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Assets and Liabilities Measured at Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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 March 31, 2019 are identified in the following table:

(in thousands)		Level 2				Total
Assets:
Commercial paper		$	134,993			$	134,993
Asset-backed securities		68,300				68,300
Corporate debt securities		138,284				138,284
Money market funds		3,963				3,963
		$	345,540			$	345,540

		Level 2				Level 3				Total
Liabilities:
Contingent consideration payable		$	—			$	20,767			$	20,767
Deferred compensation plan liability		3,613				—				3,613
		$	3,613			$	20,767			$	24,380

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, 2018 are identified in the following table:

(in thousands)	Level 2				Total
Assets:
Commercial paper	$	115,141			$	115,141
Asset-backed securities	68,135				68,135
Corporate debt securities	240,726				240,726
Money market funds	3,082				3,082
	$	427,084			$	427,084

	Level 2				Level 3				Total
Liabilities:
Contingent consideration payable	$	—			$	19,700			$	19,700
Deferred compensation plan liability	2,732				—				2,732
	$	2,732			$	19,700			$	22,432

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of changes in contingent consideration payable

The following table shows the change in the balance of contingent consideration payable for the three months ended March 31, 2019 and 2018, respectively:

		Three Months Ended March 31,
(in thousands)		2019				2018
Balance, beginning of the period		$	28,700			$	25,400
Payment of contingent consideration in stock		(9,316		)		—
Changes in fair value during the period, included in Statement of Operations		1,383				1,100
Balance, end of the period		$	20,767			$	26,500

Callidus Biopharma Inc

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

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

The following significant unobservable inputs were used in the valuation of the contingent consideration payable of Callidus for the ATB200 Pompe program:

Contingent Consideration Liability		Fair Value as of March 31, 2019				Valuation Technique		Unobservable Input		Range
		(in thousands)
								Discount rate		10.3%
Clinical and regulatory milestones		$	20,538			Probability weighted discounted cash flow		Probability of achievement of milestones		75%-78%
								Projected year of payments		2021-2022

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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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