Other comprehensive income (loss), net of tax

$ 332,795

$ 322,244

$ 264,530

Unrealized gains (losses) on investments in available-for-sale securities

783

(745)

1,122

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax

(712)

(20)

Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax

^[1]

(765)

1,122

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax

4,626

4,834

(2,432)

Unrealized gains (losses) on cash flow hedges

^[2]

(764)

8,602

(922)

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax

(5,390)

3,768

1,510

Total other comprehensive income (loss), net of tax

(693)

7,837

200

Comprehensive income

$ 332,102

$ 330,081

$ 264,730

[1]	Net of tax of $38, ($412) and $604 for the years ended December 31, 2015, 2014 and 2013, respectively.
[2]	Net of tax of ($411), $4,632 and ($496) for the years ended December 31, 2015, 2014 and 2013, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on available-for-sale securities, tax	$ 38	$ (412)	$ 604
Unrealized gains (losses) on cash flow hedges, tax	$ (411)	$ 4,632	$ (496)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Income Taxes, Current	$ 3,372	$ 3,293
Current assets:
Cash and cash equivalents	218,883	291,377
Short-term investments	1,469	2,310
Receivables from licensees	0	300
Deferred tax assets	981	375
Notes receivable	58,398	57,597
Prepaid and other current assets	2,979	3,938
Total current assets	282,710	355,897
Property and equipment, net	31	62
Royalty rights	399,204	259,244
Notes and other receivables, long-term	306,507	305,615
Long-term deferred tax assets	16,172	33,799
Other assets	11,554	7,733
Total assets	1,016,178	962,350
Current liabilities:
Accounts payable	394	318
Accrued liabilities	8,009	8,876
Term loan payable	24,966	0
Convertible Notes Payable, Current	0	175,496
Total current liabilities	36,741	187,983
Convertible notes payable	232,835	276,228
Other long-term liabilities	50,650	37,702
Total liabilities	$ 320,226	$ 501,913
Commitments and Contingencies
Stockholders' equity (deficit):
Preferred stock, par value $0.01 per share, 10,000 shares authorized; no shares issued and outstanding	$ 0	$ 0
Common stock, par value $0.01 per share, 350,000 shares authorized; 162,186 and 139,935 shares issued and outstanding at December 31, 2014 and 2013, respectively	1,643	1,622
Additional paid-in capital	(117,983)	(119,874)
Accumulated other comprehensive loss	2,256	2,949
Retained earnings	810,036	575,740
Total stockholders' equity (deficit)	695,952	460,437
Total liabilities and stockholders' equity (deficit)	$ 1,016,178	$ 962,350

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014
Preferred stock par value (in Dollars per Share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in Shares)	10,000	10,000
Preferred stock, shares issued (in Shares)	0	0
Preferred stock, shares outstanding (in Shares)		0
Common stock par value (in Dollars per Share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	350,000	350,000
Common stock, shares issued (in Shares)	164,287	162,186
Common stock, shares outstanding (in Shares)	164,287	162,186

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ (985)	$ 0	$ 0
Cash flows from operating activities
Net income	332,795	322,244	264,530
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of convertible notes and term loan offering costs	12,963	18,696	13,320
Change in fair value of acquired royalty rights	(68,367)	(44,927)	5,637
Other amortization, depreciation and accretion of embedded derivative	40	(134)	(404)
(Gain) loss on extinguishment of notes receivable	3,979	0	0
Gains (Losses) on Extinguishment of Debt	(6,450)	6,143	0
Hedge ineffectiveness on foreign exchange contracts	0	(5)	(11)
Gain (Loss) on Sale of Investments	(997)	(30)	0
Stock-based compensation expense	2,045	1,501	872
Net excess tax benefit from stock-based compensation	0	0	(22)
Deferred taxes	17,251	(19,842)	(999)
Changes in assets and liabilities:
Receivables from licensees	300	0	66
Prepaid and other current assets	(42)	2,126	387
Accrued interest on notes receivable	(2,246)	(6,800)	(9,530)
Other assets	(865)	(63)	264
Accounts payable	76	31	(787)
Accrued liabilities	(1,048)	4,343	(1,447)
Increase (Decrease) in Income Taxes Payable	79	3,293	0
Other long-term liabilities	12,937	5,705	(2,131)
Net cash provided by operating activities	301,465	292,281	269,745
Cash flows from investing activities
Purchases of investments	0	(1,750)	(9,875)
Maturities of investments	1,947	3,530	43,780
Purchase of royalty rights	(115,000)	(81,100)	(241,314)
Payments for (Proceeds from) Productive Assets	43,407	102,460	0
Issuance of notes receivable	(35,235)	(230,000)	(148,708)
Repayment of notes receivable	25,242	68,800	59,279
Acquisition of property and equipment	(9)	(49)	(2)
Net cash provided by/(used in) investing activities	(79,648)	(138,109)	(296,840)
Cash flows from financing activities
Proceeds from term loan	100,000	0	74,169
Repayments of Notes Payable	(75,000)	(75,000)	0
Payments for Repurchase of Convertible Preferred Stock	(220,397)	(56,191)	0
Payment of debt issuance costs	(607)	(9,825)	0
Net proceeds from the issuance of convertible notes	0	300,000	0
Purchased call options cost	0	(30,951)	0
Proceeds from issuance of warrants	0	11,427	0
Cash dividends paid	(98,307)	(96,557)	(84,006)
Excess tax benefit from stock-based compensation	0	0	22
Net cash used in financing activities	(294,311)	42,903	(9,815)
Net increase/(decrease) in cash and cash equivalents	(72,494)	197,075	(36,910)
Cash and cash equivalents at beginning of the period	291,377	94,302	131,212
Cash and cash equivalents at end of period	218,883	291,377	94,302
Supplemental cash flow information
Cash paid for income taxes	168,000	189,000	139,000
Cash paid for interest	16,987	18,439	10,997
Other Significant Noncash Transaction, Value of Consideration Given	$ 9,794	$ 171,879	$ 0

Consolidated Statements of Stockholders' Equity (Deficit) Statement - USD ($)
$ in Thousands

Total

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings (Accumulated Deficit) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Series 2012 Notes [Member]

Additional Paid-in Capital [Member]

February 2018 Notes [Member]

Additional Paid-in Capital [Member]

Beginning Balance (in shares) at Dec. 31, 2012

139,816,259

Beginning Balance at Dec. 31, 2012

$ (68,122)

$ 1,398

$ (234,066)

$ 169,634

$ (5,088)

Issuance of common stock under employee benefit plans (in Shares)

118,310

Issuance of common stock under employee benefit plans

$ (1)

(1)

Stock-based compensation expense

872

Tax benefit (expense) from employee stock options

Dividends declared, Retained Earnings adjustment

(84,013)

Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax

264,530

1,122

^[1]

1,122

Changes in unrealized gains and losses on cash flow hedges, net of tax

(922)

^[2]

(922)

Total comprehensive income

264,730

Ending Balance (in shares) at Dec. 31, 2013

139,934,569

Ending Balance at Dec. 31, 2013

113,489

$ 1,399

(233,173)

350,151

(4,888)

Issuance of common stock under employee benefit plans (in Shares)

148,882

Issuance of common stock under employee benefit plans

$ 0

$ (2)

(2)

Stock Issued During Period, Shares, Conversion of Convertible Securities

22,103,031

Stock Issued During Period, Value, Conversion of Convertible Securities

$ 221

Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature

(221)

Issuance of convertible debt

102,134

$ 102,134

$ 18,689

Purchase of purchased call options, net of tax

20,118

Proceeds from the sale of warrants

11,427

$ 11,427

Stock-based compensation expense

1,501

Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation

(111)

Dividends declared, Retained Earnings adjustment

(96,655)

Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax

322,244

(765)

^[1]

(765)

Changes in unrealized gains and losses on cash flow hedges, net of tax

8,602

^[2]

8,602

Total comprehensive income

330,081

Ending Balance (in shares) at Dec. 31, 2014

162,186,482

Ending Balance at Dec. 31, 2014

$ 460,437

$ 1,622

(119,874)

575,740

2,949

Issuance of common stock under employee benefit plans (in Shares)

758,533

Issuance of common stock under employee benefit plans

$ 0

Stock Issued During Period, Shares, Conversion of Convertible Securities

1,341,600

Stock Issued During Period, Value, Conversion of Convertible Securities

$ 13

Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature

Stock-based compensation expense

2,045

Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation

(233)

Dividends declared, Retained Earnings adjustment

(98,499)

Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax

332,795

^[1]

Changes in unrealized gains and losses on cash flow hedges, net of tax

(764)

^[2]

(764)

Total comprehensive income

332,102

Ending Balance (in shares) at Dec. 31, 2015

164,286,615

Ending Balance at Dec. 31, 2015

$ 695,952

$ 1,643

$ (117,983)

$ 810,036

$ 2,256

[1]	Net of tax of $38, ($412) and $604 for the years ended December 31, 2015, 2014 and 2013, respectively.
[2]	Net of tax of ($411), $4,632 and ($496) for the years ended December 31, 2015, 2014 and 2013, respectively.

Organization and Business

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Organization and Business

PDL manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. To acquire new income generating assets, PDL provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions, and inventors. PDL has committed over $1 billion and funded approximately $937 million in these investments to date. PDL evaluates its investments based on the quality of the income generating assets and potential returns on investment. PDL is currently focused on acquiring new income generating assets, the management of its intellectual property and income generating assets and maximizing value for its stockholders.

The Company was formerly known as Protein Design Labs, Inc. and changed its name to PDL BioPharma, Inc. in 2006. PDL was founded in 1986 and is headquartered in Incline Village, Nevada. PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases for which it receives significant royalty revenue.

In the year ended December 31, 2015, the Company received Queen et al. patent royalties on sales of the ten humanized antibody products listed below, all of which are currently approved for use by the FDA and other regulatory agencies outside the United States.



Licensee		Product Names
Genentech		Avastin
		Herceptin
		Xolair
		Lucentis
		Perjeta
		Kadcyla

Biogen		Tysabri

Chugai		Actemra

Roche		Gazyva

Takeda		Entyvio

Prior to December 2008, the Company's business included biotechnology operations, which were focused on the discovery and development of novel antibodies that the Company spun off to Facet. In April 2010, Abbott Laboratories acquired Facet and later renamed the company Abbott Biotherapeutics Corp. In January 2013, Abbott Biotherapeutics, Corp. was renamed AbbVie Biotherapeutics, Inc. and spun off from Abbott as a subsidiary of AbbVie Inc.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP and under the rules and regulations of the SEC. The financial statements include all adjustments (consisting only of normal recurring adjustments) that management of PDL believes are necessary for a fair presentation of the periods presented.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, QHP Royalty Sub LLC. All material intercompany balances and transactions are eliminated in consolidation.

Management Estimates

The preparation of financial statements in conformity with GAAP requires the use of management’s estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Segment Disclosures

Our chief operating decision-maker consists of our executive management. Our chief operating decision-maker reviews our operating results and operating plans and makes resource allocation decisions on a company-wide basis; therefore, we operate as one segment.

Cash Equivalents

We consider all highly liquid investments with initial maturities of three months or less at the date of purchase to be cash equivalents. We place our cash and cash equivalents with high credit quality financial institutions and, by policy, limit the amount of credit exposure in any one financial instrument.

Investments

The Company's investments include cost method investments and available-for-sale investments in certain publicly traded companies and privately-held companies.

Cost method is used for investments over which the Company does not have the ability to exercise significant influence. Gains or losses are realized when such investments are sold or when dividends are declared or payments are received. See Note 7.

Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in "Accumulated other comprehensive income." See Note 5.

Fair Value Measurements

The fair value of our financial instruments are estimates of the amounts that would be received if we were to sell an asset or we paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories:

Level 1 – based on quoted market prices in active markets for identical assets and liabilities;

Level 2 – based on quoted market prices for similar assets and liabilities, using observable market based inputs or unobservable market based inputs corroborated by market data, and

Level 3 – based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable.

Notes Receivable and Other Long-Term Receivables

We account for our notes receivable at both amortized cost, net of unamortized origination fees, if any, and as dependent on collateral when the loan for which repayment is expected to be provided solely by the underlying collateral. For loans accounted for at their amortized cost, related fees and costs are recorded net of any amounts reimbursed. Interest is accreted or accrued to "Interest revenue" using the effective interest method. When and if supplemental royalties are received from certain of these notes and other long-term receivables, an adjustment to the estimated effective interest rate is effected prospectively.

We evaluate the collectability of both interest and principal for each note receivable and loan to determine whether it is impaired. A note receivable or loan is considered to be impaired when, based on current information and events, we determine it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a note receivable or loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan's effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and we expect repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower's credit risk, financial performance, expected sales, and fair value of the collateral.

Convertible Notes

The Company issued our Series 2012 Notes, May 2015 Notes and our February 2018 Notes with a net share settlement feature, meaning that upon any conversion, the principal amount will be settled in cash and the remaining amount, if any, will be settled in shares of our common stock. In accordance with accounting guidance for convertible debt instruments that may be settled in cash or other assets on conversion, we separated the principal balance between the fair value of the liability component and the common stock conversion feature using a market interest rate for a similar nonconvertible instrument at the date of issuance.

Queen et al. Royalty Revenues

Under the Company's Queen at al. Patent license agreements, the Company receives royalty payments based upon our licensees’ net sales of covered products. Generally, under these agreements we receive royalty reports from our licensees approximately one quarter in arrears, that is, generally in the second month of the quarter after the licensee has sold the royalty-bearing product. We recognize royalty revenues when we can reliably estimate such amounts and collectability is reasonably assured. As such, we generally recognize royalty revenues in the quarter reported to us by our licensees, that is, royalty revenues are generally recognized one quarter following the quarter in which sales by our licensees occurred. Under this accounting policy, the royalty revenues we report are not based upon our estimates and such royalty revenues are typically reported in the same period in which we receive payment from our licensees.

The Company also received annual maintenance fees from licensees of our Queen et al. patents prior to patent expiry as well as periodic milestone payments. We had no performance obligations with respect to such fees. Maintenance fees were recognized as they became due and when payment was reasonably assured. Total annual maintenance and milestone payments in each of the last several years have been less than 1% of total revenue.

Although the last of our Queen et al. patents expired in December 2014, we expect to receive royalties beyond expiration based on the terms of our licenses and our legal settlements. We do not expect to receive any meaningful revenue from our Queen et al. patents beyond the first quarter of 2016. In the second quarter of 2016, the Company's revenues are likely to materially decrease after the conclusion of receiving payments from these Queen et al. patents license agreements, which accounted for 82% of our 2015 revenue. The continued success of the Company will become more dependent on the timing and our ability to acquire new income generating assets in order to provide recurring revenues going forward and to support the Company's business model and ability to pay dividends.

Royalty Rights - At Fair Value

Currently, we have elected to account for our investments in royalty rights at fair value with changes in fair value presented in earnings. The fair value of the investments in royalty rights is determined by using a discounted cash flow analysis related to the expected future cash flows to be received. These assets are classified as Level 3 assets within the fair value hierarchy as our valuation estimates utilize significant unobservable inputs, including estimates as to the probability and timing of future sales of the related products. Transaction-related fees and costs are expensed as incurred.

The changes in the estimated fair value from investments in royalty rights along with cash receipts each reporting period are presented together on our Consolidated Statements of Income as a component of revenue under the caption, “Royalty rights - change in fair value.”

Foreign Currency Hedging

We enter into foreign currency hedges to manage exposures arising in the normal course of business and not for speculative purposes.

We hedge certain Euro-denominated currency exposures related to royalties associated with our licensees’ product sales with Euro forward contracts. In general, these contracts are intended to offset the underlying Euro market risk in our royalty revenues. The last of these contracts expires in the first quarter of 2016. We designate foreign currency exchange contracts used to hedge royalty revenues based on underlying Euro-denominated licensee product sales as cash flow hedges.

At the inception of each hedging relationship and on a quarterly basis, we assess the hedge effectiveness. The fair value of the Euro contracts is estimated using pricing models with readily observable inputs from actively quoted markets and is disclosed on a gross basis. The aggregate unrealized gains or losses, net of tax, on the effective component of the hedge is recorded in stockholders’ equity as "Accumulated other comprehensive income." Realized gains or losses on cash flow hedges are recognized as an adjustment to royalty revenue in the same period that the hedged transaction impacts earnings as royalty revenue. Any gain or loss on the ineffective portion of our hedge contracts is reported in "Interest and other income, net" in the period the ineffectiveness occurs.

Income Taxes

The provision for income taxes is determined using the asset and liability approach. Tax laws require items to be included in tax filings at different times than the items are reflected in the financial statements. A current liability is recognized for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are adjusted for enacted changes in tax rates and tax laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. See Note 16, “Income Taxes” of this Form 10-K for additional information.

Comprehensive Income (Loss)

Comprehensive income (loss) comprises net income adjusted for other comprehensive income (loss), using the specific identification method, which includes the changes in unrealized gains and losses on cash flow hedges and changes in unrealized gains and losses on our investments in available-for-sale securities, all net of tax, which are excluded from our net income.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization were computed using the straight-line method over the following estimated useful lives:



Leasehold improvements		Shorter of asset life or term of lease
Computer and office equipment		3 years
Furniture and fixtures		7 years

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The updated standard will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued an update to defer the effective date of this update by one year. The updated standard becomes effective for the Company in the first quarter of fiscal year 2018, but allows the Company to adopt the standard one year earlier if it so chooses. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its Consolidated Financial Statements and related disclosures, and is therefore unable to determine the impact on the Company's Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for the Company beginning in the first quarter of 2016. The adoption of this ASU is not expected to have a significant impact on the Company's Consolidated Financial Statements.

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. The Company is required to adopt this ASU no later than January 1, 2018, with early adoption permitted, and the guidance may be applied either prospectively or retrospectively. The Company does not expect this ASU to have a material impact on its Consolidated Financial Statements.

On January 5, 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The amendment to the standard is effective for the Company beginning on June 1, 2018. While the Company is currently assessing the impact of the new standard, it does not expect this new guidance to have a material impact on its Consolidated Financial Statements.

Net Income per Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Net Income per Share

3. Net Income per Share



	Year Ended December 31,
(In thousands, except per share amounts)	2015		2014		2013
Numerator
Net income	$	332,795	$	322,244	$	264,530
Add back interest expense for convertible notes, net of estimated tax of zero, zero and $13, for the years ended December 31, 2015, 2014 and 2013, respectively	—		—		25
Income used to compute net income per diluted share	$	332,795	$	322,244	$	264,555
Denominator
Total weighted-average shares used to compute net income per basic share	163,386		158,224		139,842
Effect of dilutive stock options	16		21		20
Restricted stock awards	152		126		83
Assumed conversion of Series 2012 Notes	—		3,532		12,373
Assumed conversion of February 2015 Notes	—		—		106
Assumed conversion of warrants	—		5,510		—
Assumed conversion of May 2015 Notes	—		5,697		6,919
Shares used to compute net income per diluted share	163,554		173,110		159,343
Net income per basic share	$	2.04	$	2.04	$	1.89
Net income per diluted share	$	2.03	$	1.86	$	1.66

We compute net income per diluted share using the sum of the weighted-average number of common and common equivalent shares outstanding. Common equivalent shares used in the computation of net income per diluted share include shares that may be issued under our stock options and restricted stock awards, the Series 2012 Notes and the May 2015 Notes on a weighted-average basis for the period that the notes were outstanding, including the effect of adding back interest expense and the underlying shares using the if converted method. In the first quarter of 2012, $179.0 million aggregate principal of the February 2015 Notes was exchanged for the Series 2012 Notes, and in the third quarter of 2013, $1.0 million aggregate principal of the February 2015 Notes was exchanged for the Series 2012 Notes, and the February 2015 Notes were retired, in the first quarter of 2014, $131.7 million aggregate principal of the Series 2012 Notes was retired in a privately negotiated exchange and purchase agreements, and in the fourth quarter of 2014, the Company entered into a privately negotiated exchange agreement under which it retired approximately $26.0 million in principal of the outstanding Series 2012 Notes, and, in the first quarter of 2015, the Company completed the retirement of the remaining $22.3 million of aggregate principal of its Series 2012 Notes.

In the second quarter of 2015, the Company completed the retirement of the remaining $155.1 million of aggregate principal of its May 2015 Notes. Concurrently with the retirement of the May 2015 Notes, we exercised our purchased call options and received 5.2 million of PDL's common shares, which was the amount equal to the number of shares required to be delivered by us to the note holders for the excess conversion value (Note 9).

In May 2011, we issued the May 2015 Notes, and in January and February 2012 we issued the Series 2012 Notes. The Series 2012 Notes and May 2015 Notes are net share settled, with the principal amount settled in cash and the excess settled in our common stock. The weighted-average share adjustments related to the Series 2012 Notes, May 2015 Notes and February 2018 Notes, shown in the table above, include the shares issuable in respect of such excess.

May 2015 Notes Purchase Call Option and Warrant Potential Dilution

We excluded from our calculation of net income per diluted share 3.0 million, zero and 21.1 million shares for the years ended December 31, 2015, 2014, and 2013, for warrants issued in 2011, because the exercise price of the warrants exceeded the VWAP of our common stock and conversion of the underlying May 2015 Notes is not assumed, no stock would be issuable upon conversion. Our purchased call options, issued in 2011, will always be anti-dilutive and therefore zero, 26.6 million and 24.8 million shares were excluded from our calculations of net income per diluted share for the years ended December 31, 2015, 2014 and 2013, respectively, because they have no effect on diluted net income per share. For information related to the conversion rates on our convertible debt, see Note 11.

February 2018 Notes Purchase Call Option and Warrant Potential Dilution

We excluded from our calculation of net income per diluted share 23.8 million and 29.0 million shares for the years ended December 31, 2015 and 2014, for warrants issued in February 2014, because the exercise price of the warrants exceeded the VWAP of our common stock and conversion of the underlying February 2018 Notes is not assumed, no stock would be issuable upon conversion. These securities could be dilutive in future periods. Our purchased call options, issued in February 2014, will always be anti-dilutive and therefore 26.9 million and 32.7 million shares were excluded from our calculation of net income per diluted share for the years ended December 31, 2015 and 2014, because they have no effect on diluted net income per share. For information related to the conversion rates on our convertible debt, see Note 11.

Anti-Dilutive Effect of Stock Options and Restricted Stock Awards

For the years ended December 31, 2015, 2014 and 2013, we excluded approximately 41,000, 35,000 and 115,000 shares underlying outstanding stock options, respectively, calculated on a weighted-average basis, from our net income per diluted share calculations because their effect was anti-dilutive. For the years ended December 31, 2015, 2014 and 2013, we excluded approximately 450,000, zero, and zero shares, respectively, underlying restricted stock awards, calculated on a weighted-average basis, from our net income per diluted share calculations because their effect was anti-dilutive.

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The fair value of our financial instruments are estimates of the amounts that would be received if we were to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The following table presents the fair value of our financial instruments measured at fair value on a recurring basis by level of input within the fair value hierarchy defined in Note 2:



	December 31, 2015								December 31, 2014
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	94,801	$	—	$	—	$	94,801	$	221,792	$	—	$	—	$	221,792
Corporate securities	—		1,469		—		1,469		—		2,310		—		2,310
Foreign currency hedge contracts	—		2,802		—		2,802		—		4,069		—		4,069
Warrants	—		984		—		984		—		—		—		—
Royalty rights - at fair value	—		—		399,204		399,204		—		—		259,244		259,244
Total	$	94,801	$	5,255	$	399,204	$	499,260	$	221,792	$	6,379	$	259,244	$	487,415

There have been no transfers between levels during the years ended December 31, 2015 and 2014. The Company recognizes transfers between levels on the date of the event or change in circumstances that caused the transfer.

Corporate Securities

Corporate securities consist primarily of U.S. corporate equity holdings. The fair value of corporate securities is estimated using recently executed transactions or market quoted prices, where observable. Independent pricing sources are also used for valuation.

Royalty Rights - At Fair Value

Depomed Royalty Agreement

On October 18, 2013, PDL entered into the Depomed Royalty Agreement, whereby the Company acquired the rights to receive royalties and milestones payable on sales of Type 2 diabetes products licensed by Depomed in exchange for a $240.5 million cash payment. Total arrangement consideration was $241.3 million, which was comprised of the $240.5 million cash payment to Depomed and $0.8 million in transaction costs.

The rights acquired include Depomed’s royalty and milestone payments accruing from and after October 1, 2013: (a) from Santarus (which was subsequently acquired by Salix, which itself was recently acquired by Valeant Pharmaceuticals) with respect to sales of Glumetza (metformin HCL extended-release tablets) in the United States; (b) from Merck with respect to sales of Janumet^® XR (sitagliptin and metformin HCL extended-release tablets); (c) from Janssen Pharmaceutica N.V. with respect to potential future development milestones and sales of its investigational fixed-dose combination of Invokana® (canagliflozin) and extended-release metformin tablets; (d) from Boehringer Ingelheim with respect to potential future development milestones and sales of the investigational fixed-dose combinations of drugs and extended-release metformin subject to Depomed’s license agreement with Boehringer Ingelheim; and (e) from LG Life Sciences and Valeant Pharmaceuticals for sales of extended-release metformin tablets in Korea and Canada, respectively.

Under the terms of the Depomed Royalty Agreement, the Company receives all royalty and milestone payments due under license agreements between Depomed and its licensees until the Company has received payments equal to two times the cash payment it made to Depomed, after which all net payments received by Depomed will be shared evenly between the Company and Depomed.

The Depomed Royalty Agreement terminates on the third anniversary following the date upon which the later of the following occurs: (a) October 25, 2021, or (b) at such time as no royalty payments remain payable under any license agreement and each of the license agreements has expired by its terms.

As of December 31, 2015 and 2014, the Company determined that its royalty purchase interest in Depo DR Sub represented a variable interest in a variable interest entity. However, the Company does not have the power to direct the activities of Depo DR Sub that most significantly impact Depo DR Sub's economic performance and is not the primary beneficiary of Depo DR Sub; therefore, Depo DR Sub is not subject to consolidation by the Company.

The asset acquired represents a single unit of accounting. The fair value of the asset acquired was determined by using a discounted cash flow analysis related to the expected future cash flows to be generated by each licensed product. This asset is classified as a Level 3 asset within the fair value hierarchy, as our valuation utilized significant unobservable inputs, including estimates as to the probability and timing of future commercialization for products not yet approved by the FDA or other regulatory agencies. The discounted cash flows are based upon expected royalties from sales of licensed products over a seven-year period. The discount rates utilized range from approximately 21% to 25%. Significant judgment is required in selecting appropriate discount rates. At December 31, 2015, an evaluation was performed to assess those rates and general market conditions potentially affecting the fair market value. Should these discount rates increase or decrease by 2.5%, the fair value of the asset could decrease by $7.7 million or increase by $8.7 million, respectively. A third-party expert was engaged to help management develop its original estimate of the expected future cash flows. The fair value of the asset is subject to variation should those cash flows vary significantly from those estimates. We periodically assess the expected future cash flows and to the extent such payments are greater or less than our initial estimates, or the timing of such payments is materially different than our original estimates, we will adjust the estimated fair value of the asset. In February 2016, certain manufacturers of generic equivalents to Glumetza started to enter the market. Our current expected future cash flows anticipate a reduction in future cash flows of Glumetza as a result of the generic competition in 2016. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $4.1 million or decrease by $3.9 million, respectively.

When PDL acquired the Depomed royalties, Glumetza was marketed by Santarus. In January 2014, Salix acquired Santarus and assumed responsibility for commercializing Glumetza, which was generally perceived to be a positive development because of Salix's larger sales force and track record in the successful commercialization of therapies. In late 2014, Salix made a number of disclosures relating to an excess of supply at the distribution level of Glumetza and other drugs that it commercialized, the practices leading to this excess of supply which were under review by Salix's audit committee in relation to the related accounting practices. Because of these disclosures and PDL's lack of direct access to information as to the levels of inventory of Glumetza in the distribution channels, PDL commenced a review of all public statements by Salix, publicly available historical third-party prescription data, analyst reports and other relevant data sources. PDL also engaged a third-party expert to specifically assess estimated inventory levels of Glumetza in the distribution channel and to ascertain the potential effects those inventory levels may have on expected future cash flows. Salix was acquired by Valeant Pharmaceuticals in early April 2015. On June 18, 2015, Valeant Pharmaceuticals implemented a price increase on Glumetza and implemented an additional price increase on July 31, 2015. As of December 31, 2015, our discounted cash flow analysis reflects our expectations as to the amount and timing of future cash flows up to the valuation date. We will monitor whether the acquisition or price increase by Valeant Pharmaceuticals has any effect on sales of Glumetza and thus royalties on such sales paid to PDL. Due to the uncertainty around Valeant's marketing and pricing strategy, as well as the near-term generic competition, we may not be able to fully assess the impact of the acquisition or price increase on sales of Glumetza and thus royalties on such sales paid to PDL. PDL exercised its audit right under the Depomed Royalty Agreement with respect to the Glumetza royalties in January 2016 and expects to conclude the audit in the second half of 2016.

As of December 31, 2015, the fair value of the asset acquired as reported in our Consolidated Balance Sheets was $191.9 million and the maximum loss exposure was $191.9 million.

VB Royalty Agreement

On June 26, 2014, PDL entered into the VB Royalty Agreement, whereby VB conveyed to the Company the right to receive royalties payable on sales of a spinal implant that has received PMA, in exchange for a $15.5 million cash payment, less fees.

The royalty rights acquired includes royalties accruing from and after April 1, 2014. Under the terms of the VB Royalty Agreement, the Company receives all royalty payments due to VB pursuant to certain technology transfer agreements between VB and Paradigm Spine until the Company has received payments equal to two and three tenths times the cash payment made to VB, after which all rights to receive royalties will be returned to VB. VB may repurchase the royalty right at any time on or before June 26, 2018, for a specified amount. The chief executive officer of Paradigm Spine is one of the owners of VB. The Paradigm Spine Credit Agreement and the VB Royalty Agreement were negotiated separately.

The fair value of the royalty right at December 31, 2015, was determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as a Level 3 asset, as our valuation utilized significant unobservable inputs, including estimates as to the probability and timing of future sales of the licensed product. The discounted cash flow was based upon expected royalties from sales of licensed product over an eight-year period. The discount rate utilized was approximately 17.5%. Significant judgment is required in selecting the appropriate discount rate. Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $1.3 million or increase by $1.4 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $0.4 million or decrease by $0.4 million, respectively. A third-party expert was engaged to assist management with the development of its estimate of the expected future cash flows, when deemed necessary. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. At each reporting period, an evaluation is performed to assess those estimates, discount rates utilized and general market conditions affecting fair market value.

As of December 31, 2015, the fair value of the asset acquired as reported in our Consolidated Balance Sheets was $17.1 million and the maximum loss exposure was $17.1 million.

U-M Royalty Agreement

On November 6, 2014, PDL acquired a portion of all royalty payments of the U-M’s worldwide royalty interest in Cerdelga (eliglustat) for $65.6 million. Under the terms of the Michigan Royalty Agreement, PDL will receive 75% of all royalty payments due under U-M’s license agreement with Genzyme until expiration of the licensed patents, excluding any patent term extension. Cerdelga, an oral therapy for adult patients with Gaucher disease type 1, was developed by Genzyme, a Sanofi company. Cerdelga was approved in the United States on August 19, 2014 and in the European Union on January 22, 2015. In addition, marketing applications for Cerdelga are under review by other regulatory authorities.

The fair value of the royalty right at December 31, 2015, was determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as a Level 3 asset, as our valuation utilized significant unobservable inputs, including estimates as to the probability and timing of future sales of the licensed product. The discounted cash flow was based upon expected royalties from sales of licensed product over a seven-year period. The discount rate utilized was approximately 12.8%. Significant judgment is required in selecting the appropriate discount rate. Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $5.8 million or increase by $6.6 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $1.8 million or decrease by $1.8 million, respectively. A third-party expert is engaged to assist management with the development of its estimate of the expected future cash flows, when deemed necessary. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. At each reporting period, an evaluation of those estimates, discount rates utilized and general market conditions affecting fair market value.

As of December 31, 2015, the fair value of the asset acquired as reported in our Consolidated Balance Sheets was $70.2 million and the maximum loss exposure was $70.2 million.

ARIAD Royalty Agreement

On July 28, 2015, PDL entered into the ARIAD Royalty Agreement, whereby the Company acquired the rights to receive royalties payable from ARIAD's net revenues generated by the sale, distribution or other use of Iclusig^® (ponatinib), a cancer medicine for the treatment of adult patients with chronic myeloid leukemia, in exchange for up to $200.0 million in cash payments. The purchase price of $100.0 million is payable in two tranches of $50.0 million each, with the first tranche funded on the closing date and the second tranche to be funded on the 12-month anniversary of the closing date. The ARIAD Royalty Agreement provides ARIAD with an option to draw up to an additional $100.0 million in up to two draws at any time between the six- and 12-month anniversaries of the closing date. ARIAD may repurchase the royalty rights at any time for a specified amount. Upon the occurrence of certain events, PDL has the right to require ARIAD to repurchase the royalty rights for a specified amount. Under the ARIAD Royalty Agreement, the Company has the right to a make-whole payment from ARIAD if the Company does not receive payments equal to or greater than the amounts funded on or prior to the fifth anniversary of each of the respective fundings. In such case, ARIAD will pay to the Company the difference between the amounts paid to such date by ARIAD (excluding any delinquent fee payments) and the amounts funded by the Company. PDL has elected the fair value option to account for the hybrid instrument in its entirety. Any embedded derivative shall not be separated from the host contract.

Under the terms of the ARIAD Royalty Agreement, the Company receives royalty payments at a royalty rate ranging from 2.5% to 7.5% of Iclusig revenue until the first to occur of (i) repurchase of the royalty rights by ARIAD or (ii) December 31, 2033. The annual royalty payments shall not exceed $20.0 million in any fiscal year for the years ended December 31, 2015 through December 31, 2018. If Iclusig revenue does not meet certain agreed-upon projections on an annual basis, PDL is entitled to certain royalty payments from net revenue of another ARIAD product, brigatinib, up to the amount of the shortfall from the projections for the applicable year.

The asset acquired pursuant to the ARIAD Royalty Agreement represents a single unit of accounting. The fair value of the royalty right at December 31, 2015, was determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as a Level 3 asset, as our valuation utilized significant unobservable inputs, including estimates as to the probability and timing of future sales of the licensed product. The discounted cash flow was based upon expected royalties from sales of licensed product over a seven-year period. The discount rate utilized was approximately 10.0%. Significant judgment is required in selecting the appropriate discount rate. Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $8.0 million or increase by $9.2 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $1.3 million or decrease by $1.3 million, respectively. A third-party expert is engaged to assist management with the development of its estimate of the expected future cash flows, when deemed necessary. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. At each reporting period, an evaluation of those estimates, discount rates utilized and general market conditions affecting fair market value.

As of December 31, 2015, the fair value of the asset acquired as reported in our Consolidated Balance Sheets was $50.0 million and the maximum loss exposure was $50.0 million.

AcelRx Royalty Agreement

On September 18, 2015, PDL entered into the AcelRx Royalty Agreement with ARPI LLC, a wholly owned subsidiary of AcelRx, whereby the Company acquired the rights to receive a portion of the royalties and certain milestone payments on sales of Zalviso ™ (sufentanil sublingual tablet system) in the European Union, Switzerland and Australia by AcelRx's commercial partner, Grünenthal, in exchange for a $65.0 million cash payment. Under the terms of the AcelRx Royalty Agreement, the Company will receive 75% of all royalty payments and 80% of the first four commercial milestone payments due under AcelRx's license agreement with Grünenthal until the earlier to occur of (i) receipt by the Company of payments equal to three times the cash payments made to AcelRx and (ii) the expiration of the licensed patents.

Dr. Stephen Hoffman is the President of 10x Capital, Inc., a third-party consultant to the Company, and is also a member of the board of directors of AcelRx. Dr. Hoffman recused himself from the AcelRx board of directors with respect to the entirety of its discussions and considerations of the transaction. Dr. Hoffman is being compensated for his contribution to consummate this transaction by PDL as part of his consulting agreement. PDL concluded Dr. Hoffman is not considered a related party in accordance with FASB ASC 850, Related Party Disclosures and SEC Regulation S-X, Related Party Transactions Which Affect the Financial Statements.

As of December 31, 2015, the Company determined that its royalty rights under the agreement with ARPI LLC represented a variable interest in a variable interest entity. However, the Company does not have the power to direct the activities of ARPI LLC that most significantly impact ARPI LLC's economic performance and is not the primary beneficiary of ARPI LLC; therefore, ARPI LLC is not subject to consolidation by the Company.

The fair value of the royalty right at December 31, 2015, was determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as a Level 3 asset, as our valuation utilized significant unobservable inputs, including estimates as to the probability and timing of future sales of the licensed product. The discounted cash flow was based upon expected royalties from sales of licensed product over a fifteen-year period. The discount rate utilized was approximately 13.4%. Significant judgment is required in selecting the appropriate discount rate. Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $10.2 million or increase by $12.8 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $1.7 million or decrease by $1.7 million, respectively. A third-party expert is engaged to assist management with the development of its estimate of the expected future cash flows, when deemed necessary. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. At each reporting period, an evaluation of those estimates, discount rates utilized and general market conditions affecting fair market value.

As of December 31, 2015, the fair value of the asset acquired as reported in our Consolidated Balance Sheets was $67.4 million and the maximum loss exposure was $67.4 million.

Avinger Credit and Royalty Agreement

On April 18, 2013, PDL entered into the Avinger Credit and Royalty Agreement, under which we made available to Avinger up to $40.0 million (of which only $20.0 million was funded) to be used by Avinger in connection with the commercialization of its lumivascular catheter devices and the development of Avinger's lumivascular atherectomy device. On September 22, 2015, Avinger elected to prepay the note receivable in whole for a payment of $21.4 million in cash.

Under the terms of the Avinger Credit and Royalty Agreement, the Company was entitled to receive royalties at a rate of 1.8% on Avinger's net revenues until the note was repaid by Avinger. Upon the repayment of the note receivable, which occurred on September 22, 2015, the royalty rate was reduced to 0.9%, subject to certain minimum payments from the prepayment date until April 2018. The Company has accounted for the royalty rights in accordance with the fair value option. The fair value of the royalty right at December 31, 2015, was determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as a Level 3 asset, as our valuation utilized significant unobservable inputs, including estimates as to the probability and timing of future sales of the licensed product. The discounted cash flow was based upon expected royalties from sales of licensed product over a two-year period. The discount rate utilized was approximately 15.0%. Significant judgment is required in selecting the appropriate discount rate. Should this discount rate increase or decrease by 5.0%, the fair value of this asset could decrease by $135,000 or increase by $151,000, respectively. Should the expected royalties increase or decrease by 5%, the fair value of the asset could increase by $127,000 or decrease by $127,000, respectively. Management considered the contractual minimum payments when developing its estimate of the expected future cash flows. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. An evaluation of those estimates, discount rates utilized and general market conditions affecting fair market value is performed in each reporting period.

As of December 31, 2015, the fair value of the asset acquired as reported in our Consolidated Balance Sheets was $2.5 million and the maximum loss exposure was $2.5 million.

The following tables summarize the changes in Level 3 assets and the gains and losses included in earnings for the year ended December 31, 2015:



Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

(in thousands)				Royalty Rights - At Fair Value
December 31, 2014							$	259,244

	Transfer into Level 3						—
	Total net change in fair value for the period
		Change in fair value of royalty rights - at fair value		$	68,367
		Proceeds from royalty rights - at fair value		$	(43,407	)
			Total net change in fair value for the period				24,960
	Purchases, issues, sales, and settlements
		Purchases					115,000

Ending Balance at December 31, 2015							$	399,204

Gains and losses included in earnings for each period are presented in "Royalty rights - change in fair value" as follows:



	Year Ended December 31,
(in thousands)	2015		2014

Total change in fair value for the period included in earnings for assets held at the end of the reporting period	$	68,367	$	44,927

Foreign Currency Hedge Contracts

The fair value of the foreign currency hedge contracts is estimated based on pricing models using readily observable inputs from actively quoted markets and are disclosed on a gross basis.

Warrants

Warrants consist primarily of purchased call options to buy U.S. corporate equity holdings and derivative assets acquired as part of note receivable investments. The fair value of the warrants is estimated using recently quoted market prices and the Black-Scholes option pricing model.

The following tables present the fair value of assets and liabilities not subject to fair value recognition by level within the valuation hierarchy:



	December 31, 2015						December 31, 2014
	Carrying Value		Level 2		Level 3		Carrying Value		Level 2		Level 3
(In thousands)
Assets:
Wellstat Diagnostics note receivable	$	50,191	$	—	$	55,970	$	50,191	$	—	$	50,191
Hyperion note receivable	1,200		—		1,200		1,200		—		1,200
Avinger note receivable	—		—		—		20,611		—		20,760
LENSAR note receivable	42,271		—		42,618		39,668		—		40,451
Direct Flow Medical note receivable	51,852		—		51,992		50,397		—		49,940
Paradigm Spine note receivable	53,973		—		54,250		49,571		—		50,125
kaléo note receivable	146,778		—		146,789		151,574		—		151,073
CareView note receivable	18,640		—		19,495		—		—		—
Total	$	364,905	$	—	$	372,314	$	363,212	$	—	$	363,740
Liabilities:
Series 2012 Notes	$	—	$	—	$	—	$	22,261	$	33,506	$	—
May 2015 Notes	—		—		—		153,235		205,534		—
February 2018 Notes	232,835		—		197,946		276,228		289,665		—
Term loan	24,966		—		25,000		—		—		—
Total	$	257,801	$	—	$	222,946	$	451,724	$	528,705	$	—

As of December 31, 2015 and 2014, the estimated fair values of our Paradigm Spine note receivable, kaléo note receivable, Hyperion note receivable, Avinger note receivable, LENSAR note receivable, CareView note receivable and Direct Flow Medical note receivable, were determined using one or more discounted cash flow models, incorporating expected payments and the interest rate extended on the notes receivable, with fixed interest rates and incorporating expected payments for notes receivable with a variable rate of return. In some instances the carrying values of certain notes receivable differed from their estimated fair market values. This is generally the result of discount rates used when performing a discounted cash flow for fair value valuation purposes.

When deemed necessary we engage a third-party valuation expert to assist in evaluating our investments and the related inputs needed for us to estimate the fair value of certain investments. We determined our notes receivable assets are Level 3 assets as our valuations utilized significant unobservable inputs, including estimates of future revenues, discount rates, expectations about settlement, terminal values and required yield. To provide support for the estimated fair value measurements, we considered forward-looking performance related to the investment and current measures associated with high yield indices, and reviewed the terms and yields of notes placed by specialty finance and venture firms both across industries and in similar sectors.

The Wellstat Diagnostics Note Receivable and Credit Agreement, as amended and restated, is secured by all assets and equity interests in Wellstat Diagnostics. In addition, the note is subject to a guaranty from the Wellstat Diagnostics Guarantors. The estimated fair value of the collateral assets was determined by using an asset approach and discounted cash flow model related to the underlying collateral and was adjusted to consider estimated costs to sell the assets.

On December 31, 2015, the carrying values of several of our notes receivable differed from their fair value. This is the result of discount rates used when performing a discounted cash flow for fair value valuation purposes. We determined these notes receivable to be Level 3 assets, as our valuations utilized significant unobservable inputs, estimates of future revenues, expectations about settlement and required yield. To provide support for the fair value measurements, we considered forward-looking performance, and current measures associated with high yield and published indices, and reviewed the terms and yields of notes placed by specialty finance and venture firms both across industries and in a similar sector.

The fair values of our convertible notes were determined using quoted market pricing or dealer quotes.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2015

Cash Equivalents and Investments

5. Cash, Cash Equivalents and Investments

As of December 31, 2015 and 2014, we had invested our excess cash balances primarily in money market funds and a corporate equity security. Our securities are classified as available-for-sale and are carried at estimated fair value, with unrealized gains and losses reported in "Accumulated other comprehensive income (loss)" in stockholders’ equity, net of estimated taxes. See Note 4 for fair value measurement information. The cost of securities sold is based on the specific identification method. To date, we have not experienced credit losses on investments in these instruments and we do not require collateral for our investment activities.



Summary of Cash and Available-For-Sale Securities	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments
(In thousands)
December 31, 2015
Cash	$	124,082	$	—	$	—	$	124,082	$	124,082	$	—
Money market funds	94,801		—		—		94,801		94,801		—
Corporate securities	799		670		—		1,469		—		1,469
Total	$	219,682	$	670	$	—	$	220,352	$	218,883	$	1,469

December 31, 2014
Cash	$	69,585	$	—	$	—	$	69,585	$	69,585	$	—
Money market funds	221,792		—		—		221,792		221,792		—
Corporate securities	1,750		560		—		2,310		—		2,310
Total	$	293,127	$	560	$	—	$	293,687	$	291,377	$	2,310

We recognized approximately $997,000, $30,000 and zero, respectively, of gains on sales of available-for-sale securities in the years ended December 31, 2015, 2014 and 2013.

The unrealized gain on investments included in "Other comprehensive income (loss), net of tax," was approximately $435,000 and $364,000 as of December 31, 2015 and 2014, respectively.

Foreign Currency Hedging

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Currency Hedging

6. Foreign Currency Hedging

We designate the foreign currency exchange contracts used to hedge our royalty revenues based on underlying Euro-denominated sales as cash flow hedges. Euro forward contracts are presented on a net basis on our Consolidated Balance Sheets as we have entered into a netting arrangement with the counterparty. As of December 31, 2015 and 2014, all outstanding Euro forward contracts and option contracts were classified as cash flow hedges.

In January 2012, we modified our existing Euro forward and option contracts related to our licensees’ sales through December 2012 into Euro forward contracts with more favorable rates. Additionally, we entered into a series of Euro forward contracts covering the quarters in which our licensees’ sales occur through December 2014. In October 2014, we entered an additional series of Euro forward contracts covering the quarters in which our licensees' sales occurred through December 2015.

During the third quarter of 2012, we reduced our forecasted exposure to the Euro for 2013 royalties. We de-designated and terminated certain forward contracts, due to our determination that certain cash flows under the de-designated contracts were not probable to occur, and recorded a gain of approximately $391,000 to "Interest and other income, net," which was reclassified from other comprehensive income (loss) net of tax effects. The termination of these contracts was effected through a reduction in the notional amount of the original hedge contracts.

The notional amounts, Euro exchange rates, fair values of our Euro forward contracts designated as cash flow hedges were as follows:



Euro Forward Contracts			December 31, 2015				December 31, 2014
			(In thousands)				(In thousands)
Currency	Settlement Price ($ per Euro)	Type	Notional Amount		Fair Value		Notional Amount		Fair Value
Euro	1.256	Sell Euro	$	—	$	—	$	6,000	$	241
Euro	1.257	Sell Euro	—		—		15,750		728
Euro	1.259	Sell Euro	—		—		16,125		752
Euro	1.260	Sell Euro	16,500		2,802		33,000		1,468
Euro	1.270	Sell Euro	—		—		7,000		377
Euro	1.281	Sell Euro	—		—		8,000		503
Total			$	16,500	$	2,802	$	85,875	$	4,069

The location and fair values of our Euro forward contracts in our Consolidated Balance Sheets were as follows:



		December 31,
Cash Flow Hedge	Location	2015		2014
(In thousands)
Euro forward contracts	Prepaid and other current assets	$	2,802	$	3,352
Euro forward contracts	Other assets	$	—	$	717
Euro forward contracts	Accrued liabilities	$	—	$	—
Euro forward contracts	Other long-term liabilities	$	—	$	—

The effect of our derivative instruments in our Consolidated Statements of Income and our Consolidated Statements of Comprehensive Income were as follows:



	Year Ended December 31,
	2015		2014			2013
(In thousands)
Net gain (loss) recognized in OCI, net of tax ⁽¹⁾	$	4,626	$	4,834		$	(2,432	)
Gain (loss) reclassified from accumulated OCI into "Queen et al. royalty revenue," net of tax ⁽²⁾	$	5,390	$	(3,768	)	$	(1,510	)
Net gain (loss) recognized in "Interest and other income, net" -- cash flow hedges ⁽³⁾	$	—	$	5		$	11

_________________________

(1) Net change in the fair value of the effective portion of cash flow hedges classified in OCI

(2) Effective portion classified as royalty revenue

(3) Ineffectiveness from excess hedge was approximately $0, ($5) and ($11) for the years ended December 31, 2015, 2014 and 2013, respectively.

A gain of approximately $1.8 million, net of tax, is expected to be reclassified from other comprehensive income (loss) against earnings in the next 12 months.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Property, Plant and Equipment [Abstract]

Notes Receivable and Other Long-term Receivables	12 Months Ended
Notes Receivable and Other Long-term Receivables	Dec. 31, 2015
Receivables [Abstract]
Notes and Other Long-term Receivables	Notes and Other Long-Term Receivables Notes and other long-term receivables included the following significant agreements: Wellstat Diagnostics Note Receivable and Credit Agreement In March 2012, the Company executed a $7.5 million two-year senior secured note receivable with the holders of the equity interests in Wellstat Diagnostics. In addition to bearing interest at 10% per annum, the note receivable gave PDL certain rights to negotiate for certain future financing transactions. In August 2012, PDL and Wellstat Diagnostics amended the note receivable, providing a senior secured note receivable of $10.0 million, bearing interest at 12% per annum, to replace the original $7.5 million note receivable. This $10.0 million note receivable was repaid on November 2, 2012, using the proceeds of the $40.0 million credit facility entered into with the Company on the same date. On November 2, 2012, the Company and Wellstat Diagnostics entered into a $40.0 million credit agreement pursuant to which the Company was to accrue quarterly interest payments at the rate of 5% per annum (payable in cash or in kind). In addition, PDL was to receive quarterly royalty payments based on a low double-digit royalty rate of Wellstat Diagnostics' net revenues, generated by the sale, distribution or other use of Wellstat Diagnostics' products, if any, commencing upon the commercialization of its products. In January 2013, the Company was informed that, as of December 31, 2012, Wellstat Diagnostics had used funds contrary to the terms of the credit agreement and breached Sections 2.1.2 and 7 of the credit agreement. PDL sent Wellstat Diagnostics a notice of default on January 22, 2013, and accelerated the amounts owed under the credit agreement. In connection with the notice of default, PDL exercised one of its available remedies and transferred approximately $8.1 million of available cash from a bank account of Wellstat Diagnostics to PDL and applied the funds to amounts due under the credit agreement. On February 28, 2013, the parties entered into a forbearance agreement whereby PDL agreed to refrain from exercising additional remedies for 120 days while Wellstat Diagnostics raised funds to capitalize the business and the parties attempted to negotiate a revised credit agreement. PDL agreed to provide up to $7.9 million to Wellstat Diagnostics to fund the business for the 120-day forbearance period under the terms of the forbearance agreement. Following the conclusion of the forbearance period that ended on June 28, 2013, the Company agreed to forbear its exercise of remedies for additional periods of time to allow the owners and affiliates of Wellstat Diagnostics to complete a pending financing transaction. During such forbearance period, the Company provided approximately $1.3 million to Wellstat Diagnostics to fund ongoing operations of the business. During the year ended December 31, 2013, approximately $8.7 million was advanced pursuant to the forbearance agreement. On August 15, 2013, the owners and affiliates of Wellstat Diagnostics completed a financing transaction to fulfill Wellstat Diagnostics' obligations under the forbearance agreement. On August 15, 2013, the Company entered into an amended and restated credit agreement with Wellstat Diagnostics. The Company determined that the new agreement should be accounted for as a modification of the existing agreement. Except as otherwise described here, the material terms of the amended and restated credit agreement are substantially the same as those of the original credit agreement, including quarterly interest payments at the rate of 5% per annum (payable in cash or in kind). In addition, PDL was to continue to receive quarterly royalty payments based on a low double-digit royalty rate of Wellstat Diagnostics' net revenues. However, pursuant to the amended and restated credit agreement: (i) the principal amount was reset to approximately $44.1 million, which was comprised of approximately $33.7 million original loan principal and interest, $1.3 million term loan principal and interest and $9.1 million forbearance principal and interest; (ii) the specified internal rates of return increased; (iii) the default interest rate was increased; (iv) Wellstat Diagnostics' obligation to provide certain financial information increased in frequency to monthly; (v) internal financial controls were strengthened by requiring Wellstat Diagnostics to maintain an independent, third-party financial professional with control over fund disbursements; (vi) the Company waived the existing events of default; and (vii) the owners and affiliates of Wellstat Diagnostics were required to contribute additional capital to Wellstat Diagnostics upon the sale of an affiliate entity. The amended and restated credit agreement had an ultimate maturity date of December 31, 2021 (but has subsequently been accelerated as described below). When the principal amount was reset, a $2.5 million reduction of the carrying value was recorded as a financing cost as a component of "Interest and other income, net". The new carrying value is lower as a function of the variable nature of the internal rate of return to be realized by the Company based on when the note was to be repaid. The internal rate of return calculation, although increased, was reset when the credit agreement was amended and restated. In June of 2014, the Company received information from Wellstat Diagnostics that showed that it was generally unable to pay its debts as they became due. This constituted an event of default under the amended and restated credit agreement. Wellstat Diagnostics entered into a transaction involving another lender, pursuant to which Wellstat Diagnostics obtained additional short-term funding for its operations. At the same time, the Company entered into the first amendment to amended and restated credit agreement with Wellstat Diagnostics. The material terms of the amendment included the following: (1) Wellstat Diagnostics acknowledged that an event of default had occurred; (2) the Company agreed to forbear from immediately enforcing its rights for up to 60 days, so long as the other lender provided agreed levels of interim funding to Wellstat Diagnostics; and (3) the Company obtained specified additional information rights with regard to Wellstat Diagnostics’ financial matters and investment banking activities. On August 5, 2014, the Company received notice that the short-term funding being provided pursuant to the agreement with the other lender entered into during June 2014, was being terminated. Wellstat Diagnostics remained in default because it was still unable to pay its debts as they became due. Accordingly, the Company delivered the Wellstat Diagnostics Borrower Notice. The Wellstat Diagnostics Borrower Notice accelerated all obligations under the amended and restated credit agreement and demanded immediate payment in full in an amount equal to approximately $53.9 million, (which amount, in accordance with the terms of the amended and restated credit agreement, included an amount that, together with interest and royalty payments already made to the Company, would generate a specified internal rate of return to the Company), plus accruing fees, costs and interest, and demanded that Wellstat Diagnostics protect and preserve all collateral securing its obligations. On August 7, 2014, the Company delivered the Wellstat Diagnostics Guarantor Notice. The Wellstat Diagnostics Guarantor Notice included a demand that the guarantors remit payment to the Company in the amount of the outstanding obligations. The guarantors include certain affiliates and related companies of Wellstat Diagnostics, including Wellstat Therapeutics and Wellstat Diagnostics’ stockholders. On September 24, 2014, the Company filed the Wellstat Diagnostics Petition, which was granted on the same day. The order granting the Wellstat Diagnostics Petition authorizes the receiver to take immediate possession of the physical assets of Wellstat Diagnostics, with the purpose of holding, protecting, insuring, managing and preserving the business of Wellstat Diagnostics and the value of the Company’s collateral. Wellstat Diagnostics has remained in operation during the period of the receivership with incremental additional funding from the Company. On November 4, 2014, the Company entered into the third amendment to the amended and restated credit agreement with Wellstat Diagnostics. The amendment provides that additional funding, if any, to be made by the Company is conditioned upon the agreement by Wellstat Diagnostics to make certain operational changes within Wellstat Diagnostics, which the Company believes will allow the receiver to more efficiently optimize the value of the collateral. During the second quarter of 2015, the receiver initiated a process for a public sale of the assets of Wellstat Diagnostics and retained the investment banking firm of Duff & Phelps to organize and manage the sale process. The receiver filed a "Motion For Approval of Sale Procedures" with the Circuit Court for Montgomery County, Maryland, which is the court having jurisdiction over the receivership and a hearing was held on July 22, 2015 at which time arguments were heard from interested parties regarding the sale procedures. No significant substantive disagreements between the parties regarding the sale procedures remained after the hearing and a decision approving the receiver’s sale procedures was made in the third quarter of 2015. PDL has submitted a credit bid for the Wellstat Diagnostic assets at a value corresponding to some portion of the outstanding amount due under the amended and restated credit agreement which is subject to court approval. We anticipate that the sale process will be completed during the second quarter of 2016. On September 4, 2015, PDL filed in the Supreme Court of New York a motion for summary judgment in lieu of complaint which requested that the court enter judgment against Wellstat Diagnostics Guarantors for the total amount due on the Wellstat Diagnostics debt, plus all costs and expenses including lawyers’ fees incurred by the Company in enforcement of the related guarantees. On September 23, 2015, PDL filed in the same court an ex parte application for a temporary restraining order and order of attachment of the Wellstat Diagnostics Guarantors' assets. At a hearing on September 24, 2015, regarding the Company’s request for a temporary restraining order, the court ordered that the Company’s request for attachment and for summary judgment would be heard at a hearing on November 5, 2015. Although the court denied the Company’s request for a temporary restraining order at the hearing on September 24, it ordered that assets of the Wellstat Diagnostics Guarantors should be held in status quo ante and only used in the normal course of business pending the outcome of the hearing. The court in New York has yet to rule on the Company's motions for attachment and summary judgment. On October 22, 2015, the Wellstat Diagnostics Guarantors filed a complaint against the Company in the Supreme Court of New York seeking a declaratory judgment that certain contractual arrangements entered into between the parties subsequent to Wellstat Diagnostics’ default, and which relate to a split of proceeds in the event that the Wellstat Diagnostics Guarantors voluntarily monetize any assets that are the Company’s collateral, is of no force or effect. Through the period ended December 31, 2015, PDL has advanced to Wellstat Diagnostics $12.9 million to fund the ongoing operations of the business and other associated costs. This funding has been expensed as incurred. As of December 31, 2015, PDL is legally owed $94.1 million, which includes principal, un-accrued interest, and funding of operations. Effective April 1, 2014, and as a result of the event of default, we determined the loan to be impaired and we ceased to accrue interest revenue. At that time and as of December 31, 2015 it has been determined that an allowance on the carrying value of the note was not necessary as the Company believes the value of the collateral securing Wellstat Diagnostics’ obligations exceeds the carrying value of the asset and is sufficient to enable the Company to recover the current carrying value of $50.2 million. There can be no assurance that this will be true in the event of the Company’s foreclosure on the collateral, nor can there be any assurance of the timing in realizing value from such collateral, whether from the sale process currently underway or a subsequent monetization event if PDL's credit bid for the assets is successful. Hyperion Agreement On January 27, 2012, PDL and Hyperion entered into an agreement whereby Hyperion sold to PDL the royalty streams due from SDK related to a certain patent license agreement between Hyperion and SDK dated December 31, 2008. The agreement assigned the patent license agreement royalty stream accruing from January 1, 2012 through December 31, 2013 to PDL in exchange for the lump sum payment to Hyperion of $2.3 million. In exchange for the lump sum payment, PDL was to receive two equal payments of $1.2 million on each of March 5, 2013 and 2014. The first payment of $1.2 million was paid on March 5, 2013, but Hyperion has not made the second payment that was due on March 5, 2014. The Company completed an impairment analysis as of December 31, 2015. Effective with this date and as a result of the event of default, we ceased to accrue interest revenue. As of December 31, 2015, the estimated fair value of the collateral was determined to be in excess of that of the carrying value. There can be no assurance that this will be true in the event of the Company's foreclosure on the collateral, nor can there be any assurance of realizing value from such collateral. Hyperion is considering other sources of financing and strategic alternatives, including selling the company. AxoGen Note Receivable and AxoGen Royalty Agreement In October 2012, PDL entered into the AxoGen Royalty Agreement with AxoGen pursuant to which PDL would receive specified royalties on AxoGen’s net revenues (as defined in the AxoGen Royalty Agreement) generated by the sale, distribution or other use of AxoGen’s products. The AxoGen Royalty Agreement had an eight-year term and provided PDL with royalties of 9.95% based on AxoGen's net revenues, subject to agreed-upon guaranteed quarterly minimum payments of approximately $1.3 million to $2.5 million, which were to begin in the fourth quarter of 2014, and the right to require AxoGen to repurchase the royalties under the AxoGen Royalty Agreement at the end of the fourth year. AxoGen was granted certain rights to call the contract in years five through eight. The total consideration PDL paid to AxoGen for the royalty rights was $20.8 million, including an interim funding of $1.8 million in August 2012. AxoGen was required to use a portion of the proceeds from the AxoGen Royalty Agreement to pay the outstanding balance under its existing credit facility. The royalty rights were secured by the cash and accounts receivable of AxoGen. On August 14, 2013, PDL purchased 1,166,666 shares of registered common stock of AxoGen (AXGN) at $3.00 per share, totaling $3.5 million. On December 22, 2014, PDL sold these shares at $3.03 per share, totaling approximately $3.5 million. On November 13, 2014, the Company agreed to terminate the AxoGen Royalty Agreement in consideration for a payment of $30.3 million in cash, which was the sum of the outstanding principal, interest and embedded derivative. At the same time, the Company acquired 643,382 shares of registered common stock of AxoGen for approximately $1.7 million at a public offering price of $2.72 per share. The shares are classified as available for sale securities and recorded as short-term investments on the Consolidated Balance Sheets. In the third and fourth quarters of 2015, PDL sold 200,000 and 149,650 shares, respectively, at a price range between $5.46 and $5.69 per share, totaling approximately $1.9 million. As of December 31, 2015, PDL holds 293,732 shares of AxoGen common stock, which were valued at $1.5 million, which resulted in an unrealized gain of $0.7 million and is recorded in "Other comprehensive income (loss), net of tax." Avinger Credit and Royalty Agreement On April 18, 2013, PDL entered into the Avinger Credit and Royalty Agreement, under which we made available to Avinger up to $40.0 million to be used by Avinger in connection with the commercialization of its lumivascular catheter devices and the development of Avinger's lumivascular atherectomy device. Of the $40.0 million available to Avinger, we funded an initial $20.0 million, net of fees, at the close of the transaction. Outstanding borrowings under the initial loan bore interest at a stated rate of 12% per annum. On September 22, 2015, Avinger elected as per the voluntary prepayment provision under the Avinger Credit and Royalty Agreement to prepay the note receivable in whole for a payment of $21.4 million in cash, which was the sum of the outstanding principal, interest and a prepayment fee. Under the terms of the Avinger Credit and Royalty Agreement, the Company receives a low, single-digit royalty on Avinger's net revenues until April 2018. Commencing in October 2015, after Avinger repaid the note receivable prior to its maturity date, the royalty on Avinger's net revenues reduced by 50%, subject to certain minimum payments from the prepayment date until April 2018. PDL has accounted for the royalty rights in accordance with the fair value option. LENSAR Credit Agreement On October 1, 2013, PDL entered into a credit agreement with LENSAR, under which PDL made available to LENSAR up to $60.0 million to be used by LENSAR in connection with the commercialization of its currently marketed LENSAR™ Laser System. Of the $60.0 million available to LENSAR, an initial $40.0 million, net of fees, was funded by the Company at the close of the transaction. The remaining $20.0 million in the form of a second tranche is no longer available to LENSAR under the terms of the credit agreement. Outstanding borrowings under the loans bear interest at the rate of 15.5% per annum, payable quarterly in arrears. On May 12, 2015, PDL entered into a forbearance agreement with LENSAR under which PDL agreed to refrain from exercising certain remedies available to it resulting from the failure of LENSAR to comply with a liquidity covenant and make interest payments due under the credit agreement. Under the forbearance agreement, PDL agreed to provide LENSAR with up to an aggregate of $8.5 million in weekly increments through the period ending September 30, 2015 plus employee retention amounts of approximately $0.5 million in the form of additional loans subject to LENSAR meeting certain milestones related to LENSAR obtaining additional capital to fund the business or selling itself and repaying outstanding amounts under the credit agreement. In exchange for the forbearance, LENSAR agreed to additional reporting covenants, the engagement of a chief restructuring officer and an increase on the interest rate to 18.5%, applicable to all outstanding amounts under the credit agreement. On September 30, 2015, PDL agreed to extend the forbearance agreement until October 9, 2015 and provide for up to an additional $0.8 million in funding while LENSAR negotiated a potential sale of its assets. On October 9, 2015, the forbearance agreement expired, but PDL agreed to fund LENSAR's operations while LENSAR continued to negotiate a potential sale of its assets. On November 15, 2015, Lion Buyer LLC, a wholly owned subsidiary of Alphaeon, and LENSAR entered into the Asset Purchase Agreement whereby Lion Buyer agreed to acquire substantially all the assets and assumed certain liabilities of LENSAR subject to the satisfaction of certain closing conditions. The acquisition was consummated on December 15, 2015. In connection with the closing of the acquisition, Lion Buyer entered into an amended and restated credit agreement with PDL, assuming $42.0 million in loans as part of the borrowings under PDL’s prior credit agreement with LENSAR and changed its name to LENSAR, LLC. In addition, Alphaeon issued 1.7 million shares of its Class A common stock to PDL. Under the terms of the amended and restated credit agreement, PDL has a first lien security interest in substantially all of the assets of LENSAR, LLC. The loans bear interest of 15.5% per annum, payable quarterly in arrears. LENSAR, LLC may elect to pay in kind interest the first three interest payments in the form of additional principal amount added to the loans. The principal repayment will commence on the ninth interest payment date. The principal amount outstanding at commencement of repayment will be repaid in equal installments until final maturity of the loans which is December 15, 2020. PDL concluded that the amendment and restatement of the original LENSAR credit agreement shall be accounted for as a troubled debt restructuring due to the concession granted by PDL and LENSAR’s financial difficulties. PDL has recognized a loss on extinguishment of notes receivable of $4.0 million and expensed $3.0 million of closing fees as general & administrative costs as incurred at closing on December 15, 2015. We have estimated a fair value of $3.84 per share for the 1.7 million shares of Alphaeon Class A common stock received in connection with the transactions and recognized this investment as a cost-method investment of $6.6 million included in other long-term asset. The Alphaeon Class A common stock is subject to other-than-temporary impairment assessments in future periods. Durata Credit Agreement On October 31, 2013, PDL entered into a credit agreement with Durata, under which the Company made available to Durata up to $70.0 million. Of the $70.0 million available to Durata, an initial $25.0 million (tranche one), net of fees, was funded by the Company at the close of the transaction. On May 27, 2014, the Company funded Durata an additional $15.0 million (tranche two) as a result of Durata's marketing approval of dalbavancin in the United States, which occurred on May 23, 2014, and was the milestone needed to receive the tranche two funding. Until the occurrence of the tranche two milestone, outstanding borrowings under tranche one bore interest at the rate of 14.0% per annum, payable quarterly in arrears. Upon occurrence of the tranche two milestone, the interest rate of the loans decreased to 12.75%. On November 17, 2014, the Company received a payment of approximately $42.7 million constituting repayment in full of the outstanding principal amount of loans plus accrued interest and fees under the credit agreement. The repayment was made in connection with the acquisition of Durata by Actavis plc. Direct Flow Medical Credit Agreement On November 5, 2013, PDL entered into a credit agreement with Direct Flow Medical, under which PDL agreed to provide up to $50.0 million to Direct Flow Medical. Of the $50.0 million available to Direct Flow Medical, an initial $35.0 million (tranche one), net of fees, was funded by the Company at the close of the transaction. Pursuant to the original terms of the credit agreement, the Company agreed to provide Direct Flow Medical with an additional $15.0 million tranche, net of fees, upon the attainment of a specified revenue milestone to be accomplished no later than December 31, 2014 (the tranche two milestone). Until the occurrence of the tranche two milestone, outstanding borrowings under tranche one bore interest at the rate of 15.5% per annum, payable quarterly in arrears. On November 10, 2014, PDL and Direct Flow Medical agreed to an amendment to the credit agreement to permit Direct Flow Medical to borrow the $15.0 million second tranche upon receipt by Direct Flow Medical of a specified minimum amount of proceeds from an equity offering prior to December 31, 2014. In exchange, the parties amended the credit agreement to provide for additional fees associated with certain liquidity events, such as a change of control or the consummation of an initial public offering, and granted PDL certain board of director observation rights. On November 19, 2014, upon Direct Flow Medical satisfying the amended tranche two milestone, the Company funded the $15.0 million second tranche to Direct Flow Medical, net of fees. Upon occurrence of the borrowing of this second tranche, the interest rate applicable to all loans under the credit agreement was decreased to 13.5% per annum, payable quarterly in arrears. Principal repayment will commence on the 12th interest payment date, September 30, 2016. The principal amount outstanding at commencement of repayment will be repaid in equal installments until final maturity of the loans. The loans will mature on November 5, 2018. Direct Flow Medical may elect to prepay the loans at any time, subject to a prepayment penalty that decreases over the life of the loans. The obligations under the credit agreement are secured by a pledge of substantially all of the assets of Direct Flow Medical and any of its subsidiaries. On December 21, 2015, Direct Flow Medical and PDL entered into a waiver to the credit agreement in anticipation of Direct Flow Medical being unable to comply with the liquidity covenant and make interest payments due under the credit agreement. On January 14, 2016, both parties agreed to provide Direct Flow Medical with an extension to waive the liquidity covenant and delay the timing of the interest payments through the period ending September 30, 2016. On January 28, 2016, PDL funded an additional $5.0 million to Direct Flow Medical in the form of a short-term secured promissory note that we expect will be converted into a loan under the credit agreement with substantially the same interest and payment terms as the existing loans. The Company completed an impairment analysis as of December 31, 2015. Effective with this date and as a result of the event of default, we determined the loan to be impaired and we ceased to accrue interest revenue. As of December 31, 2015, the estimated fair value of the collateral was determined to be in excess of that of the carrying value. There can be no assurance that this will be true in the event of the Company's foreclosure on the collateral, nor can there be any assurance of realizing value from such collateral. Paradigm Spine Credit Agreement On February 14, 2014, the Company entered into the Paradigm Spine Credit Agreement, under which it made available to Paradigm Spine up to $75.0 million to be used by Paradigm Spine to refinance its existing credit facility and expand its domestic commercial operations. Of the $75.0 million available to Paradigm Spine, an initial $50.0 million, net of fees, was funded by the Company at the close of the transaction. The second and third tranches of up to an additional $25.0 million in the aggregate, net of fees, are no longer available under the terms of the Paradigm Spine Credit Agreement. On October 27, 2015, PDL and Paradigm Spine entered into an amendment to the Paradigm Spine Credit Agreement to provide additional term loan commitments of up to $7.0 million payable in two tranches of $4.0 million and $3.0 million, of which the first tranche was drawn on the closing date of the amendment, net of fees, and the second tranche is to be funded at the option of Paradigm Spine prior to June 30, 2016. Borrowings under the credit agreement bear interest at the rate of 13.0% per annum, payable quarterly in arrears. Principal repayment will commence on the 12th interest payment date, December 31, 2016. The principal amount outstanding at commencement of repayment will be repaid in equal installments until final maturity of the loans. The loans will mature on February 14, 2019. Paradigm Spine may elect to prepay the loans at any time, subject to a prepayment penalty that decreases over the life of the loans. The obligations under the Paradigm Spine Credit Agreement are secured by a pledge of substantially all of the assets of Paradigm Spine and its domestic subsidiaries and, initially, certain assets of Paradigm Spine’s German subsidiaries. kaléo Note Purchase Agreement On April 1, 2014, PDL entered into a note purchase agreement with Accel 300, a wholly-owned subsidiary of kaléo, pursuant to which the Company acquired $150.0 million of secured notes due 2029. The secured notes were issued pursuant to an indenture between Accel 300 and U.S. Bank, National Association, as trustee, and are secured by the kaléo Revenue Interests and a pledge of kaléo’s equity ownership in Accel 300. The secured notes bear interest at 13% per annum, paid quarterly in arrears on principal outstanding. The principal balance of the secured notes is repaid to the extent that the kaléo Revenue Interests exceed the quarterly interest payment, as limited by a quarterly payment cap. The final maturity of the secured notes is June 2029. kaléo may redeem the secured notes at any time, subject to a redemption premium. As of December 31, 2015 and 2014, the Company determined that its royalty purchase interest in Accel 300 represented a variable interest in a variable interest entity. However, the Company does not have the power to direct the activities of Accel 300 that most significantly impact Accel 300's economic performance and is not the primary beneficiary of Accel 300; therefore, Accel 300 is not subject to consolidation by the Company. On October 28, 2015, Sanofi US initiated a voluntary nationwide recall of all Auvi-Q^® units effectively immediately. Sanofi is the exclusive licensee of kaléo for the manufacturing and commercialization of Auvi-Q. While Sanofi has not identified the reason for the recall, press reports indicate that a small number of units have failed to activate or delivered inadequate doses of epinephrine. It is not known at this time when Sanofi will reintroduce Auvi-Q in the U.S. Subsequent to the recall, kaléo made a full and timely payment of $9.5 million, which included all principal and interest due in the fourth quarter of 2015. On February 18, 2016, PDL was advised that Sanofi and kaléo will terminate their license and development agreement later this year. At that time, all U.S. and Canadian commercial and manufacturing rights to Auvi-Q^® will be returned to kaléo, and they intend to evaluate the timing and options for bringing Auvi-Q back to the market. As part of our financing transaction, kaléo was required to establish an interest reserve account of $20.0 million from the $150.0 million provided by PDL. The purpose of this interest reserve account is to cover any possible shortfalls in interest payments owed to PDL. As of this date, despite the recall of Auvi-Q, it is projected that the interest reserve account alone is sufficient to cover possible interest shortfalls substantially through the second quarter of 2016. kaléo has indicated that it intends to make payments due to PDL under the note agreement until Auvi-Q is returned to the market. PDL will monitor the timing and options for bringing Auvi-Q back to the market and how it may impact the ability of kaléo to meet its obligations under the note purchase agreement, but at this point it has been determined that there is no impairment. CareView Credit Agreement On June 26, 2015, PDL entered into a credit agreement with CareView, under which the Company made available to CareView up to $40.0 million in two tranches of $20.0 million each. Under the terms of the credit agreement, the first tranche of $20.0 million was to be funded by the Company upon CareView’s attainment of a specified milestone relating to the placement of CareView Systems^®, to be accomplished no later than October 31, 2015. The Company expects to fund CareView an additional $20.0 million upon CareView’s attainment of specified milestones relating to the placement of CareView Systems and Consolidated EBITDA (as defined in the credit agreement), to be accomplished no later than June 30, 2017. Outstanding borrowings under the credit agreement will bear interest at the rate of 13.5% per annum and are payable quarterly in arrears. As part of the transaction, the Company received a warrant to purchase approximately 4.4 million shares of common stock of CareView at the exercise price of $0.45 per share. We have accounted for the warrant as derivative asset with an offsetting credit as debt discount. At each reporting period the warrant is marked to market for changes in fair value. On October 7, 2015, PDL and CareView entered into an amendment of the credit agreement to modify certain definitions related to the first and second tranche milestones. On this date, PDL also funded the first tranche of $20.0 million, net of fees, upon attainment of the modified first tranche milestone relating to the placement of CareView Systems. The additional $20.0 million in the form of a second tranche continues to be available upon CareView’s attainment of specified milestones relating to the placement of CareView Systems and Consolidated EBITDA, to be accomplished no later than June 30, 2017 under the terms of the amended credit agreement. In connection with the amendment of the credit agreement, PDL and CareView also agreed to amend the warrant to purchase common stock agreement by reducing the warrant's exercise price from $0.45 to $0.40 per share. At December 31, 2015, we determined an estimated fair value of the warrant of $1.0 million. For carrying value and fair value information related to our Notes and Other Long-term Receivables, see Note 4.

Property and Equipment

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment



	December 31,
(In thousands)	2015			2014
Leasehold improvements	$	153		$	153
Computer and office equipment	8,984			9,043
Furniture and fixtures	45			45
Total	9,182			9,241
Less accumulated depreciation and amortization	(9,151		)	(9,179		)
Property and equipment, net	$	31		$	62

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

We currently occupy a leased facility in Incline Village, Nevada, with a lease term through May 2017. We also lease certain office equipment under operating leases. Rental expense under these arrangements totaled $0.2 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Future minimum operating lease payments for the years ended December 31, were as follows:



(In thousands)
2016	$	174
2017	72
Total	$	246

Convertible Notes

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Convertible and Non-Recourse Notes

Convertible Notes and Term Loans

Convertible Notes and Term Loan activity for the years ended December 31, 2015 and 2014:



(In thousands)	Series 2012 Notes			May 2015 Notes			February 2018 Notes			Term Loan			Total
Balance at December 31, 2013	$	172,630		$	148,253		$	—		$	74,397		$	395,280
Issuance and exchange	(152,784		)	(200		)	300,000			—			147,016
Payment	—			—			—			(75,000		)	(75,000		)
Non-cash discount	—			—			(29,726		)	—			(29,726		)
Discount amortization	2,415			5,182			5,954			603			14,154
Balance at December 31, 2014	22,261			153,235			276,228			—			451,724
Issuance and exchange	—			—			—			100,000			100,000
Payment	(22,337		)	(155,050		)	—			(75,000		)	(252,387		)
Repurchase	—			—			(53,553		)	—			(53,553		)
Non-cash Discount	—			—			—			(607		)	(607		)
Discount amortization	76			1,815			10,160			573			12,624
Balance at December 31, 2015	$	—		$	—		$	232,835		$	24,966		$	257,801

Series 2012 Notes

In January 2012, we exchanged $169.0 million aggregate principal of new Series 2012 Notes for an identical principal amount of the February 2015 Notes, plus a cash payment of $5.00 for each $1,000 principal amount tendered, totaling approximately $845,000. The cash payment was allocated to deferred issue costs of $765,000, additional paid-in capital of $52,000 and deferred tax assets of $28,000. The deferred issue costs were recognized over the life of the Series 2012 Notes as interest expense. In February 2012, we entered into separate privately negotiated exchange agreements under which we exchanged an additional $10.0 million aggregate principal amount of the new Series 2012 Notes for an identical principal amount of the February 2015 Notes. In August 2013, the Company entered into a separate privately negotiated exchange agreement under which it retired the final $1.0 million aggregate principal amount of the outstanding February 2015 Notes. Pursuant to the exchange agreement, the holder of the February 2015 Notes received $1.0 million aggregate principal amount of the Series 2012 Notes. Immediately following the exchange, no principal amount of the February 2015 Notes remained outstanding and $180.0 million principal amount of the Series 2012 Notes is outstanding.

On February 6, 2014, the Company entered into exchange and purchase agreements with certain holders of approximately $131.7 million aggregate principal amount of outstanding Series 2012 Notes. The exchange agreement provided for the issuance by the Company of shares of common stock and a cash payment for the Series 2012 Notes being exchanged, and the purchase agreement provided for a cash payment for the Series 2012 Notes being repurchased. The total consideration given was approximately $191.8 million. The Company issued to the participating holders of the Series 2012 Notes a total of approximately 20.3 million shares of its common stock with a fair value of approximately $157.6 million and made an aggregate cash payment of approximately $34.2 million pursuant to the exchange and purchase agreements. Of the $34.2 million cash payment, $2.5 million is attributable to an inducement fee, $1.8 million is attributable to interest accrued through the date of settlement and $29.9 million is attributable to the repurchase of the Series 2012 Notes. It was determined that the exchange and purchase agreement represented an extinguishment of the related notes. As a result, a loss on extinguishment of $6.1 million was recorded. The $6.1 million loss on extinguishment included the de-recognition of the original issuance discount of $5.8 million and a $0.3 million charge resulting from the difference of the face value of the notes and the fair value of the notes. Immediately following the exchange, $48.3 million principal amount of the Series 2012 Notes was outstanding with approximately $2.1 million of remaining original issuance discount that was amortized over the remaining life of the Series 2012 Notes.

On October 20, 2014, the Company entered into a privately negotiated exchange agreement under which it retired approximately $26.0 million in principal of the outstanding Series 2012 Notes. The exchange agreement provided for the issuance, by the Company, of shares of common stock and a cash payment for the Series 2012 Notes being exchanged. The Company issued approximately 1.8 million shares of its common stock and paid a cash payment of approximately $26.2 million. Immediately following the exchange, $22.3 million principal amount of the Series 2012 Notes was outstanding with approximately $0.1 million of remaining original issuance discount to be amortized over the remaining life of the Series 2012 Notes.

The Series 2012 Notes were due February 17, 2015, and bore interest at a rate of 2.875% per annum, payable semi-annually in arrears on February 15 and August 15 of each year. On February 17, 2015, the Company completed the retirement of the remaining $22.3 million of aggregate principal of its Series 2012 notes at their stated maturity for $22.3 million, plus approximately 1.34 million shares of its common stock.

The principal amount, carrying value and unamortized discount of the Series 2012 Notes were as follows:



	December 31,
(In thousands)	2014
Principal amount of the Series 2012 Notes	$	22,337
Unamortized discount of liability component	(76		)
Net carrying value of the Series 2012 Notes	$	22,261

Interest expense for the Series 2012 Notes on the Consolidated Statements of Income was as follows:



	Year ended December 31,
(In thousands)	2015		2014		2013
Contractual coupon interest	$	80	$	1,726	$	5,158
Amortization of debt issuance costs	13		1,089		1,152
Amortization of debt discount	76		2,415		6,102
Total	$	169	$	5,230	$	12,412

May 2015 Notes

On May 16, 2011, we issued $155.3 million in aggregate principal amount, at par, of the May 2015 Notes in an underwritten public offering, for net proceeds of $149.7 million. The May 2015 Notes are due May 1, 2015, and we pay interest at 3.75% on the May 2015 Notes semiannually in arrears on May 1 and November 1 of each year, beginning November 1, 2011. Proceeds from the May 2015 Notes, net of amounts used for purchased call option transactions and provided by the warrant transactions described below, were used to redeem our 2012 Notes. Upon the occurrence of a fundamental change, as defined in the indenture, holders have the option to require PDL to repurchase their May 2015 Notes at a purchase price equal to 100% of the principal, plus accrued interest.

On May 1, 2015, the Company completed the retirement of the remaining $155.1 million of aggregate principal of its May 2015 Notes at their stated maturity for $155.1 million, plus approximately 5.2 million shares of its common stock for the excess conversion value.

The carrying value and unamortized discount of the May 2015 Notes were as follows:



	December 31,
(In thousands)	2014
Principal amount of the May 2015 Notes	$	155,050
Unamortized discount of liability component	(1,815		)
Net carrying value of the May 2015 Notes	$	153,235

Interest expense for the May 2015 Notes on the Consolidated Statements of Income was as follows:



	Year Ended December 31,
(In thousands)	2015		2014		2013
Contractual coupon interest	$	1,938	$	5,817	$	5,822
Amortization of debt issuance costs	435		1,274		1,232
Amortization of debt discount	1,815		5,182		4,820
Total	$	4,188	$	12,273	$	11,874

Purchased Call Options and Warrants

In connection with the issuance of our May 2015 Notes, we entered into purchased call option transactions with two hedge counterparties. We paid an aggregate amount of $20.8 million, plus legal fees, for the purchased call options with terms substantially similar to the embedded conversion options in our May 2015 Notes. We exercised the purchased call options upon conversion of our May 2015 Notes on May 1, 2015, which required the hedge counterparties to deliver shares to the Company. The hedge counterparties delivered to us approximately 5.2 million of PDL common shares, which was the amount equal to the shares required to be delivered by us to the note holders for the excess conversion value.

In addition, we sold to the hedge counterparties warrants exercisable, on a cashless basis, for the sale of rights to receive up to 27.5 million shares of common stock underlying our May 2015 Notes. We received an aggregate amount of $10.9 million for the sale from the two counterparties. Under the terms of the warrant agreement, the warrant counterparties had the option to exercise the warrants on their specified expiration dates through the 120 scheduled trading days beginning on July 30, 2015 and ending on January 20, 2016 if the VWAP of PDL's common stock exceeded the strike price of the warrants on the date of conversion. Because the VWAP of our common stock never exceeded the strike price of the warrants PDL did not deliver any common stock to the warrant counterparties.

The purchased call option transactions and warrant sales effectively serve to reduce the potential dilution associated with conversion of our May 2015 Notes. The strike price is approximately $6.15, subject to further adjustment upon certain events including dividend payments, for the warrants.

Because the share price was above $5.23, but below $6.15, upon conversion of the Company's May 2015 Notes, the purchased call options offset the share dilution, and the Company received shares on exercise of the purchased call options equal to the shares that the Company delivered to the note holders.

While the purchased call options reduced the potential equity dilution upon conversion of our May 2015 Notes, prior to the conversion or exercise, our May 2015 Notes and the warrants had a dilutive effect on the Company’s earnings per share to the extent that the price of the Company’s common stock during a given measurement period exceeds the respective exercise prices of those instruments. As of December 31, 2015 and 2014, there were no related warrants exercised.

The warrants are considered indexed to PDL stock, require net-share settlement and met all criteria for equity classification at inception and at December 31, 2015 and 2014. The purchased call options cost, including legal fees, of $20.8 million, less deferred taxes of $7.2 million, and the $10.9 million received for the warrant issuance, was recorded as adjustments to additional paid-in capital. Subsequent changes in fair value will not be recognized as long as the warrants continue to meet all criteria for equity classification.

February 2018 Notes

On February 12, 2014, we issued $300.0 million in aggregate principal amount, at par, of the February 2018 Notes in an underwritten public offering, for net proceeds of $290.2 million. The February 2018 Notes are due February 1, 2018, and we pay interest at 4.0% on the February 2018 Notes semiannually in arrears on February 1 and August 1 of each year, beginning August 1, 2014. A portion of the proceeds from the February 2018 Notes, net of amounts used for purchased call option transactions and provided by the warrant transactions described below, were used to redeem $131.7 million of the Series 2012 Notes. Upon the occurrence of a fundamental change, as defined in the indenture, holders have the option to require PDL to repurchase their February 2018 Notes at a purchase price equal to 100% of the principal, plus accrued interest.

On November 20, 2015, PDL's agent initiated the repurchase of $53.6 million in aggregate principal amount of its February 2018 Notes for $43.7 million in cash in four open market transactions. The closing of these transactions occurred on November 30, 2015.

It was determined that the repurchase of the principal amount shall be accounted for as an extinguishment. As a result, a gain on extinguishment of $6.5 million was recorded at closing of the transaction. The $6.5 million gain on extinguishment included the de-recognition of the original issuance discount of $3.1 million, outstanding deferred issuance costs of $0.9 million and agent fees of $0.1 million. Immediately following the repurchase, $246.4 million principal amount of the February 2018 Notes was outstanding with $14.1 million of remaining original issuance discount and $4.1 million of debt issuance costs to be amortized over the remaining life of the February 2018 Notes. As of December 31, 2015, our February 2018 Notes are not convertible. At December 31, 2015, the if-converted value of our February 2018 Notes did not exceed the principal amount.

In connection with the repurchase of the February 2018 Notes, the Company and the counterparties agreed to unwind a portion of the purchased call options. As a result of the unwind transaction of the purchased call option, PDL received $270,000 in cash. The payments received have been recorded as an increase to APIC. In addition, the Company and the counterparties agreed to unwind a portion of the warrants for $170,000 in cash, payable by PDL. The payments have been recorded as a decrease to APIC. At December 31, 2015, PDL concluded that the remaining purchased call options and warrants continue to meet all criteria for equity classification.

The February 2018 Notes are convertible under any of the following circumstances:


•	During any fiscal quarter ending after the quarter ending June 30, 2014, if the last reported sale price of our common stock for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter exceeds 130% of the conversion price for the notes on the last day of such preceding fiscal quarter;


•	During the five business-day period immediately after any five consecutive trading-day period, which we refer to as the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the notes for each such day;


•	Upon the occurrence of specified corporate events as described further in the indenture; or


•	At any time on or after August 1, 2017.

The initial conversion rate for the February 2018 Notes is 109.1048 shares of the Company's common stock per $1,000 principal amount of February 2018 Notes, which is equivalent to an initial conversion price of approximately $9.17 per share of common stock, subject to adjustments upon the occurrence of certain specified events as set forth in the indenture. Upon conversion, the Company will be required to pay cash and, if applicable, deliver shares of the Company's common stock as described in the indenture.

In accordance with the accounting guidance for convertible debt instruments that may be settled in cash or other assets on conversion, we were required to separately account for the liability component of the instrument in a manner that reflects the market interest rate for a similar nonconvertible instrument at the date of issuance. As a result, we separated the principal balance of the February 2018 Notes between the fair value of the debt component and the fair value of the common stock conversion feature. Using an assumed borrowing rate of 7.0%, which represents the estimated market interest rate for a similar nonconvertible instrument available to us on the date of issuance, we recorded a total debt discount of $29.7 million, allocated $19.3 million to additional paid-in capital and allocated $10.4 million to deferred tax liability. The discount is being amortized to interest expense over the term of the February 2018 Notes and increases interest expense during the term of the February 2018 Notes from the 4.0% cash coupon interest rate to an effective interest rate of 6.9%. As of December 31, 2015, the remaining discount amortization period is 2.1 years.

The carrying value and unamortized discount of the February 2018 Notes were as follows:



(In thousands)	December 31, 2015			December 31, 2014
Principal amount of the February 2018 Notes	$	246,447		$	300,000
Unamortized discount of liability component	(13,612		)	(23,772		)
Net carrying value of the February 2018 Notes	$	232,835		$	276,228

Interest expense for the February 2018 Notes on our Consolidated Statements of Income was as follows:



	Year Ended December 31,
(In thousands)	2015		2014
Contractual coupon interest	$	11,786	$	10,633
Amortization of debt issuance costs¹	2,980		1,898
Amortization of debt discount¹	10,160		5,954
Total	$	24,926	$	18,485

__________________

¹ The amortization of debt issuance costs and debt discount for the year end December 31, 2015, includes $3.1 million and $0.9 million, respectively, which are recorded in gain (loss) on extinguishment of debt.

As of December 31, 2015 and 2014, the February 2018 Notes are not convertible. At December 31, 2015 and 2014, the if-converted value of the February 2018 Notes did not exceed the principal amount.

Purchased Call Options and Warrants

In connection with the issuance of the February 2018 Notes, we entered into purchased call option transactions with two hedge counterparties. We paid an aggregate amount of $31.0 million for the purchased call options with terms substantially similar to the embedded conversion options in the February 2018 Notes. The purchased call options cover, subject to anti-dilution and certain other customary adjustments substantially similar to those in the February 2018 Notes, approximately 32.7 million shares of our common stock. We may exercise the purchased call options upon conversion of the February 2018 Notes and require the hedge counterparty to deliver shares to the Company in an amount equal to the shares required to be delivered by the Company to the note holder for the excess conversion value. The purchased call options expire on February 1, 2018, or the last day any of the February 2018 Notes remain outstanding.

In addition, we sold to the hedge counterparties warrants exercisable, on a cashless basis, for the sale of rights to receive shares of common stock that will initially underlie the February 2018 Notes at a strike price of $10.3610 per share, which represents a premium of approximately 30% over the last reported sale price of the Company's common stock of $7.97 on February 6, 2014. The warrant transactions could have a dilutive effect to the extent that the market price of the Company's common stock exceeds the applicable strike price of the warrants on the date of conversion. We received an aggregate amount of $11.4 million for the sale from the two counterparties. The warrant counterparties may exercise the warrants on their specified expiration dates that occur over a period of time. If the VWAP of our common stock, as defined in the warrants, exceeds the strike price of the warrants, we will deliver to the warrant counterparties shares equal to the spread between the VWAP on the date of exercise or expiration and the strike price. If the VWAP is less than the strike price, neither party is obligated to deliver anything to the other.

The purchased call option transactions and warrant sales effectively serve to reduce the potential dilution associated with conversion of the February 2018 Notes. The strike price is subject to further adjustment in the event that future quarterly dividends exceed $0.15 per share.

The purchased call options and warrants are considered indexed to PDL stock, require net-share settlement and met all criteria for equity classification at inception and at December 31, 2015 and 2014. The purchased call options cost of $31.0 million, less deferred taxes of $10.8 million, and the $11.4 million received for the warrants, was recorded as adjustments to additional paid-in capital. Subsequent changes in fair value will not be recognized as long as the purchased call options and warrants continue to meet the criteria for equity classification.

March 2015 Term Loan

On March 30, 2015, PDL entered into a credit agreement among the Company, the lenders party thereto and the Royal Bank of Canada, as administrative agent. The credit agreement consisted of a term loan of $100.0 million.

The interest rates per annum applicable to amounts outstanding under the term loan were, at the Company’s option, either (a) the alternate base rate (as defined in the credit agreement) plus 0.75%, or (b) the adjusted Eurodollar rate (as defined in the credit agreement) plus 1.75% per annum. As of December 31, 2015, the interest rate, based upon the adjusted Eurodollar rate, was 2.17%. Interest payments under the credit agreement were due on the interest payment dates specified in the credit agreement.

The credit agreement required amortization of the term loan in the form of scheduled principal payments on June 15, September 15 and December 15 of 2015, with the remaining outstanding balance due on February 15, 2016. This principal balance and outstanding interest was paid in full on February 12, 2016.

The Company’s obligations under the credit agreement were secured by a lien on a substantial portion of its assets.

The credit agreement contained affirmative and negative covenants that the Company believed were usual and customary for a senior secured credit agreement. The credit agreement also required compliance with certain financial covenants, including a maximum total leverage ratio, a debt service coverage ratio and a minimum liquidity covenant, in each case calculated as set forth in the credit agreement and compliance with which may be necessary to take certain corporate actions.

The credit agreement contained events of default that the Company believed were usual and customary for a senior secured credit agreement.

October 2013 Term Loan

On October 28, 2013, PDL entered into a credit agreement among the Company, the lenders party thereto and the Royal Bank of Canada, as administrative agent. The October 2013 Term Loan amount was for $75.0 million, with a term of one year.

The interest rates per annum applicable to amounts outstanding under the October 2013 Term Loan were, at the Company’s option, either (a) the base rate plus 1.00%, or (b) the Eurodollar rate plus 2.00% per annum. As of the final payment date, the interest rate was 2.22%. This principal balance and outstanding interest was paid in full on October 28, 2014.

As of December 31, 2015 and 2014, PDL was in compliance with all applicable debt covenants.

As of December 31, 2015, the future minimum principal payments under the February 2018 Notes were:



(In thousands)	February 2018 Notes
2016	$	—
2017	—
2018	246,447
Total	$	246,447

Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2015

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities



	December 31,
(In thousands)	2015		2014
Accrued lease liability	$	10,700	$	10,700
Long-term incentive	1,318		578
Uncertain tax position	38,467		26,356
Dividend payable	165		68
Total	$	50,650	$	37,702

In connection with the Spin-Off, we entered into amendments to the leases for our former facilities in Redwood City, California, under which Facet was added as a co-tenant, and a Co-Tenancy Agreement, under which Facet agreed to indemnify us for all matters related to the leases attributable to the period after the Spin-Off date. Should Facet default under its lease obligations, we could be held liable by the landlord as a co-tenant and, thus, we have in substance guaranteed the payments under the lease agreements for the Redwood City facilities. As of December 31, 2015, the total lease payments for the duration of the guarantee, which runs through December 2021, are approximately $67.7 million. If Facet were to default, we could also be responsible for lease-related costs including utilities, property taxes and common area maintenance that may be as much as the actual lease payments. We have recorded a liability of $10.7 million on our Consolidated Balance Sheets as of December 31, 2015, and 2014, related to this guarantee.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

We recognize compensation expense using a fair-value based method for costs associated with all share-based awards issued to our directors, employees and outside consultants under our stock plan. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service periods in our Consolidated Statements of Income.

We have adopted the simplified method to calculate the beginning balance of the additional paid-in capital pool of the excess tax benefit and to determine the subsequent effect on the APIC pool and Consolidated Statements of Cash Flows of the tax effects of employee stock-based compensation awards that were outstanding upon our adoption.

We calculate stock-based compensation expense based on the number of awards ultimately expected to vest, net of estimated forfeitures. We estimate forfeiture rates at the time of grant and revise such rates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The stock-based compensation expense was determined using the Black-Scholes option pricing model.

Stock-based compensation expense for employees and directors and non-employees for the years ended December 31, 2015, 2014 and 2013, is presented below:



	Year Ended December 31,
Stock-based Compensation	2015		2014		2013
(In thousands)
Employees and directors	$	1,952	$	1,157	$	655
Non-employees	93		344		217
Total	$	2,045	$	1,501	$	872

Stock-Based Incentive Plans

We currently have one active stock-based incentive plan under which we may grant stock-based awards to our employees, directors and non-employees.

The total number of shares of common stock authorized for issuance, shares of common stock issued upon exercise of options or grant of restricted stock, shares of common stock subject to outstanding awards and available for grant under this plan as of December 31, 2015, is as follows:



Title of Plan	Total Shares of Common Stock Authorized	Total Shares of Common Stock Issued	Total Shares of Common Stock Subject to Outstanding Awards	Total Shares of Common Stock Available for Grant
2005 Equity Incentive Plan⁽¹⁾	6,200,000	1,515,868	—	4,684,132
2002 Outside Directors Stock Option Plan⁽²⁾	157,000	157,000	—	—
1999 Non-statutory Stock Option Plan⁽²⁾	4,966,183	4,966,183	—	—
1999 Stock Option Plan⁽²⁾	3,694,485	3,694,485	—	—

_________________________


(1)	As of December 31, 2015, there were 585,882 shares of unvested restricted stock awards outstanding.


(2)	Plan terminated in 2009, subject to options outstanding under the plan.

Under our 2005 Equity Incentive Plan, we are authorized to issue a variety of incentive awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance share and performance unit awards, deferred compensation awards and other stock-based or cash-based awards.

In 2009, the compensation committee of our board of directors (the "Compensation Committee") terminated the 1991 Nonstatutory Stock Option Plan. Additionally the Compensation Committee terminated the 1999 Outside Director Stock Option Plan, the 1999 Nonstatutory Stock Option Plan and the 2002 Outside Directors Stock Option Plan, subject to any outstanding options. Also in June 2009, our stockholders approved amendments to the Company’s 2005 Equity Incentive Plan to expand persons eligible to participate in the plan to include our outside directors.

Stock Option Activity

A summary of our stock option activity is presented below:



	2015				2014				2013
	Number of shares (in thousands)		Weighted-Average Exercise Price		Number of shares (in thousands)		Weighted-Average Exercise Price		Number of shares (in thousands)		Weighted-Average Exercise Price
Outstanding at beginning of year	58		$	5.41	172		$	16.52	196		$	16.22
Expired	(58	)	$	5.41	(114	)	$	22.08	(24	)	$	14.07
Outstanding at end of year	—		$	—	58		$	5.41	172		$	16.52
Exercisable at end of year	—		$	—	58		$	5.41	172		$	16.52

As of December 31, 2015, there are no stock options outstanding.

Restricted Stock

Restricted stock has the same rights as other issued and outstanding shares of the Company’s common stock, including, in some cases, the right to accrue dividends, which are held in escrow until the award vests. The compensation expense related to these awards is determined using the fair market value of the Company’s common stock on the date of the grant, and the compensation expense is recognized ratably over the vesting period. Under the company's recent restricted stock plans, restricted stock awards typically vest over one to five years. In addition to service requirements, vesting of restricted stock awards may be subject to the achievement of specified performance goals set by the Compensation Committee. If the performance goals are not met, no compensation expense is recognized and any previously recognized compensation expense is reversed.

A summary of our restricted stock activity is presented below:



	2015				2014				2013
	Number of shares (in thousands)		Weighted-average grant-date fair value per share		Number of shares (in thousands)		Weighted-average grant-date fair value per share		Number of shares (in thousands)		Weighted- average grant-date fair value per share
Nonvested at beginning of year	277		$	8.39	114		$	7.45	120		$	6.51
Awards granted	522		$	6.40	312		$	8.39	127		$	7.5
Awards vested	(173	)	$	8.38	(149	)	$	7.67	(118	)	$	6.59
Forfeited	(40	)	$	7.79	—		$	—	(15	)	$	7.07
Nonvested at end of year	586		$	7.13	277		$	8.39	114		$	7.45

Stock-based compensation expense associated with our restricted stock for the years ended December 31, 2015, 2014 and 2013, was $2.0 million, $1.5 million and $0.9 million, respectively. As of December 31, 2015, the aggregate intrinsic value of non-vested restricted stock was $2.1 million. Total unrecognized compensation costs associated with non-vested restricted stock as of December 31, 2015, was $2.6 million, excluding forfeitures, which we expect to recognize over a weighted-average period of 2.0 years.

Cash Dividends	12 Months Ended
Cash Dividends	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Cash Dividends	Cash Dividends On January 26, 2016, our board of directors declared a quarterly dividend to be paid to our stockholders in the first quarter of 2016 of $0.05 per share of common stock, payable on March 11, 2016 to stockholders of record on March 4, 2016, the record date for the dividend payment. On January 27, 2015, our board of directors declared a regular quarterly dividend of $0.15 per share of common stock, which were paid on March 12, June 12, September 11 and December 11 of 2015 to stockholders of record on March 5, June 5, September 4 and December 4 of 2015, the record dates for each of the dividend payments, respectively. We paid $98.3 million in dividends in 2015. On January 29, 2014, our board of directors declared a regular quarterly dividend of $0.15 per share of common stock, which were paid on March 12, June 12, September 12 and December 12 of 2014 to stockholders of record on March 5, June 5, September 5 and December 5 of 2014, the record dates for each of the dividend payments, respectively. We paid $96.6 million in dividends in 2014. On January 23, 2013, our board of directors declared a regular quarterly dividend of $0.15 per share of common stock, which were paid on March 12, June 12, September 12 and December 12 of 2013 to stockholders of record on March 5, June 5, September 5 and December 5 of 2013, the record dates for each of the dividend payments, respectively. We paid $84.0 million in dividends in 2013.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Concentration Risk Disclosure [Text Block]

Customer Concentration

12 Months Ended

Dec. 31, 2015

Risks and Uncertainties [Abstract]

Customer Concentration

The percentage of total revenue earned from licensees net sales, which individually accounted for 10% or more of our total revenues:



	Year Ended December 31,
	2015		2014		2013
Licensees
Genentech	70	%	71	%	81	%
Biogen	9	%	10	%	11	%

Total revenues by geographic area are based on the country of domicile of the counterparty to the agreement:



	Year Ended December 31,
(In thousands)	2015		2014		2013
United States	$	339,596	$	334,325	$	177,251
Europe	250,852		246,825		278,934
Other	—		75		75
Total revenues	$	590,448	$	581,225	$	456,260

At December 31, 2015 and 2014, 100% of the net book value of our property and equipment was located in the United States.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following:



	Year Ended December 31,
(In thousands)	2015		2014			2013
Current income tax expense
Federal	$	168,164	$	187,056		$	134,619
State	12,112		22,631			3,726
Total current	180,276		209,687			138,345
Deferred income tax expense (benefit)
Federal	16,910		(29,095		)	(416		)
State	157		(1,564		)	(583		)
Total deferred	17,067		(30,659		)	(999		)
Total provision	$	197,343	$	179,028		$	137,346

A reconciliation of the income tax provision computed using the U.S. statutory federal income tax rate compared to the income tax provision for income included in the Consolidated Statements of Income is as follows:



	Year Ended December 31,
(In thousands)	2015		2014			2013
Tax at U.S. statutory rate on income before income taxes	$	185,548	$	175,445		$	140,656
Change in valuation allowance	2,286		(5,390		)	(2,055		)
State taxes	1		1			1
Change in uncertain tax positions	8,717		7,395			(2,082		)
Other	791		1,577			826
Total	$	197,343	$	179,028		$	137,346

Deferred tax assets and liabilities are determined based on the differences between financial reporting and income tax bases of assets and liabilities, as well as net operating loss carryforwards and are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The significant components of our net deferred tax assets and liabilities are as follows:



	December 31,
(In thousands)	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	4,819		$	5,441
Research and other tax credits	1,990			2,147
Intangible assets	—			14,125
Stock-based compensation	465			241
Accruals	1,146			662
Debt modifications	5,526			5,407
Capital loss carryforward	2,286			—
Other	12,023			8,500
Total deferred tax assets	28,255			36,523
Valuation allowance	(2,286		)	—
Total deferred tax assets, net of valuation allowance	25,969			36,523
Deferred tax liabilities:
Deferred gain on repurchase of convertible notes	(572		)	(762		)
Intangible assets	(7,029		)	—
Unrealized gain on foreign currency hedge contracts	(1,215		)	(1,588		)
Total deferred tax liabilities	(8,816		)	(2,350		)
Net deferred tax assets	$	17,153		$	34,173

As of December 31, 2015 and 2014, we had federal net operating loss carryforwards of $35.8 million and $37.5 million, respectively. We also had California net operating loss carryforwards of $215.5 million as of December 31, 2015 and 2014. The federal net operating loss carryforwards will expire in the year 2023 and the California net operating loss carryforwards will expire in 2019, if not utilized. As of December 31, 2015 and 2014, we had $19.3 million and $19.3 million, respectively, of state tax credit carryforwards that will expire in 2028, if not utilized. The net operating loss carryforwards and tax credit carryforwards which resulted from exercises of stock options were not recorded on the Consolidated Balance Sheet.

Utilization of the federal and state net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the "change in ownership" provisions of the Internal Revenue Code of 1986. The annual limitation may result in the expiration of net operating losses and credits before utilization. We have an annual limitation on the utilization of our federal operating losses of $1.8 million for each of the years ending December 31, 2015 to 2022, and $1.3 million for the year ending December 31, 2023. As of December 31, 2015, we estimate that at least $22.0 million of federal net operating loss carryforwards and zero of the state net operating losses will expire unutilized.

During 2015, the Company determined that is was more likely than not that certain deferred tax carryforward assets would not be realized in the near future. As a result, $2.3 million valuation allowance against deferred tax assets was established during 2015. The net change in total valuation allowance for each of the years ending December 31, 2015 and 2014, was an increase of $2.3 million and a decrease of $5.4 million, respectively. The valuation allowance at December 31, 2015, is related to capital losses recognized during 2015 that have limited carryback and carryforward utilization. The Company does not have an expectation of future capital gains against which such losses could be utilized and as such determined that it was more likely than not that such deferred tax assets would not be realized.

A reconciliation of our unrecognized tax benefits, excluding accrued interest and penalties, for 2015, 2014 and 2013 is as follows:



	December 31,
(In thousands)	2015		2014			2013
Balance at the beginning of the year	$	47,146	$	32,419		$	32,647
Increases related to tax positions from prior fiscal years	—		10,216			—
Increases related to tax positions taken during current fiscal year	9,979		11,006			5,490
Expiration of statute of limitations for the assessment of taxes from prior fiscal years	—		(6,495		)	(5,718		)
Balance at the end of the year	$	57,125	$	47,146		$	32,419

The future impact of the unrecognized tax benefit of $57.1 million, if recognized, is as follows: $33.4 million would affect the effective tax rate and $23.7 million would result in adjustments to deferred tax assets. We periodically evaluate our exposures associated with our tax filing positions. During 2015, as a result of the evaluation of our uncertain tax positions, we increased the unrecognized tax benefits by $10.0 million primarily related to state items. As noted below, the Company is currently under audit by the California Franchise Tax Board. The timing of the audit resolution and the amount to be ultimately paid (if any) is uncertain. At this time, the Company does not anticipate a material change in the unrecognized tax benefits related to the California audit that would affect the effective tax rate or deferred tax assets over the next 12 months.

Estimated interest and penalties associated with unrecognized tax benefits increased income tax expense in the Consolidated Statements of Income by $2.3 million during the year ended December 31, 2015, and increased income tax expense by $1.3 million during the year ended December 31, 2014, and decreased income tax expense by $0.7 million during the year ended December 31, 2013. In general, our income tax returns are subject to examination by U.S. federal, state and local tax authorities for tax years 1996 forward. Interest and penalties associated with unrecognized tax benefits accrued on the balance sheet were $5.1 million and $2.8 million as of December 31, 2015 and 2014, respectively. In May 2012, PDL received a “no-change” letter from the IRS upon completion of an examination of the Company's 2008 federal tax return. We are currently under income tax examination in the state of California for the tax years 2009, 2010, 2011 and 2012.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Comprehensive income is comprised of net income and other comprehensive income (loss). We include unrealized net gains on investments held in our available-for-sale securities and unrealized gains (losses) on our cash flow hedges in other comprehensive income (loss), and present the amounts net of tax. Our other comprehensive income (loss) is included in our Consolidated Statements of Comprehensive Income.

The balance of "Accumulated other comprehensive income (loss)," net of tax, was as follows:



(In thousands)	Unrealized gain (loss) on available-for- sale securities			Unrealized gain (loss) on cash flow hedges			Total Accumulated Other Comprehensive Income (Loss)

Beginning Balance at December 31, 2012	$	7		$	(5,095	)	$	(5,088	)
Activity for the year ended December 31, 2013	1,122			(922		)	200
Balance at December 31, 2013	1,129			(6,017		)	(4,888		)

Activity for the year ended December 31, 2014	(765		)	8,602			7,837
Balance at December 31, 2014	364			2,585			2,949

Activity for the year ended December 31, 2015	71			(764		)	(693		)
Ending Balance at December 31, 2015	$	435		$	1,821		$	2,256

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Quarterly Financial Information [Text Block]

Legal Proceedings	12 Months Ended
Legal Proceedings	Dec. 31, 2015
Legal Proceedings [Abstract]
Legal Matters and Contingencies [Text Block]	Legal Proceedings PDL BioPharma, Inc. v Merck Sharp & Dohme, Corp. On October 28, 2015, the Company filed a Complaint against Merck Sharp & Dohme, Corp (“Merck”) for patent infringement in the United States District Court for the District of Nevada. In the Complaint, the Company alleges that manufacture and sales of certain of Merck’s Keytruda product infringes one or more claims of the Company’s '761 Patent. The Company has requested judgment that Merck has infringed the '761 Patent, an award of damages due to the infringement, a finding that such infringement was willful and deliberate and trebling of damages therefore, and a declaration that the case is exceptional and warrants an award of attorney’s fees and costs. Although the '761 Patent expired on December 2, 2014, the Company believes that Merck infringed the patent through, e.g., manufacture and/or sale of Keytruda prior to the expiration of the '761 Patent. On December 21, 2015, Merck filed a Motion to Dismiss for Lack of Personal Jurisdiction. In response to Merck’s motion, on January 22, 2016, rather than dispute Merck’s contentions regarding jurisdiction, the Company elected to dismiss the action in Nevada and refile the Complaint in its entirety in the District of New Jersey. Wellstat Litigation On September 4, 2015, PDL filed in the Supreme Court of New York a motion for summary judgment in lieu of complaint which requested that the court enter judgment against Wellstat Diagnostics’ Guarantors for the total amount due on the Wellstat Diagnostics debt, plus all costs and expenses including lawyers’ fees incurred by the Company in enforcement of the related guarantees. On September 23, 2015, PDL filed in the same court an ex parte application for a temporary restraining order and order of attachment of the Wellstat Diagnostics’ Guarantors' assets. At a hearing on September 24, 2015, regarding the Company’s request for a temporary restraining order, the court ordered that the Company’s request for attachment and for summary judgment would be heard at a hearing on November 5, 2015. Although the court denied the Company’s request for a temporary restraining order at the hearing on September 24, it ordered that assets of the Wellstat Diagnostics Guarantors should be held in status quo ante and only used in the normal course of business pending the outcome of the hearing. The court in New York has yet to rule on the Company’s motions for attachment and summary judgment. On October 22, 2015, the Wellstat Diagnostics Guarantors filed a complaint against the Company in the Supreme Court of New York seeking a declaratory judgment that certain contractual arrangements entered into between the parties subsequent to Wellstat Diagnostics’ default, and which relate to a split of proceeds in the event that the Wellstat Diagnostics Guarantors voluntarily monetize any assets that are the Company’s collateral, is of no force or effect. Other Legal Proceedings From time to time, we are involved in lawsuits, arbitrations, claims, investigations and proceedings, consisting of intellectual property, commercial, employment and other matters, which arise in the ordinary course of business. We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions are reviewed at least quarterly and adjusted to reflect the impact of settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. If any unfavorable ruling were to occur in any specific period, there exists the possibility of a material adverse impact on the results of our operations of that period and on our cash flows and liquidity.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event On January 28, 2016, PDL funded an additional $5.0 million to Direct Flow Medical in the form of a short-term secured promissory note that we expect will be converted into a loan under the credit agreement with substantially the same interest and payment terms as the existing loans. The Company completed an impairment analysis as of December 31, 2015. Effective with this date and as a result of the event of default, we determined the loan to be impaired and we ceased to accrue interest revenue. As of December 31, 2015, the estimated fair value of the collateral was determined to be in excess of that of the carrying value. There can be no assurance that this will be true in the event of the Company's foreclosure on the collateral, nor can there be any assurance of realizing value from such collateral. On February 18, 2016, PDL was advised that Sanofi and kaléo will terminate their license and development agreement later this year. At that time, all U.S. and Canadian commercial and manufacturing rights to Auvi-Q^® will be returned to kaléo, and they intend to evaluate the timing and options for bringing Auvi-Q back to the market. PDL entered into a secured note purchase agreement with Accel 300, a wholly-owned subsidiary of kaléo, which as of December 31, 2015, had a principal balance of $144.8 million due to PDL. An interest reserve account previously set up as part of the note agreement will substantially cover interest payments due to PDL through the end of the second quarter of 2016, and kaléo has indicated that it intends to make payments due to PDL under the note agreement until Auvi-Q is returned to the market.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited, In Thousands, Except Per Share Data)



	Three Months Ended
	December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015
Total revenues	$	178,058	$	124,618	$	138,066	$	149,706
Net income	$	100,574	$	69,459	$	78,264	$	84,498
Net income per basic share	$	0.61	$	0.42	$	0.48	$	0.52
Net income per diluted share	$	0.61	$	0.42	$	0.47	$	0.50



	Three Months Ended
	December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Total revenues	$	117,075	$	164,594	$	162,752	$	136,804
Net income	$	55,071	$	102,235	$	92,055	$	72,883
Net income per basic share	$	0.34	$	0.64	$	0.57	$	0.48
Net income per diluted share	$	0.32	$	0.61	$	0.52	$	0.44

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Investment, Policy [Policy Text Block]

Investments

The Company's investments include cost method investments and available-for-sale investments in certain publicly traded companies and privately-held companies.

Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in "Accumulated other comprehensive income." See Note 5.

Income Tax, Policy [Policy Text Block]

Income Taxes

Basis of Presentation, Policy

Basis of Presentation

Principles of Consolidation, Policy

Principles of Consolidation

Management Estimates, Policy

Management Estimates

Segment Disclosures, Policy

Segment Disclosures

Cash Equivalents and Investments, Policy

Cash Equivalents

Fair Value Measurements, Policy

Fair Value Measurements

Level 1 – based on quoted market prices in active markets for identical assets and liabilities;

Level 2 – based on quoted market prices for similar assets and liabilities, using observable market based inputs or unobservable market based inputs corroborated by market data, and

Level 3 – based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable.

Notes Receivable and Other Long-Term Receivables, Policy

Notes Receivable and Other Long-Term Receivables

Debt, Policy [Policy Text Block]

Convertible Notes

Intangible Asset, Policy

Royalty Rights - At Fair Value

Foreign Currency Hedging, Policy

Foreign Currency Hedging

We enter into foreign currency hedges to manage exposures arising in the normal course of business and not for speculative purposes.

Revenue Recognition, Policy

Queen et al. Royalty Revenues

Comprehensive Income, Policy

Comprehensive Income (Loss)

Property and Equipment, Policy

Property and Equipment



Leasehold improvements		Shorter of asset life or term of lease
Computer and office equipment		3 years
Furniture and fixtures		7 years

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

Net Income per Share (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule of calculation of numerator and denominator in earnings per share



	Year Ended December 31,
(In thousands, except per share amounts)	2015		2014		2013
Numerator
Net income	$	332,795	$	322,244	$	264,530
Add back interest expense for convertible notes, net of estimated tax of zero, zero and $13, for the years ended December 31, 2015, 2014 and 2013, respectively	—		—		25
Income used to compute net income per diluted share	$	332,795	$	322,244	$	264,555
Denominator
Total weighted-average shares used to compute net income per basic share	163,386		158,224		139,842
Effect of dilutive stock options	16		21		20
Restricted stock awards	152		126		83
Assumed conversion of Series 2012 Notes	—		3,532		12,373
Assumed conversion of February 2015 Notes	—		—		106
Assumed conversion of warrants	—		5,510		—
Assumed conversion of May 2015 Notes	—		5,697		6,919
Shares used to compute net income per diluted share	163,554		173,110		159,343
Net income per basic share	$	2.04	$	2.04	$	1.89
Net income per diluted share	$	2.03	$	1.86	$	1.66

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables summarize the changes in Level 3 assets and the gains and losses included in earnings for the year ended December 31, 2015:



Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

(in thousands)				Royalty Rights - At Fair Value
December 31, 2014							$	259,244

	Transfer into Level 3						—
	Total net change in fair value for the period
		Change in fair value of royalty rights - at fair value		$	68,367
		Proceeds from royalty rights - at fair value		$	(43,407	)
			Total net change in fair value for the period				24,960
	Purchases, issues, sales, and settlements
		Purchases					115,000

Ending Balance at December 31, 2015							$	399,204

Schedule of fair value of financial instruments measured on recurring basis



	December 31, 2015								December 31, 2014
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	94,801	$	—	$	—	$	94,801	$	221,792	$	—	$	—	$	221,792
Corporate securities	—		1,469		—		1,469		—		2,310		—		2,310
Foreign currency hedge contracts	—		2,802		—		2,802		—		4,069		—		4,069
Warrants	—		984		—		984		—		—		—		—
Royalty rights - at fair value	—		—		399,204		399,204		—		—		259,244		259,244
Total	$	94,801	$	5,255	$	399,204	$	499,260	$	221,792	$	6,379	$	259,244	$	487,415

Schedule of fair value of assets and liabilities not subject to fair value recognition by level within the valuation hierarchy



	December 31, 2015						December 31, 2014
	Carrying Value		Level 2		Level 3		Carrying Value		Level 2		Level 3
(In thousands)
Assets:
Wellstat Diagnostics note receivable	$	50,191	$	—	$	55,970	$	50,191	$	—	$	50,191
Hyperion note receivable	1,200		—		1,200		1,200		—		1,200
Avinger note receivable	—		—		—		20,611		—		20,760
LENSAR note receivable	42,271		—		42,618		39,668		—		40,451
Direct Flow Medical note receivable	51,852		—		51,992		50,397		—		49,940
Paradigm Spine note receivable	53,973		—		54,250		49,571		—		50,125
kaléo note receivable	146,778		—		146,789		151,574		—		151,073
CareView note receivable	18,640		—		19,495		—		—		—
Total	$	364,905	$	—	$	372,314	$	363,212	$	—	$	363,740
Liabilities:
Series 2012 Notes	$	—	$	—	$	—	$	22,261	$	33,506	$	—
May 2015 Notes	—		—		—		153,235		205,534		—
February 2018 Notes	232,835		—		197,946		276,228		289,665		—
Term loan	24,966		—		25,000		—		—		—
Total	$	257,801	$	—	$	222,946	$	451,724	$	528,705	$	—

Foreign Currency Hedging (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Euro forward contracts



Euro Forward Contracts			December 31, 2015				December 31, 2014
			(In thousands)				(In thousands)
Currency	Settlement Price ($ per Euro)	Type	Notional Amount		Fair Value		Notional Amount		Fair Value
Euro	1.256	Sell Euro	$	—	$	—	$	6,000	$	241
Euro	1.257	Sell Euro	—		—		15,750		728
Euro	1.259	Sell Euro	—		—		16,125		752
Euro	1.260	Sell Euro	16,500		2,802		33,000		1,468
Euro	1.270	Sell Euro	—		—		7,000		377
Euro	1.281	Sell Euro	—		—		8,000		503
Total			$	16,500	$	2,802	$	85,875	$	4,069

Schedule of location and fair values of Euro contracts in Consolidated Balance Sheets



		December 31,
Cash Flow Hedge	Location	2015		2014
(In thousands)
Euro forward contracts	Prepaid and other current assets	$	2,802	$	3,352
Euro forward contracts	Other assets	$	—	$	717
Euro forward contracts	Accrued liabilities	$	—	$	—
Euro forward contracts	Other long-term liabilities	$	—	$	—

Schedule of the effect of derivative instruments in the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income



	Year Ended December 31,
	2015		2014			2013
(In thousands)
Net gain (loss) recognized in OCI, net of tax ⁽¹⁾	$	4,626	$	4,834		$	(2,432	)
Gain (loss) reclassified from accumulated OCI into "Queen et al. royalty revenue," net of tax ⁽²⁾	$	5,390	$	(3,768	)	$	(1,510	)
Net gain (loss) recognized in "Interest and other income, net" -- cash flow hedges ⁽³⁾	$	—	$	5		$	11

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Property, Plant and Equipment [Abstract]

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Table Text Block]



	December 31,
(In thousands)	2015			2014
Leasehold improvements	$	153		$	153
Computer and office equipment	8,984			9,043
Furniture and fixtures	45			45
Total	9,182			9,241
Less accumulated depreciation and amortization	(9,151		)	(9,179		)
Property and equipment, net	$	31		$	62

Commitments and Contingencies (Tables) $ in Thousands	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Future Minimum Payments Due	$ 174
Operating Leases, Future Minimum Payments, Due in Two Years	72
Operating Leases, Future Minimum Payments Due	$ 246

Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of convertible and non-recourse notes activity



(In thousands)	Series 2012 Notes			May 2015 Notes			February 2018 Notes			Term Loan			Total
Balance at December 31, 2013	$	172,630		$	148,253		$	—		$	74,397		$	395,280
Issuance and exchange	(152,784		)	(200		)	300,000			—			147,016
Payment	—			—			—			(75,000		)	(75,000		)
Non-cash discount	—			—			(29,726		)	—			(29,726		)
Discount amortization	2,415			5,182			5,954			603			14,154
Balance at December 31, 2014	22,261			153,235			276,228			—			451,724
Issuance and exchange	—			—			—			100,000			100,000
Payment	(22,337		)	(155,050		)	—			(75,000		)	(252,387		)
Repurchase	—			—			(53,553		)	—			(53,553		)
Non-cash Discount	—			—			—			(607		)	(607		)
Discount amortization	76			1,815			10,160			573			12,624
Balance at December 31, 2015	$	—		$	—		$	232,835		$	24,966		$	257,801

Schedule of carrying value and unamortized discount on Series 2012 Notes



	December 31,
(In thousands)	2014
Principal amount of the Series 2012 Notes	$	22,337
Unamortized discount of liability component	(76		)
Net carrying value of the Series 2012 Notes	$	22,261

Schedule of interest expense on Series 2012 Notes



	Year ended December 31,
(In thousands)	2015		2014		2013
Contractual coupon interest	$	80	$	1,726	$	5,158
Amortization of debt issuance costs	13		1,089		1,152
Amortization of debt discount	76		2,415		6,102
Total	$	169	$	5,230	$	12,412

Schedule of carrying value and unamortized discount on May 2015 Notes



	December 31,
(In thousands)	2014
Principal amount of the May 2015 Notes	$	155,050
Unamortized discount of liability component	(1,815		)
Net carrying value of the May 2015 Notes	$	153,235

Schedule of interest expense for May 2015 Notes



	Year Ended December 31,
(In thousands)	2015		2014		2013
Contractual coupon interest	$	1,938	$	5,817	$	5,822
Amortization of debt issuance costs	435		1,274		1,232
Amortization of debt discount	1,815		5,182		4,820
Total	$	4,188	$	12,273	$	11,874

Schedule of Maturities of Long-term Debt [Table Text Block]



(In thousands)	February 2018 Notes
2016	$	—
2017	—
2018	246,447
Total	$	246,447

Schedule of carrying value and unamortized discount on February 2018 Notes [Table Text Block]

The carrying value and unamortized discount of the February 2018 Notes were as follows:



(In thousands)	December 31, 2015			December 31, 2014
Principal amount of the February 2018 Notes	$	246,447		$	300,000
Unamortized discount of liability component	(13,612		)	(23,772		)
Net carrying value of the February 2018 Notes	$	232,835		$	276,228

Schedule of interest expense for February 2018 Notes [Table Text Block]

Interest expense for the February 2018 Notes on our Consolidated Statements of Income was as follows:



	Year Ended December 31,
(In thousands)	2015		2014
Contractual coupon interest	$	11,786	$	10,633
Amortization of debt issuance costs¹	2,980		1,898
Amortization of debt discount¹	10,160		5,954
Total	$	24,926	$	18,485

__________________

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block]



	Year Ended December 31,
Stock-based Compensation	2015		2014		2013
(In thousands)
Employees and directors	$	1,952	$	1,157	$	655
Non-employees	93		344		217
Total	$	2,045	$	1,501	$	872

Schedule of common stock activity available under share-based compensation plans



Title of Plan	Total Shares of Common Stock Authorized	Total Shares of Common Stock Issued	Total Shares of Common Stock Subject to Outstanding Awards	Total Shares of Common Stock Available for Grant
2005 Equity Incentive Plan⁽¹⁾	6,200,000	1,515,868	—	4,684,132
2002 Outside Directors Stock Option Plan⁽²⁾	157,000	157,000	—	—
1999 Non-statutory Stock Option Plan⁽²⁾	4,966,183	4,966,183	—	—
1999 Stock Option Plan⁽²⁾	3,694,485	3,694,485	—	—

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]



	2015				2014				2013
	Number of shares (in thousands)		Weighted-Average Exercise Price		Number of shares (in thousands)		Weighted-Average Exercise Price		Number of shares (in thousands)		Weighted-Average Exercise Price
Outstanding at beginning of year	58		$	5.41	172		$	16.52	196		$	16.22
Expired	(58	)	$	5.41	(114	)	$	22.08	(24	)	$	14.07
Outstanding at end of year	—		$	—	58		$	5.41	172		$	16.52
Exercisable at end of year	—		$	—	58		$	5.41	172		$	16.52

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]



	2015				2014				2013
	Number of shares (in thousands)		Weighted-average grant-date fair value per share		Number of shares (in thousands)		Weighted-average grant-date fair value per share		Number of shares (in thousands)		Weighted- average grant-date fair value per share
Nonvested at beginning of year	277		$	8.39	114		$	7.45	120		$	6.51
Awards granted	522		$	6.40	312		$	8.39	127		$	7.5
Awards vested	(173	)	$	8.38	(149	)	$	7.67	(118	)	$	6.59
Forfeited	(40	)	$	7.79	—		$	—	(15	)	$	7.07
Nonvested at end of year	586		$	7.13	277		$	8.39	114		$	7.45

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

Customer Concentration (Tables)

12 Months Ended

Dec. 31, 2015

Risks and Uncertainties [Abstract]



	Year Ended December 31,
	2015		2014		2013
Licensees
Genentech	70	%	71	%	81	%
Biogen	9	%	10	%	11	%

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]



	Year Ended December 31,
(In thousands)	2015		2014		2013
United States	$	339,596	$	334,325	$	177,251
Europe	250,852		246,825		278,934
Other	—		75		75
Total revenues	$	590,448	$	581,225	$	456,260

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]



	Year Ended December 31,
(In thousands)	2015		2014			2013
Current income tax expense
Federal	$	168,164	$	187,056		$	134,619
State	12,112		22,631			3,726
Total current	180,276		209,687			138,345
Deferred income tax expense (benefit)
Federal	16,910		(29,095		)	(416		)
State	157		(1,564		)	(583		)
Total deferred	17,067		(30,659		)	(999		)
Total provision	$	197,343	$	179,028		$	137,346

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]



	Year Ended December 31,
(In thousands)	2015		2014			2013
Tax at U.S. statutory rate on income before income taxes	$	185,548	$	175,445		$	140,656
Change in valuation allowance	2,286		(5,390		)	(2,055		)
State taxes	1		1			1
Change in uncertain tax positions	8,717		7,395			(2,082		)
Other	791		1,577			826
Total	$	197,343	$	179,028		$	137,346

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]



	December 31,
(In thousands)	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	4,819		$	5,441
Research and other tax credits	1,990			2,147
Intangible assets	—			14,125
Stock-based compensation	465			241
Accruals	1,146			662
Debt modifications	5,526			5,407
Capital loss carryforward	2,286			—
Other	12,023			8,500
Total deferred tax assets	28,255			36,523
Valuation allowance	(2,286		)	—
Total deferred tax assets, net of valuation allowance	25,969			36,523
Deferred tax liabilities:
Deferred gain on repurchase of convertible notes	(572		)	(762		)
Intangible assets	(7,029		)	—
Unrealized gain on foreign currency hedge contracts	(1,215		)	(1,588		)
Total deferred tax liabilities	(8,816		)	(2,350		)
Net deferred tax assets	$	17,153		$	34,173

Summary of Income Tax Contingencies [Table Text Block]



	December 31,
(In thousands)	2015		2014			2013
Balance at the beginning of the year	$	47,146	$	32,419		$	32,647
Increases related to tax positions from prior fiscal years	—		10,216			—
Increases related to tax positions taken during current fiscal year	9,979		11,006			5,490
Expiration of statute of limitations for the assessment of taxes from prior fiscal years	—		(6,495		)	(5,718		)
Balance at the end of the year	$	57,125	$	47,146		$	32,419

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Income (Loss) [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



(In thousands)	Unrealized gain (loss) on available-for- sale securities			Unrealized gain (loss) on cash flow hedges			Total Accumulated Other Comprehensive Income (Loss)

Beginning Balance at December 31, 2012	$	7		$	(5,095	)	$	(5,088	)
Activity for the year ended December 31, 2013	1,122			(922		)	200
Balance at December 31, 2013	1,129			(6,017		)	(4,888		)

Activity for the year ended December 31, 2014	(765		)	8,602			7,837
Balance at December 31, 2014	364			2,585			2,949

Activity for the year ended December 31, 2015	71			(764		)	(693		)
Ending Balance at December 31, 2015	$	435		$	1,821		$	2,256

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]



	Three Months Ended
	December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015
Total revenues	$	178,058	$	124,618	$	138,066	$	149,706
Net income	$	100,574	$	69,459	$	78,264	$	84,498
Net income per basic share	$	0.61	$	0.42	$	0.48	$	0.52
Net income per diluted share	$	0.61	$	0.42	$	0.47	$	0.50



	Three Months Ended
	December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Total revenues	$	117,075	$	164,594	$	162,752	$	136,804
Net income	$	55,071	$	102,235	$	92,055	$	72,883
Net income per basic share	$	0.34	$	0.64	$	0.57	$	0.48
Net income per diluted share	$	0.32	$	0.61	$	0.52	$	0.44

Summary of Significant Accounting Policies (Narrative) (Detail)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Royalties as a percentage of revenues, percent	82.00%
Number of Operating Segments (in segments)	1
Maximum maturity period of investments considered as cash equivalents (in duration)	3 months
Maximum total annual milestone payments as a percentage of total revenue (in percent)	1.00%

Summary of Significant Accounting Policies (Schedule of Property and Equipment of Estimated Useful Lives) (Detail)	12 Months Ended
	Dec. 31, 2015
Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life (in years)	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life (in years)	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life (in description)	Shorter of asset life or term of lease

Net Income per Share (Narrative) (Detail) - USD ($) $ in Thousands					12 Months Ended
	May. 02, 2015	Feb. 18, 2015	Oct. 20, 2014	Feb. 05, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 20, 2015	May. 01, 2015	Feb. 17, 2015	Nov. 24, 2014	Feb. 12, 2014	Feb. 07, 2014	Feb. 06, 2014	Aug. 01, 2013	Mar. 31, 2012	Feb. 29, 2012	Jan. 31, 2012
Purchased Call Options [Member]
Debt Instrument [Line Items]
Antidilutive securities Excluded from Computation of Earnings Per Share (in Shares)					0	26,600,000	24,800,000
Stock Options [Member]
Debt Instrument [Line Items]
Antidilutive securities Excluded from Computation of Earnings Per Share (in Shares)					41,000	35,000	115,000
Restricted Stock [Member]
Debt Instrument [Line Items]
Antidilutive securities Excluded from Computation of Earnings Per Share (in Shares)					450,000	0	0
May 2015 Notes [Member] [Member]
Debt Instrument [Line Items]
Convertible Debt									$ 155,100
May 2015 Notes [Member] [Member] \| Warrants [Member]
Debt Instrument [Line Items]
Antidilutive securities Excluded from Computation of Earnings Per Share (in Shares)					3,000,000	0	21,100,000
February 2015 Notes [Member]
Debt Instrument [Line Items]
Amount of convertible notes payable																$ 179,000
Convertible Debt															$ 1,000			$ 169,000
Series 2012 Notes [Member]
Debt Instrument [Line Items]
Convertible Debt										$ 22,300	$ 26,000		$ 131,700	$ 131,700			$ 10,000
Debt conversion, shares issued (in Shares)		1,300,000	1,800,000	20,300,000
February 2018 Notes [Member]
Debt Instrument [Line Items]
Convertible Debt					$ 232,835	$ 276,228		$ 246,400				$ 300,000
February 2018 Notes [Member] \| Warrants [Member]
Debt Instrument [Line Items]
Antidilutive securities Excluded from Computation of Earnings Per Share (in Shares)					23,800,000	29,000,000
February 2018 Notes [Member] \| Purchased Call Options [Member]
Debt Instrument [Line Items]
Antidilutive securities Excluded from Computation of Earnings Per Share (in Shares)					26,900,000	32,700,000
Series 2012 Notes [Member]
Debt Instrument [Line Items]
Debt conversion, shares issued (in Shares)	5,200,000

Net Income per Share (Net Income Per Basic and Diluted Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator
Net income	$ 100,574	$ 69,459	$ 78,264	$ 84,498	$ 55,071	$ 102,235	$ 92,055	$ 72,883	$ 332,795	$ 322,244	$ 264,530
Add back interest expense for convertible notes, net of estimated tax of approximately zero, $13, and $25, for the years ended December 31, 2014, 2013 and 2012, respectively									0	0	25
Income used to compute net income per diluted share									$ 332,795	$ 322,244	$ 264,555
Denominator
Total weighted-average shares used to compute net income per basic share (in Shares)									163,386	158,224	139,842
Diluted (in Shares)									163,554	173,110	159,343
Net income per basic share (in Dollars per Share)	$ 0.61	$ 0.42	$ 0.48	$ 0.52	$ 0.34	$ 0.64	$ 0.57	$ 0.48	$ 2.04	$ 2.04	$ 1.89
Net income per diluted share (in Dollars per Share)	$ 0.61	$ 0.42	$ 0.47	$ 0.50	$ 0.32	$ 0.61	$ 0.52	$ 0.44	$ 2.03	$ 1.86	$ 1.66
Debt Instrument [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants									0	5,510	0
Series 2012 Notes [Member]
Debt Instrument [Line Items]
Assumed conversion of debt notes (in Shares)									0	3,532	12,373
February 2015 Notes [Member]
Debt Instrument [Line Items]
Assumed conversion of debt notes (in Shares)									0	0	106
May 2015 Notes [Member]
Debt Instrument [Line Items]
Assumed conversion of debt notes (in Shares)									0	5,697	6,919
Stock Options [Member]
Debt Instrument [Line Items]
Additional shares included in the calculation of diluted EPS (in Shares)									16	21	20
Restricted Stock [Member]
Debt Instrument [Line Items]
Additional shares included in the calculation of diluted EPS (in Shares)									152	126	83

Fair Value Measurements (Narrative) (Detail) - USD ($)		1 Months Ended	12 Months Ended
Fair Value Measurements (Narrative) (Detail) - USD ($)	Sep. 22, 2015	Apr. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 23, 2015	Sep. 18, 2015	Jul. 28, 2015	Nov. 06, 2014	Jun. 26, 2014	Oct. 18, 2013	Apr. 18, 2013
Repayment of notes receivable	$ 21,400,000		$ 25,242,000	$ 68,800,000	$ 59,279,000
Cash payment for purchase of royalty right									$ 65,600,000
Royalty rights			399,204,000	259,244,000
Percentage of royalty acquired									75.00%
Financing receivable, gross												$ 20,000,000
Transfers from level 1 to level 2, amount				0
Transfers from level 2 to level 1, amount			$ 0	$ 0
VB [Member]
Purchase of royalty right										$ 15,500,000
Fair Value Inputs, Discount Rate			17.50%
Fair Value Measurements, Sensitivity Analysis, Description			Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $1.3 million or increase by $1.4 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $0.4 million or decrease by $0.4 million, respectively. A third-party expert was engaged to assist management with the development of its estimate of the expected future cash flows, when deemed necessary. The fair value of the asset is subject to variation should those cash flows vary significantly from our estimates. At each reporting period, an evaluation is performed to assess those estimates, discount rates utilized and general market conditions affecting fair market value.
Royalty rights			$ 17,100,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 17,100,000
University of Michigan [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate			12.80%
Fair Value Measurements, Sensitivity Analysis, Description			Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $5.8 million or increase by $6.6 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $1.8 million or decrease by $1.8 million, respectively.
Royalty rights			$ 70,200,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 70,200,000
Depomed [Member]
Cash payment for purchase of royalty right											$ 240,500,000
Purchase of royalty right											241,300,000
Royalty right purchase transaction costs											$ 800,000
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate			21.00%
Fair Value Measurements, Sensitivity Analysis, Description			Should these discount rates increase or decrease by 2.5%, the fair value of the asset could decrease by $7.7 million or increase by $8.7 million, respectively. A third-party expert was engaged to help management develop its original estimate of the expected future cash flows. The fair value of the asset is subject to variation should those cash flows vary significantly from those estimates. We periodically assess the expected future cash flows and to the extent such payments are greater or less than our initial estimates, or the timing of such payments is materially different than our original estimates, we will adjust the estimated fair value of the asset. In February 2016, certain manufacturers of generic equivalents to Glumetza started to enter the market. Our current expected future cash flows anticipate a reduction in future cash flows of Glumetza as a result of the generic competition in 2016. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $4.1 million or decrease by $3.9 million, respectively.
Royalty rights			$ 191,900,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 191,900,000
ARIAD [Member]
Purchase of royalty right								$ 100,000,000
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate			10.00%
Fair Value Measurements, Sensitivity Analysis, Description			Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $8.0 million or increase by $9.2 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $1.3 million or decrease by $1.3 million, respectively.
Royalty rights			$ 50,000,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 50,000,000
Other Commitment								200,000,000
Annual royalty payment, maximum								20,000,000
ARIAD [Member] \| Tranche 1 [Member]
Purchase of royalty right								50,000,000
ARIAD [Member] \| Tranche 3 [Member]
Cash payment for purchase of royalty right								$ 100,000,000
ARIAD [Member] \| Low [Member]
Fixed royalty rate as a percentage of sales								2.50%
ARIAD [Member] \| High [Member]
Fixed royalty rate as a percentage of sales								7.50%
AcelRx [Member]
Purchase of royalty right							$ 65,000,000
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate			13.40%
Fair Value Measurements, Sensitivity Analysis, Description			Should this discount rate increase or decrease by 2.5%, the fair value of this asset could decrease by $10.2 million or increase by $12.8 million, respectively. Should the expected royalties increase or decrease by 2.5%, the fair value of the asset could increase by $1.7 million or decrease by $1.7 million, respectively.
Royalty rights			$ 67,400,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 67,400,000
Percentage of royalty acquired							75.00%
Avinger Royalty Right [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate			15.00%
Fair Value Measurements, Sensitivity Analysis, Description			Should this discount rate increase or decrease by 5.0%, the fair value of this asset could decrease by $135,000 or increase by $151,000, respectively. Should the expected royalties increase or decrease by 5%, the fair value of the asset could increase by $127,000 or decrease by $127,000, respectively.
Royalty rights			$ 2,500,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 2,500,000
Fixed royalty rate as a percentage of sales						0.90%						1.80%
Avinger [Member]
Repayment of notes receivable	$ 21,400,000
Avinger [Member] \| Notes Receivable [Member]
Amount company has agreed to advance under agreement		$ 40,000,000
Financing receivable, gross												$ 20,000,000

Fair Value Measurements (Financial Instruments Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Financial assets:
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 2,802	$ 4,069
Royalty rights	399,204	259,244
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	220,352	293,687
Assets, Fair Value	499,260	487,415
Money Market Funds [Member]
Financial assets:
Cash and Cash Equivalents, Fair Value	94,801	221,792
Equity Securities [Member]
Financial assets:
Available for Sale Securities, Fair Value	1,469	2,310
Fair Value Level 1 [Member]
Financial assets:
Assets, Fair Value	94,801	221,792
Fair Value Level 1 [Member] \| Money Market Funds [Member]
Financial assets:
Cash and Cash Equivalents, Fair Value	94,801	221,792
Fair Value Level 1 [Member] \| Equity Securities [Member]
Financial assets:
Available for Sale Securities, Fair Value	0	0
Fair Value Level 2 [Member]
Financial assets:
Foreign Currency Contract, Asset, Fair Value Disclosure	2,802
Assets, Fair Value	5,255	6,379
Fair Value Level 2 [Member] \| Money Market Funds [Member]
Financial assets:
Cash and Cash Equivalents, Fair Value	0	0
Fair Value Level 2 [Member] \| Equity Securities [Member]
Financial assets:
Available for Sale Securities, Fair Value		2,310
Fair Value Level 3 [Member]
Financial assets:
Royalty rights	399,204	259,244
Assets, Fair Value	$ 399,204	$ 259,244

Fair Value Measurements (Schedule of Fair Value of Assets and Liabilities not Subject to Fair Value Recognition) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Assets, Fair Value Disclosure	$ 499,260	$ 487,415
Liabilities:
Notes Payable, Carrying Value	257,801	451,724	$ 395,280
Series 2012 Notes [Member]
Liabilities:
Notes Payable, Carrying Value	0	22,261	172,630
May 2015 Notes [Member]
Liabilities:
Notes Payable, Carrying Value	0	153,235	148,253
February 2018 Notes [Member]
Liabilities:
Notes Payable, Carrying Value	232,835	276,228	$ 0
Term Loan [Member]
Liabilities:
Notes Payable, Carrying Value	24,966	0
Wellstat Note Receivable [Member]
Assets
Notes receivable, Carrying Value	50,191	50,191
Hyperion [Member]
Assets
Notes receivable, Carrying Value	1,200	1,200
Avinger Note Receivable [Member]
Assets
Notes receivable, Carrying Value	0	20,611
LENSAR Note Receivable [Member]
Assets
Notes receivable, Carrying Value	42,271	39,668
Direct Flow Medical Note Receivable [Member]
Assets
Notes receivable, Carrying Value	51,852	50,397
Paradigm Spine [Member]
Assets
Notes receivable, Carrying Value	53,973	49,571
Kaleo [Member]
Assets
Notes receivable, Carrying Value	146,778	151,574
Fair Value Level 2 [Member]
Assets
Assets, Fair Value Disclosure	5,255	6,379
Liabilities:
Notes payable, Fair Value	0	528,705
Fair Value Level 2 [Member] \| Series 2012 Notes [Member]
Liabilities:
Notes payable, Fair Value	0	33,506
Fair Value Level 2 [Member] \| May 2015 Notes [Member]
Liabilities:
Notes payable, Fair Value	0	205,534
Fair Value Level 2 [Member] \| February 2018 Notes [Member]
Liabilities:
Notes payable, Fair Value	0	289,665
Fair Value Level 2 [Member] \| Term Loan [Member]
Liabilities:
Notes payable, Fair Value	0	0
Fair Value Level 2 [Member] \| Wellstat Note Receivable [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 2 [Member] \| Hyperion [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 2 [Member] \| Avinger Note Receivable [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 2 [Member] \| LENSAR Note Receivable [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 2 [Member] \| Direct Flow Medical Note Receivable [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 2 [Member] \| Paradigm Spine [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 2 [Member] \| Kaleo [Member]
Assets
Notes receivable, Fair Value	0	0
Fair Value Level 3 [Member]
Assets
Notes receivable, Fair Value	372,314	363,740
Assets, Fair Value Disclosure	399,204	259,244
Liabilities:
Notes payable, Fair Value	222,946	0
Fair Value Level 3 [Member] \| Series 2012 Notes [Member]
Liabilities:
Notes payable, Fair Value	0	0
Fair Value Level 3 [Member] \| May 2015 Notes [Member]
Liabilities:
Notes payable, Fair Value	0	0
Fair Value Level 3 [Member] \| February 2018 Notes [Member]
Liabilities:
Notes payable, Fair Value	197,946	0
Fair Value Level 3 [Member] \| Term Loan [Member]
Liabilities:
Notes payable, Fair Value	25,000	0
Fair Value Level 3 [Member] \| Wellstat Note Receivable [Member]
Assets
Notes receivable, Fair Value	55,970	50,191
Fair Value Level 3 [Member] \| Hyperion [Member]
Assets
Notes receivable, Fair Value	1,200	1,200
Fair Value Level 3 [Member] \| Avinger Note Receivable [Member]
Assets
Notes receivable, Fair Value	0	20,760
Fair Value Level 3 [Member] \| LENSAR Note Receivable [Member]
Assets
Notes receivable, Fair Value	42,618	40,451
Fair Value Level 3 [Member] \| Direct Flow Medical Note Receivable [Member]
Assets
Notes receivable, Fair Value	51,992	49,940
Fair Value Level 3 [Member] \| Paradigm Spine [Member]
Assets
Notes receivable, Fair Value	54,250	50,125
Fair Value Level 3 [Member] \| Kaleo [Member]
Assets
Notes receivable, Fair Value	146,789	151,073
Assets [Member]
Assets
Assets, Fair Value Disclosure	364,905	363,212
Assets [Member] \| Fair Value Level 2 [Member]
Assets
Notes receivable, Fair Value	$ 0	$ 0

Fair Value Measurements Fair Value Measurements (Schedule of Fair Value of Financial Instruments Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	$ 220,352	$ 293,687
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Unrealized Gains (Losses), Changes in Assets and Liabilities, Continued to be Held, Amount	68,367	44,927
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	399,204	259,244
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0
Change in fair value of acquired royalty rights, Level 3 Rollforward	68,367
Payments for (Proceeds from) Productive Assets	(43,407)	(102,460)	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	24,960
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	115,000
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	$ 1,469	$ 2,310

Cash Equivalents and Investments (Narrative) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash and Cash Equivalents [Abstract]
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	$ 435,000	$ 364,000
Gains (losses) on sales of available-for-sale securities	$ 997,000	$ 30,000	$ 0

Cash Equivalents and Investments (Summary of Cash and Available-For-Sale Securities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-For-Sale Securities [Line Items]
Adjusted Cost	$ 219,682	$ 293,127
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	670	560
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	220,352	293,687
Cash and Cash Equivalents	218,883	291,377	$ 94,302	$ 131,212
Short-Term Marketable Securities	1,469	2,310
Cash [Member]
Schedule of Available-For-Sale Securities [Line Items]
Adjusted Cost	124,082	69,585
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	124,082	69,585
Cash and Cash Equivalents	124,082	69,585
Short-Term Marketable Securities	0	0
Money Market Funds [Member]
Schedule of Available-For-Sale Securities [Line Items]
Adjusted Cost	94,801	221,792
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	94,801	221,792
Cash and Cash Equivalents	94,801	221,792
Short-Term Marketable Securities	0	0
Equity Securities [Member]
Schedule of Available-For-Sale Securities [Line Items]
Adjusted Cost	799	1,750
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	670	560
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Cash, Cash Equivalents and Available-for-Sale Securities, Fair Value	1,469	2,310
Cash and Cash Equivalents	0	0
Short-Term Marketable Securities	$ 1,469	$ 2,310

Foreign Currency Hedging (Narrative) (Detail) - USD ($)	3 Months Ended	12 Months Ended
Foreign Currency Hedging (Narrative) (Detail) - USD ($)	Sep. 30, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instrument Gain Loss [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months		$ 1,800,000
Gain recognized in other comprehensive income (loss) net of tax effects	$ 391,000
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net		$ 0	$ (5)	$ (11)

Foreign Currency Hedging (Schedule of Foreign Currency Exchange Contracts Designated as Cash Flow Hedges) (Detail) $ in Thousands	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 16,500	$ 85,875
Fair Value	$ 2,802	4,069
Eurodollar Sell Forward Contract 1.256 [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.256
Derivative, Notional Amount	$ 0	6,000
Fair Value	$ 0	241
Eurodollar Sell Forward Contract 1.257 [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.257
Derivative, Notional Amount	$ 0	15,750
Fair Value	$ 0	728
Eurodollar Sell Forward Contract 1.259 [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.259
Derivative, Notional Amount	$ 0	16,125
Fair Value	$ 0	752
Eurodollar Sell Forward Contract 1.260 [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.260
Derivative, Notional Amount	$ 16,500	33,000
Fair Value	$ 2,802	1,468
Eurodollar Sell Forward Contract 1.270 [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.270
Derivative, Notional Amount	$ 0	7,000
Fair Value	$ 0	377
Eurodollar Sell Forward Contract 1.281 [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.281
Derivative, Notional Amount	$ 0	8,000
Fair Value	$ 0	$ 503

Foreign Currency Hedging (Fair Value of Foreign Currency Exchange Contracts on Condensed Consolidated Balance Sheet) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Asset, Current	$ 2,802	$ 3,352
Derivative Asset, Noncurrent	0	717
Euro contracts, Accrued liabilities	0	0
Euro contracts, Other long-term liabilities	$ 0	$ 0

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

Net gain (loss) recognized in OCI, net of tax

Foreign Currency Hedging (Schedule of Effect of Derivative Instruments in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income) (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Derivative [Line Items]

^[1]

$ 4,626

$ 4,834

$ (2,432)

Gain (loss) reclassified from accumulated OCI into royalty revenue, net of tax

^[2]

5,390

(3,768)

(1,510)

Cash Flow Hedges [Member]

Derivative [Line Items]

Net gain (loss) recognized in interest and other income, net

^[3]

$ 0

$ 5

$ 11

[1]	Net change in the fair value of the effective portion of cash flow hedges classified in OCI
[2]	Effective portion classified as royalty revenue
[3]	Ineffectiveness from excess hedge was approximately $0, ($5) and ($11) for the years ended December 31, 2015, 2014 and 2013, respectively.

Notes Receivable and Other Long-term Receivables (Narrative) (Detail)																1 Months Ended					12 Months Ended			58 Months Ended
	Dec. 15, 2015 USD ($) shares	Nov. 12, 2015 USD ($)	Oct. 27, 2015 USD ($)	Oct. 07, 2015 $ / shares	Oct. 06, 2015 $ / shares	Sep. 22, 2015 USD ($)	Jun. 26, 2015 USD ($) $ / shares shares	Feb. 23, 2015 USD ($)	Nov. 14, 2014 USD ($)	Nov. 10, 2014 USD ($)	Feb. 14, 2014 USD ($)	Nov. 05, 2013 USD ($)	Nov. 02, 2013 USD ($)	Oct. 03, 2013 USD ($)	Aug. 15, 2013 USD ($)	Apr. 30, 2013 USD ($)	Feb. 28, 2013 USD ($)	Jan. 31, 2013 USD ($)	Oct. 31, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Apr. 30, 2018	Dec. 01, 2015 USD ($)	Nov. 11, 2015 $ / shares shares	Oct. 28, 2015 USD ($)	Sep. 29, 2015 USD ($)	Sep. 15, 2015 shares	May. 12, 2015 USD ($)	Dec. 12, 2014 USD ($) $ / shares shares	Nov. 09, 2014	May. 27, 2014 USD ($)	Apr. 01, 2014 USD ($)	Feb. 06, 2014 $ / shares	Nov. 06, 2013 USD ($)	Oct. 31, 2013 USD ($)	Aug. 14, 2013 USD ($) $ / shares shares	Jun. 28, 2013 USD ($)	Apr. 18, 2013 USD ($)	Mar. 05, 2013 USD ($)	Nov. 02, 2012 USD ($)	Aug. 31, 2012 USD ($)	Jan. 27, 2012 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																								$ 20,000,000
Repayment of notes receivable						$ 21,400,000															$ 25,242,000	$ 68,800,000	$ 59,279,000
Investment Owned, Balance, Shares \| shares	1,700,000
Share Price \| $ / shares																																			$ 7.97
Investment Owned, at Fair Value																					1,500,000
Equity investment, shares sold (shares) \| shares																										149,650			200,000
Proceeds from Sale of Available-for-sale Securities		$ 1,900,000
Investment Owned, Unrecognized Unrealized Appreciation																					$ 700,000
Commitments and Contingencies
Gain (Loss) on Sale of Notes Receivable																					$ (3,979,000)	$ 0	$ 0
Warrants and Rights Outstanding																					1,000,000
Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																					53,900,000
Financing receivable, modification, cost as a component of interest and other income, net															$ 2,500,000
Interest rate of note receivable (in Percent)															5.00%
Financing Receivable, Net																					50,200,000
Asset Management Costs																					$ 12,900,000
AxoGen [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment of notes receivable									$ 30,300,000
Investment Owned, Balance, Shares \| shares																					293,732										643,382							1,166,666
Share Price \| $ / shares																										$ 5.46					$ 2.72							$ 3.00
Investment Owned, at Cost																															$ 1,700,000							$ 3,500,000
Price per share of investment sold \| $ / shares																															$ 3.03
Proceeds from Sale of Available-for-sale Securities, Equity								$ 3,500,000
Avinger [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment of notes receivable						$ 21,400,000
LENSAR [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross	$ 42,000,000													$ 40,000,000
Interest rate of note receivable (in Percent)														15.50%																18.50%
Amount company has agreed to advance under agreement														$ 60,000,000
Commitments and Contingencies																														$ 8,500,000
Gain (Loss) on Sale of Notes Receivable	4,000,000
Other General and Administrative Expense	3,000,000
Durata [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																	$ 15,000,000				$ 25,000,000
Interest rate of note receivable (in Percent)																																					14.00%
Repayment of notes receivable									$ 42,700,000
Amount company has agreed to advance under agreement													$ 70,000,000
DirectFlow [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																				$ 35,000,000
Interest rate of note receivable (in Percent)																																13.50%				15.50%
Amount company has agreed to advance under agreement										$ 15,000,000		$ 50,000,000
Hyperion [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																												$ 2,300,000
Periodic contractual payments																																									$ 1,200,000
First minimum payment																																									$ 1,200,000
Number of payments to be received																																												2
Paradigm Spine [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross											$ 50,000,000
Interest rate of note receivable (in Percent)											13.00%
Amount company has agreed to advance under agreement			$ 7,000,000								$ 75,000,000
Maximum amount of additional funds, upon attainment of milestones											$ 25,000,000
Tranche 1 of note receivable																											$ 4,000,000
Tranche 2 of note receivable																											$ 3,000,000
kaleo Note Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																		$ 150,000,000
Interest rate of note receivable (in Percent)																																		13.00%
Note receivable payment received																									$ 9,500,000
Interest reserve balance																																		$ 20,000,000
Alphaeon [Member]
Accounts Notes And Loans Receivable [Line Items]
Investment estimated fair value, per share \| $ / shares																					$ 3.84
Cost Method Investments, Original Cost	6,600,000
CareView [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest rate of note receivable (in Percent)							13.50%
Amount company has agreed to advance under agreement							$ 40,000,000
Tranche 1 of note receivable							20,000,000
Tranche 2 of note receivable							$ 20,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares							4,400,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares							$ 0.45
Investment Warrants, Exercise Price \| $ / shares				$ 0.40	$ 0.45
Notes Receivable [Member] \| Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																				$ 7,500,000																							$ 10,000,000
Term of receivable (in Duration)																				2 years
Interest rate of note receivable (in Percent)																				10.00%																							12.00%
Notes Receivable [Member] \| Avinger [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																								$ 20,000,000
Interest rate of note receivable (in Percent)																																								12.00%
Amount company has agreed to advance under agreement																$ 40,000,000
Credit Agreement [Member] \| Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																										$ 40,000,000
Credit agreement, stated interest rate (in Percent)																																										5.00%
Proceeds received under remedies available for borrower's breach of terms credit agreement																		$ 8,100,000
Amount company has agreed to advance under agreement																	$ 7,900,000				$ 8,700,000
Financing Receivable, Modifications, Post-Modification Recorded Investment															$ 44,100,000
Forbearance period under terms of credit agreement (in Duration)																	120 days
Initial Loan [Member] \| Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing Receivable, Modifications, Pre-Modification Recorded Investment															33,700,000
Additional Loan [Member]
Accounts Notes And Loans Receivable [Line Items]
Commitments and Contingencies																												$ 800,000		$ 500,000
Additional Loan [Member] \| Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																							$ 1,300,000
Additional Loan [Member] \| LENSAR [Member]
Accounts Notes And Loans Receivable [Line Items]
Amount company has agreed to advance under agreement														$ 20,000,000
Royalty Agreement [Member] \| AxoGen [Member]
Accounts Notes And Loans Receivable [Line Items]
Term of receivable (in Duration)																			8 years
Royalty rate on AxoGen net revenues (in percent)																			9.95%
Guaranteed quarterly minimum payment-low																			$ 1,300,000
Guaranteed quarterly minimum payment-high																			$ 2,500,000
Term of royalty agreement (in Duration)																			8 years
Total consideration paid to AxoGen for the royalty rights																			$ 20,800,000
Initial interim funding for royalty rights																			$ 1,800,000
Royalty Agreement [Member] \| Avinger [Member]
Accounts Notes And Loans Receivable [Line Items]
Reduction in royalty rate (in percent)																								50.00%
Term loan and interest [Member] \| Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing Receivable, Modifications, Pre-Modification Recorded Investment															1,300,000
Forbearance principal and interest [Member] \| Wellstat Diagnostics [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing Receivable, Modifications, Pre-Modification Recorded Investment															$ 9,100,000
Tranche two [Member] \| Durata [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest rate of note receivable (in Percent)																																					12.75%
Tranche two [Member] \| DirectFlow [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross																																				$ 15,000,000
Tranche three [Member] \| DirectFlow [Member]
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, gross	$ 5,000,000

Property and Equipment (Property and Equipment) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Leasehold Improvements, Gross	$ 153	$ 153
Computer and office equipment	8,984	9,043
Furniture and Fixtures, Gross	45	45
Property, Plant and Equipment, Gross	9,182	9,241
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(9,151)	(9,179)
Property, Plant and Equipment, Net	$ 31	$ 62

Accrued Liabilities (Accrued Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Compensation	$ 1,979	$ 1,332
Interest	4,107	6,210
Deferred Revenue	87	0
Dividend payable	184	90
Legal	730	296
Other	922	948
Total	$ 8,009	$ 8,876

Convertible Notes (Narrative) (Detail) $ / shares in Units, shares in Millions								1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 20, 2015 USD ($)	May. 02, 2015 shares	Feb. 18, 2015 shares	Oct. 20, 2014 USD ($) shares	Feb. 11, 2014 USD ($)	Feb. 05, 2014 USD ($) shares	May. 16, 2011 USD ($) shares	Jan. 31, 2013 USD ($)	Jan. 31, 2012 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Nov. 21, 2015 USD ($)	May. 01, 2015 USD ($)	Mar. 30, 2015 USD ($)	Feb. 17, 2015 USD ($)	Nov. 24, 2014 USD ($)	Oct. 28, 2014	Sep. 30, 2014 USD ($)	Feb. 12, 2014 USD ($) $ / shares	Feb. 07, 2014 USD ($)	Feb. 06, 2014 USD ($) $ / shares	Oct. 28, 2013 USD ($)	Aug. 01, 2013 USD ($)	Feb. 29, 2012 USD ($)
Debt Instrument [Line Items]
Principal amount a $5 incentive cash payment per each to convert debt											$ 1,000
Adjustments to additional paid in capital, equity component of convertible debt												$ 102,134,000
Convertible note rate conversion trading days (in days)											0
Convertible Notes rate conversion consecutive trading days (in days)											30
Debt Conversion, Original Debt, Amount				$ 26,000,000
Convertible Notes rate conversion business day period (in days)											5
Share Price \| $ / shares																							$ 7.97
Net proceeds from the issuance of convertible notes											0	300,000,000	$ 0
Purchased call options cost											0	(30,951,000)	0
Proceeds from issuance of warrants											$ 0	11,427,000	0
Dividends Payable, Amount Per Share \| $ / shares											$ 0.15
Deferred Income Tax Expense (Benefit)											$ 17,067,000	(30,659,000)	(999,000)
Gains (Losses) on Extinguishment of Debt										$ (6,100,000)	6,450,000	(6,143,000)	$ 0
Debt instrument, increase, additional borrowings											$ 100,000,000	147,016,000
February 2018 Note Warrant [Member]
Debt Instrument [Line Items]
Convertible notes, conversion price (in Dollars per Share) \| $ / shares											$ 10.3610
Proceeds from issuance of warrants						$ 11,400,000
February 2018 Note Purchase Call Option [Member]
Debt Instrument [Line Items]
Number of hedge counterparties (in Counterparties)							2													2
Purchased call options cost					$ 31,000,000
Deferred taxes included in purchased call options cost					10,800,000
Number of shares of common stock covered by the purchased call options purchased (in Shares) \| shares											32.7
Series 2012 Notes [Member]
Debt Instrument [Line Items]
Convertible Debt																	$ 22,300,000	$ 26,000,000				$ 131,700,000	$ 131,700,000			$ 10,000,000
Total consideration given for convertible note exchange																							191,800,000
Induced conversion of convertible debt expense									$ 845,000
Deferred issue costs, incentive payment allocated									765,000
Adjustments to additional paid in capital, equity component of convertible debt									52,000
Noted obligation allocated to deferred tax assets									$ 28,000
Unamortized discount of liability component				(100,000)								(76,000)									$ (2,100,000)
Debt Instrument, Interest Rate, Stated Percentage									2.875%
Debt Instrument, Face Amount				$ 22,300,000								22,337,000					$ 22,300,000						48,300,000		$ 180,000,000
Debt conversion, shares issued (in Shares) \| shares			1.3	1.8		20.3
Debt Conversion, Converted Instrument, Amount						$ 157,600,000
Cash paid to exchange convertible note				$ 26,200,000																			34,200,000
Inducement fee																							2,500,000
Interest Payable																							1,800,000
Deferred Income Tax Expense (Benefit)						$ 29,900,000
Debt discount, derecognition on exchange																							5,800,000
Debt Exchange cost other																							$ 300,000
Debt instrument, increase, additional borrowings											$ 0	(152,784,000)
May 2015 Notes [Member]
Debt Instrument [Line Items]
Convertible Debt							$ 155,300,000
Unamortized discount of liability component											$ 0	(1,815,000)
Debt Instrument, Interest Rate, Stated Percentage																				3.75%
Minimum conversion price percent for note conversion (in Percent)											130.00%
Maximum percent of common stock closing price and conversion rate to convert note (in Percent)											98.00%
Convertible notes, conversion price (in Dollars per Share) \| $ / shares											$ 5.23
Net proceeds from the issuance of convertible notes							$ 149,700,000
Convertible notes repurchase price as a percentage of principal (in Percent)							100.00%
Debt Instrument, Face Amount											$ 0	155,050,000			$ 155,100,000
Debt conversion, shares issued (in Shares) \| shares		5.2
Debt instrument, increase, additional borrowings											$ 0	(200,000)
Purchased Call Options [Member]
Debt Instrument [Line Items]
Purchased call options cost							$ 20,800,000
Deferred taxes included in purchased call options cost							$ 7,200,000
Warrants [Member]
Debt Instrument [Line Items]
Convertible notes, conversion price (in Dollars per Share) \| $ / shares											$ 6.15
Number of shares of common stock covered by the purchased call options purchased (in Shares) \| shares							27.5
Proceeds from issuance of warrants							$ 10,900,000	$ 10,900,000
February 2015 Notes [Member]
Debt Instrument [Line Items]
Convertible Debt									$ 169,000,000																$ 1,000,000
Incentive fee per each $1,000 principal amount tendered to convert debt									5.00
Principal amount a $5 incentive cash payment per each to convert debt									$ 1,000
Debt Instrument, Face Amount																				$ 0
Term Loan. [Member]
Debt Instrument [Line Items]
Debt instrument, increase, additional borrowings											$ 100,000,000	0
Short-term Debt																								$ 75,000,000
Term Loan. [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																			2.22%					1.00%
February 2018 Notes [Member]
Debt Instrument [Line Items]
Convertible Debt	$ 246,400,000										232,835,000	276,228,000									300,000,000
Adjustments to additional paid in capital, equity component of convertible debt												18,689,000
Unamortized discount of liability component	(3,100,000)										$ (13,612,000)	(23,772,000)		$ (14,100,000)							$ (29,700,000)
Deferred issuance costs	900,000													$ 4,100,000
Purchase call option unwind	270,000
Warrant unwind	170,000
Fees and Commissions, Transfer Agent	100,000
Debt Instrument, Interest Rate, Stated Percentage																					4.00%
Debt discount recorded to additional paid in capital																					$ 19,300,000
Debt discount recorded to deferred tax liability																					$ 10,400,000
Debt Instrument, Interest Rate, Effective Percentage																					6.90%
Convertible notes, conversion price (in Dollars per Share) \| $ / shares																					$ 9.17
Estimated market interest rate for similar nonconvertible instrument																					7.00%
Debt instrument, convertible, remaining amortization period (in Duration)											2 years 1 month 3 days
Net proceeds from the issuance of convertible notes					$ 290,200,000
Debt Instrument, Repurchase Amount	53,600,000
Debt instrument, repurchase amount paid	43,700,000
Debt Instrument, Face Amount											$ 246,447,000	$ 300,000,000
Conversion Rate per $1,000 Principal Amount (in Ratio)					109.1048
Gains (Losses) on Extinguishment of Debt	$ 6,500,000
March 2015 Term Loan [Member]
Debt Instrument [Line Items]
Short-term Debt																$ 100,000,000
March 2015 Term Loan [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage											2.17%					0.75%

Convertible Notes (Summary of Convertible Notes) (Detail)

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 20, 2015

USD ($)

Feb. 11, 2014

Jan. 31, 2012

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2015

USD ($)

$ / shares

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

May. 01, 2015

USD ($)

Feb. 17, 2015

USD ($)

Oct. 20, 2014

USD ($)

Sep. 30, 2014

USD ($)

Feb. 12, 2014

$ / shares

Feb. 06, 2014

USD ($)

Aug. 01, 2013

USD ($)

Principal amount a $5 incentive cash payment per each to convert debt

$ 1,000

Convertible Notes and Term Loans, Beginning Balance

$ 395,280,000

451,724,000

$ 395,280,000

100,000,000

147,016,000

Payments for Repurchase of Convertible Preferred Stock

252,387,000

75,000,000

220,397,000

56,191,000

$ 0

Gains (Losses) on Extinguishment of Debt

6,100,000

(6,450,000)

6,143,000

(607,000)

(29,726,000)

12,624,000

14,154,000

Series 2012 Notes [Member]

257,801,000

451,724,000

395,280,000

Debt Instrument, Interest Rate, Stated Percentage

2.875%

Convertible Notes and Term Loans, Beginning Balance

22,337,000

$ 22,300,000

$ 48,300,000

$ 180,000,000

172,630,000

22,261,000

172,630,000

(152,784,000)

Payments for Repurchase of Convertible Preferred Stock

22,337,000

76,000

2,415,000

6,102,000

$ 0

22,261,000

172,630,000

May 2015 Notes [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.75%

Convertible notes, conversion price (in Dollars per Share) | $ / shares

$ 5.23

Convertible Notes and Term Loans, Beginning Balance

$ 0

155,050,000

$ 155,100,000

148,253,000

153,235,000

148,253,000

(200,000)

Payments for Repurchase of Convertible Preferred Stock

155,050,000

1,815,000

5,182,000

4,820,000

February 2015 Notes [Member]

153,235,000

148,253,000

Principal amount a $5 incentive cash payment per each to convert debt

$ 1,000

$ 0

Term Loan. [Member]

Convertible Notes and Term Loans, Beginning Balance

74,397,000

100,000,000

Payments for Repurchase of Convertible Preferred Stock

75,000,000

(607,000)

573,000

603,000

February 2018 Notes [Member]

24,966,000

74,397,000

Debt Instrument, Interest Rate, Stated Percentage

4.00%

Debt Instrument, Convertible, Conversion Ratio

109.1048

Convertible notes, conversion price (in Dollars per Share) | $ / shares

$ 9.17

Convertible Notes and Term Loans, Beginning Balance

246,447,000

300,000,000

$ 0

276,228,000

Exchange of debt

(300,000,000)

Payments for Repurchase of Convertible Preferred Stock

(53,553,000)

Gains (Losses) on Extinguishment of Debt

$ (6,500,000)

29,726,000

10,160,000

^[1]

5,954,000

$ 232,835,000

$ 276,228,000

$ 0

[1]	1 The amortization of debt issuance costs and debt discount for the year end December 31, 2015, includes $3.1 million and $0.9 million, respectively, which are recorded in gain (loss) on extinguishment of debt.

Convertible Notes (Summary of Series 2012 Notes) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Feb. 17, 2015	Dec. 31, 2014	Oct. 20, 2014	Feb. 12, 2014	Feb. 06, 2014	Dec. 31, 2013	Aug. 01, 2013
Debt Instrument [Line Items]
Convertible Notes Payable, Carrying Value	$ 257,801		$ 451,724				$ 395,280
Series 2012 Notes [Member]
Debt Instrument [Line Items]
Convertible Notes, Principal Balance Outstanding		$ 22,300	22,337	$ 22,300		$ 48,300		$ 180,000
Unamortized discount of liability component			(76)	$ (100)	$ (2,100)
Convertible Notes Payable, Carrying Value	$ 0		$ 22,261				$ 172,630

Convertible Notes (Interest Expense for the Series 2012 Notes) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Amortization of Debt Discount (Premium)	$ 12,624	$ 14,154
Series 2012 Notes [Member]
Debt Instrument [Line Items]
Contractual coupon interest	80	1,726	$ 5,158
Amortization of debt issuance costs	13	1,089	1,152
Amortization of Debt Discount (Premium)	76	2,415	6,102
Total	$ (169)	$ (5,230)	$ (12,412)

Convertible Notes (Summary of May 2015 Notes) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	May. 01, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Convertible Notes Payable, Carrying Value	$ 257,801		$ 451,724	$ 395,280
May 2015 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	0	$ 155,100	155,050
Unamortized discount of liability component	0		(1,815)
Convertible Notes Payable, Carrying Value	$ 0		$ 153,235	$ 148,253

Convertible Notes (Interest Expense for the May 2015 Notes) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Amortization of Debt Discount (Premium)	$ 12,624	$ 14,154
May 2015 Notes [Member]
Debt Instrument [Line Items]
Contractual coupon interest	1,938	5,817	$ 5,822
Amortization of debt issuance costs	435	1,274	1,232
Amortization of Debt Discount (Premium)	1,815	5,182	4,820
Total	$ 4,188	$ 12,273	$ 11,874

Convertible Notes Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 0
Long-term Debt, Maturities, Repayments of Principal in Year Two	0
Long-term Debt, Maturities, Repayments of Principal in Year Three	246,447
Long-term Debt	$ 246,447

Convertible Notes Schedule of carrying value and unamortized discount on February 2018 Notes (Details) - February 2018 Notes [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Nov. 21, 2015	Nov. 20, 2015	Dec. 31, 2014	Feb. 12, 2014
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 246,447			$ 300,000
Debt Instrument, Unamortized Discount	(13,612)	$ (14,100)	$ (3,100)	(23,772)	$ (29,700)
Convertible Debt	$ 232,835		$ 246,400	$ 276,228	$ 300,000

Convertible Notes Convertible Notes (Interest Expense for the February 2018 Notes) (Details)
$ in Thousands, shares in Millions

12 Months Ended

Feb. 11, 2014

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Nov. 21, 2015

USD ($)

Nov. 20, 2015

USD ($)

Sep. 30, 2014

Feb. 12, 2014

USD ($)

May. 16, 2011

Purchased call options cost

$ 12,624

$ 14,154

(30,951)

$ 0

February 2018 Notes [Member]

Debt Instrument, Unamortized Discount

13,612

23,772

$ 14,100

$ 3,100

$ 29,700

Deferred issuance costs

$ 4,100

$ 900

Interest Expense, Debt, Excluding Amortization

11,786

10,633

Amortization of debt issuance costs

2,980

^[1]

1,898

February 2018 Note Purchase Call Option [Member]

10,160

^[1]

5,954

Total

$ (24,926)

$ (18,485)

Number of hedge counterparties (in Counterparties)

Purchased call options cost

$ 31,000

Number of shares of common stock covered by the purchased call options purchased (in Shares) | shares

32.7

[1]	1 The amortization of debt issuance costs and debt discount for the year end December 31, 2015, includes $3.1 million and $0.9 million, respectively, which are recorded in gain (loss) on extinguishment of debt.

Other Long-Term Liabilities (Narrative) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities Disclosure [Abstract]
Total lease payments for the duration of the guarantee	$ 67,700
Accrued lease liability	$ 10,700	$ 10,700

Other Long-Term Liabilities (Other Long-Term Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Other Liabilities [Line Items]
Accrued lease liability	$ 10,700	$ 10,700
Deferred Compensation Liability, Classified, Noncurrent	1,318	578
Uncertain tax position	38,467	26,356
Other Sundry Liabilities, Noncurrent	165	68
Total	$ 50,650	$ 37,702

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	0	58,000	172,000	196,000
Allocated Share-based Compensation Expense, Net of Tax	$ 2,045	$ 1,501	$ 872
Aggregate intrinsic value, non-vested restricted stock	2,100
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 2,600
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	586,000	277,000	114,000	120,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense, Net of Tax	$ 2,000	$ 1,500	$ 900
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	585,882

Stock-Based Compensation (Stock-Based Compensation Expense for Employees and Directors and Non-Employees) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,045	$ 1,501	$ 872
Employees and directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,952	1,157	655
Non-employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 93	$ 344	$ 217

Stock-Based Compensation (Shares of Company Common Stock Available Under Share-Based Plans) (Detail) - shares

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

58,000

172,000

196,000

2005 Equity Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

^[1]

6,200,000

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

^[1]

1,515,868

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

^[1]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

^[1]

4,684,000

2002 Outside Directors Stock Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

^[2]

157,000

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

^[2]

157,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

^[2]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

^[2]

1999 Non-statutory Stock Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

^[2]

4,966,183

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

^[2]

4,966,183

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

^[2]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

^[2]

1999 Stock Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

^[2]

3,694,485

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

^[2]

3,694,485

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

^[2]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

^[2]

[1]	As of December 31, 2015, there were 585,882 shares of unvested restricted stock awards outstanding.
[2]	Plan terminated in 2009, subject to options outstanding under the plan.

Stock-Based Compensation (Summary of Stock Option and Restricted Stock Award Activity) (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	0	58	172
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 0.00	$ 5.41	$ 16.52
Stock Options, Number of Shares, Balance at beginning of period (in Shares)	58	172	196
Stock Options, Number of Shares, Balance at end of period (in Shares)	0	58	172
Stock Options, Weighted Average Exercise Price, Balance at beginning of period (in Dollars per Share)	$ 5.41	$ 16.52	$ 16.22
Stock Options, Weighted Average Exercise Price, Balance at end of period (in Dollars per Share)	$ 0.00	$ 5.41	$ 16.52
Restricted Stock Award, Number of Shares, Balance at beginning of period (in Shares)	277	114	120
Restricted Stock Awards, Number of Shares Granted (in Shares)	522	312	127
Restricted Stock Awards, Number of Shares, Balance at end of period (in Shares)	586	277	114
Restricted Stock Awards, Weighted Average Grant-date Fair Value, Balance at beginning of period (in Dollars per Share)	$ 8.39	$ 7.45	$ 6.51
Restricted Stock Awards, Weighted Average Grant-date Fair Value, Granted (in Dollars per Share)	$ 6.40	$ 8.39	$ 7.50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	173	149	118
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 7.79	$ 0.00	$ 7.07
Restricted Stock Awards, Weighted Average Grant-date Fair Value, Balance at end of period (in Dollars per Share)	$ 7.13	$ 8.39	$ 7.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(58)	(114)	(24)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 5.41	$ 22.08	$ 14.07

Stock-Based Compensation (Restricted Stock Activity) (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	586	277	114	120
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 7.13	$ 8.39	$ 7.45	$ 6.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	522	312	127
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6.40	$ 8.39	$ 7.50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(173)	(149)	(118)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 8.38	$ 7.67	$ 6.59
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 7.79	$ 0.00	$ 7.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(40)	0	(15)

Cash Dividends (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 27, 2016	Jan. 28, 2015	Jan. 24, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.05	$ 0.15	$ 0.15	$ 0.60	$ 0.60	$ 0.60
Payments of Dividends				$ 98,307	$ 96,557	$ 84,006

Customer Concentration (Percentage of Total Revenue From Licenses Over 10% of Revenue) (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Genentech [Member]
Concentration Risk [Line Items]
Royalty by Licensee as a percentage of revenue, Percentage	70.00%	71.00%	81.00%
Biogen Idec [Member]
Concentration Risk [Line Items]
Royalty by Licensee as a percentage of revenue, Percentage	9.00%	10.00%	11.00%

Customer Concentration (Total Revenues by Geographic Area) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Revenues	$ 178,058	$ 124,618	$ 138,066	$ 149,706	$ 117,075	$ 164,594	$ 162,752	$ 136,804	$ 590,448	$ 581,225	$ 456,260
UNITED STATES
Concentration Risk [Line Items]
Revenues									339,596	334,325	177,251
Europe [Member]
Concentration Risk [Line Items]
Revenues									250,852	246,825	278,934
Other geographic location [Member]
Concentration Risk [Line Items]
Revenues									$ 0	$ 75	$ 75

Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits	$ 57,125	$ 47,146	$ 32,419
Deferred Tax Assets, Valuation Allowance	2,286	0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	33,400
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	2,300	1,300	700
Unrecognized tax benefits resulting in adjustment to deferred tax assets	23,700
Unrecognized Tax Benefits, Period Increase (Decrease)	10,000
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	9,979
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	0	(6,495)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	5,100	2,800
Valuation Allowances and Reserves, Balance	2,300
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	(2,286)	5,390	$ 2,055
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	35,800	37,500
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	22,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	215,500	215,500
Deferred Tax Assets, Tax Credit Carryforwards	19,300	$ 19,300
California Franchise Tax Board [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 0
For the years ending December 31, 2014 to 2022 [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Limitations on Use	1.8
For the year ending December 31, 2023 [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Limitations on Use	1.3

Income Taxes (Provision for Income Taxes) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Current Federal Tax Expense (Benefit)	$ 168,164	$ 187,056	$ 134,619
Current State and Local Tax Expense (Benefit)	12,112	22,631	3,726
Current Income Tax Expense (Benefit)	180,276	209,687	138,345
Deferred Federal Income Tax Expense (Benefit)	16,910	(29,095)	(416)
Deferred State and Local Income Tax Expense (Benefit)	157	(1,564)	(583)
Deferred Income Tax Expense (Benefit)	17,067	(30,659)	(999)
Income Tax Expense (Benefit)	$ 197,343	$ 179,028	$ 137,346

Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 4,819	$ 5,441
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	185,548	175,445	$ 140,656
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	2,286	(5,390)	(2,055)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	1	1	1
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	8,717	7,395	(2,082)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	791	1,577	826
Income Tax Expense (Benefit)	197,343	179,028	$ 137,346
Deferred Tax Assets, Tax Credit Carryforwards, Research	1,990	2,147
Deferred Tax Liabilities, Intangible Assets	0	14,125
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	465	241
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	1,146	662
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses	5,526	5,407
Deferred Tax Assets, Capital Loss Carryforwards	2,286	0
Deferred Tax Assets, Other	12,023	8,500
Deferred Tax Assets, Gross	28,255	36,523
Deferred Tax Assets, Valuation Allowance	(2,286)	0
Deferred Tax Assets, Net of Valuation Allowance	25,969	36,523
Deferred Tax Liabilities, Tax Deferred Income	572	762
Deferred Tax Liabilities, Intangible Assets	(7,029)	0
Deferred Tax Liabilities, Unrealized Currency Transaction Gains	(1,215)	(1,588)
Deferred Tax Liabilities, Gross	(8,816)	(2,350)
Deferred Tax Assets, Net	$ 17,153	$ 34,173

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 47,146	$ 32,419
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	0
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	9,979
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	0	6,495
Unrecognized Tax Benefits, Ending Balance	$ 57,125	$ 47,146

Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss, beginning balance	$ 2,949
Other Comprehensive Income (Loss), Net of Tax	(693)	$ 7,837	$ 200
Total Accumulated Other Comprehensive Loss, ending balance	2,256	2,949
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss, beginning balance	2,949	(4,888)	(5,088)
Other Comprehensive Income (Loss), Net of Tax	(693)	7,837	200
Total Accumulated Other Comprehensive Loss, ending balance	2,256	2,949	(4,888)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss, beginning balance	364	1,129	7
Other Comprehensive Income (Loss), Net of Tax	71	(765)	1,122
Total Accumulated Other Comprehensive Loss, ending balance	435	364	1,129
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss, beginning balance	2,585	(6,017)	(5,095)
Other Comprehensive Income (Loss), Net of Tax	(764)	8,602	(922)
Total Accumulated Other Comprehensive Loss, ending balance	$ 1,821	$ 2,585	$ (6,017)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Subsequent Events (Narrative) (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jan. 29, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Payments to Acquire Notes Receivable		$ 35,235	$ 230,000	$ 148,708
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Notes Receivable	$ 5,000

Quarterly Financial Data (Unaudited) (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effect of Fourth Quarter Events [Line Items]
Revenues	$ 178,058	$ 124,618	$ 138,066	$ 149,706	$ 117,075	$ 164,594	$ 162,752	$ 136,804	$ 590,448	$ 581,225	$ 456,260
Net income	$ 100,574	$ 69,459	$ 78,264	$ 84,498	$ 55,071	$ 102,235	$ 92,055	$ 72,883	$ 332,795	$ 322,244	$ 264,530
Net income per basic share (in Dollars per Share)	$ 0.61	$ 0.42	$ 0.48	$ 0.52	$ 0.34	$ 0.64	$ 0.57	$ 0.48	$ 2.04	$ 2.04	$ 1.89
Net income per diluted share (in Dollars per Share)	$ 0.61	$ 0.42	$ 0.47	$ 0.50	$ 0.32	$ 0.61	$ 0.52	$ 0.44	$ 2.03	$ 1.86	$ 1.66

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.