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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Our financial assets and (liabilities) carried at fair value and measured on a recurring basis as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using
​ | ​ | Total Fair | ​ | Quoted prices in | ​ | Significant other | ​ | Significant
​ | ​ | Value at | ​ | active markets | ​ | observable inputs | ​ | unobservable inputs
​ |  | September 30, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Marketable securities (1) | ​ | $ | 78 | ​ | $ | 78 | ​ | $ | — | ​ | $ | —
Foreign currency contract assets, current and long-term (3) | ​ | $ | 1,434 | ​ | $ | — | ​ | $ | 1,434 | ​ | $ | —
Foreign currency contract liabilities, current and long-term (4) | ​ | $ | (5,806) | ​ | $ | — | ​ | $ | (5,806) | ​ | $ | —
Contingent consideration liabilities | ​ | $ | (3,419) | ​ | $ | — | ​ | $ | — | ​ | $ | (3,419)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using
​ | ​ | Total Fair | ​ | Quoted prices in | ​ | Significant other | ​ | Significant
​ | ​ | Value at | ​ | active markets | ​ | observable inputs | ​ | unobservable inputs
​ |  | December 31, 2023 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Marketable securities (1) | ​ | $ | 78 | ​ | $ | 78 | ​ | $ | — | ​ | ​ | —
Interest rate contract asset, current (2) | ​ | $ | 1,503 | ​ | $ | — | ​ | $ | 1,503 | ​ | $ | —
Foreign currency contract assets, current and long-term (3) | ​ | $ | 3,105 | ​ | $ | — | ​ | $ | 3,105 | ​ | $ | —
Foreign currency contract liabilities, current and long-term (4) | ​ | $ | (3,860) | ​ | $ | — | ​ | $ | (3,860) | ​ | $ | —
Contingent consideration liabilities | ​ | $ | (3,447) | ​ | $ | — | ​ | $ | — | ​ | $ | (3,447)
​
(1) | Our marketable securities, which consist entirely of available-for-sale equity securities, are valued using market prices in active markets. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets.
(2) | The fair value of the interest rate contract is determined using Level 2 fair value inputs and is recorded as prepaid and other current assets in the consolidated balance sheets.
(3) | The fair value of the foreign currency contract assets (including those designated as hedging instruments and those not designated as hedging instruments) is determined using Level 2 fair value inputs and is recorded as a prepaid expense and other current asset or other long-term asset in the consolidated balance sheets.
(4) | The fair value of the foreign currency contract liabilities (including those designated as hedging instruments and those not designated as hedging instruments) is determined using Level 2 fair value inputs and is recorded as accrued expense or other long-term obligation in the consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in the fair value of our contingent consideration liabilities during the three and nine-month periods ended September 30, 2024 and 2023 consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ |  | September 30, |  | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | ​ | $ | 3,435 | ​ | $ | 3,581 | ​ | $ | 3,447 | ​ | $ | 18,073
Contingent consideration expense | ​ |  | 103 | ​ |  | 563 | ​ |  | 292 | ​ |  | 2,177
Contingent payments made | ​ |  | (119) | ​ |  | (122) | ​ |  | (320) | ​ |  | (16,228)
Ending balance | ​ | $ | 3,419 | ​ | $ | 4,022 | ​ | $ | 3,419 | ​ | $ | 4,022
Fair Value Inputs, Liabilities, Quantitative Information | The recurring Level 3 measurement of our contingent consideration liabilities included the following significant unobservable inputs at September 30, 2024 and December 31, 2023 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value at | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | September 30, | ​ | Valuation | ​ | ​ | ​ | ​ | ​ | Weighted
Contingent consideration liability |  | 2024 |  | technique |  | Unobservable inputs |  | Range | ​ | Average(1)
Revenue-based royalty payments contingent liability | ​ | $ | 2,897 |  | Discounted cash flow |  | Discount rate | ​ | 11% - 15% | ​ | 14.4%
​ | ​ |  |  |  | ​ |  | Projected year of payments | ​ | 2024-2034 | ​ | 2028
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue milestones contingent liability | ​ | $ | 98 |  | Monte Carlo simulation |  | Discount rate | ​ | 12.0% | ​ | ​
​ | ​ |  |  |  | ​ |  | Projected year of payments | ​ | 2024-2040 | ​ | 2040
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Regulatory approval contingent liability | ​ | $ | 424 | ​ | Scenario-based method | ​ | Discount rate | ​ | 5.4% | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of milestone payment | ​ | 50.0% | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Projected year of payment | ​ | 2024-2030 | ​ | 2030
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value at | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | December 31, | ​ | Valuation | ​ | ​ | ​ | ​ | ​ | Weighted
Contingent consideration liability |  | 2023 |  | technique |  | Unobservable inputs |  | Range | ​ | Average(1)
Revenue-based royalty payments contingent liability | ​ | $ | 2,945 |  | Discounted cash flow |  | Discount rate | ​ | 12.0% - 16.0% | ​ | 14.6%
​ | ​ |  |  |  | ​ |  | Projected year of payments | ​ | 2024-2034 | ​ | 2028
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue milestones contingent liability | ​ | $ | 93 |  | Monte Carlo simulation |  | Discount rate | ​ | 13.0% | ​ | ​
​ | ​ |  |  |  | ​ |  | Projected year of payments | ​ | 2024-2039 | ​ | 2039
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Regulatory approval contingent liability | ​ | $ | 409 | ​ | Scenario-based method | ​ | Discount rate | ​ | 5.5% | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of milestone payment | ​ | 50.0% | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Projected year of payment | ​ | 2024-2030 | ​ | 2030
(1) | Unobservable inputs were weighted by the relative fair value of the instruments. No weighted average is reported for contingent consideration liabilities without a range of unobservable inputs.
Schedule of Rollforward of Allowance for Credit Losses | The table below presents a roll-forward of the allowance for current expected credit losses on our notes receivable for the three and nine-month periods ended September 30, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Beginning balance | ​ | $ | 1,406 | ​ | $ | 296 | ​ | $ | 568 | ​ | $ | 281
Provision for credit loss expense | ​ | ​ | 189 | ​ | ​ | 32 | ​ | ​ | 1,027 | ​ | ​ | 47
Ending balance | ​ | $ | 1,595 | ​ | $ | 328 | ​ | $ | 1,595 | ​ | $ | 328
​

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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