Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
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:
 
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

 
$
1,100

 
$
(517
)
 
$

 
$
3,903

Common stock options/warrants
1,425

 
1,575

 

 
2,980

 
5,980

Total assets
$
4,745

 
$
2,675

 
$
(517
)
 
$
2,980

 
$
9,883

A summary of our investments as of December 31, 2013, classified as available for sale and carried at fair value is as follows:
 
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

 
$
2,698

 
$

 
$

 
$
6,074

Common stock options/warrants
925

 
1,041

 

 
4,022

 
5,988

Total assets
$
4,301

 
$
3,739

 
$

 
$
4,022

 
$
12,062

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:
 
Fair value measurements as of June 30, 2014
(In thousands)
Quoted
prices in
active
markets for
identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Money market funds
$
112,546

 
$

 
$

 
$
112,546

Certificates of deposit

 
827

 

 
827

Common stock investments, available for sale
3,903

 

 

 
3,903

Common stock options/warrants

 
5,980

 

 
5,980

Total assets
$
116,449

 
$
6,807

 
$

 
$
123,256

Liabilities:
 
 
 
 
 
 
 
Embedded conversion option
$

 
$

 
$
52,964

 
$
52,964

Forward Contracts

 
55

 

 
55

Deferred acquisition payments, net of discount

 

 

 

Contingent consideration:
 
 
 
 
 
 
 
CURNA

 

 
598

 
598

OPKO Diagnostics

 

 
14,174

 
14,174

OPKO Renal

 

 
56,470

 
56,470

OPKO Spain

 

 
1,672

 
1,672

Total liabilities
$

 
$
55

 
$
125,878

 
$
125,933

 
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)
 
Total
Assets:
 
 
 
 
 
 
 
Money market funds
$
168,418

 
$

 
$

 
$
168,418

Certificates of deposit

 
827

 

 
827

Pharmsynthez Notes Receivable & Purchase Option

 
6,151

 

 
6,151

Common stock investments, available for sale
6,074

 

 

 
6,074

Common stock options/warrants

 
5,988

 

 
5,988

Forward contracts

 
49

 

 
49

Total assets
$
174,492

 
$
13,015

 
$

 
$
187,507

Liabilities:
 
 
 
 
 
 
 
Embedded conversion option

 

 
101,087

 
101,087

Deferred acquisition payments, net of discount

 

 
5,465

 
5,465

Contingent consideration:
 
 
 
 
 
 
 
CURNA

 

 
573

 
573

OPKO Diagnostics

 

 
13,776

 
13,776

FineTech

 

 
3,124

 
3,124

OPKO Renal

 

 
53,092

 
53,092

OPKO Spain

 

 
1,043

 
1,043

Total liabilities
$

 
$

 
$
178,160

 
$
178,160

The carrying amount and estimated fair value of our long-term debt
 
June 30, 2014
(In thousands)
Carrying
Value
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
2033 Senior Notes
$
63,401

 
$
69,759

 
$

 
$

 
$
69,759

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:
 
June 30, 2014
(In thousands)
Contingent
consideration
 
Deferred
acquisition
payments, net
of discount
 
Embedded
conversion
option
Balance at December 31, 2013
$
71,620

 
$
5,484

 
$
101,087

Additions

 

 

Total losses (gains) for the period:
 
 
 
 
 
Included in results of operations
4,486

 
(754
)
 
(770
)
Payments
(3,192
)
 
(4,730
)
 

Conversion

 

 
(47,353
)
Balance at June 30, 2014
$
72,914

 
$

 
$
52,964