Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The table below summarizes certain asset and liability fair values that are included within our accompanying Condensed Consolidated Balance Sheets, and their designations among three fair value measurement categories (see Note 2(xiii)):

	March 31, 2017 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Bank certificates of deposits	$	—	$	247	$	—	$	247
Money market funds	—		124,439		—		124,439
Equity securities (Note 10)	14,241		—		—		14,241
Mutual funds	—		59		—		59
Deferred compensation investments (life insurance cash surrender value)	—		12,263		—		12,263		*
	$	14,241	$	137,008	$	—	$	151,249
Liabilities:
Deferred executive compensation liability (Note 16(f))	$	—	$	8,942	$	—	$	8,942	*
Drug development liability (Note 15)	—		—		12,771		12,771
Talon CVR (Note 9(a))	—		—		1,450		1,450
Corixa Liability (Note 16(b)(i))	—		—		62		62
	$	—	$	8,942	$	14,283	$	23,225

	December 31, 2016 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Bank certificates of deposits	$	—	$	5,991	$	—	$	5,991
Money market funds	—		128,563		—		128,563
Equity securities (Note 10)	11,533		—		—		11,533
Mutual funds	—		56		—		56
Deferred compensation investments (life insurance cash surrender value)	—		11,863		—		11,863		*
	$	11,533	$	146,473	$	—	$	158,006
Liabilities:
Deferred executive compensation liability (Note 16(f))	$	—	$	8,352	$	—	$	8,352	*
Drug development liability (Note 15)	—		—		13,130		13,130
Ligand Contingent Consideration (Note 9(b))	—		—		—		—
Talon CVR (Note 9(a))	—		—		1,253		1,253
Corixa Liability (Note 16(b)(i))	—		—		62		62
	$	—	$	8,352	$	14,445	$	22,797

* The reported value of "deferred compensation investments" is based on the cash surrender value of the life insurance policies, while the value of the "deferred executive compensation liability" is based on the market value of the underlying investment holdings.

We did not have any transfers between Levels 1 and 2 for all periods presented.

The table below summarizes the 2016 and 2017 activity of our liabilities that are valued with unobservable inputs:

	Fair Value Measurements of Unobservable Inputs (Level 3)
Balance at December 31, 2015	$	21,352
Settlement of Ligand Contingent Consideration liability (see Note 9(b))	(6,000		)
Deferred drug development costs (see Note 15)	(1,556		)
Ligand Contingent Consideration fair value adjustment prior to settlement (see Note 9(b))	773
Talon CVR fair value adjustment (see Note 9(a))	(124		)
Balance at December 31, 2016	14,445
Deferred drug development costs (see Note 15)	(359		)
Talon CVR fair value adjustment (see Note 9(a))	197
Balance at March 31, 2017*	$	14,283

* This amount is comprised of the current and non-current portions of “drug development liability” and the non-current portion of “acquisition-related contingent obligations” on our accompanying Condensed Consolidated Balance Sheets.

Our carrying amounts of financial instruments such as cash equivalents, accounts receivable, prepaid expenses, accounts payable, and accrued liabilities, excluding acquisition-related contingent obligations, approximate their related fair values due to their short-term nature.