3. Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring and nonrecurring basis

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company's financial assets that are required to be measured at fair value as of June 30, 2015 and December 31, 2014 (in thousands):

		As of June 30, 2015
		Level 1		Level 2		Level 3		Total
Money market fund and trust cash sweep investments (1)	$	45,208	$	-	$	-	$	45,208
Total assets	$	45,208	$	-	$	-	$	45,208
		As of December 31, 2014
		Level 1		Level 2		Level 3		Total
Money market fund and trust cash sweep investments (1)	$	26,297	$	-	$	-	$	26,297
Total assets	$	26,297	$	-	$	-	$	26,297

(1) The Company's money market and trust cash sweep investments are included in cash and cash equivalents within the Condensed Consolidated Balance Sheet.

The fair and carrying value of our debt instruments are detailed as follows (in thousands):

		As of June 30, 2015				As of December 31, 2014
		Fair		Carrying		Fair		Carrying
		Value		Value		Value		Value
4.25% Convertible Notes	$	96,736	$	102,136	$	-	$	-
Derivative liability		19,777		19,777		-		-
8.00% Convertible Notes		-		-		129,320		65,000
Contingent consideration		29,327		29,327		-		-
Treximet Notes		182,332		220,000		167,114		220,000
Total	$	328,172	$	371,240	$	296,434	$	285,000