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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2017
Fair Value of Financial Instruments |
Financial assets and liabilities measured at fair value on a recurring basis | The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.
|  | Fair Value Measurements at September 30, 2017 Using |  |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 107,869 |  | $ | — |  | $ | — |  | $ | 107,869 |
Corporate debt securities |  | — |  | 21,317 |  | — |  | 21,317 |
Government debt securities |  | — |  | 8,946 |  | — |  | 8,946 |
Total cash equivalents |  | $ | 107,869 |  | $ | 30,263 |  | $ | — |  | $ | 138,132 |
Short-term investments: |  |  |  |  |  |  |  |  |
Government debt securities |  | $ | 62,494 |  | $ | 222,276 |  | $ | — |  | $ | 284,770 |
Corporate debt securities |  |  | — |  | 197,626 |  | — |  | 197,626 |
Total short-term investments |  | $ | 62,494 |  | $ | 419,902 |  | $ | — |  | $ | 482,396 |
Long-term investments: |  |  |  |  |  |  |  |  |
Auction rate securities |  | $ | — |  | $ | — |  | $ | 5,471 |  | $ | 5,471 |
Total long-term investments |  | $ | — |  | $ | — |  | $ | 5,471 |  | $ | 5,471 |
Total |  | $ | 170,363 |  | $ | 450,165 |  | $ | 5,471 |  | $ | 625,999 |
Liabilities: |  |  |  |  |  |  |  |  |
Other non-current liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  | $ | — |  | $ | 4,154 |  | $ | 4,154 |
Total |  | $ | — |  | $ | — |  | $ | 4,154 |  | $ | 4,154 |
|  | Fair Value Measurements at December 31, 2016 Using |  |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 69,432 |  | $ | — |  | $ | — |  | $ | 69,432 |
Corporate debt securities |  | — |  | 7,153 |  | — |  | 7,153 |
Government debt securities |  | — |  | 3,904 |  | — |  | 3,904 |
Total cash equivalents |  | $ | 69,432 |  | $ | 11,057 |  | $ | — |  | $ | 80,489 |
Short-term investments: |  |  |  |  |  |  |  |  |
Government debt securities |  | $ | 12,416 |  | $ | 97,103 |  | $ | — |  | $ | 109,519 |
Corporate debt securities |  | — |  | 44,442 |  | — |  | 44,442 |
Total short-term investments |  | $ | 12,416 |  | $ | 141,545 |  | $ | — |  | $ | 153,961 |
Long-term investments: |  |  |  |  |  |  |  |  |
Auction rate securities |  | $ | — |  | $ | — |  | $ | 5,196 |  | $ | 5,196 |
Total long-term investments |  | $ | — |  | $ | — |  | $ | 5,196 |  | $ | 5,196 |
Other assets, net: |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | 1,808 |  | $ | — |  | $ | 1,808 |
Total |  | $ | — |  | $ | 1,808 |  | $ | — |  | $ | 1,808 |
Total |  | $ | 81,848 |  | $ | 154,410 |  | $ | 5,196 |  | $ | 241,454 |
Summarization of contractual underlying maturities of available-for-sale investments | The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at September 30, 2017 (in thousands):
|  | Cost |  | Fair Value |
Due in one year or less |  | $ | 345,420 |  | $ | 345,451 |
Due after one year through ten years |  | 189,524 |  | 189,507 |
Due after ten years |  | 91,570 |  | 91,041 |
|  | $ | 626,514 |  | $ | 625,999 |
Schedule of available-for-sale investments in continuous unrealized loss position by length of time | The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
As of September 30, 2017 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
Government debt securities |  | $ | 122,053 |  | $ | (109 | ) | $ | — |  | $ | — |  | $ | 122,053 |  | $ | (109 | )
Corporate debt securities |  | 93,480 |  | (102 | ) | — |  | — |  | 93,480 |  | (102 | )
Auction rate securities |  | — |  | — |  | 5,471 |  | (529 | ) | 5,471 |  | (529 | )
|  | $ | 215,533 |  | $ | (211 | ) | $ | 5,471 |  | $ | (529 | ) | $ | 221,004 |  | $ | (740 | )
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
As of December 31, 2016 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
Government debt securities |  | $ | 79,743 |  | $ | (156 | ) | $ | — |  | $ | — |  | $ | 79,743 |  | $ | (156 | )
Corporate debt securities |  | 21,737 |  | (132 | ) | — |  | — |  | 21,737 |  | (132 | )
Auction rate securities |  | — |  | — |  | 5,196 |  | (804 | ) | 5,196 |  | (804 | )
|  | $ | 101,480 |  | $ | (288 | ) | $ | 5,196 |  | $ | (804 | ) | $ | 106,676 |  | $ | (1,092 | )
Summary of quantitative information about level 3 asset fair value measurements | Auction rate securities
Fair Value at September 30, 2017 (000s) |  | Valuation Technique |  | Unobservable Input |  | Weighted Average |
$ | 5,471 |  | Discounted cash flow |  | Estimated yield |  | 1.27% |
|  |  |  | Expected holding period |  | 10 years |
|  |  |  | Estimated discount rate |  | 3.27% |
Contingent consideration
Fair Value at September 30, 2017 (000s) |  | Valuation Technique |  | Unobservable Input |  | Weighted Average |
$ | 4,154 |  | Discounted cash flow |  | Expected term |  | 3 months |
|  |  |  | Estimated discount rate |  | 12.0% |
Summary of activity in Level 3 financial instruments | The following summarizes the activity in Level 3 financial instruments for the three and nine months ended September 30, 2017 (in thousands): Assets
Auction Rate Securities |  | Three Months Ended |  | Nine Months Ended |
Beginning balance |  | $ | 5,379 |  | $ | 5,196 |
Gain included in other comprehensive income (loss) |  | 92 |  | 275 |
Balance at September 30, 2017 |  | $ | 5,471 |  | $ | 5,471 |
Liabilities |  |  |  |  |
Contingent Consideration (1) |  | Three Months Ended |  | Nine Months Ended |
Beginning balance |  | $ | 3,993 |  | $ | — |
Issues |  | — |  | 3,829 |
Loss recognized in earnings |  | 161 |  | 325 |
Balance at September 30, 2017 |  | $ | 4,154 |  | $ | 4,154 |
Net loss for the period included in earnings attributable to contingent consideration held at the end of the period: |  | $ | (161 | ) | $ | (325 | )
(1) In connection with the acquisition of Zentri, the Company recorded contingent consideration based upon the expected achievement of a milestone goal. Changes to the fair value of contingent consideration due to changes in assumptions used in preparing the valuation model are recorded in selling, general and administrative expenses in the Consolidated Statement of Income.

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset and liability. + References No definition available. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 + Details
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