Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2014, classified as available for sale and carried at fair value, is as follows:

	As of March 31, 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	$	2,035	$	(150	)	$	—	$	5,205
Common stock options/warrants	1,425		1,610		—			3,762		6,797
Total assets	$	4,745	$	3,645	$	(150	)	$	3,762	$	12,002

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 March 31, 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	$	132,343	$	—	$	—	$	132,343
Certificates of deposit	—		816		—		816
Common stock investments, available for sale	5,205		—		—		5,205
Common stock options/warrants	—		6,797		—		6,797
Forward contracts	—		1		—		1
Total assets	$	137,548	$	7,614	$	—	$	145,162
Liabilities:
Embedded conversion option	$	—	$	—	$	112,199	$	112,199
Deferred acquisition payments, net of discount	—		—		840		840
Contingent consideration:
CURNA	—		—		583		583
OPKO Diagnostics	—		—		14,193		14,193
OPKO Renal	—		—		54,819		54,819
OPKO Spain	—		—		1,421		1,421
Total liabilities	$	—	$	—	$	184,055	$	184,055

	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

	March 31, 2014
(In thousands)	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3
2033 Senior Notes	$	112,602	$	118,163	$	—	$	—	$	118,163

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 March 31, 2014 and December 31, 2013:

	March 31, 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	2,610			—			11,112
Payments	(3,214		)	(4,644		)	—
Balance at March 31, 2014	$	71,016		$	840		$	112,199

	December 31, 2013
(In thousands)	BZNE Note and conversion feature			Contingent consideration			Deferred acquisition payments, net of discount			Embedded conversion option
Balance at December 31, 2012	$	2,040		$	20,056		$	10,103		$	—
Additions	—			47,710			—			59,204
Total losses (gains) for the period:
Included in results of operations	—			6,947			829			43,082
Foreign currency impact	—			31			—			—
Conversion	(2,040		)	—			—			(1,199		)
Payments	—			(3,124		)	(5,448		)	—
Balance at December 31, 2013	$	—		$	71,620		$	5,484		$	101,087