FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value of Financial Assets and Liabilities

The tables below present the fair value of these financial assets and liabilities determined using the following input levels.

	Fair Value Measurements at March 31, 2017
	Quoted Price in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash and cash equivalents:
Overnight deposits	$	281,145	$	—	$	—	$	281,145
Money market instruments		—		67,089		—		67,089
Total cash and cash equivalents		281,145		67,089		—		348,234
Available-for-sale securities:
Short-term:
Corporate debt securities		—		202,249		—		202,249
Commercial paper		—		4,234		—		4,234
U.S. government agency securities		—		123,338		—		123,338
Long-term:
Corporate debt securities		—		400,044		—		400,044
U.S. government agency securities		—		133,443		—		133,443
Greek government-issued bonds		—		141		—		141
Total available-for-sale securities		—		863,449		—		863,449
Other current assets:
Nonqualified Deferred Compensation Plan assets		—		409		—		409
Forward foreign currency exchange contract⁽¹⁾		—		8,692		—		8,692
Restricted investments ⁽²⁾		—		4,813		—		4,813
Total other current assets		—		13,914		—		13,914
Other assets:
Nonqualified Deferred Compensation Plan assets		—		10,829		—		10,829
Forward foreign currency exchange contract⁽¹⁾		—		6,030		—		6,030
Total other assets		—		16,859		—		16,859
Total assets	$	281,145	$	961,311	$	—	$	1,242,456
Liabilities:
Current liabilities:
Nonqualified Deferred Compensation Plan liability	$	2,389	$	409	$	—	$	2,798
Forward foreign currency exchange contract⁽¹⁾		—		6,888		—		6,888
Contingent acquisition consideration payable		—		—		45,264		45,264
Total current liabilities		2,389		7,297		45,264		54,950
Other long-term liabilities:
Nonqualified Deferred Compensation Plan liability	$	17,625	$	10,829		—		28,454
Forward foreign currency exchange contract⁽¹⁾		—		1,832		—		1,832
Contingent acquisition consideration payable		—		—		116,393		116,393
Total other long-term liabilities		17,625		12,661		116,393		146,679
Total liabilities	$	20,014	$	19,958	$	161,657	$	201,629

	Fair Value Measurements at December 31, 2016
	Quoted Price in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash and cash equivalents:
Overnight deposits	$	235,571	$	—	$	—	$	235,571
Money market instruments	—			172,759		—		172,759
Total cash and cash equivalents		235,571		172,759		—		408,330
Available-for-sale securities:
Short-term:
Certificates of deposit		—		2,800		—		2,800
Corporate debt securities		—		193,974		—		193,974
Commercial paper		—		16,075		—		16,075
U.S. government agency securities		—		168,499		—		168,499
Long-term:
Corporate debt securities		—		437,150		—		437,150
U.S. government agency securities		—		135,426		—		135,426
Greek government-issued bonds		—		134		—		134
Total available-for-sale securities		—		954,058		—		954,058
Other current assets:
Nonqualified Deferred Compensation Plan assets		—		163		—		163
Forward foreign currency exchange contract⁽¹⁾		—		14,012		—		14,012
Restricted investments ⁽²⁾		—		3,754		—		3,754
Total other current assets		—		17,929		—		17,929
Other assets:
Nonqualified Deferred Compensation Plan assets	—			9,121		—		9,121
Forward foreign currency exchange contract ⁽¹⁾	—			8,194		—		8,194
Strategic investment ⁽³⁾		4,064		—		—		4,064
Total other assets		4,064		17,315		—		21,379
Total assets	$	239,635	$	1,162,061	$	—	$	1,401,696
Liabilities:
Current liabilities:
Nonqualified Deferred Compensation Plan liability	$	2,073	$	163	$	—	$	2,236
Forward foreign currency exchange contract⁽¹⁾		—		5,201		—		5,201
Contingent acquisition consideration payable	—		—			46,327		46,327
Total current liabilities		2,073		5,364		46,327		53,764
Other long-term liabilities:
Nonqualified Deferred Compensation Plan liability		17,303		9,121	—			26,424
Forward foreign currency exchange contract⁽¹⁾	—			2,342	—			2,342
Contingent acquisition consideration payable	—		—			115,310		115,310
Total other long-term liabilities		17,303		11,463		115,310		144,076
Total liabilities	$	19,376	$	16,827	$	161,637	$	197,840

(1)

See Note 12 to these Condensed Consolidated Financial Statements for further information regarding the derivative instruments.

(2)

The restricted investments at March 31, 2017 and December 31, 2016 secure the Company’s irrevocable standby letter of credit obtained in connection with certain commercial agreements.

(3)

The Company had investments in marketable equity securities measured using quoted prices in an active market that were considered strategic investments. See Note 7 to these Condensed Consolidated Financial Statements for additional discussion regarding the Company’s strategic investment.

Liabilities Measured at Fair Value Using Level 3 Inputs

Contingent acquisition consideration payable at December 31, 2016	$	161,637
Changes in the fair value of contingent acquisition consideration payable for continuing development programs		1,353
Milestone payments to former Huxley Pharmaceuticals, Inc. shareholders		(3,500	)
Foreign exchange remeasurement of Euro denominated contingent acquisition consideration payable		2,167
Contingent acquisition consideration payable at March 31, 2017	$	161,657