Summary of Asset and Liability Fair Values |
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.
|
Fair Value Measurement Activity for Liabilities Utilize Level 3 Inputs |
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.
|