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Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 28, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Impact of Adoption of Topic 606 and Topic 842

The impact of the adoption of Topic 606 and Topic 842 on the accompanying Condensed Consolidated Balance Sheet as of January 1, 2018 was as follows (in thousands):

	December 31, 2017				Adjustments Due to the Adoption of Topic 606				Adjustments Due to the Adoption of Topic 842				January 1, 2018
Contract assets: unbilled collaboration revenue, gross:
Current portion	$	—			$	9,588			$	—			$	9,588
Long-term portion	$	—			$	12,247			$	—			$	12,247
Trade and other receivables, net	$	81,192			$	—			$	7,743			$	88,935
Property and equipment, net	$	25,743			$	—			$	(14,530	)		$	11,213
Operating lease right-of-use assets	$	—			$	—			$	8,579			$	8,579
Contract liabilities: deferred revenue, gross:
Current portion	$	31,984			$	(23,591	)		$	—			$	8,393
Long-term portion	$	238,520			$	(213,079	)		$	—			$	25,441
Operating lease liabilities:
Other current liabilities(1)	$	16,150			$	—			$	3,173			$	19,323
Long-term portion of lease liabilities (2)	$	14,530			$	—			$	(1,206	)		$	13,324
Other long-term liabilities	$	2,113			$	—			$	(408	)		$	1,705
Accumulated deficit	$	(1,829,172	)		$	258,505			$	233			$	(1,570,434	)

____________________

(1) Includes deferred rent and current portion of operating lease liabilities.

(2) Long-term portion of operating lease liabilities and Financing obligation for build-to-suit lease.

The impact of the adoption of Topic 606 and Topic 842 on the accompanying Condensed Consolidated Statements of Operations as of and for three and nine months ended September 30, 2018 were as follows (in thousands):

	Three Months Ended September 30, 2018
	As Reported				Effect of Adoption of Topic 606 Higher / (Lower)				Effect of Adoption of Topic 842 Higher / (Lower)				Balances Without the Adoption of Topic 606 or 842
Collaboration revenues	$	62,451			$	32,558			$	—			$	29,893
Total revenues	$	225,397			$	32,558			$	—			$	192,839
Selling, general and administrative expenses	$	48,120			$	—			$	936			$	47,184
Total operating expenses	$	100,221			$	—			$	936			$	99,285
Interest expense	$	(1	)		$	—			$	(348	)		$	(349	)
Total other income, net	$	3,778			$	—			$	348			$	3,430
Income before income taxes	$	128,954			$	32,558			$	(588	)		$	96,984
Provision for income taxes	$	2,324			$	680			$	(2	)		$	1,646
Net income	$	126,630			$	31,878			$	(586	)		$	95,338
Net income per share, basic	$	0.42			$	0.11			$	—			$	0.32
Net income per share, diluted	$	0.41			$	0.10			$	—			$	0.31

	Nine Months Ended September 30, 2018
	As Reported				Effect of Adoption of Topic 606 Higher / (Lower)				Effect of Adoption of Topic 842 Higher / (Lower)				Balances Without the Adoption of Topic 606 or 842
Collaboration revenues	$	182,170			$	9,809			$	—			$	172,361
Total revenues	$	625,224			$	9,809			$	—			$	615,415
Selling, general and administrative expenses	$	153,989			$	—			$	936			$	153,053
Total operating expenses	$	297,971			$	—			$	936			$	297,035
Interest expense	$	(1	)		$	—			$	(348	)		$	(349	)
Total other income, net	$	8,467			$	—			$	348			$	8,119
Income before income taxes	$	335,720			$	9,809			$	(588	)		$	326,499
Provision for income taxes	$	5,739			$	566			$	(2	)		$	5,175
Net income	$	329,981			$	9,243			$	(586	)		$	321,324
Net income per share, basic	$	1.11			$	0.03			$	—			$	1.08
Net income per share, diluted	$	1.05			$	0.03			$	—			$	1.03

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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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