Fair Value of Financial Instruments and Contingent Consideration (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value of the financial assets and liabilities

The Company’s financial assets that are required to be measured at fair value on a recurring basis are as follows (dollars in thousands):

			Fair Value Measurements at June 30, 2021 (unaudited)
	Total Fair Value at June 30, 2021		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	200,493	$	200,493	$	—	$	—
Money market funds	23,278		23,278		—		—
Marketable securities
Corporate debt securities	183,944		253		183,691		—
Municipal debt securities	2,126		—		2,126
Long term marketable securities
Corporate debt securities	445,473		—		445,473		—
Other noncurrent assets
Marketable securities - restricted (SERP)	604		5		599		—
Total assets at fair value	$	855,918	$	224,029	$	631,889	$	—
Liabilities:
Contingent consideration	$	68,970	$	—	$	—	$	68,970
Total liabilities at fair value	$	68,970	$	—	$	—	$	68,970

			Fair Value Measurements at December 31, 2020
	Total Fair Value at December 31, 2020		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	218,550	$	218,550	$	—	$	—
Money market funds	70,090		70,090		—		—
Marketable securities
Corporate debt securities	133,893		—		133,893		—
Long term marketable securities
Corporate debt securities	350,359		256		350,103		—
Other noncurrent assets
Marketable securities - restricted (SERP)	547		3		544		—
Total assets at fair value	$	773,439	$	288,899	$	484,540	$	—
Liabilities:
Contingent consideration	$	76,700	$	—	$	—	76,700
Total liabilities at fair value	$	76,700	$	—	$	—	$	76,700

Reconciliation of the beginning and ending balances related to the contingent consideration

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and composition of the contingent consideration liabilities (dollars in thousands):

			Balance
Initial measurement at Closing Date at June 9, 2020			115,700
Measurement period adjustment			(40,900)
Change in fair value recognized in earnings			1,900
Balance at December 31, 2020			$	76,700
Balance at December 31, 2020			$	76,700
Change in fair value recognized in earnings (unaudited)			(7,730)
Balance at June 30, 2021 (unaudited)			$	68,970
	June 30, 2021		December 31, 2020
	(unaudited)
Regulatory and developmental contingent consideration liabilities	$	68,970	$	68,000
Sales-based contingent consideration liabilities	—		8,700
Total	$	68,970	$	76,700