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Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Financial assets and liabilities subject to fair value measurements

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 December 31, 2017 are identified in the following table (in thousands):

		Level 2			Total
Assets:
Commercial paper		$	79,803		$	79,803
Asset-back securities			30,287			30,287
Corporate debt securities			199,012			199,012
Money market funds			2,598			2,598
​	​	​	​	​	​	​	​
		$	311,700		$	311,700
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

		Level 2			Level 3			Total
Liabilities:
Contingent consideration payable		$	—		$	25,400		$	25,400
Deferred compensation plan liability			2,258			—			2,258
​	​	​	​	​	​	​	​	​	​	​
		$	2,258		$	25,400		$	27,658
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

        A summary of the fair value of the Company's 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 year ended December 31, 2017 and 2016, respectively (in thousands):

		Year ended December 31,
		2017			2016
Balance, beginning of the period		$	269,722		$	274,077
Payment of contingent consideration in cash			(10,000	)		(5,000	)
Payment of contingent consideration in stock			—			(6,115	)
Unrealized change in fair value change during the period, included in Statement of Operations			(234,322	)		6,760
​	​	​	​	​	​	​	​
Balance, end of the period		$	25,400		$	269,722
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Callidus

Financial assets and liabilities subject to fair value measurements

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

Contingent Consideration Liability		Fair value as of December 31, 2017		Valuation Technique		Unobservable Input		Range
						Discount rate		11.5%
Clinical and regulatory milestones		$25.0 million		Probability weighted discounted cash flow		Probability of achievement of milestones		71.0% - 100.0%
						Projected year of payments		2018 - 2022

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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.

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-Publisher FASB
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