v2.4.0.6
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Investments, All Other Investments [Abstract]  
Summary of the assets and liabilities measured at fair value on recurring basis
The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2013 (in thousands):

Fair Value Measurements at Reporting Date Using
 
 
 
Quoted Prices in
Active Markets
for Identical
Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 
 
 
 
 
 
Current portion of co-promote termination payments receivable
$
4,257

 
$
—

 
$
—

 
$
4,257

Available-for-sale securities
2,592

 
—

 
—

 
2,592

Long-term portion of co-promote termination payments receivable
7,916

 
—

 
—

 
7,916

     Total Assets
$
14,765

 
$
—

 
$
—

 
$
14,765

Liabilities:
 
 
 
 
 
 
 
Current portion of contingent liabilities - CyDex
$
356

 
$
—

 
$
—

 
$
356

Current portion of co-promote termination liability
4,257

 
—

 
—

 
4,257

Long-term portion of contingent liabilities - CyDex
12,384

 
—

 
—

 
12,384

Liability for restricted investments owed to former licensees
389

 
—

 
—

 
389

Long-term portion of co-promote termination liability
7,916

 
—

 
—

 
7,916

     Total liabilities
$
25,302

 
$
—

 
$
—

 
$
25,302


The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2012 (in thousands):

Fair Value Measurements at Reporting Date Using
 
 
 
Quoted Prices in
Active Markets
for Identical
Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 
 
 
 
 
 
Current portion of co-promote termination payments receivable
$
4,327

 
$
—

 
$
—

 
$
4,327

Available-for-sale securities
1,426

 
—

 
—

 
1,426

Long-term portion of co-promote termination payments receivable
8,207

 
—

 
—

 
8,207

     Total Assets
$
13,960

 
$
—

 
$
—

 
$
13,960

Liabilities:
 
 
 
 
 
 
 
Current portion of contingent liabilities - CyDex
$
356

 
$
—

 
$
—

 
$
356

Current portion of co-promote termination liability
4,327

 
—

 
—

 
4,327

Long-term portion of contingent liabilities - CyDex
10,543

 
—

 
—

 
10,543

Liability for restricted investments owed to former licensees
214

 
—

 
—

 
214

Long-term portion of co-promote termination liability
8,207

 
—

 
—

 
8,207

     Total liabilities
$
23,647

 
$
—

 
$
—

 
$
23,647
Reconciliation of level 3 financial instruments
A reconciliation of the level 3 financial instruments as of March 31, 2013 is as follows (in thousands):

Assets:
 
Fair value of level 3 financial instruments as of December 31, 2012
$
13,960

Assumed payments made by Pfizer or assignee
(853
)
Fair value adjustments
1,658

Fair value of level 3 financial instrument assets as of March 31, 2013
$
14,765

 
 
Liabilities
 
Fair value of level 3 financial instruments as of December 31, 2012
$
23,647

Assumed payments made by Pfizer or assignee
(853
)
Fair value adjustments
2,508

Fair value of level 3 financial instruments as of March 31, 2013
$
25,302