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

3 Months Ended

Mar. 31, 2015

Available-for-Sale Securities and Fair Value Measurements

Schedule of available-for-sale securities

(In thousands)	March 31, 2015		December 31, 2014
Cash and cash equivalents	$	132,007	$	95,090
Short-term marketable securities	109,954		143,698
Marketable securities	3,932		42,856
Total	$	245,893	$	281,644

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

	March 31, 2015
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government securities	$	12,505	$	12	$	—		$	12,517
U.S. government agencies	18,471		3		(3		)	18,471
U.S. corporate notes	72,941		7		(31		)	72,917
U.S. commercial paper	9,981		—		—			9,981
Money market funds	132,007		—		—			132,007
Total	$	245,905	$	22	$	(34	)	$	245,893

	December 31, 2014
(In thousands)	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 at Reporting Date Using:
Types of Instruments	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets at March 31, 2015
U.S. government securities	$	12,517	$	—	$	—	$	12,517
U.S. government agencies	—		18,471		—		18,471
U.S. corporate notes	—		72,917		—		72,917
U.S. commercial paper	—		9,981		—		9,981
Money market funds	132,007		—		—		132,007
Total assets measured at estimated fair value	$	144,524	$	101,369	$	—	$	245,893
Liabilities at March 31, 2015
Convertible subordinated notes due 2023	$	—	$	223,220	$	—	$	223,220
Non-recourse notes due 2029	—		469,800		—		469,800
Total fair value of liabilities	$	—	$	693,020	$	—	$	693,020

	Estimated Fair Value Measurements at Reporting Date Using:
Types of Instruments	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets at December 31, 2014
U.S. government securities	$	30,043	$	—	$	—	$	30,043
U.S. government agencies	—		34,750		—		34,750
U.S. corporate notes	—		80,775		—		80,775
U.S. 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 at estimated fair value	$	131,650	$	149,994	$	—	$	281,644
Liabilities at December 31, 2014
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