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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Details of Income (Loss), Asset and Liabilities, Significant Non-Cash Operating Activities and Capital Expenditures from Discontinued Operations | Details of Income (loss) from discontinued operations included in our consolidated statements of operations are as follows (in thousands):
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net Sales |  |  |  |  |  |  |  |  |
Third party, net |  | $ | 132,785 |  |  | $ | 409,181 |  |  | $ | 449,806 |
Related party, net |  |  | — |  |  |  | 103 |  |  |  | 764 |
Total Net Sales |  |  | 132,785 |  |  |  | 409,284 |  |  |  | 450,570 |
Cost of products sold, excluding intangible asset amortization |  |  | (47,947 | ) |  |  | (113,867 | ) |  |  | (130,719 | )
Related party cost of products sold, excluding intangible asset amortization |  |  | — |  |  |  | (97 | ) |  |  | (721 | )
Intangible asset amortization |  |  | — |  |  |  | (52,840 | ) |  |  | (53,885 | )
Research and development |  |  | (7,562 | ) |  |  | (26,559 | ) |  |  | (31,544 | )
Selling, general and administrative |  |  | (75,403 | ) |  |  | (247,926 | ) |  |  | (270,812 | )
Restructuring and other cost reduction initiatives |  |  | (1,660 | ) |  |  | (13,068 | ) |  |  | (8,795 | )
Acquisition, integration, divestiture and related |  |  | (11,770 | ) |  |  | (175 | ) |  |  | (2,850 | )
Other (expense) income, net |  |  | (384 | ) |  |  | (457 | ) |  |  | 746 |
Interest expense, net(1) |  |  | (6,259 | ) |  |  | (16,422 | ) |  |  | (7,409 | )
Loss from discontinued operations before income taxes |  |  | (18,200 | ) |  |  | (62,127 | ) |  |  | (55,419 | )
Adjustment of spine disposal group to fair value(2) |  |  | 11,143 |  |  |  | (289,456 | ) |  |  | — |
Gain on sale of spine disposal group |  |  | 11,079 |  |  |  | — |  |  |  | — |
Benefit for income taxes from discontinued operations |  |  | 3,983 |  |  |  | 14,350 |  |  |  | 38,442 |
Income (Loss) from discontinued operations, net of tax |  | $ | 8,005 |  |  | $ | (337,233 | ) |  | $ | (16,977 | )
(1) A portion of the interest on our Term Loan (as defined and described in Note 9) was allocated to discontinued operations consistent with the amount of proceeds used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 9). (2) We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets, resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, immediately prior to the sale, which resulted in a reduction of the December 2023 write-down of $11.1 million. Details of assets and liabilities of discontinued operations are as follows (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Cash and cash equivalents |  | $ | 1,598 |  |  | $ | 16,257 |
Accounts receivable, less allowance for credit losses |  |  | 7,681 |  |  |  | 83,871 |
Inventories |  |  | 9,416 |  |  |  | 130,430 |
Prepaid expenses and other current assets |  |  | 92 |  |  |  | 12,215 |
Total Current Assets of Discontinued Operations |  |  | 18,787 |  |  |  | 242,773 |
Property, plant and equipment, net |  |  | 6,833 |  |  |  | 62,692 |
Intangible assets, net |  |  | — |  |  |  | 477,110 |
Other assets |  |  | 695 |  |  |  | 14,743 |
Total Noncurrent Assets of Discontinued Operations |  |  | 7,528 |  |  |  | 554,545 |
Accounts payable |  | $ | 4,879 |  |  | $ | 24,186 |
Income taxes payable |  |  | 30 |  |  |  | 410 |
Other current liabilities (1) |  |  | 29,909 |  |  |  | 51,262 |
Total Current Liabilities of Discontinued Operations |  |  | 34,818 |  |  |  | 75,858 |
Deferred income taxes |  |  | — |  |  |  | 86,037 |
Lease liability |  |  | 22 |  |  |  | 8,032 |
Other long-term liabilities |  |  | 100 |  |  |  | 972 |
Total Noncurrent Liabilities of Discontinued Operations |  | $ | 122 |  |  | $ | 95,041 |
Adjustment of spine disposal group to fair value (2) |  |  | — |  |  |  | (289,456 | )
(1) Includes our non-cash liability of $27.9 million as of December 31, 2024 to transfer the net assets of the remaining Deferred Transfer Locations to the Buyer. (2) This adjustment is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets. Cash flows attributable to discontinued operations are included on our consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in thousands):
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Depreciation and amortization |  | $ | 25 |  |  | $ | 87,179 |  |  | $ | 85,591 |
Share-based compensation |  |  | 712 |  |  |  | 3,545 |  |  |  | 4,467 |
Other non-cash items |  |  | 1,960 |  |  |  | — |  |  |  | — |
(Gain) loss on sale of spine disposal group |  |  | (22,222 | ) |  |  | 289,456 |  |  |  | — |
Additions to instruments |  |  | 1,330 |  |  |  | 5,978 |  |  |  | 10,089 |
Additions to other property, plant & equipment |  |  | 88 |  |  |  | 899 |  |  |  | 1,984 |

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