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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Balance Sheet Components |
5. | Balance Sheet Components
Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | March 31, 2019 |  |  | December 31, 2018 |
Cash |  | $ | 72,278 |  |  | $ | 38,783 |
US treasury notes and bills |  |  | — |  |  |  | 49,934 |
Money market funds |  |  | 9,395 |  |  |  | 541 |
Total cash and cash equivalents |  | $ | 81,673 |  |  | $ | 89,258 |
At March 31, 2019 and December 31, 2018, a total of $31.5 million and $21.9 million, respectively, of the Company’s cash and cash equivalents were held outside of the U.S. in its foreign subsidiaries to be used primarily for its China operations. Investments The Company’s investments consist of available-for-sale debt investments, marketable equity investments, a term deposit and a certificate of deposit. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s available-for-sale investments by major investments type are summarized in the tables below (in thousands):
|  | March 31, 2019 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
US treasury notes and bills |  | $ | 494,580 |  |  | $ | 516 |  |  | $ | — |  |  | $ | 495,096 |
Term deposit |  |  | 80,000 |  |  |  | — |  |  |  | — |  |  |  | 80,000 |
Certificates of deposit |  |  | 30,000 |  |  |  | — |  |  |  | (4 | ) |  |  | 29,996 |
Bond and mutual funds |  |  | 10,533 |  |  |  | 58 |  |  |  | — |  |  |  | 10,591 |
Equity investments |  |  | 125 |  |  |  | 121 |  |  |  | — |  |  |  | 246 |
Total investments |  | $ | 615,238 |  |  | $ | 695 |  |  | $ | (4 | ) |  | $ | 615,929 |
|  | December 31, 2018 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
US treasury notes and bills |  | $ | 467,296 |  |  | $ | 109 |  |  | $ | (69 | ) |  | $ | 467,336 |
Term deposit |  |  | 80,000 |  |  |  | — |  |  |  | — |  |  |  | 80,000 |
Certificates of deposit |  |  | 30,000 |  |  |  | — |  |  |  | (90 | ) |  |  | 29,910 |
Bond and mutual funds |  |  | 10,464 |  |  |  | 20 |  |  |  | — |  |  |  | 10,484 |
Equity investments |  |  | 125 |  |  |  | 109 |  |  |  | — |  |  |  | 234 |
Total investments |  | $ | 587,885 |  |  | $ | 238 |  |  | $ | (159 | ) |  | $ | 587,964 |
At March 31, 2019, all of the available-for-sale investments had contractual maturities within two years. The Company periodically reviews its available-for-sale investments and term deposit for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three months ended March 31, 2019 and 2018, the Company did not recognize any other-than-temporary impairment loss. Property and Equipment Property and equipment consisted of the following (in thousands):
|  | March 31, 2019 |  |  | December 31, 2018 |
Leasehold improvements |  | $ | 101,229 |  |  | $ | 101,200 |
Building shell |  |  | — |  |  |  | 53,880 |
Laboratory equipment |  |  | 16,480 |  |  |  | 16,405 |
Machinery |  |  | 8,396 |  |  |  | 8,382 |
Computer equipment |  |  | 6,650 |  |  |  | 6,473 |
Furniture and fixtures |  |  | 5,643 |  |  |  | 5,690 |
Construction in progress |  |  | 607 |  |  |  | 367 |
Total property and equipment |  | $ | 139,005 |  |  | $ | 192,397 |
Less: accumulated depreciation |  |  | (93,177 | ) |  |  | (65,199 | )
Property and equipment, net |  | $ | 45,828 |  |  | $ | 127,198 |
As of December 31, 2018, the Company had $53.9 million building shell cost and $13.5 million accumulated depreciation related to its building leases under build-to-suit arrangements. Upon the adoption of ASC 842 as of January 1, 2019, using the modified retrospective transition method, the Company derecognized these assets previously recognized under ASC 840 build-to-suit designation. Up to December 31, 2018, the leasehold improvements related to these building leases were depreciated over the life of the building under ASC 840. Upon the adoption of ASC 842, these leasehold improvements should have a useful life based on the lease term. As a result, at the adoption date, the Company recorded a cumulative adjustment of $38.9 million to the accumulated depreciation for these leasehold improvements so that their net balance equals the undepreciated amount had the useful life of the leasehold improvements always been equal to the lease terms. Refer to Note 1 for details. Accrued Liabilities Accrued liabilities consisted of the following (in thousands):
|  | March 31, 2019 |  |  | December 31, 2018 |
Preclinical and clinical trial accruals |  | $ | 41,964 |  |  | $ | 35,413 |
Payroll and related accruals |  |  | 12,368 |  |  |  | 21,430 |
Property taxes and other |  |  | 2,969 |  |  |  | 1,095 |
Professional services |  |  | 3,547 |  |  |  | 2,648 |
Other |  |  | 5,430 |  |  |  | 5,537 |
Total accrued liabilities |  | $ | 66,278 |  |  | $ | 66,123 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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