Available-for-Sale Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Available-for-Sale Securities and Fair Value Measurements

Schedule of available-for-sale securities

        The classification of available-for-sale securities in the consolidated balance sheets is as follows (in thousands):

	December 31,
	2015		2014
Cash and cash equivalents	$	148,673	$	95,090
Short-term marketable securities		28,103		143,698
Marketable securities		—		42,856
Total	$	176,776	$	281,644

Schedule of amortized cost and estimated fair values for available-for-sale securities

        The estimated fair value of available-for-sale securities is based on quoted market prices for these or similar investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below (in thousands):

	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Other Than Temporary Impairment Loss		Estimated Fair Value
U.S. government agencies	$	14,406	$	—	$	(1	)	$	—	$	14,405
U.S. corporate notes		2,702		—		(1	)		—		2,701
U.S. commercial paper		10,997		—		—			—		10,997
Money market funds		148,673		—		—			—		148,673
Total	$	176,778	$	—	$	(2	)	$	—	$	176,776

	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Other Than Temporary Impairment Loss			Estimated Fair Value
U.S. government securities	$	30,019	$	24	$	—		$	—		$	30,043
U.S. government agencies		34,756		6		(12	)		—			34,750
U.S. corporate notes		80,880		5		(110	)		—			80,775
U.S. commercial paper		34,469		—		—			—			34,469
Ordinary shares of Theravance Biopharma		10,269		—		—			(3,752	)		6,517
Money market funds		95,090		—		—			—			95,090
Total	$	285,483	$	35	$	(122	)	$	(3,752	)	$	281,644

Schedule of estimated fair values

	Estimated Fair Value Measurements as of December 31, 2015 Using:
	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Types of Instruments (In thousands)	Level 1		Level 2		Level 3		Total
Assets
U.S. government agencies	$	—	$	14,405	$	—	$	14,405
Corporate notes		—		2,701		—		2,701
Commercial paper		—		10,997		—		10,997
Money market funds		148,673		—		—		148,673
Total assets measured as of estimated fair value	$	148,673	$	28,103	$	—	$	176,776
Liabilities
Convertible subordinated notes due 2023	$	—	$	189,100	$	—	$	189,100
Non-recourse notes due 2029		—		470,970		—		470,970
Total fair value of liabilities	$	—	$	660,070	$	—	$	660,070

	Estimated Fair Value Measurements as of December 31, 2014 Using:
	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Types of Instruments (In thousands)	Level 1		Level 2		Level 3		Total
Assets
U.S. government securities	$	30,043	$	—	$	—	$	30,043
U.S. government agencies		—		34,750		—		34,750
Corporate notes		—		80,775		—		80,775
Commercial paper		—		34,469		—		34,469
Ordinary shares of Theravance Biopharma		6,517		—		—		6,517
Money market funds		95,090		—		—		95,090
Total assets measured as of estimated fair value	$	131,650	$	149,994	$	—	$	281,644
Liabilities
Convertible subordinated notes due 2023	$	—	$	197,095	$	—	$	197,095
Non-recourse notes due 2029		—		456,411		—		456,411
Total fair value of liabilities	$	—	$	653,506	$	—	$	653,506