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Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair value of financial instruments.

Schedule of fair value of assets measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):

		Fair Value Measurement at Reporting Date Using:
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs			Balance as of
		(Level 1)			(Level 2)			(Level 3)			March 31, 2019
Cash and cash equivalents		$	1,299,704		$	—		$	—		$	1,299,704
Debt securities (corporate and government)			—			281,320			—			281,320
Long term investments (Note 9)			120,188			—			—			120,188
Total assets		$	1,419,892		$	281,320		$	—		$	1,701,212

		Fair Value Measurement at Reporting Date Using:
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs			Balance as of
		(Level 1)			(Level 2)			(Level 3)			December 31, 2018
Cash and cash equivalents		$	1,163,980		$	—		$	—		$	1,163,980
Debt securities (corporate and government)			—			274,343			—			274,343
Long term investment (Note 9)			99,199			—			—			99,199
Total assets		$	1,263,179		$	274,343		$	—		$	1,537,522

Schedule of fair value of liabilities measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):

		Fair Value Measurement at Reporting Date Using:
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs			Balance as of
		(Level 1)			(Level 2)			(Level 3)			March 31, 2019
Acquisition-related contingent consideration		$	—		$	—		$	287,000		$	287,000
Total liabilities		$	—		$	—		$	287,000		$	287,000

		Fair Value Measurement at Reporting Date Using:
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs			Balance as of
		(Level 1)			(Level 2)			(Level 3)			December 31, 2018
Acquisition-related contingent consideration		$	—		$	—		$	287,001		$	287,001
Total liabilities		$	—		$	—		$	287,001		$	287,001

Schedule of roll forward of Level 3 liabilities

The following is a rollforward of our Level 3 liabilities (in thousands):

Balance at January 1, 2019		$	287,001
Contingent consideration earned during the period but not yet paid			(6,672)
Change in fair value of contingent consideration			6,671
Balance at March 31, 2019		$	287,000

Summary of marketable securities portfolio

The following is a summary of our marketable security portfolio (in thousands):

					Net
		Amortized			Unrealized			Estimated
		Cost			Losses			Fair Value
March 31, 2019
Debt securities (corporate and government)		$	281,701		$	(381)		$	281,320
December 31, 2018
Debt securities (corporate and government)		$	275,405		$	(1,062)		$	274,343

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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