| 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 |
|
|
December 31, |
|
Inputs Considered as |
|
|
2022 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Exchange traded securities(1) |
|
$ |
23,574 |
|
$ |
23,574 |
|
$ |
— |
|
$ |
— |
Certificates of deposit(2) |
|
|
8,500 |
|
|
8,500 |
|
|
— |
|
|
— |
Derivative instruments - cash flow hedges(3) |
|
|
15,791 |
|
|
— |
|
|
15,791 |
|
|
— |
Total assets |
|
$ |
47,865 |
|
$ |
32,074 |
|
$ |
15,791 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
$ |
7,000 |
|
$ |
— |
|
$ |
— |
|
$ |
7,000 |
Total liabilities |
|
$ |
7,000 |
|
$ |
— |
|
$ |
— |
|
$ |
7,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(3) |
|
|
11,026 |
|
|
— |
|
|
11,026 |
|
|
— |
Total assets |
|
$ |
85,488 |
|
$ |
74,462 |
|
$ |
11,026 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
$ |
5,000 |
|
$ |
— |
|
$ |
— |
|
$ |
5,000 |
Derivative instruments - cash flow hedges(3) |
|
|
476 |
|
|
— |
|
|
476 |
|
|
— |
Total liabilities |
|
$ |
5,476 |
|
$ |
— |
|
$ |
476 |
|
$ |
5,000 |
(1) |
Included in available-for-sale investments on the balance sheet. The cost basis and fair value of the exchange traded investment grade bond funds as of December 31, 2022 was $25.0 million and $23.6 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. 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. |
(2) |
Included in available-for-sale investments on the balance sheet. The certificates of deposit have contractual maturity dates within one year. |
(3) |
Derivative assets are included in other assets on the balance sheet as of December 31, 2022 and June 30, 2022. Derivative liabilities as of June 30, 2022 are included in other current liabilities on the balance sheet. |
|
| 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 |
|
Six Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2022 |
|
|
|
|
|
|
|
Fair value at the beginning of period |
|
$ |
15,500 |
|
$ |
5,000 |
Change in fair value of contingent consideration |
|
|
(8,500) |
|
|
(8,600) |
Additions |
|
|
— |
|
|
10,600 |
Payments |
|
|
— |
|
|
— |
Fair value at the end of period |
|
$ |
7,000 |
|
$ |
7,000 |
|