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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of 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 December 31, 2021 and December 31, 2020 were as follows (in thousands):


	Fair Value Measurements at December 31, 2021 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	134,847	$	—	$	—	$	134,847
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	5,748	$	5,748
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	14,328	$	14,328


	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

Schedule of 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 years ended December 31, 2021 and 2020 (in thousands):



	2021		2020
Beginning of period	$	36,249	$	29,657
Amounts settled	(7,449)		(9,885)
Changes in fair value recorded in earnings	(8,793)		16,353
Effect of currency translation	69		124
End of period	$	20,076	$	36,249

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 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 December 31, 2021
Auxilium acquisition	$	14,484	$	(3,471)	$	(1,975)	$	9,038
Lehigh Valley Technologies, Inc. acquisitions	13,100		(6,061)		(3,439)		3,600

Other	8,665		739		(1,966)		7,438
Total	$	36,249	$	(8,793)	$	(7,380)	$	20,076

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 2020 by acquisition (in thousands):


	Balance as of December 31, 2019		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of December 31, 2020
Auxilium acquisition	$	13,207	$	2,921	$	(1,644)	$	14,484
Lehigh Valley Technologies, Inc. acquisitions	6,800		12,337		(6,037)		13,100

Other	9,650		1,095		(2,080)		8,665
Total	$	29,657	$	16,353	$	(9,761)	$	36,249

Schedule of nonrecurring fair value measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Fair Value Measurements during the Year Ended December 31, 2021 (1) using:						Total Expense for the Year Ended December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	5,011	$	(7,811)
Certain property, plant and equipment	—		—		—		(2,011)

Total	$	—	$	—	$	5,011	$	(9,822)


	Fair Value Measurements during the Year Ended December 31, 2020 (1) using:						Total Expense for the Year Ended December 31, 2020
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	15,463	$	(79,917)
Certain property, plant and equipment	—		—		—		(1,249)
Operating lease right-of-use assets	—		—		—		(6,392)
Total	$	—	$	—	$	15,463	$	(87,558)

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(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)For 2021, these fair value measurements were determined using risk-adjusted discount rates ranging from 10.0% to 12.0% (weighted average rate of approximately 11.1%, weighted based on relative fair value). For 2020, these fair value measurements were determined using risk-adjusted discount rates ranging from 10.0% to 12.0% (weighted average rate of approximately 11.3%, weighted based on relative fair value).

(3)The Company also performed fair value measurements in connection with its goodwill impairment tests. Refer to Note 11. Goodwill and Other Intangibles for additional information on goodwill and other intangible asset impairment tests, including information about the valuation methodologies used.