XML 48 R33.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Credit Loss [Abstract] |
Schedule of Cumulative Allowance for Changes in Expected Cash Flows | The following table sets forth the activity in the cumulative allowance for changes in expected cash flows from financial royalty assets, inclusive of the cumulative allowance for credit losses, as of the dates indicated (in thousands):
| Activity for the Year
Balance at December 31, 2018 | $ | (1,982,897) |
Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets | (322,717) |
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets | 1,342,038 |
Write-off of cumulative allowance (a) | 95,158 |
Balance at December 31, 2019 | $ | (868,418) |
Cumulative adjustment for adoption of ASU 2016-13 | (192,705) |
Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets | (645,612) |
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets | 570,959 |
Write-off of cumulative allowance (a) | 2,964 |
Write-off of credit loss allowance (b) | 25,174 |
Current period provision expense for credit losses, net (c) | (156,186) |
Balance at December 31, 2020 | $ | (1,263,824) |
Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets | (912,710) |
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets | 446,955 |
Write-off of cumulative allowance (a) | 21,721 |
Current period provision income for credit losses, net (c) | 12,913 |
Balance at December 31, 2021 | $ | (1,694,945) |
(a) Relates to amounts removed from the allowance at the end of a royalty asset’s life to bring the account balance to zero. Write-offs solely impact the asset account and allowance account; there is no impact on the consolidated statements of operations. (b) Relates to amounts reversed out of the credit loss allowance associated with omecamtiv mecarbil as a result of the write-off of the related financial royalty asset balance of $90.2 million. (c) In the year ended December 31, 2020, the provision for credit losses was primarily related to certain additions to our portfolio of financial royalty assets with limited protective rights in 2020, mainly the final tranche of Tazverik. In the year ended December 31, 2021,the provision income for credit losses was primarily related to a significant decline in the financial asset value for Tazverik, which was offset by increases in our portfolio of financial royalty assets with limited protective rights in 2021, primarily related to zavegepant.

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CreditLossAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration