Assets and Liabilities Carried at Fair Value on a Recurring Basis |
Note 13—Fair Value Measurements (continued) As of March 31, 2017 and December 31, 2016, our assets and liabilities carried at fair value on a recurring basis were as follows: | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | March 31, 2017 | (In thousands) | Assets | | | | | | | | Corporate bonds | $ | — |
| | $ | 12,059 |
| | $ | — |
| | $ | 12,059 |
| Commercial paper | — |
| | 3,885 |
| | — |
| | 3,885 |
| U.S. Treasury notes | — |
| | 25,837 |
| | — |
| | 25,837 |
| Mortgage-backed securities | — |
| | 112,377 |
| | — |
| | 112,377 |
| Municipal bonds | — |
| | 1,288 |
| | — |
| | 1,288 |
| Asset-backed securities | — |
| | 28,363 |
| | — |
| | 28,363 |
| Total assets | $ | — |
| | $ | 183,809 |
| | $ | — |
| | $ | 183,809 |
| | | | | | | | | Liabilities | | | | | | | | Contingent consideration | $ | — |
| | $ | — |
| | $ | 26,442 |
| | $ | 26,442 |
| | | | | | | | | December 31, 2016 | | | | | | | | Assets | | | | | | | | Corporate bonds | $ | — |
| | $ | 21,535 |
| | $ | — |
| | $ | 21,535 |
| Commercial paper | — |
| | 12,430 |
| | — |
| | 12,430 |
| U.S. Treasury notes | — |
| | 21,563 |
| | — |
| | 21,563 |
| Agency securities | — |
| | 4,001 |
| | — |
| | 4,001 |
| Mortgage-backed securities | — |
| | 117,491 |
| | — |
| | 117,491 |
| Municipal bonds | — |
| | 1,430 |
| | — |
| | 1,430 |
| Asset-backed securities | — |
| | 29,976 |
| | — |
| | 29,976 |
| Total assets | $ | — |
| | $ | 208,426 |
| | $ | — |
| | $ | 208,426 |
| | | | | | | | | Liabilities | | | | | | | | Contingent consideration | $ | — |
| | $ | — |
| | $ | 8,634 |
| | $ | 8,634 |
|
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Change in Contingent Consideration Payable |
The following table presents changes in our contingent consideration payable for the three months ended March 31, 2017 and 2016, which is categorized in Level 3 of the fair value hierarchy: | | | | | | | | | | Three Months Ended March 31, | | 2017 | | 2016 | | | Balance, beginning of period | $ | 8,634 |
| | $ | 13,889 |
| Issuance | 18,000 |
| | — |
| Payments of contingent consideration | (192 | ) | | (189 | ) | Balance, end of period | $ | 26,442 |
| | $ | 13,700 |
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