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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements on a Recurring Basis

The following table provides information by level for assets and liabilities that are measured at fair value on a recurring basis (in thousands):

		Fair Value as of June 30, 2018				Fair Value Measurements Using Inputs Considered as:
						Level 1				Level 2				Level 3
Liabilities:
Derivative liabilities - designated as cash flow hedges (foreign currency exchange rate "FX")		$	1,209			$	—			$	1,209			$	—
Derivative liabilities - designated as cash flow hedges (interest rate swaps)		1,221				—				1,221				—
Derivative liabilities - freestanding instruments (FX)		827				—				827				—
Contingent consideration (1)		181,133				—				—				181,133
		$	184,390			$	—			$	3,257			$	181,133

		Fair Value as of December 31, 2017				Fair Value Measurements Using Inputs Considered as:
						Level 1				Level 2				Level 3
Assets:
Derivative assets - freestanding instruments (FX)		$	519			$	—			$	519			$	—
		$	519			$	—			$	519			$	—
Liabilities:
Derivative liabilities - designated as cash flow hedges (FX)		$	460			$	—			$	460			$	—
Derivative liabilities - designated as cash flow hedges (interest rate swaps)		1,585				—				1,585				—
Contingent consideration (1)		33,973				—				—				33,973
		$	36,018			$	—			$	2,045			$	33,973

(1) The contingent consideration liability represents contingent payments related to five completed acquisitions: Cellplex PTY Ltd., Inversiones Drilltex SAS, Caisson, ImThera and TandemLife.

Reconciliation of Beginning and Ending Balances of Contingent Consideration

The following table provides a reconciliation of the beginning and ending balance of the contingent consideration liability (in thousands):

Total contingent consideration liability at December 31, 2017		$	33,973
Purchase price - ImThera contingent consideration		112,744
Purchase price - TandemLife contingent consideration		40,190
Payments		(196		)
Changes in fair value (1)		(5,546		)
Effect of changes in foreign currency exchange rates		(32		)
Total contingent consideration liability at June 30, 2018		181,133
Less current portion of contingent consideration liability at June 30, 2018		2,684
Long-term portion of contingent consideration liability at June 30, 2018		$	178,449

(1) Includes a decrease of $6.1 million due to the delay in the timing of anticipated regulatory approval for ImThera. See “Note 3. Business Combinations” for additional discussion.

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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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

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