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

9 Months Ended

Sep. 30, 2015

Available-for-Sale Securities and Fair Value Measurements

Schedule of available-for-sale securities

(In thousands)	September 30, 2015		December 31, 2014
Cash and cash equivalents	$	76,077	$	95,090
Short-term marketable securities	127,446		143,698
Marketable securities	—		42,856
Total	$	203,523	$	281,644

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

	September 30, 2015
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government securities	$	7,503	$	3	$	—		$	7,506
U.S. government agencies	69,965		9		(2		)	69,972
Corporate notes	27,485		3		(2		)	27,486
Commercial paper	54,702		—		—			54,702
Money market funds	43,857		—		—			43,857
Total	$	203,512	$	15	$	(4	)	$	203,523

	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 as of September 30, 2015 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
U.S. government securities	$	7,506	$	—	$	—	$	7,506
U.S. government agencies	—		69,972		—		69,972
Corporate notes	—		27,486		—		27,486
Commercial paper	—		54,702		—		54,702
Money market funds	43,857		—		—		43,857
Total assets measured at estimated fair value	$	51,363	$	152,160	$	—	$	203,523
Liabilities
Convertible subordinated notes due 2023	$	—	$	169,362	$	—	$	169,362
Non-recourse notes due 2029	—		464,527		—		464,527
Total fair value of liabilities	$	—	$	633,889	$	—	$	633,889

	Estimated Fair Value Measurements as of December 31, 2014 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
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
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