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Assets and Liabilities Measured at Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 are identified in the following table:

(in thousands)						Level 2						Total
Assets:
Commercial paper						$	35,348					$	35,348
Asset-backed securities						68,795						68,795
Corporate debt securities						107,098						107,098
U.S. government agency bonds						4,000						4,000
Money market funds						3,378						3,378
						$	218,619					$	218,619

(in thousands)						Level 2						Level 3						Total
Liabilities:
Contingent consideration payable						$	—					$	23,612					$	23,612
Deferred compensation plan liability						3,055						—						3,055
						$	3,055					$	23,612					$	26,667

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, 2019 are identified in the following table:

(in thousands)						Level 2						Total
Assets:
Commercial paper						$	73,710					$	73,710
Asset-backed securities						77,810						77,810
Corporate debt securities						145,991						145,991
U.S. government agency bonds						11,991						11,991
Money market funds						4,768						4,768
						$	314,270					$	314,270

(in thousands)						Level 2						Level 3						Total
Liabilities:
Contingent consideration payable						$	—					$	22,681					$	22,681
Deferred compensation plan liability						4,419						—						4,419
						$	4,419					$	22,681					$	27,100

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 ATB-200 Pompe program:

Contingent Consideration Liability

Fair Value as of March 31, 2020

Valuation Technique

Unobservable Input

Range

(in thousands)

Discount rate

9.4%

Clinical and regulatory milestones

$

22,985

Probability weighted discounted cash flow

Probability of achievement of milestones

75% - 78%

Projected year of payments

2021 - 2022

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, 2020 and March 31, 2019, respectively:

						Three Months Ended March 31,
(in thousands)						2020						2019
Balance, beginning of the period						$	22,681					$	19,700
Changes in fair value during the period, included in the Consolidated Statements of Operations						931						1,383
Adjustment for contingent consideration paid in stock						—						(316)
Balance, end of the period						$	23,612					$	20,767

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

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=117815213&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 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258

Reference 4: 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=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

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.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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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