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Fair Value Measurements
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
FAIR VALUE MEASUREMENTS
The table below summarizes certain asset and liability fair values that are included within our accompanying Condensed Consolidated Balance Sheets, and their designations among three fair value measurement categories:
 
March 31, 2016
Fair Value Measurements
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:

 

 

 

Bank certificates of deposits
$

 
$
246

 
$

 
$
246

Money market currency funds

 
80,146

 

 
80,146

Equity securities
7,520

 

 

 
7,520

Secured promissory note

 

 

 

Mutual funds

 
45

 

 
45

Deferred compensation investments, including life insurance cash surrender value

 
9,651

 

 
9,651


$
7,520

 
$
90,088

 
$

 
$
97,608

Liabilities:

 

 

 

Deferred executive compensation liability
$

 
$
7,117

 
$

 
$
7,117

Deferred drug development liability

 

 
14,510

 
14,510

Ligand Contingent Consideration

 

 
6,000

 
6,000

Talon CVR

 

 
1,646

 
1,646

Corixa Liability

 

 
62

 
62

 
$

 
$
7,117

 
$
22,218

 
$
29,335

 
 
December 31, 2015
Fair Value Measurements
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:

 

 

 

Bank certificates of deposits
$

 
$
245

 
$

 
$
245

Money market currency funds

 
80,116

 

 
80,116

Equity securities
5,189

 

 

 
5,189

Deferred compensation investments, including life insurance cash surrender value

 
9,181

 

 
9,181


$
5,189

 
$
89,542

 
$

 
$
94,731

Liabilities:

 

 

 

Deferred executive compensation liability
$

 
$
6,458

 
$

 
$
6,458

Deferred drug development costs

 

 
14,686

 
14,686

Ligand Contingent Consideration

 

 
5,227

 
5,227

Talon CVR

 

 
1,377

 
1,377

Corixa Liability

 

 
62

 
62


$

 
$
6,458

 
$
21,352

 
$
27,810



We did not have any transfers between Levels 1 and 2 for all periods presented. The following presents a roll forward of our liabilities for which we utilize Level 3 inputs in determining period-end value. These liabilities are included on our Condensed Consolidated Balance Sheets within “acquisition-related contingent obligations” and “drug development liability”. The basis of the various Level 3 valuation inputs are discussed in the Notes to these accompanying Condensed Consolidated Financial Statements.
Our carrying amounts of financial instruments such as cash equivalents, accounts receivable, prepaid expenses, accounts payable, and accrued liabilities, excluding acquisition-related contingent obligations, approximate their related fair values due to their short-term nature.
 
Fair Value Measurements of
Unobservable Inputs (Level 3)
Balance at December 31, 2014
$
23,127

Deferred drug development costs
(1,099
)
Ligand Contingent Consideration
326

Talon CVR
(1,002
)
Corixa Liability

Balance at December 31, 2015
21,352

Deferred drug development costs (see Note 15)
(176
)
Ligand Contingent Consideration (see Note 9(b))
773

Talon CVR (see Note 9(a))
269

Corixa Liability (see Note 16(b)(i))

Balance at March 31, 2016*
$
22,218

* This amount is comprised of the current and non-current portions of “drug development liability” and “acquisition-related contingent obligations” on our accompanying Condensed Consolidated Balance Sheets.