, 2017								December 31, 2016
		Amortized Cost Basis				Aggregate Fair Value				Amortized Cost Basis				Aggregate Fair Value
		(in thousands)								(in thousands)
Due within one year		$	315,178			$	315,130			$	54,694			$	54,648
Due after 1 year through 2 years			35,714				35,669				35,876				35,718
Total		$	350,892			$	350,799			$	90,570			$	90,366

X

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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