FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value of Financial Assets and Liabilities

The following tables present the classification within

fair value hierarchy of financial assets and liabilities not disclosed elsewhere that are remeasured on a recurring basis.


	Fair Value Measurements at December 31, 2019
	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Other Current Assets:
NQDC Plan assets	$	1,177	$	—	$	1,177
Other Assets:
NQDC Plan assets	16,288		—		16,288
Restricted investments ⁽¹⁾	3,168		—		3,168
Total other assets	19,456		—		19,456
Total assets	$	20,633	$	—	$	20,633
Liabilities:
Current Liabilities:
NQDC Plan liability⁽²⁾	$	1,177	$	—	$	1,177
Other long-term liabilities:
NQDC Plan liability⁽²⁾	16,288		—		16,288
Contingent consideration	—		50,793		50,793
Total other long-term liabilities	16,288		50,793		67,081
Total liabilities	$	17,465	$	50,793	$	68,258


	Fair Value Measurements at December 31, 2018
	Quoted Price in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Other Current Assets:
NQDC Plan assets	$	—	$	370	$	—	$	370
Restricted investments ⁽¹⁾	—		9,581		—		9,581
Total other current assets	—		9,951		—		9,951
Other Assets:
NQDC Plan assets	—		12,828		—		12,828
Restricted investments⁽¹⁾	—		2,450		—		2,450
Strategic investment⁽³⁾	942		—		—		942
Total other assets	942		15,278		—		16,220
Total assets	$	942	$	25,229	$	—	$	26,171
Liabilities:
Current Liabilities:
NQDC Plan liability	$	55	$	370	$	—	$	425
Contingent consideration	—		—		85,951		85,951
Total current liabilities	55		370		85,951		86,376
Other long-term liabilities:
NQDC Plan liability	17,598		12,828		—		30,426
Contingent consideration	—		—		46,883		46,883
Total other long-term liabilities	17,598		12,828		46,883		77,309
Total liabilities	$	17,653	$	13,198	$	132,834	$	163,685

(1)The restricted investments as of December 31, 2019 and 2018 secure the Company’s irrevocable standby letters of credit obtained in connection with certain commercial agreements.

(2)The Company’s NQDC was amended during the second quarter of 2019, which resulted in a change to the classification of the obligation associated with the Company's common stock held in the NQDC. The obligation that was previously classified as a liability and recorded at fair value, was reclassified into equity and recorded at the shares' respective grant date fair values at June 30, 2019. The amendment prohibits the diversification of Company stock contributed to the plan into other types of investments. The NQDC liabilities classified as Level 2 represent investments held in plan assets excluding shares of the Company's common stock. See Note 17 to these Consolidated Financial Statements for additional details on the NQDC.

(3)The Company had investments in marketable equity securities measured using quoted prices in an active market that were considered strategic investments and were included in Other Assets on the Company's Consolidated Balance Sheets. During the second quarter of 2019, the Company realized an immaterial gain upon the sale of the shares of the marketable equity securities reported in Other Income, Net.

Liabilities Measured at Fair Value Using Level 3 Inputs

Liabilities measured at fair value using Level 3 inputs primarily consisted of contingent consideration. The following tables represent a roll-forward of contingent consideration.


Contingent consideration as of December 31, 2018	$	132,834
Milestone payments to Ares Trading S.A. (Merck Serono)	(83,472)
Milestone payments to former LEAD Therapeutics, Inc. shareholders	(15,987)
Changes in the fair value of contingent consideration	20,612
Realized foreign exchange gain on settlement of contingent consideration	(1,928)
Foreign exchange remeasurement of Euro denominated contingent acquisition consideration	(1,266)
Contingent consideration as of December 31, 2019	$	50,793