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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2018
Fair Value Measurements [Abstract] |
Assets Measured at Fair Value on a Recurring Basis | The following tables present the major security types we held at September 30, 2018 and December 31, 2017 that are regularly measured and carried at fair value. At September 30, 2018 and December 31, 2017, we did not have any financial instruments that we valued using Level 3 inputs. The tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective securities’ fair value (in thousands):
|  | At September 30, 2018 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Cash equivalents (1) |  | $ | 395,649 |  |  | $ | 395,649 |  |  | $ | — |
Corporate debt securities (2) |  |  | 1,078,960 |  |  |  | — |  |  |  | 1,078,960 |
Debt securities issued by U.S. government agencies (3) |  |  | 175,167 |  |  |  | — |  |  |  | 175,167 |
Debt securities issued by the U.S. Treasury (3) |  |  | 164,053 |  |  |  | 164,053 |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (3) |  |  | 80,658 |  |  |  | — |  |  |  | 80,658 |
Total |  | $ | 1,894,487 |  |  | $ | 559,702 |  |  | $ | 1,334,785 |
|  | At December 31, 2017 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Cash equivalents (1) |  | $ | 86,262 |  |  | $ | 86,262 |  |  | $ | — |
Corporate debt securities (3) |  |  | 647,461 |  |  |  | — |  |  |  | 647,461 |
Debt securities issued by U.S. government agencies (3) |  |  | 136,325 |  |  |  | — |  |  |  | 136,325 |
Debt securities issued by the U.S. Treasury (3) |  |  | 30,818 |  |  |  | 30,818 |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (4) |  |  | 93,932 |  |  |  | — |  |  |  | 93,932 |
Total |  | $ | 994,798 |  |  | $ | 117,080 |  |  | $ | 877,718 |
| (1) | Included in cash and cash equivalents on our condensed consolidated balance sheet.
| (2) | At September 30, 2018, $19.7 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.
| (3) | Included in short-term investments on our condensed consolidated balance sheet.
| (4) | At December 31, 2017, $3.5 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.
Reconciliation of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following is a reconciliation of the potential premium we would have received if Akcea had not completed its IPO, measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2017 (in thousands):
Beginning balance of Level 3 instruments at January 1, 2017 |  | $ | — |
Value of the potential premium we would have received from Novartis at inception of the SPA (January 2017) |  |  | 5,035 |
Recurring fair value adjustment during the nine months ended September 30, 2017 |  |  | (5,035 | )
Ending balance of Level 3 instruments at September 30, 2017 |  | $ | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets 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 (loss), 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, issues, 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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