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

6 Months Ended

Jun. 30, 2015

Available-for-Sale Securities and Fair Value Measurements

Schedule of available-for-sale securities

(In thousands)	June 30, 2015		December 31, 2014
Cash and cash equivalents	$	140,146	$	95,090
Short-term marketable securities	79,684		143,698
Marketable securities	—		42,856
Total	$	219,830	$	281,644

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

	June 30, 2015
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government securities	$	7,499	$	4	$	—		$	7,503
U.S. government agencies	15,965		2		—			15,967
Corporate notes	46,241		4		(20		)	46,225
Commercial paper	9,989		—		—			9,989
Money market funds	140,146		—		—			140,146
Total	$	219,840	$	10	$	(20	)	$	219,830

	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
Corporate notes	80,880		5		(110		)	—			80,775
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 June 30, 2015
U.S. government securities	$	7,503	$	—	$	—	$	7,503
U.S. government agencies	—		15,967		—		15,967
Corporate notes	—		46,225		—		46,225
Commercial paper	—		9,989		—		9,989
Money market funds	140,146		—		—		140,146
Total assets measured at estimated fair value	$	147,649	$	72,181	$	—	$	219,830
Liabilities at June 30, 2015
Convertible subordinated notes due 2023	$	—	$	239,802	$	—	$	239,802
Non-recourse notes due 2029	—		476,113		—		476,113
Total fair value of liabilities	$	—	$	715,915	$	—	$	715,915

	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
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 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