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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Restricted Cash and Cash Equivalents
The following table presents current and noncurrent restricted cash and cash equivalent balances at June 30, 2023 and December 31, 2022 (in thousands):
Balance Sheet Line ItemsJune 30, 2023December 31, 2022
Restricted cash and cash equivalents—current (1)Restricted cash and cash equivalents$159,707 $145,358 
Restricted cash and cash equivalents—noncurrent (2)Other assets85,000 85,000 
Total restricted cash and cash equivalents$244,707 $230,358 
__________
(1)Amounts at June 30, 2023 and December 31, 2022 include: (i) restricted cash and cash equivalents associated with litigation-related matters, including $51.2 million and $50.7 million, respectively, held in Qualified Settlement Funds (QSFs) for mesh- and/or opioid-related matters, and (ii) approximately $86.0 million of restricted cash and cash equivalents at both June 30, 2023 and December 31, 2022 related to certain insurance-related matters. See Note 15. Commitments and Contingencies for further information about litigation-related matters.
(2)The amounts at June 30, 2023 and December 31, 2022 relate to the TLC Agreement. See Note 11. License, Collaboration and Asset Acquisition Agreements for further information.
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 June 30, 2023 and December 31, 2022 were as follows (in thousands):
Fair Value Measurements at June 30, 2023 using:
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Money market funds (1)$7,108 $— $— $7,108 
Liabilities:
Acquisition-related contingent consideration (2)$— $— $14,653 $14,653 
Fair Value Measurements at December 31, 2022 using:
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Money market funds (1)$12,226 $— $— $12,226 
Liabilities:
Acquisition-related contingent consideration (2)$— $— $16,571 $16,571 
__________
(1)At June 30, 2023 and December 31, 2022, money market funds include $7.1 million and $12.2 million, respectively, in QSFs. Amounts in QSFs are considered restricted cash equivalents. See Note 15. Commitments and Contingencies for further discussion of our litigation. At June 30, 2023 and December 31, 2022, the differences between the amortized cost and the fair value of our money market funds were not material, individually or in the aggregate.
(2)At June 30, 2023 and December 31, 2022, the balance of the Company’s liability for acquisition-related contingent consideration, which is governed by executory contracts and recorded at the expected amount of the total allowed claim, is classified within Liabilities subject to compromise in the Condensed Consolidated Balance Sheets.
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 three and six months ended June 30, 2023 and 2022 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Beginning of period$15,697 $17,976 $16,571 $20,076 
Amounts settled(1,890)(1,357)(2,769)(2,159)
Changes in fair value recorded in earnings365 1,825 762 448 
Effect of currency translation481 (202)89 (123)
End of period$14,653 $18,242 $14,653 $18,242 
The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the six months ended June 30, 2023 by acquisition (in thousands):
Balance as of December 31, 2022Changes in Fair Value Recorded in EarningsAmounts Settled and OtherBalance as of June 30, 2023
Auxilium acquisition$10,618 $389 $(812)$10,195 
Lehigh Valley Technologies, Inc. acquisitions2,300 (14)(686)1,600 
Other3,653 387 (1,182)2,858 
Total$16,571 $762 $(2,680)$14,653