Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2014, classified as available for sale and carried at fair value, is as follows:

	As of September 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	$	11,479	$	660	$	(4,551	)	$	—	$	7,588
Common stock options/warrants	1,425		216		—			4,062		5,703
Total assets	$	12,904	$	876	$	(4,551	)	$	4,062	$	13,291

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 September 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	$	97,694	$	—	$	—	$	97,694
Certificates of deposit	—		—		—		—
Common stock investments, available for sale	7,588		—		—		7,588
Common stock options/warrants	—		5,703		—		5,703
Forward contracts	—		79		—		79
Total assets	$	105,282	$	5,782	$	—	$	111,064
Liabilities:
Embedded conversion option	$	—	$	—	$	50,443	$	50,443
Contingent consideration:
CURNA	—		—		423		423
OPKO Diagnostics	—		—		14,493		14,493
OPKO Renal	—		—		54,720		54,720
OPKO Health Europe	—		—		1,598		1,598
Total liabilities	$	—	$	—	$	121,677	$	121,677

	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 Health Europe	—		—		1,043		1,043
Total liabilities	$	—	$	—	$	178,160	$	178,160

The carrying amount and estimated fair value of our long-term debt

	September 30, 2014
(In thousands)	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3
2033 Senior Notes	$	64,440	$	66,154	$	—	$	—	$	66,154

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 September 30, 2014:

	September 30, 2014
(In thousands)	Contingent consideration			Deferred acquisition payments, net of discount			Embedded conversion option
Balance at December 31, 2013	$	71,620		$	5,465		$	101,087
Additions	—			—			—
Total losses (gains) for the period:
Included in results of operations	24,078			(735		)	(3,291		)
Payments	(24,464		)	(4,730		)	—
Conversion	—			—			(47,353		)
Balance at September 30, 2014	$	71,234		$	—		$	50,443