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Business, basis of presentation, COVID-19 update, and CARES Act | 12 Months Ended
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Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements And Unusual Or Infrequent Items Disclosure [Abstract] |
Business, basis of presentation, COVID-19 update, and CARES Act |
1. | Business, basis of presentation, COVID-19 update, and CARES Act
Description of the Business Orthofix Medical Inc. and its subsidiaries (the “Company”) is a global medical device company with a spine and orthopedics focus. The Company’s mission is to deliver innovative, quality-driven solutions while partnering with health care professionals to improve patient mobility. Headquartered in Lewisville, Texas, the Company’s spine and orthopedic products are distributed in over 60 countries via the Company's sales representatives and distributors. Basis of Presentation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Information on our accounting policies and methods used in the preparation of our consolidated financial statements are included, where applicable, in the respective footnotes that follow.
Footnote |  | Footnote Reference
Business, basis of presentation, COVID-19 update, and CARES Act |  | 1
Significant accounting policies |  | 2
Recently adopted accounting standards and recently issued accounting pronouncements |  | 3
Acquisitions |  | 4
Inventories |  | 5
Property, plant, and equipment |  | 6
Intangible assets |  | 7
Goodwill |  | 8
Leases |  | 9
Other current liabilities |  | 10
Long-term debt |  | 11
Fair value measurements and investments |  | 12
Commitments and contingencies |  | 13
Shareholders' equity |  | 14
Revenue recognition and accounts receivable |  | 15
Business segment information |  | 16
Acquisition-related amortization and remeasurement |  | 17
Share-based compensation |  | 18
Defined contribution plans and deferred compensation |  | 19
Income taxes |  | 20
Earnings per share |  | 21
COVID-19 and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) The global Coronavirus Disease 2019 ("COVID-19") pandemic has significantly affected the Company’s hospitals and physician customers, patients, communities, employees, and business operations. At various points in time, the pandemic has led to the cancellation or deferral of elective surgeries and procedures within certain hospitals, ambulatory surgery centers, and other medical facilities; restrictions on travel; the implementation of physical distancing measures; and the temporary or permanent closure of certain businesses. The Company's consolidated financial statements reflect estimates and assumptions made by management as of December 31, 2021. At this time, the future trajectory and duration of the COVID-19 pandemic remains uncertain, both in the U.S. and in other markets. These matters are also described in Part I, Item 1A of this Form 10-K under the heading Risk Factors. In March 2020, the CARES Act entered into federal law, which was aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and to provide general support to the U.S. economy. The CARES Act, among other things, included provisions relating to the deferment of employer side social security payments and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act had no impact to the Company’s income tax expense/benefit reported within the consolidated statements of operations for each of the years ended December 31, 2021 and 2020. The CARES Act also provided financial relief to the Company through other various programs, each of which are described in further detail below. In April 2020, the Company received $13.9 million in funds from the Centers for Medicare & Medicaid Services (“CMS”) Accelerated and Advance Payment Program. For discussion of the Company’s accounting for these funds, see Note 15. In April 2020, the Company also automatically received $4.7 million in funds from the U.S. Department of Health and Human Services as part of the Provider Relief Fund. The Company recognized this in-substance grant within other income for the year ended December 31, 2020. In addition, as part of the CARES Act, the Company was permitted to defer all employer social security payroll tax payments for the remainder of the 2020 calendar year subsequent to the CARES Act being signed into federal law, such that 50% of the taxes could be deferred until December 31, 2021, with the remaining 50% deferred until December 31, 2022. As of December 31, 2020, the Company had deferred $0.6 million associated with this program, all of which was classified within other current liabilities. This deferred balance was then voluntarily repaid, in full, in the first quarter of 2021. Consolidated Appropriations Act of 2021 (the “Consolidated Appropriations Act”) On December 27, 2020, the Consolidated Appropriations Act entered into federal law. The Consolidated Appropriations Act did not have a material impact to the Company’s income tax provision for the year ended December 31, 2021. American Rescue Plan Act of 2021 (“the American Rescue Plan”) On March 11, 2021, the American Rescue Plan entered into federal law. The American Rescue Plan, among other things, included provisions related to the deduction of executive compensation beginning in 2027. The American Rescue Plan had no impact to the Company’s condensed consolidated financial statement for the year ended December 31, 2021.

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