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Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Our condensed consolidated financial statements include the financial statements of Ligand and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We have included all adjustments, consisting only of normal recurring adjustments, which we considered necessary for a fair presentation of our financial results. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements included in our 2020 Annual Report. Interim financial results are not necessarily indicative of the results that may be expected for the full year. Reclassifications Certain amounts in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation. Specifically, “contract revenue” and “service revenue” presented in the condensed consolidated statement of operations for the three and six months ended June 30, 2021 have been combined into “contract revenue” in the condensed consolidated statement of operations to conform with the current period presentation. Significant Accounting Policies We have described our significant accounting policies in Note 1, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2020 Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results may differ from those estimates. Impact of COVID-19 Pandemic The current COVID-19 worldwide pandemic has presented substantial public health and economic challenges and is affecting our employees and partners, patients, communities and business operations, as well as the U.S. and global economy and financial markets. International and U.S. governmental authorities in impacted regions have taken actions in an effort to slow the spread of COVID-19, including issuing varying forms of “stay-at-home” orders, and restricting business functions outside of one’s home. In response, we have restricted in-person access to our executive offices, our administrative employees are mostly working remotely, and we have limited the number of staff in our research and development laboratories and other facilities. The continued spread of the COVID-19 pandemic and the measures taken by the governments of countries have affected, and could continue to affect, our business and the business of our partners, including future disruptions to our supply chain and the manufacture or shipment of drug substance and finished drug product for Captisol, delays by us or our partners in the initiation or enrollment of patients in clinical trials, discontinuations by patients enrolled in clinical trials, difficulties launching or commercializing products and other related activities, which could delay ongoing clinical trials, increase development costs, reduce royalty revenues and have a material adverse effect on our business, financial condition and results of operations. Several of our partners have reported that their operations have been impacted including delays in research and development programs and deprioritizing clinical trials in favor of treating patients who have contracted the virus or to prevent the spread of the virus. This may lead to clinical trial protocol deviations or to discontinuation of treatment for patients who are currently enrolled in the clinical trials being conducted by us or our partners. In addition, certain of our partners have reported negative impacts on product sales which will impact our royalty revenues. Some of our partners are working to develop drugs to treat COVID-19. For example, we are supplying Captisol to partners, including Gilead and the Gilead consortium (a consortium of manufacturing partners that Gilead is working with to bring efforts together to help maximize global supply) for remdesivir, the first FDA-approved treatment for COVID-19 for the treatment of patients with COVID-19 requiring hospitalization. In addition, certain of our OmniAb partners have initiated antibody discovery programs for the potential treatment of COVID-19. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, the businesses of our partners, our results of operations and our financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact, including the timing and extent of governments reopening or further restricting activities, the emergence and spread of COVID-19 variants, and the economic impact on local, regional, national and international markets. Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The new guidance simplifies accounting for convertible instruments by removing major separation models required under current GAAP. This standard removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020 and adoption must be as of the beginning of the Company’s annual fiscal year. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. We intend to adopt this standard on January 1, 2022. We do not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on our condensed consolidated financial statements or disclosures. Revenue Our revenue is generated primarily from royalties on sales of products commercialized by our partners, Captisol material sales, and contract revenue for services, license fees and development, regulatory and sales based milestone payments. Royalties We receive royalty revenue on sales by our partners of products covered by patents that we own. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties which requires a sales-based royalty to be recorded when the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a one quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners including their publicly announced sales. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known, typically the following quarter. Contract Revenue Our contract revenue includes service revenue, license fees and future contingent milestone based payments. We recognize service revenue for contracted R&D services performed for our customers over time. We measure our progress using an input method based on the effort we expend or costs we incur toward the satisfaction of our performance obligation. We estimate the amount of effort we expend, including the time we estimate it will take us to complete the activities, or costs we incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that we multiply by the transaction price to determine the amount of revenue we recognize each period. This approach requires us to make estimates and use judgement. If our estimates or judgements change over the course of the collaboration, they may affect the timing and amount of revenue that we recognize in the current and future periods. We include contingent milestone based payments in the estimated transaction price when there is a basis to reasonably estimate the amount of the payment. These estimates are based on historical experience, anticipated results and our best judgment at the time. If the contingent milestone based payment is sales-based, we apply the royalty recognition constraint and record revenue when the underlying sale has taken place. Significant judgments must be made in determining the transaction price for our sales of intellectual property. Because of the risk that products in development with our partners will not reach development based milestones or receive regulatory approval, we generally recognize any contingent payments that would be due to us upon or after the development milestone or regulatory approval. Captisol Sales We recognize revenue when control of Captisol material is transferred to our customers in an amount that reflects the consideration we expect to receive from our customers in exchange for those products. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. We consider a performance obligation satisfied once we have transferred control of the product, meaning the customer has the ability to use and obtain the benefit of the Captisol material or intellectual property license right. We recognize revenue for satisfied performance obligations only when we determine there are no uncertainties regarding payment terms or transfer of control. We have elected to recognize the cost for freight and shipping when or after control over Captisol material has transferred to the customer as an expense in cost of Captisol. Sales tax and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We expense incremental costs of obtaining a contract when incurred if the expected amortization period of the asset that we would have recognized is one year or less or the amount is immaterial. We did not incur any incremental costs of obtaining a contract during the periods reported. Deferred Revenue Depending on the terms of the arrangement, we may also defer a portion of the consideration received because we have to satisfy a future obligation. We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach when one is not available. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheet. Except for royalty revenue and certain service revenue, we generally receive payment at the point we satisfy our obligation or soon after. Therefore, we do not generally carry a contract asset balance. Any fees billed in advance of being earned are recorded as deferred revenue. During the three and six months ended June 30, 2021, the amount recognized as revenue that was previously deferred was $10.3 million, and $16.1 million, respectively. During the three and six months ended June 30, 2020, the amount recognized as revenue that was previously deferred was $2.0 million and $2.4 million, respectively. Disaggregation of Revenue The following table represents disaggregation of royalties, Captisol and contract revenue (in thousands):
|  | Three months ended |  | Six months ended
|  | June 30, |  | June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Royalties |  |  |  |  |  |  |
| Kyprolis | $ | 5,440 |  |  | $ | 5,481 |  |  | $ | 9,727 |  |  | $ | 9,886 |
| Evomela | 2,193 |  |  | 1,199 |  |  | 4,526 |  |  | 2,775 |
| Other | 983 |  |  | 501 |  |  | 1,475 |  |  | 1,085 |
|  | $ | 8,616 |  |  | $ | 7,181 |  |  | $ | 15,728 |  |  | $ | 13,746 |
Captisol |  | $ | 62,509 |  |  | $ | 24,468 |  |  | $ | 93,781 |  |  | $ | 45,577 |
Contract revenue |  |  |  |  |  |  |
| Service Revenue | $ | 7,360 |  |  | $ | 4,582 |  |  | $ | 12,822 |  |  | $ | 7,939 |
| License Fees | 1,050 |  |  | 660 |  |  | 2,093 |  |  | 1,635 |
| Milestone | 3,600 |  |  | 3,472 |  |  | 12,017 |  |  | 3,806 |
| Other | 1,540 |  |  | 1,057 |  |  | 3,384 |  |  | 1,878 |
|  | $ | 13,550 |  |  | $ | 9,771 |  |  | $ | 30,316 |  |  | $ | 15,258 |
Total | $ | 84,675 |  |  | $ | 41,420 |  |  | $ | 139,825 |  |  | $ | 74,581 |
Short-term Investments Our short-term investments consist of the following at June 30, 2021 and December 31, 2020 (in thousands):
| June 30, 2021 |  | December 31, 2020
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
Bank deposits | $ | 33,560 |  |  | $ | 13 |  |  | $ | (2) |  |  | $ | 33,571 |  |  | $ | 84,120 |  |  | $ | 35 |  |  | $ | (1) |  |  | $ | 84,154 |
Corporate bonds | 25,965 |  |  | 62 |  |  | (2) |  |  | 26,025 |  |  | 30,512 |  |  | 99 |  |  | (1) |  |  | 30,610 |
Agency bonds | 2,500 |  |  | — |  |  | (1) |  |  | 2,499 |  |  | 4,499 |  |  | 2 |  |  | — |  |  | 4,501 |
Commercial paper | 19,258 |  |  | 12 |  |  | — |  |  | 19,270 |  |  | 45,459 |  |  | 27 |  |  | (1) |  |  | 45,485 |
Corporate equity securities | 5,807 |  |  | 172 |  |  | (310) |  |  | 5,669 |  |  | 4,466 |  |  | 360 |  |  | (1,388) |  |  | 3,438 |
Mutual fund | 151,949 |  |  | 53 |  |  | — |  |  | 152,002 |  |  | 151,512 |  |  | 386 |  |  | — |  |  | 151,898 |
Treasury bill | — |  |  | — |  |  | — |  |  | — |  |  | 3,999 |  |  | — |  |  | — |  |  | 3,999 |
Warrants | — |  |  | 713 |  |  | — |  |  | 713 |  |  | — |  |  | 393 |  |  | — |  |  | 393 |
| $ | 239,039 |  |  | $ | 1,025 |  |  | $ | (315) |  |  | $ | 239,749 |  |  | $ | 324,567 |  |  | $ | 1,302 |  |  | $ | (1,391) |  |  | $ | 324,478 |
Viking common stock |  |  |  |  |  |  | 40,223 |  |  |  |  |  |  |  |  | 32,763 |
Viking warrants |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 6,326 |
Total short-term investments |  |  |  |  |  |  | $ | 279,972 |  |  |  |  |  |  |  |  | $ | 363,567 |
During the six months ended June 30, 2021, we exercised all outstanding Viking warrants to purchase 1.5 million shares of Viking's common stock at an exercise price of $1.50 per share. As of June 30, 2021, we have zero Viking warrants outstanding. Gain (loss) from short-term investments in our condensed consolidated statements of operations includes both realized and unrealized gain (loss) from our short-term investments in public equity and warrant securities. Allowances are recorded for available-for-sale debt securities with unrealized losses. This limits the amount of credit losses that can be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The provisions of the credit losses standard did not have a material impact on our available-for-sale debt securities during the three and six months ended June 30, 2021. The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| June 30, 2021
| Amortized Cost |  | Fair Value
Within one year | $ | 57,997 |  |  | $ | 58,050 |
After one year through five years | 23,286 |  |  | 23,316 |
Total | $ | 81,283 |  |  | $ | 81,366 |
Our investment policy is capital preservation and we only invested in U.S.-dollar denominated investments. We held a total of seven positions which were in an unrealized loss position as of June 30, 2021. We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses are largely due to changes in interest rates and not to unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. We do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of the amortized cost basis. Accordingly, no credit losses were recognized for the three and six months ended June 30, 2021. Accounts Receivable and Allowance for Credit Losses Our accounts receivable arise primarily from sales on credit to customers. We establish an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity quality indicators for industry groups, customer classes or individual customers. During the three and six months ended June 30, 2021, we considered the current and expected future economic and market conditions including, but not limited to, the anticipated unfavorable impacts of the COVID-19 pandemic on our business and recorded an adjustment of $0.04 million and $0.1 million of allowance for credit losses, respectively, as of June 30, 2021. Inventory Inventory, which consists of prepaid inventory and finished goods, is stated at the lower of cost or net realizable value. We determine cost using the first-in, first-out method or the specific identification method. As of June 30, 2021, we have made advanced payments for inventory from our supplier of Captisol totaling $50.2 million. We have applied credits for such inventory purchases of $15.8 million and will utilize the remaining advanced payments to offset a portion of the purchase price for future Captisol purchases. Goodwill and Other Identifiable Intangible Assets Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2021 |  | 2020
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 190,517 |  |  | $ | 189,662 |
Definite lived intangible assets |  |  |
Complete technology | 277,980 |  |  | 277,740 |
Less: accumulated amortization | (71,276) |  |  | (63,600) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,378) |  |  | (1,312) |
Customer relationships | 40,700 |  |  | 40,700 |
Less: accumulated amortization | (16,932) |  |  | (15,597) |
Contractual relationships | 362,000 |  |  | 362,000 |
Less: accumulated amortization | (21,730) |  |  | (7,243) |
Total goodwill and other identifiable intangible assets, net | $ | 762,523 |  |  | $ | 784,992 |
Commercial License and Other Economic Rights Commercial license and other economic rights consist of the following (in thousands):
|  | June 30, 2021 |  | December 31, 2020
|  | Gross |  | Adjustments(1) |  | Net |  | Gross |  | Adjustments(2) |  | Net
Aziyo and CorMatrix |  | $ | 17,696 |  |  | $ | (9,470) |  |  | $ | 8,226 |  |  | $ | 17,696 |  |  | $ | (9,588) |  |  | $ | 8,108 |
Selexis and Dianomi |  | 10,602 |  |  | (8,190) |  |  | 2,412 |  |  | 10,602 |  |  | (7,731) |  |  | 2,871 |
Total |  | $ | 28,298 |  |  | $ | (17,660) |  |  | $ | 10,638 |  |  | $ | 28,298 |  |  | $ | (17,319) |  |  | $ | 10,979 |
(1) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.0 million as of June 30, 2021. (2) Amounts represent accumulated amortization to principal of $11.3 million and credit loss adjustments of $6.0 million as of December 31, 2020. Commercial license and other economics rights represent a portfolio of future milestone and royalty payment rights acquired from Selexis in April 2013 and April 2015, CorMatrix in May 2016, and Dianomi in January 2019. Commercial license rights acquired are accounted for as financial assets and other economic rights are accounted for as funded research and development as further discussed below and in Note 1, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2020 Annual Report. In May 2017, we entered into a Royalty Agreement with Aziyo pursuant to which we will receive royalties from certain marketed products that Aziyo acquired from CorMatrix. We account for the Aziyo commercial license right as a financial asset, and in accordance with ASC 310, Receivables, we amortize the commercial license right using the effective interest method whereby we forecast expected cash flows over the term of the arrangement to arrive at an annualized effective interest. The annual effective interest associated with the forecasted cash flows from the Royalty Agreement with Aziyo as of June 30, 2021 is 23%. Revenue is calculated by multiplying the carrying value of the commercial license right by the effective interest. The payments received during the six months ended June 30, 2021 were accordingly allocated between revenue and the amortization of the commercial license rights. Prior to 2020, we accounted for commercial license rights related to developmental pipeline products such as Selexis and Dianomi on a non-accrual basis. We continue to account for commercial license rights related to Dianomi on a non-accrual basis as of June 30, 2021, but starting in 2020, given the expected cash flow from the Selexis program, we started to account for the Selexis commercial license right as a financial asset in accordance with ASC 310, and amortize the commercial license right using the effective interest method whereby we forecast expected cash flows over the term of the arrangement to arrive at an annualized effective interest. The annual effective interest associated with the forecasted cash flows from the royalty agreement with Selexis as of June 30, 2021 is 21%. Revenue is calculated by multiplying the carrying value of the commercial license right by the effective interest. The payments received during the six months ended June 30, 2021 were accordingly allocated between revenue and the amortization of the commercial license rights. We recorded a $5.5 million pre-tax reserve for credit losses upon adoption of the credit losses standard (ASU 2016-13) on January 1, 2020. We estimated the credit losses at the individual asset level by considering the performance against the programs, the company operating performance and the macroeconomic forecast. In addition, we have judgmentally applied credit loss risk factors to the future expected payments with consideration given to the timing of the payment. Given the higher inherent credit risk associated with longer term receivables, we applied a lower risk factor to the earlier years and progressively higher risk factors to the later years. During the six months ended June 30, 2021, we further considered the current and expected future economic and market conditions surrounding novel coronavirus (COVID-19) pandemic and concluded no further adjustment was needed on the allowance for credit losses as of June 30, 2021. Accrued Liabilities Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2021 |  | 2020
Compensation | $ | 3,684 |  |  | $ | 8,810 |
Professional fees | 977 |  |  | 977 |
Amounts owed to former licensees | 446 |  |  | 421 |
Royalties owed to third parties | 52 |  |  | 693 |
Return reserve | 105 |  |  | 687 |
Acquisition related liabilities | 1,500 |  |  | 1,500 |
Subcontractor | — |  |  | 733 |
Supplier | 681 |  |  | 604 |
Accrued interest | 295 |  |  | 464 |
Other | 2,367 |  |  | 3,641 |
Total accrued liabilities | $ | 10,107 |  |  | $ | 18,530 |
Share-Based Compensation Share-based compensation expense for awards to employees and non-employee directors is a non-cash expense and is recognized on a straight-line basis over the vesting period until the last tranche vests. The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
SBC - Research and development expenses | $ | 4,556 |  |  | $ | 3,019 |  |  | $ | 8,495 |  |  | $ | 5,416 |
SBC - General and administrative expenses | 5,660 |  |  | 4,340 |  |  | 10,126 |  |  | 7,596 |
| $ | 10,216 |  |  | $ | 7,359 |  |  | $ | 18,621 |  |  | $ | 13,012 |
The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Risk-free interest rate | 0.9% |  | 0.4% |  | 0.5% |  | 1.1%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 54% |  | 69% |  | 62% |  | 55%
Expected term | 5.5 |  | 5.1 |  | 5.0 |  | 4.8
A limited amount of performance-based restricted stock units (PSUs) contain a market condition based on our relative total shareholder return ranked on a percentile basis against the NASDAQ Biotechnology Index over a three-year performance period, with a range of 0% to 200% of the target amount granted to be issued under the award. Share-based compensation cost for these PSUs is measured using the Monte-Carlo simulation valuation model and is not adjusted for the achievement, or lack thereof, of the performance conditions. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Diluted net loss per share is computed based on the sum of the weighted average number of common shares outstanding during the period. Potentially dilutive common shares consist of shares issuable under the 2023 Notes, stock options and restricted stock. The 2023 Notes have a dilutive impact when the average market price of our common stock exceeds the applicable conversion price of the respective notes. It is our intent and policy to settle conversions through combination settlement, which involves payment in cash equal to the principal portion and delivery of shares of common stock for the excess of the conversion value over the principal portion. Potentially dilutive common shares from stock options and restricted stock are determined using the average share price for each period under the treasury stock method. In addition, the following amounts are assumed to be used to repurchase shares: proceeds from exercise of stock options and the average amount of unrecognized compensation expense for the awards. See Note 4, Convertible Senior Notes and Note 6, Stockholders’ Equity. The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average shares outstanding: | 16,659 |  |  | 16,055 |  |  | 16,548 |  |  | 16,292 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 69 |  |  | 40 |  |  | 90 |  |  | — |
Stock options | 444 |  |  | 599 |  |  | 572 |  |  | — |
Shares used to compute diluted income per share | 17,172 |  |  | 16,694 |  |  | 17,210 |  |  | 16,292 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 5,087 |  |  | 7,832 |  |  | 4,684 |  |  | 8,988 |
For the six months ended June 30, 2020, all of the 0.6 million weighted average shares of outstanding equity awards as of June 30, 2020 were anti-dilutive due to the net loss for the period.

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- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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