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Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements of Cash Equivalents, Available-for-Sale Securities and Contingent Consideration Liability

The fair value measurements of the Company’s cash equivalents, available-for-sale marketable securities and contingent consideration liability are identified at the following levels within the fair value hierarchy (in thousands):

 

 

 

June 30, 2015

 

 

 

Fair Value Measurements

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

7,229

 

 

$

7,229

 

 

$

 

 

$

 

Total

 

 

7,229

 

 

 

7,229

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

 

25,549

 

 

 

 

 

 

25,549

 

 

 

 

Corporate debt securities

 

 

28,491

 

 

 

 

 

 

28,491

 

 

 

 

U.S. government sponsored entity debt securities

 

 

153,370

 

 

 

 

 

 

153,370

 

 

 

 

Total

 

 

207,410

 

 

 

 

 

 

207,410

 

 

 

 

Total cash equivalents and marketable securities

 

$

214,639

 

 

$

7,229

 

 

$

207,410

 

 

$

 

 

 

 

December 31, 2014

 

 

 

Fair Value Measurements

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

3,182

 

 

$

3,182

 

 

$

 

 

$

 

Total

 

 

3,182

 

 

 

3,182

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

 

33,748

 

 

 

 

 

 

33,748

 

 

 

 

Corporate debt securities

 

 

22,813

 

 

 

 

 

 

22,813

 

 

 

 

U.S. government sponsored entity debt securities

 

 

163,631

 

 

 

 

 

 

163,631

 

 

 

 

Total

 

 

220,192

 

 

 

 

 

 

220,192

 

 

 

 

Total cash equivalents and marketable securities

 

$

223,374

 

 

$

3,182

 

 

$

220,192

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

 

$

1,800

 

 

$

 

 

$

 

 

$

1,800

 

Total

 

$

1,800

 

 

$

 

 

$

 

 

$

1,800

 

 

Schedule of Changes in Estimated Fair Value of Contingent Consideration Liability

Fair value as of December 31, 2014

 

$

1,800

 

Change in fair value

 

 

(1,800

)

Fair value as of June 30, 2015

 

$