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Fair Value Measures and Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide a reconciliation of the Level 3 earn-out liabilities measured at estimated fair value (in thousands):
|  | Earn-out Liability
Accrued balance, January 1, 2024 |  | $ | 5,491 |
Change in fair value of earn-out (included in income from operations as a separate line item)(1) |  | 295 |
Accrued balance, March 31, 2024 |  | 5,786 |
Change in fair value of earn-out (included in income from operations as a separate line item)(1) |  | (339) |
Accrued balance, June 30, 2024 |  | $ | 5,447 |
|  | Earn-out Liability
Accrued balance, January 1, 2023 |  | $ | 25,572 |
Change in fair value of earn-out (included in income from operations as a separate line item)(1) |  | (700) |
Currency translation |  | 33 |
Accrued balance, March 31, 2023 |  | 24,905 |
Change in fair value of earn-out (included in income from operations as a separate line item)(1) |  | 4,016 |
Other |  | 11 |
Currency translation |  | 1 |
Accrued balance, June 30, 2023 |  | $ | 28,933 |
_______________________________ (1) Re lates to the change in fair value of our Smiths Medical earn-out.
Fair Value Measurement Inputs and Valuation Techniques | The following tables provide quantitative information about Level 3 inputs for fair value measurement of our earn-out liabilities related to Smiths Medical: Smiths Medical Earn-out Liability
Simulation Input |  |  |  | As of June 30, 2024 |  | As of December 31, 2023
Volatility |  |  |  | 45.00 | % |  | 47.00 | %
Risk-Free Rate |  |  |  | 4.83 | % |  | 4.18 | %
Fair Value, by Balance Sheet Grouping | Our assets and liabilities measured at fair value on a recurring basis consisted of the following Level 1, 2 and 3 inputs as defined above (in thousands):
| Fair value measurements as of June 30, 2024
| Total carrying value |  | Quoted prices in active markets for identical assets (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3)
Assets: |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 3,623 |  |  | $ | — |  |  | $ | 3,623 |  |  | $ | — |
Other assets | 99 |  |  | — |  |  | 99 |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |
Prepaid expenses and other current assets | 21,006 |  |  | — |  |  | 21,006 |  |  | — |
Other assets | 9,584 |  |  | — |  |  | 9,584 |  |  | — |
Total Assets | $ | 34,312 |  |  | $ | — |  |  | $ | 34,312 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent earn-out liability - ST | $ | 1,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,500 |
Contingent earn-out liability - LT | 3,947 |  |  | — |  |  | — |  |  | $ | 3,947 |
Foreign exchange contracts: |  |  |  |  |  |  |
Accrued liabilities | 1,473 |  |  | — |  |  | 1,473 |  |  | — |
Other long-term liabilities | 314 |  |  | — |  |  | 314 |  |  | — |
Total Liabilities | $ | 7,234 |  |  | $ | — |  |  | $ | 1,787 |  |  | $ | 5,447 |
| Fair value measurements as of December 31, 2023
| Total carrying value |  | Quoted prices in active markets for identical assets (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3)
Assets: |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
Short-term corporate bonds | $ | 501 |  |  | $ | — |  |  | $ | 501 |  |  | $ | — |
Foreign exchange forwards: |  |  |  |  |  |  |
Prepaid expenses and other current assets | 6,785 |  |  | — |  |  | 6,785 |  |  | — |
Other assets | 673 |  |  | — |  |  | 673 |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |
Prepaid expenses and other current assets | 23,065 |  |  | — |  |  | 23,065 |  |  | — |
Other assets | 4,876 |  |  | — |  |  | 4,876 |  |  | — |
Total Assets | $ | 35,900 |  |  | $ | — |  |  | $ | 35,900 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent earn-out liability - ST | $ | 4,879 |  |  | $ | — |  |  | $ | 3,379 |  |  | $ | 1,500 |
Contingent earn-out liability - LT | 3,991 |  |  | — |  |  | — |  |  | 3,991 |
Foreign exchange contracts: |  |  |  |  |  |  |
Accrued liabilities | 2,590 |  |  | — |  |  | 2,590 |  | — |
Other long-term liabilities | 240 |  |  | — |  |  | 240 |  | — |
Total Liabilities | $ | 11,700 |  |  | $ | — |  |  | $ | 6,209 |  |  | $ | 5,491 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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