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Assets and Liabilities Measured at Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Summary of assets and liabilities subject to fair value measurements

A summary of the fair value of the Company’s recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of September 30, 2017 are identified in the following table (in thousands):

		Level 2			Total
Assets:
Commercial paper		$	123,881		$	123,881
Asset-backed securities		30,326			30,326
Corporate debt securities		207,890			207,890
Money market funds		2,464			2,464
		$	364,561		$	364,561

		Level 2			Level 3			Total
Liabilities:
Contingent consideration payable		$	—		$	21,100		$	21,100
Derivative liability		—			—			—
Deferred compensation plan liability		2,134			—			2,134
		$	2,134		$	21,100		$	23,234

A summary of the fair value of the Company’s recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2016 are identified in the following table (in thousands):

		Level 2			Total
Assets:
Commercial paper		$	68,390		$	68,390
Corporate debt securities		74,535			74,535
Money market funds		1,829			1,829
		$	144,754		$	144,754

		Level 2			Level 3			Total
Liabilities:
Contingent consideration payable		$	—		$	269,722		$	269,722
Derivative liability		265			—			265
Deferred compensation plan liability		1,479			—			1,479
		$	1,744		$	269,722		$	271,466

Schedule of changes in contingent consideration payable

The following table shows the change in the balance of contingent consideration payable for the three and nine months ended September 30, 2017 and 2016, respectively (in thousands):

		Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017		2016
Balance, beginning of the period		$	265,350		$	276,300		269,722		274,077
Payment of contingent consideration in cash		—			—			(10,000	)	(5,000		)
Payment of contingent consideration in stock		—			—			—		(6,115		)
Changes in fair value during the period, included in Statement of Operations		(244,250		)	(4,110		)	(238,622	)	9,228
Balance, end of the period		$	21,100		$	272,190		21,100		$	272,190

Callidus

Schedule of significant unobservable inputs used in the valuation of the contingent consideration payable

Contingent Consideration Liability		Fair value as of September 30, 2017			Valuation Technique		Unobservable Input		Range
							Discount rate		12.5%
Clinical and regulatory milestones		$	20.7 million		Probability weighted discounted cash flow		Probability of achievement of milestones		58.0%-100.0%
							Projected year of payments		2018-2022

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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