Quarterly report pursuant to Section 13 or 15(d)

Composition of Certain Financial Statement Captions

v3.7.0.1
Composition of Certain Financial Statement Captions
3 Months Ended
Mar. 31, 2017
Compositions of Certain Financial Statement Captions [Abstract]  
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
(In thousands)
March 31,
2017
 
December 31,
2016
Accounts receivable, net
 
 
 
Accounts receivable
$
283,780

 
$
256,552

Less: allowance for doubtful accounts
(44,887
)
 
(36,268
)
 
$
238,893

 
$
220,284

Inventories, net
 
 
 
Consumable supplies
$
23,920

 
$
23,448

Finished products
19,733

 
16,143

Work in-process
4,368

 
3,896

Raw materials
5,500

 
4,686

Less: inventory reserve
(6,029
)
 
(945
)
 
$
47,492

 
$
47,228

Other current assets and prepaid expenses
 
 
 
Taxes recoverable
16,391

 
16,187

Other receivables
12,509

 
13,021

Prepaid supplies
7,630

 
6,952

Prepaid insurance
2,117

 
3,688

Other
3,848

 
7,508

 
$
42,495

 
$
47,356

Intangible assets, net:
 
 
 
Customer relationships
$
444,091

 
$
443,560

Technologies
340,455

 
340,397

Trade names
50,458

 
50,442

Licenses
23,520

 
23,506

Covenants not to compete
16,355

 
16,348

Product registrations
8,040

 
7,641

Other
5,345

 
5,289

Less: accumulated amortization
(141,610
)
 
(123,207
)
 
$
746,654

 
$
763,976

Accrued expenses:
 
 
 
Deferred revenue
$
73,862

 
$
73,434

Employee benefits
43,032

 
43,792

Clinical trials
6,920

 
5,935

Taxes payable
3,391

 
4,430

Contingent consideration
303

 
259

Capital leases short-term
3,329

 
3,025

Milestone payment
4,916

 
4,865

Professional fees
4,418

 
4,035

Other
38,695

 
58,180

 
$
178,866

 
$
197,955

 
 
 
 
(In thousands)
March 31,
2017
 
December 31,
2016
Other long-term liabilities:
 
 
 
Deferred revenue
$
71,241

 
$
89,016

Line of credit
39,242

 
38,809

Contingent consideration
47,149

 
44,817

Mortgages and other debts payable
1,462

 
717

Capital leases long-term
8,483

 
7,216

Other
21,999

 
21,908

 
$
189,576

 
$
202,483


All of the intangible assets and goodwill acquired relate to our acquisitions of principally OPKO Renal, OPKO Biologics, EirGen and BioReference. We do not anticipate capitalizing the cost of product registration renewals, rather we expect to expense these costs, as incurred. Our goodwill is not tax deductible for income tax purposes in any jurisdiction we operate in.
At March 31, 2017, the changes in value of the intangible assets and goodwill are primarily due to foreign currency fluctuations between the Chilean and Mexican pesos, the Euro and the Shekel against the U.S. dollar.
The following table summarizes the changes in Goodwill during the three months ended March 31, 2017.
 
2017
(In thousands)
Balance at January 1
 
Foreign exchange and other
 
Balance at March 31st
Pharmaceuticals
 
 
 
 
 
CURNA
$
4,827

 
$

 
$
4,827

EirGen
78,358

 
1,206

 
79,564

FineTech
11,698

 

 
11,698

OPKO Chile
4,785

 
46

 
4,831

OPKO Biologics
139,784

 

 
139,784

OPKO Health Europe
6,936

 
107

 
7,043

OPKO Renal
2,069

 

 
2,069

Transition Therapeutics
3,360

 
28

 
3,388

 
 
 
 
 
 
Diagnostics
 
 
 
 
 
BioReference
401,821

 

 
401,821

OPKO Diagnostics
17,977

 

 
17,977

OPKO Lab
32,988

 

 
32,988

 
$
704,603

 
$
1,387

 
$
705,990