Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables)
3 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of information by level for financial assets and liabilities that are measured at fair value on a recurring basis

The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

    

Total 

    

carrying 

value as of

Fair Value Measurements Using 

September 30, 

Inputs Considered as

2022

Level 1

Level 2

Level 3

 

Assets

 

  

 

  

 

  

 

  

Exchange traded securities(1)

$

23,318

$

23,318

$

$

Certificates of deposit(2)

 

14,500

 

14,500

 

 

Derivative instruments - cash flow hedges

 

16,685

 

 

16,685

 

Total assets

$

54,503

$

37,818

$

16,685

$

Liabilities

 

  

 

  

 

  

 

  

Contingent consideration

$

15,500

$

$

$

15,500

Total liabilities

$

15,500

$

$

$

15,500

    

Total

    

 carrying 

value as of

Fair Value Measurements Using 

June 30, 

Inputs Considered as

    

2022

    

Level 1

    

Level 2

    

Level 3

Assets

 

  

 

  

 

  

 

  

Exchange traded securities(1)

$

59,962

$

59,962

$

$

Certificates of deposit(2)

 

14,500

 

14,500

 

 

Derivative instruments - cash flow hedges

 

11,026

 

 

11,026

 

Total assets

$

85,488

$

74,462

$

11,026

$

Liabilities

 

  

 

  

 

  

 

  

Contingent consideration

$

5,000

$

$

$

5,000

Derivative instruments - cash flow hedges

 

476

 

 

476

 

Total liabilities

$

5,476

$

$

476

$

5,000

(1)

Included in available-for-sale investments on the balance sheet. During the quarter ended September 30, 2022, the Company sold all of its outstanding shares of ChemoCentryx Inc (CCXI). The cost basis and fair value of the Company’s available-for-sale equity investment in CCXI was $6.6 million and $36.0 million at June 30, 2022, respectively. The cost basis and fair value of the exchange traded investment grade bond funds as of September 30, 2022 was $25.0 million and $23.3 million, respectively. The cost basis and fair value of the exchange traded investment grade bond funds as of June 30, 2022 was $25.0 million and $23.9 million, respectively.

(2)

Included in available-for-sale investments on the balance sheet. The certificates of deposit have contractual maturity dates within one year.

Schedule of the reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

    

Quarter Ended

September 30, 

2022

Fair value at the beginning of period

$

5,000

Change in fair value of contingent consideration

 

(100)

Additions

 

10,600

Payments

 

Fair value at the end of period

$

15,500