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Assets and Liabilities Measured at Fair Value (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities subject to fair value measurements
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of September 30, 2019 are identified in the following table:
 
(in thousands)
 
Level 2
 
Total
Assets:
 
 

 
 

Commercial paper
 
$
114,808

 
$
114,808

Asset-backed securities
 
75,255

 
75,255

Corporate debt securities
 
139,745

 
139,745

U.S. government agency bonds
 
17,666

 
17,666

Money market funds
 
4,328

 
4,328

 
 
$
351,802

 
$
351,802

 
 
 
Level 2
 
Level 3
 
Total
Liabilities:
 
 

 
 

 
 

Contingent consideration payable
 
$

 
$
22,036

 
$
22,036

Deferred compensation plan liability
 
4,003

 

 
4,003

 
 
$
4,003

 
$
22,036

 
$
26,039

 
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2018 are identified in the following table:
 
(in thousands)
 
Level 2
 
Total
Assets:
 
 
 
 
Commercial paper
 
$
115,141

 
$
115,141

Asset-backed securities
 
68,135

 
68,135

Corporate debt securities
 
240,726

 
240,726

Money market funds
 
3,082

 
3,082

 
 
$
427,084

 
$
427,084

 
 
Level 2
 
Level 3
 
Total
Liabilities:
 

 
 

 
 

Contingent consideration payable
$

 
$
19,700

 
$
19,700

Deferred compensation plan liability
2,732

 

 
2,732

 
$
2,732

 
$
19,700

 
$
22,432


Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Schedule of changes in contingent consideration payable

The following table shows the change in the balance of contingent consideration payable for the three and nine months ended September 30, 2019 and 2018, respectively:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
 
2019
 
2018
 
2019
 
2018
Balance, beginning of the period
 
$
21,247

 
$
26,800

 
$
28,700

 
$
25,400

Payment of contingent consideration in stock
 

 

 
(9,316
)
 

Changes in fair value during the period, included in the Consolidated Statements of Operations
 
789

 
1,300

 
2,652

 
2,700

Balance, end of the period
 
$
22,036

 
$
28,100

 
$
22,036

 
$
28,100


Callidus Biopharma Inc  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Schedule of significant unobservable inputs used in the valuation of the contingent consideration payable
The following significant unobservable inputs were used in the valuation of the contingent consideration payable of Callidus for the ATB200 Pompe program:
 
Contingent Consideration
Liability
 
Fair Value as of
September 30, 2019
 
Valuation Technique
 
Unobservable Input
 
Range
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
9.8%
 
 
 
 
 
 
 
 
 
Clinical and regulatory milestones
 
$21,766
 
Probability weighted discounted cash flow
 
Probability of achievement of milestones
 
75% - 78%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected year of payments
 
2021 - 2022