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Fair Value Measurements (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Fair Value Disclosures [Abstract] |
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| Summary of investments classified as available for sale, and carried at fair value |
A summary of our investments as of June 30, 2014, classified as available for sale and carried at fair value, is as follows:
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As of June 30, 2014 |
(In thousands) |
Amortized
Cost
|
|
Gross
unrealized
gains in
Accumulated
OCI
|
|
Gross
unrealized
losses in
Accumulated
OCI
|
|
Gain/(Loss)
in
Accumulated
Deficit
|
|
Fair
value
|
Common stock investments, available for sale |
$ |
3,320 |
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|
$ |
1,100 |
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|
$ |
(517 |
) |
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$ |
— |
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|
$ |
3,903 |
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Common stock options/warrants |
1,425 |
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|
1,575 |
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|
— |
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|
2,980 |
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|
5,980 |
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Total assets |
$ |
4,745 |
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|
$ |
2,675 |
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|
$ |
(517 |
) |
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$ |
2,980 |
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|
$ |
9,883 |
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A summary of our investments as of December 31, 2013, classified as available for sale and carried at fair value is as follows:
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As of December 31, 2013 |
(In thousands) |
Amortized
Cost
|
|
Gross
unrealized
gains in
Accumulated
OCI
|
|
Gross
unrealized
losses in
Accumulated
OCI
|
|
Gain/(Loss)
in
Accumulated
Deficit
|
|
Fair
value
|
Common stock investments, available for sale |
$ |
3,376 |
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$ |
2,698 |
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$ |
— |
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$ |
— |
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$ |
6,074 |
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Common stock options/warrants |
925 |
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|
1,041 |
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— |
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|
4,022 |
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|
5,988 |
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Total assets |
$ |
4,301 |
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$ |
3,739 |
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|
$ |
— |
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$ |
4,022 |
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$ |
12,062 |
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| Financial assets and liabilities measured at fair value on a recurring basis |
Our financial assets and liabilities measured at fair value on a recurring basis are as follows:
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Fair value measurements as of June 30, 2014 |
(In thousands) |
Quoted
prices in
active
markets for
identical
assets
(Level 1)
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|
Significant
other
observable
inputs
(Level 2)
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Significant
unobservable
inputs
(Level 3)
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Total |
Assets: |
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Money market funds |
$ |
112,546 |
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$ |
— |
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$ |
— |
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$ |
112,546 |
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Certificates of deposit |
— |
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|
827 |
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— |
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|
827 |
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Common stock investments, available for sale |
3,903 |
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— |
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— |
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3,903 |
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Common stock options/warrants |
— |
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5,980 |
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— |
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5,980 |
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Total assets |
$ |
116,449 |
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$ |
6,807 |
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$ |
— |
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$ |
123,256 |
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Liabilities: |
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Embedded conversion option |
$ |
— |
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$ |
— |
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$ |
52,964 |
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$ |
52,964 |
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Forward Contracts |
— |
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|
55 |
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— |
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|
55 |
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Deferred acquisition payments, net of discount |
— |
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— |
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— |
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— |
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Contingent consideration: |
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CURNA |
— |
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— |
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|
598 |
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|
598 |
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OPKO Diagnostics |
— |
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— |
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14,174 |
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14,174 |
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OPKO Renal |
— |
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— |
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56,470 |
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56,470 |
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OPKO Spain |
— |
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— |
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1,672 |
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|
1,672 |
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Total liabilities |
$ |
— |
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$ |
55 |
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$ |
125,878 |
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$ |
125,933 |
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Fair value measurements as of December 31, 2013 |
(In thousands) |
Quoted
prices in
active
markets for
identical
assets
(Level 1)
|
|
Significant
other
observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
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Total |
Assets: |
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Money market funds |
$ |
168,418 |
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|
$ |
— |
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$ |
— |
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$ |
168,418 |
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Certificates of deposit |
— |
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|
827 |
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— |
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|
827 |
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Pharmsynthez Notes Receivable & Purchase Option |
— |
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6,151 |
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— |
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6,151 |
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Common stock investments, available for sale |
6,074 |
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— |
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— |
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6,074 |
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Common stock options/warrants |
— |
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5,988 |
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— |
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5,988 |
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Forward contracts |
— |
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|
49 |
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— |
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49 |
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Total assets |
$ |
174,492 |
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$ |
13,015 |
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$ |
— |
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$ |
187,507 |
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Liabilities: |
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Embedded conversion option |
— |
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— |
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101,087 |
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|
101,087 |
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Deferred acquisition payments, net of discount |
— |
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— |
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5,465 |
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5,465 |
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Contingent consideration: |
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CURNA |
— |
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— |
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|
573 |
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|
573 |
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OPKO Diagnostics |
— |
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— |
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13,776 |
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13,776 |
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FineTech |
— |
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— |
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3,124 |
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3,124 |
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OPKO Renal |
— |
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— |
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53,092 |
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53,092 |
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OPKO Spain |
— |
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— |
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1,043 |
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1,043 |
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Total liabilities |
$ |
— |
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$ |
— |
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$ |
178,160 |
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$ |
178,160 |
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| The carrying amount and estimated fair value of our long-term debt |
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June 30, 2014 |
(In thousands) |
Carrying
Value
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Total
Fair Value
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|
Level 1 |
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Level 2 |
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Level 3 |
2033 Senior Notes |
$ |
63,401 |
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$ |
69,759 |
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$ |
— |
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$ |
— |
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$ |
69,759 |
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| Reconcile the beginning and ending balances of Level 3 assets and liabilities |
The following tables reconcile the beginning and ending balances of our Level 3 assets and liabilities as of June 30, 2014:
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June 30, 2014 |
(In thousands) |
Contingent
consideration
|
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Deferred
acquisition
payments, net
of discount
|
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Embedded
conversion
option
|
Balance at December 31, 2013 |
$ |
71,620 |
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$ |
5,484 |
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$ |
101,087 |
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Additions |
— |
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— |
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|
— |
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Total losses (gains) for the period: |
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Included in results of operations |
4,486 |
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|
(754 |
) |
|
(770 |
) |
Payments |
(3,192 |
) |
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(4,730 |
) |
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— |
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Conversion |
— |
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|
— |
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(47,353 |
) |
Balance at June 30, 2014 |
$ |
72,914 |
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|
$ |
— |
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|
$ |
52,964 |
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