DENDREON CORP - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - August 3, 2011

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v2.3.0.11
Fair Value Measurements
 6 Months Ended
Jun. 30, 2011
Fair Value Measurements  
Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

We currently measure and report at fair value our cash equivalents and investment securities. We also measured and reported at fair value our warrant liability, prior to exercise of the Warrants in the second quarter of 2010. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy of fair value measurements is described below:

Level 1 — Observable inputs for identical assets or liabilities such as quoted prices in active markets;

Level 2 — Inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3 — Unobservable inputs in which little or no market data exists, therefore determined using estimates and assumptions developed by us, which reflect those that a market participant would use.

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis:

 

Description

    Balance      Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  
     (In thousands)  
Assets:            

June 30, 2011

            

Money market

    $ 434,748       $ 434,748       $ —         $ —     

Commercial paper

      8,999         —           8,999         —     

Corporate debt securities

      118,229         —           118,229         —     

Government-sponsored enterprises

      44,646         —           44,646         —     

U.S. Treasury notes

      12,079         —           12,079         —     
                                   

Total financial assets

    $ 618,701       $ 434,748       $ 183,953       $ —     
                                   

December 31, 2010

            

Money market

    $ 112,138       $ 112,138       $ —         $ —     

Commercial paper

      9,997         —           9,997         —     

Corporate debt securities

      59,778         —           59,778         —     

Government-sponsored enterprises

      63,230         —           63,230         —     

U.S. Treasury notes

      15,061         —           15,061         —     
                                   

Total financial assets

    $ 260,204       $ 112,138       $ 148,066       $ —     
                                   

Our fixed income investment securities are valued using the market approach.

The fair value of the 2014 Notes and the 2016 Notes at June 30, 2011, was approximately $109.1 million and $684.0 million, respectively, based on the last trading prices at June 30, 2011 (a "Level 2" input). The fair value of the 2014 Notes at December 31, 2010, based on the average trading prices of similar instruments near year end, was approximately $98.0 million.

The carrying amounts reflected in the consolidated balance sheets for cash, prepaid expenses, other current assets, accounts payable, accrued expenses and other liabilities approximate fair value due to their short term nature. In addition, our capital lease obligations approximate fair value based on current interest rates, which contain an element of default risk.

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