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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of cash and cash equivalents
The following table presents current and noncurrent restricted cash and cash equivalent balances at June 30, 2020 and December 31, 2019 (in thousands):
June 30, 2020December 31, 2019
Restricted cash and cash equivalents—current portion (1)$180,730  $247,457  
Restricted cash and cash equivalents—noncurrent portion (2)18,400  18,400  
Restricted cash and cash equivalents—total (3)$199,130  $265,857  
__________
(1)These amounts are reported in our Condensed Consolidated Balance Sheets as Restricted cash and cash equivalents.
(2)These amounts are reported in our Condensed Consolidated Balance Sheets as Other assets.
(3)Approximately $175.8 million and $242.8 million of our restricted cash and cash equivalents are held in Qualified Settlement Funds (QSFs) for mesh-related matters at June 30, 2020 and December 31, 2019, respectively. The remaining restricted cash and cash equivalents primarily relates to other litigation-related matters. See Note 12. Commitments and Contingencies for further information.
Restrictions on cash and cash equivalents
The following table presents current and noncurrent restricted cash and cash equivalent balances at June 30, 2020 and December 31, 2019 (in thousands):
June 30, 2020December 31, 2019
Restricted cash and cash equivalents—current portion (1)$180,730  $247,457  
Restricted cash and cash equivalents—noncurrent portion (2)18,400  18,400  
Restricted cash and cash equivalents—total (3)$199,130  $265,857  
__________
(1)These amounts are reported in our Condensed Consolidated Balance Sheets as Restricted cash and cash equivalents.
(2)These amounts are reported in our Condensed Consolidated Balance Sheets as Other assets.
(3)Approximately $175.8 million and $242.8 million of our restricted cash and cash equivalents are held in Qualified Settlement Funds (QSFs) for mesh-related matters at June 30, 2020 and December 31, 2019, respectively. The remaining restricted cash and cash equivalents primarily relates to other litigation-related matters. See Note 12. Commitments and Contingencies for further information.
Financial assets and liabilities measured at fair value on recurring basis
The Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019 were as follows (in thousands):
Fair Value Measurements at June 30, 2020 using:
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Money market funds$638,966  $—  $—  $638,966  
Liabilities:
Acquisition-related contingent consideration—current$—  $—  $9,142  $9,142  
Acquisition-related contingent consideration—noncurrent$—  $—  $32,915  $32,915  
Fair Value Measurements at December 31, 2019 using:
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Money market funds$427,033  $—  $—  $427,033  
Liabilities:
Acquisition-related contingent consideration—current$—  $—  $6,534  $6,534  
Acquisition-related contingent consideration—noncurrent$—  $—  $23,123  $23,123  
Changes to liability for acquisition-related contingent consideration
The following table presents changes to the Company’s liability for acquisition-related contingent consideration, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), for the three and six months ended June 30, 2020 and 2019 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Beginning of period$38,939  $67,842  $29,657  $116,703  
Amounts settled(3,221) (9,574) (5,682) (21,165) 
Changes in fair value recorded in earnings6,045  (5,507) 18,507  (43,008) 
Effect of currency translation294  169  (425) 400  
End of period$42,057  $52,930  $42,057  $52,930  
The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the six months ended June 30, 2020 by acquisition (in thousands):
Balance as of December 31, 2019Changes in Fair Value Recorded in EarningsAmounts Settled and OtherBalance as of June 30, 2020
Auxilium acquisition$13,207  $2,119  $(702) $14,624  
Lehigh Valley Technologies, Inc. acquisitions6,800  15,600  (3,500) 18,900  
Other9,650  788  (1,905) 8,533  
Total$29,657  $18,507  $(6,107) $42,057  
Summary of nonrecurring fair value measurements
The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2020 were as follows (in thousands):
Fair Value Measurements during the Six Months Ended June 30, 2020 (1) using:Total Expense for the Six Months Ended June 30, 2020
Level 1 InputsLevel 2 InputsLevel 3 Inputs
Intangible assets, excluding goodwill (2)$—  $—  $24,377  $(63,751) 
Certain property, plant and equipment—  —  —  (1,248) 
Total$—  $—  $24,377  $(64,999) 
__________
(1)The fair value amounts are presented as of the date of the fair value measurement as these assets are not measured at fair value on a recurring basis. Such measurements generally occur in connection with our quarter-end financial reporting close procedures.
(2)These fair value measurements were determined using risk-adjusted discount rates ranging from approximately 10.0% to 12.0% (weighted average rate of approximately 11.1%, weighted based on relative fair value). The Company also performed fair value measurements in connection with its goodwill impairment tests. Refer to Note 8. Goodwill and Other Intangibles for additional information on goodwill and other intangible asset impairment tests, including information about the valuation methodologies utilized.