FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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:
Money market instruments	$	—	$	44,566	$	—	$	44,566
Corporate debt securities		—		1,709		—		1,709
Total cash and cash equivalents		—		46,275		—		46,275
Available-for-sale securities:
Short-term:
Corporate debt securities		—		252,696		—		252,696
Commercial paper		—		8,976		—		8,976
U.S. government agency securities		—		111,240		—		111,240
Long-term:
Corporate debt securities		—		360,045		—		360,045
U.S. government agency securities		—		121,822		—		121,822
Greek government-issued bonds		—		169		—		169
Total available-for-sale securities		—		854,948		—		854,948
Other current assets:
NQDC Plan assets		—		661		—		661
Forward foreign currency exchange contract⁽¹⁾		—		2,250		—		2,250
Restricted investments ⁽²⁾		—		9,327		—		9,327
Total other current assets		—		12,238		—		12,238
Other assets:
NQDC Plan assets		—		11,347		—		11,347
Forward foreign currency exchange contract⁽¹⁾		—		2,558		—		2,558
Total other assets		—		13,905		—		13,905
Total assets	$	—	$	927,366	$	—	$	927,366
Liabilities:
Current liabilities:
NQDC Plan liability	$	2,326	$	661	$	—	$	2,987
Forward foreign currency exchange contract ⁽¹⁾		—		9,492		—		9,492
Contingent acquisition consideration payable		—		—		55,093		55,093
Total current liabilities		2,326		10,153		55,093		67,572
Other long-term liabilities:
NQDC Plan liability	$	17,844	$	11,347		—		29,191
Forward foreign currency exchange contract⁽¹⁾		—		6,506		—		6,506
Contingent acquisition consideration payable		—		—		122,899		122,899
Total other long-term liabilities		17,844		17,853		122,899		158,596
Total liabilities	$	20,170	$	28,006	$	177,992	$	226,168

	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:
Money market instruments	$	—	$	235,571	$	—	$	235,571
Corporate debt securities		—		8,593		—		8,593
U.S. government agency securities		—		6,000		—		6,000
Total cash and cash equivalents		—		250,164		—		250,164
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		—		168,498		—		168,498
Long-term:
Corporate debt securities		—		437,150		—		437,150
U.S. government agency securities		—		135,427		—		135,427
Greek government-issued bonds		—		134		—		134
Total available-for-sale securities		—		954,058		—		954,058
Other current assets:
NQDC 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:
NQDC 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	$	4,064	$	1,239,466	$	—	$	1,243,530
Liabilities:
Current liabilities:
NQDC 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:
NQDC 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 June 30, 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		7,195
Milestone payments to former Huxley Pharmaceuticals, Inc. shareholders		(3,500	)
Foreign exchange remeasurement of Euro denominated contingent acquisition consideration payable		12,660
Contingent acquisition consideration payable at June 30, 2017	$	177,992