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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of carrying amount and fair value of the long-term debt

At September 30, 2021, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):

						Carrying Value						Fair Value Measurements Using
												Level 1						Level 2						Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Notes receivable						$	4,164					$	—					$	—					$	4,164
Financial Liabilities:
Acquisition-related contingent consideration						$	16,199					$	—					$	—					$	16,199
Financial Liabilities Measured at Amortized Cost:
2.375% convertible senior notes due 2022 (1)						$	155,751					$	—					$	166,000					$	—
0.750% convertible senior notes due 2025 (1)						$	326,146					$	—					$	437,216					$	—

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $56.00 per share on September 30, 2021, compared to a conversion price of $66.89 per share for the 2022 Notes and $71.78 per share for the 2025 Notes. The maximum conversion premium that could have been due on the 2022 Notes and 2025 Notes at September 30, 2021 was approximately 2.4 million and 5.6 million shares of the Company’s common stock, respectively. These figures assume no increases in the conversion rate for certain corporate events.

Schedule of key assumptions used in the valuation of contingent consideration

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:

Assumption						Ranges Utilized as of September 30, 2021
Discount rates						3.49% to 3.81%
Probabilities of payment for regulatory milestones						2% to 100%
Projected years of payment for regulatory and commercial milestones						2021 to 2023

Schedule of change in contingent consideration recorded at fair value using Level 3 measurements

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):

						Contingent Consideration Fair Value
Balance at December 31, 2020						$	28,346
Fair value adjustments and accretion						(2,147)
Payments made						(7,000)
Offset indemnification claims						(3,000)
Balance at September 30, 2021						$	16,199

Schedule of short-term investments

The following summarizes the Company’s investments at September 30, 2021 and December 31, 2020 (in thousands):

September 30, 2021 Investments						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value (Level 2)
Short-term:
Asset-backed securities						$	17,615					$	3					$	(2)					$	17,616
Commercial paper						423,302						82						—						423,384
Corporate bonds						32,612						—						(7)						32,605
U.S. Government bonds						86,194						24						(1)						86,217
Total						$	559,723					$	109					$	(10)					$	559,822

December 31, 2020 Investments						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value (Level 2)
Short-term:
Asset-backed securities						$	34,918					$	98					$	—					$	35,016
Commercial paper						221,494						36						(18)						221,512
Corporate bonds						120,375						179						(11)						120,543
U.S. Government bonds						44,629						7						(2)						44,634
Subtotal						421,416						320						(31)						421,705
Long-term:
U.S. Government bonds						95,429						30						—						95,459
Subtotal						95,429						30						—						95,459
Total						$	516,845					$	350					$	(31)					$	517,164

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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.

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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