FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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 September 30, 2021 and December 31, 2020 were as follows (in thousands):

	Fair Value Measurements at September 30, 2021 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	181,443	$	—	$	—	$	181,443
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	5,605	$	5,605
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	17,607	$	17,607

	Fair Value Measurements at December 31, 2020 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	214,120	$	—	$	—	$	214,120
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	8,566	$	8,566
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	27,683	$	27,683

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 nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning of period	$	27,447	$	42,057	$	36,249	$	29,657
Amounts settled	(2,612)		(3,103)		(6,302)		(8,785)
Changes in fair value recorded in earnings	(1,435)		(1,407)		(6,771)		17,100
Effect of currency translation	(188)		162		36		(263)
End of period	$	23,212	$	37,709	$	23,212	$	37,709

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the nine months ended September 30, 2021 by acquisition (in thousands):

	Balance as of December 31, 2020		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of September 30, 2021
Auxilium acquisition	$	14,484	$	(276)	$	(1,975)	$	12,233
Lehigh Valley Technologies, Inc. acquisitions	13,100		(6,853)		(2,947)		3,300
Other	8,665		358		(1,344)		7,679
Total	$	36,249	$	(6,771)	$	(6,266)	$	23,212

Summary of nonrecurring fair value measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2021 were as follows (in thousands):

	Fair Value Measurements during the Nine Months Ended September 30, 2021 (1) using:						Total Expense for the Nine Months Ended September 30, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Intangible assets, excluding goodwill (2)	$	—	$	—	$	5,011	$	(7,811)
Certain property, plant and equipment	—		—		—		(427)
Total	$	—	$	—	$	5,011	$	(8,238)

__________

(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).