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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amount and Fair Value of the Long-Term Debt | At June 30, 2023, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):
|  | Carrying Value |  | Fair Value Measurements Using
|  |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis: |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |
Equity investments |  | $ | 15,877 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,877 |
Convertible notes receivable |  | $ | 12,062 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,062 |
Financial Liabilities: |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  | $ | 21,482 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,482 |
Financial Liabilities Measured at Amortized Cost: |  |  |  |  |  |  |  |
Term loan A facility due March 2028 |  | $ | 145,686 |  |  | $ | — |  |  | $ | 146,452 |  |  | $ | — |
0.750% convertible senior notes due 2025 (1) |  | $ | 397,360 |  |  | $ | — |  |  | $ | 372,566 |  |  | $ | — |
3.375% convertible senior notes due 2024 |  | $ | 8,641 |  |  | $ | — |  |  | $ | 8,641 |  |  | $ | — |
(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $40.07 per share at June 30, 2023 compared to a conversion price of $71.78 per share. At June 30, 2023, as the conversion price was above the stock price, the requirements for conversion have not been met. The maximum conversion premium that could have been due on the 2025 Notes is 5.6 million shares of the Company’s common stock, which assumes no increase in the conversion rate for certain corporate events.
Schedule of Investments without Readily Determinable Fair Value | The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):
|  | Equity Investments |  | Convertible Notes Receivable |  | Total
Balance at December 31, 2021 |  | $ | 14,127 |  |  | $ | 4,132 |  |  | $ | 18,259 |
Purchases |  | 11,750 |  |  | 1,250 |  |  | 13,000 |
Impairment |  | (10,000) |  |  | — |  |  | (10,000) |
Foreign currency adjustments |  | — |  |  | (67) |  |  | (67) |
Balance at December 31, 2022 |  | 15,877 |  |  | 5,315 |  |  | 21,192 |
Purchases |  | — |  |  | 6,758 |  |  | 6,758 |
Foreign currency adjustments |  | — |  |  | (11) |  |  | (11) |
Balance at June 30, 2023 |  | $ | 15,877 |  |  | $ | 12,062 |  |  | $ | 27,939 |
Schedule of Key Assumptions used in the Valuation of Contingent Consideration | The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:
Assumption |  | Flexion Ranges Utilized as of June 30, 2023
Discount rates |  | 9.4% to 11.0%
Probabilities of payment for regulatory milestones |  | 0% to 12.5%
Projected years of payment for regulatory and commercial milestones |  | 2030
Schedule of Change in Contingent Consideration Recorded at Fair Value using Level 3 Measurements | The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):
|  | Contingent Consideration Fair Value
Balance at December 31, 2021 |  | $ | 57,598 |
Fair value adjustments and accretion |  | (29,476) |
Balance at December 31, 2022 |  | 28,122 |
Fair value adjustments and accretion |  | (6,640) |
Balance at June 30, 2023 |  | $ | 21,482 |
Schedule of Short-Term Investments | The following summarizes the Company’s short-term and noncurrent available-for-sale investments at June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023 Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value (Level 2)
Current: |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 5,972 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 5,956 |
Commercial paper |  | 49,007 |  |  | — |  |  | (99) |  |  | 48,908 |
U.S. federal agency bonds |  | 64,789 |  |  | — |  |  | (314) |  |  | 64,475 |
U.S. government bonds |  | 14,697 |  |  | — |  |  | (80) |  |  | 14,617 |
Total |  | $ | 134,465 |  |  | $ | — |  |  | $ | (509) |  |  | $ | 133,956 |
December 31, 2022 Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value (Level 2)
Current: |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 6,836 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 6,833 |
Commercial paper |  | 134,423 |  |  | 23 |  |  | (386) |  |  | 134,060 |
U.S. federal agency bonds |  | 41,971 |  |  | — |  |  | (337) |  |  | 41,634 |
U.S. government bonds |  | 2,003 |  |  | — |  |  | (18) |  |  | 1,985 |
Subtotal |  | $ | 185,233 |  |  | $ | 23 |  |  | $ | (744) |  |  | $ | 184,512 |
Noncurrent: |  |  |  |  |  |  |  |
U.S. federal agency bonds |  | 22,783 |  |  | 2 |  |  | (66) |  |  | 22,719 |
U.S. government bonds |  | 14,499 |  |  | — |  |  | (9) |  |  | 14,490 |
Subtotal |  | 37,282 |  |  | 2 |  |  | (75) |  |  | 37,209 |
Total |  | $ | 222,515 |  |  | $ | 25 |  |  | $ | (819) |  |  | $ | 221,721 |

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