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Three Months Ended

Weighted average grant date fair value per share

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	GLOBUS MEDICAL, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		97,353,730
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $.001 per share
Trading Symbol	GMED
Security Exchange Name	NYSE
Entity File Number	001-35621
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3744954
Entity Address, Address Line One	2560 General Armistead Avenue
Entity Address, City or Town	Audubon
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19403
City Area Code	610
Local Phone Number	930-1800
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001237831
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash, cash equivalents, and restricted cash	$ 166,742	$ 195,724
Short-term marketable securities	110,211	115,763
Accounts receivable, net of allowances of $6,760 and $5,599, respectively	138,602	154,326
Inventories	208,451	196,314
Prepaid expenses and other current assets	17,713	17,243
Income taxes receivable	81	8,098
Total current assets	641,800	687,468
Property and equipment, net of accumulated depreciation of $249,691 and $243,732, respectively	212,605	199,841
Long-term marketable securities	380,061	409,514
Intangible assets, net	88,691	78,812
Goodwill	128,952	128,775
Other assets	20,568	21,741
Deferred income taxes	6,688	5,926
Total assets	1,479,365	1,532,077
Current liabilities
Account payable	24,227	24,614
Accrued expenses	60,052	63,283
Income taxes payable	898	1,057
Business acquisition liabilities	6,333	6,727
Deferred revenue	6,452	5,402
Payable to broker		10,320
Total current liabilities	97,962	111,403
Business acquisition liabilities, net of current portion	3,156	2,822
Deferred income taxes	5,860	6,023
Other liabilities	9,021	9,377
Total liabilities	115,999	129,625
Commitments and contingencies (Note 12)
Equity:
Additional paid-in capital	369,984	357,320
Accumulated other comprehensive loss	(6,266)	(2,898)
Retained earnings	999,550	1,047,931
Total equity	1,363,366	1,402,452
Total liabilities and equity	1,479,365	1,532,077
Common Class A
Equity:
Common stock	76	77
Common Class B
Equity:
Common stock	$ 22	$ 22

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Accounts receivable, allowances	$ 6,760	$ 5,599
Property and equipment
Accumulated depreciation	$ 249,691	$ 243,732
Equity:
Common stock, shares authorized	775,000,000
Common stock, shares issued	98,094,249	99,825,080
Common stock, shares outstanding	98,094,249	99,825,080
Common Class A
Equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	75,664,152	77,394,983
Common stock, shares outstanding	75,664,152	77,394,983
Common Class B
Equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	275,000,000	275,000,000
Common stock, shares issued	22,430,097	22,430,097
Common stock, shares outstanding	22,430,097	22,430,097

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Income [Abstract]
Sales	$ 190,577	$ 182,947
Cost of goods sold	48,864	41,838
Gross profit	141,713	141,109
Operating expenses
Research and development	15,402	14,324
Selling, general and administrative	93,539	85,784
Amortization of intangibles	3,776	3,343
Acquisition related costs	548	579
Total operating expenses	113,265	104,030
Operating income	28,448	37,079
Interest income/(expense), net	4,324	4,159
Foreign currency transaction gain/(loss)	(468)	189
Other income/(expense)	194	224
Total other income/(expense), net	4,050	4,572
Income before income taxes	32,498	41,651
Income tax provision	6,549	8,441
Net income	$ 25,949	$ 33,210
Earnings per share
Basic	$ 0.26	$ 0.34
Diluted	$ 0.25	$ 0.33
Weighted average shares outstanding
Basic	99,635	98,727
Dilutive stock options	2,511	2,640
Diluted	102,146	101,367
Anti-dilutive stock options excluded from weighted average calculation	6,637	4,687

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 25,949	$ 33,210
Other comprehensive income/(loss)
Unrealized gain/(loss) on marketable securities, net of tax	(3,842)	1,799
Foreign currency translation gain/(loss)	474	(107)
Total other comprehensive income/(loss)	(3,368)	1,692
Comprehensive income	$ 22,581	$ 34,902

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Total
Shares, Outstanding, Beginning Balance at Dec. 31, 2018	76,144	22,431
Total equity, beginning of period at Dec. 31, 2018	$ 76	$ 22	$ 299,869	$ (7,172)	$ 892,721	$ 1,185,516
Stock-based compensation			6,541			6,541
Exercise of stock options (shares)	407
Exercise of stock options	$ 1		10,255		(1)	10,255
Comprehensive Income (Loss)				1,692	33,210	34,902
Total equity, end of period at Mar. 31, 2019	$ 77	$ 22	316,665	(5,480)	925,930	1,237,214
Shares, Outstanding, Ending Balance at Mar. 31, 2019	76,551	22,431
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	77,394	22,431
Total equity, beginning of period at Dec. 31, 2019	$ 77	$ 22	357,320	(2,898)	1,047,931	1,402,452
Cumulative effect of adoption of accounting standards					(468)	(468)
Stock-based compensation			6,902			$ 6,902
Exercise of stock options (shares)	190					190
Exercise of stock options	$ 1		5,762			$ 5,763
Comprehensive Income (Loss)				(3,368)	25,949	22,581
Repurchase and retirement of common stock (shares)	(1,920)
Repurchase and retirement of common stock	$ (2)				(73,862)	(73,864)
Total equity, end of period at Mar. 31, 2020	$ 76	$ 22	$ 369,984	$ (6,266)	$ 999,550	$ 1,363,366
Shares, Outstanding, Ending Balance at Mar. 31, 2020	75,664	22,431

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 25,949	$ 33,210
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	14,568	12,254
Amortization of premium (discount) on marketable securities	20	(396)
Write-down for excess and obsolete inventories	679	2,167
Stock-based compensation expense	6,807	6,448
Allowance for doubtful accounts	756	33
Change in fair value of business acquisition liabilities	506	579
Change in deferred income taxes	(2,895)	1,059
(Gain)/loss on disposal of assets, net	207	94
(Increase)/decrease in:
Accounts receivable	14,131	(2,533)
Inventories	(12,108)	(13,844)
Prepaid expenses and other assets	(205)	848
Increase/(decrease) in:
Accounts payable	(283)	2,827
Accrued expenses and other liabilities	(13,702)	(9,984)
Income taxes payable/receivable	7,863	6,441
Net cash provided by operating activities	42,293	39,203
Cash flows from investing activities:
Purchases of marketable securities	(57,418)	(127,911)
Maturities of marketable securities	71,766	90,454
Sales of marketable securities	5,374	11,773
Purchases of property and equipment	(22,314)	(28,155)
Net cash used in investing activities	(2,592)	(53,839)
Cash flows from financing activities:
Payment of business acquisition liabilities	(566)	(5,350)
Proceeds from exercise of stock options	5,763	10,255
Payments for Repurchase of Common Stock	(73,864)
Net cash provided by financing activities	(68,667)	4,905
Effect of foreign exchange rate on cash	(16)	(40)
Net increase in cash, cash equivalents, and restricted cash	(28,982)	(9,771)
Cash, cash equivalents, and restricted cash at beginning of period	195,474	139,647
Cash, cash equivalents, and restricted cash at end of period	166,742	129,976
Supplemental disclosures of cash flow information:
Interest paid	1	2
Income taxes paid	$ 1,791	$ 1,450

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2019

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Background and Summary of Significant Accounting Policies

NOTE 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) The Company

Globus Medical, Inc., together with its subsidiaries, is a medical device company that develops and commercializes healthcare solutions whose mission is to improve the quality of life of patients with musculoskeletal disorders. We are primarily focused on implants that promote healing in patients with musculoskeletal disorders, including the use of a robotic guidance and navigation system and products to treat patients who have experienced orthopedic traumas.

We are an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to assist surgeons in effectively treating their patients and address new treatment options. With over 200 products on the market, we offer a comprehensive portfolio of innovative and differentiated technologies that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

We are headquartered in Audubon, Pennsylvania, and market and sell our products through our exclusive sales force in the United States, as well as within North, Central & South America, Europe, Asia, Africa and Australia. The sales force consists of direct sales representatives and distributor sales representatives employed by exclusive independent distributors.

The terms the “Company,” “Globus,” “we,” “us” and “our” refer to Globus Medical, Inc. and, where applicable, our consolidated subsidiaries.

(b) COVID-19 Pandemic Impact

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus ("COVID-19") a global pandemic and recommended containment and mitigation measures worldwide. The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during March, as federal, state and local governments react to the public health crisis, creating significant uncertainties in the economy. While emergency and time sensitive surgical procedures continue, as of the date of this filing, the Company has been impacted by temporary postponement of elective surgeries in hospitals and surgical facilities worldwide.

The Company cannot reasonably estimate the length or severity of this pandemic, however, as a result of these developments the Company expects a material adverse impact on its sales, results of operations, and cash flows in the remainder of fiscal 2020.

In response to these developments, the Company will continue to monitor liquidity and cash flow and has the ability to borrow from our credit facility, if needed, which the company does not expect at this point due to the Company’s strong cash holdings.

The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2019.

In the opinion of management, the statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results for the three month periods presented. The results of operations for any interim period are not indicative of results for the full year.

(d) Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Globus and its wholly-owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

(e) Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and

liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates, in part, on historical experience that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary.

Significant areas that require management’s estimates include intangible assets, business acquisition liabilities, stock-based compensation, write-down for excess and obsolete inventory, useful lives of assets, the outcome of litigation, recoverability of intangible assets and income taxes. We are subject to risks and uncertainties due to changes in the healthcare environment, regulatory oversight, competition, and legislation that may cause actual results to differ from estimated results.

(f) Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows:



	March 31,		December 31,		March 31,		December 31,
(In thousands)	2020		2019		2019		2018
Cash and cash equivalents	$	166,742	$	195,474	$	129,976	$	139,647
Restricted cash		—		250		—		100
Total cash, cash equivalents, and restricted cash as presented in the condensed consolidated statement of cash flows	$	166,742	$	195,724	$	129,976	$	139,747

(g) Marketable Securities

Our marketable securities include municipal bonds, corporate debt securities, commercial paper, securities of government, federal agency, and other sovereign obligations, and asset-backed securities, and are classified as available-for-sale as of March 31, 2020 and December 31, 2019. Available-for-sale securities are recorded at fair value in both short-term and long-term marketable securities on our condensed consolidated balance sheets. The change in fair value for available-for-sale securities, that do not result in recognition or reversal of an allowance for credit loss or write-down, is recorded, net of taxes, as a component of accumulated other comprehensive income or loss on our condensed consolidated balance sheets. Premiums and discounts are recognized over the life of the related security as an adjustment to yield using the straight-line method. Realized gains or losses from the sale of our marketable securities are determined on a specific identification basis. Realized gains and losses, along with interest income and the amortization/accretion of premiums/discounts are included as a component of other income/(expense), on our condensed consolidated statements of income. Interest receivable is recorded as a component of prepaid expenses and other current assets on our condensed consolidated balance sheets.

We maintain a portfolio of various holdings, types and maturities, though most of the securities in our portfolio could be liquidated at minimal cost at any time. We invest in securities that meet or exceed standards as defined in our investment policy. Our policy also limits the amount of credit exposure to any one issue, issuer or type of security. We review our securities for other-than-temporary impairment at each reporting period. If an unrealized loss for any security is expected, the loss will be recognized on an allowance basis, consistent with ASC 326-30, in our condensed consolidated statement of income in the period the determination is made.

(h) Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. The majority of our inventories are finished goods and we utilize both in-house manufacturing and third-party suppliers to source our products. We periodically evaluate the carrying value of our inventories in relation to our estimated forecast of product demand, which takes into consideration the estimated life cycle of product releases. When quantities on hand exceed estimated sales forecasts, we record a write-down for such excess inventories. Once inventory has been written down, it creates a new cost basis for inventory that is not subsequently written up.

During the three months ended March 31, 2020 and 2019, net adjustments to cost of sales related to excess and obsolete inventory were $0.7 million and $2.2 million, respectively. The net adjustments for the three months ended March 31, 2020 and 2019 reflect a combination of additional expense for excess and obsolete related provisions ($2.4 million and $2.7 million, respectively) offset by sales and disposals ($1.7 million and $0.5 million, respectively) of inventory for which an excess and obsolete provision was provided previously through expense recognized in prior periods.

(i) Property and Equipment

Purchases of property and equipment included in accounts payable and accrued expenses were $5.3 million and $3.6 million during the three months ended March 31, 2020 and 2019, respectively.

(j) Revenue Recognition

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. For purposes of disclosing disaggregated revenue, we disaggregate our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies, based on the timing of revenue recognition. Our Musculoskeletal Solutions products consist primarily of the implantable devices, disposables, and unique instruments used in an expansive range of spine, orthopedic trauma, hip, knee and extremity procedures. The majority of our Musculoskeletal Solutions contracts have a single performance obligation and revenue is recognized at a point in time. Our Enabling Technologies products are the advanced hardware and software systems and related technologies that are designed to enhance a surgeon’s capabilities and streamline surgical procedures by making them less invasive, more accurate, and more reproducible to improve patient care. The majority of our Enabling Technologies product contracts typically contain multiple performance obligations, including maintenance and support, and revenue is recognized as we fulfill each performance obligation. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. Our policy is to classify shipping and handling costs billed to customers as sales and the related expenses as cost of goods sold.

Nature of Products and Services

A significant portion of our Musculoskeletal Solutions product revenue is generated from consigned inventory maintained at hospitals or with sales representatives. Revenue from the sale of consigned Musculoskeletal products is recognized when we transfer control, which occurs at the time the product is used or implanted. For all other Musculoskeletal Solutions product transactions, we recognize revenue when we transfer title to the goods, provided there are no remaining performance obligations that will affect the customer’s final acceptance of the sale. We use an observable price to determine the stand-alone selling price for the identified performance obligation.

Revenue from the sale of Enabling Technologies products is generally recognized when control transfers to the customer which occurs at the time the product is shipped or delivered. Depending on the terms of the arrangement, we may also defer the recognition of a portion of the consideration received as we have to satisfy a future performance obligation to provide maintenance and support. We use an observable price to determine the stand-alone selling price for each separate performance obligation.

Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing.

Deferred revenue is comprised mainly of unearned revenue related to the sales of certain Enabling Technologies products, which includes maintenance and support services. Deferred revenue is generally invoiced annually at the beginning of each contract period and recognized ratably over the coverage period. For the three months ended March 31, 2020 and 2019, there was an immaterial amount of revenue recognized from previously deferred revenue.

Disaggregation of Revenue

The following table represents total sales by revenue stream:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
Musculoskeletal Solutions products	$	182,542	$	175,758
Enabling Technologies products		8,035		7,189
Total sales	$	190,577	$	182,947

(k) Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

(l) Recently Adopted Accounting Pronouncements

In February 2016, the FASB released ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases with terms greater than 12 months, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, and permits modified retrospective method or cumulative-effect adjustment method. We adopted the standard on January 1, 2019, using the cumulative-effect adjustment transition method. As part of the adoption, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed carry forward of historical lease classifications. The adoption of this standard did not have a material impact on our financial position and results of operations. See “Note 14. Leases” for more detail regarding our disclosures.

In February 2018, the FASB released ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). Prior to ASU 2018-02, GAAP required the remeasurement of deferred tax assets and liabilities as a result of a change in tax laws or rates to be presented in net income from continuing operations, even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income. As a result, such items, referred to as stranded tax effects, did not reflect the appropriate tax rate. Under ASU 2018-02, entities are permitted, but not required, to reclassify from accumulated other comprehensive income to retained earnings those stranded tax effects resulting from the U.S. legislation commonly referred to as the Tax Cuts and Jobs Act enacted in December 2017. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-02 on January 1, 2019. Adoption of the standard did not have a material impact on our financial position, results of operations and disclosures.

In June 2018, the FASB released ASU 2018-07, Compensation—Stock Compensation (Topic 718), (“ASU 2018-07”), which expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. This update is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-07 on January 1, 2019. Adoption of the standard did not have a material impact on our financial position, results of operations, and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology for measuring and recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of

reasonable and supportable information to inform credit loss estimates. This amendment is effective for fiscal years beginning after December 15, 2019. We adopted the updated guidance on January 1, 2020 on a prospective basis recording $468 thousand as a cumulative effect adjustment to retained earnings and as a result, prior period amounts were not adjusted. Adoption of the standard did not have a material impact on our financial position, results of operations, and disclosures.

In January 2017, the FASB released ASU 2017-04, Intangibles - Goodwill and Other (Topic 805): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which eliminates the Step 2 calculation for the implied fair value of goodwill to measure a goodwill impairment charge. Under the updated standard, an entity will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 does not change the guidance on completing Step 1 of the goodwill impairment test and still allows an entity to perform the optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. This update is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. We adopted ASU 2017-04 on January 1, 2020. Adoption of the standard did not have a material impact on our financial position, results of operations, and disclosures.

In August 2018, the FASB released ASU 2018-13, Fair Value Measurement (Topic 820), (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements in Topic 820, including the consideration of costs and benefits. This update is effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-13 on January 1, 2020. Adoption of the standard did not have a material impact on our financial position, results of operations, and disclosures.

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Business Combinations

NOTE 2. BUSINESS COMBINATIONS

During the second quarter of 2019, the Company acquired substantially all of the assets of StelKast, Inc. (the “StelKast Acquisition”), a privately held company that designs, manufactures and distributes orthopedic implants for knee and hip replacement surgeries. The Company has included the financial results from the StelKast Acquisition in our condensed financial statements from the acquisition date, and the results from the StelKast Acquisition were not material to our condensed financial statements. The fair value of the net assets acquired is $28.1 million, which consisted of approximately $23.8 million of cash paid at closing, plus a potential $4.3 million contingent consideration payment based on product sales milestones. The Company recorded identifiable net assets, based on their estimated fair values, related to inventory of $15.3 million, fixed assets of $4.2 million and customer relationships of $3.9 million and goodwill of $4.7 million.

As of March 31, 2020, the maximum aggregated undiscounted amount of contingent consideration potentially payable related to this acquisition is $5.0 million.

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2020

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Goodwill and Intangible Assets

NOTE 3. GOODWILL AND INTANGIBLE ASSETS

A summary of intangible assets is presented below:



		March 31, 2020
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(2,167)	$	1,833
Customer relationships & other intangibles	7.0		47,067		(25,905)		21,162
Developed technology	8.3		71,055		(11,960)		59,095
Patents	16.0		8,753		(2,152)		6,601
Total intangible assets		$	130,875	$	(42,184)	$	88,691

Due to the completion of contractual milestones related to the 2018 acquisition of Nemaris, in the first quarter of 2020, $13.0 million was capitalized to Developed technology and began to be amortized over a period of 5.4 years.



		December 31, 2019
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0		4,000		(2,067)		1,933
Customer relationships & other intangibles	7.0		46,766		(24,264)		22,502
Developed technology	8.6		57,577		(10,189)		47,388
Patents	16.0		8,662		(1,673)		6,989
Total intangible assets		$	117,005	$	(38,193)	$	78,812

Due to the FDA 510(k) clearance for AQRate, a robotic guidance and navigation system, in the first quarter of 2019, $19.8 million of IPR&D was transferred to Developed technology and began to be amortized over a period of 8.5 years.

A summary of the net carrying value of goodwill is presented below:



(In thousands)
December 31, 2018	$	123,734
Additions and adjustments		4,817
Foreign exchange		224
December 31, 2019		128,775
Additions and adjustments		(123)
Foreign exchange		300
March 31, 2020	$	128,952

MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2020

MARKETABLE SECURITIES [Abstract]

Marketable Securities

NOTE 4. MARKETABLE SECURITIES

The composition of our short-term and long-term marketable securities is as follows:



		March 31, 2020
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	12,809	$	63	$	—	$	12,872
Corporate debt securities	Less than 1		63,683		222		(381)		63,524
Commercial paper	Less than 1		21,374		18		(4)		21,388
U.S. government and agency securities	Less than 1		4,466		—		—		4,466
Asset-backed securities	Less than 1		8,044		7		(90)		7,961
Total short-term marketable securities		$	110,376	$	310	$	(475)	$	110,211

Long-term:
Municipal bonds	1 - 3	$	40,033	$	336	$	—	$	40,369
Corporate debt securities	1 - 3		170,419		885		(1,619)		169,685
Asset-backed securities	1 - 3		161,862		857		(749)		161,970
U.S. government and agency securities	1 - 2		7,905		132		—		8,037
Total long-term marketable securities		$	380,219	$	2,210	$	(2,368)	$	380,061



		December 31, 2019
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	7,840	$	23	$	(1)	$	7,862
Corporate debt securities	Less than 1		69,091		247		(3)		69,335
Commercial paper	Less than 1		34,747		6		(1)		34,752
Asset-backed securities	Less than 1		3,808		6		—		3,814
Total short-term marketable securities		$	115,486	$	282	$	(5)	$	115,763

Long-term:
Municipal bonds	1 - 3	$	45,010	$	254	$	(8)	$	45,256
Corporate debt securities	1 - 3		186,356		2,578		(5)		188,929
Asset-backed securities	1 - 3		161,347		1,583		(33)		162,897
U.S. government and agency securities	1 - 2		12,366		66		—		12,432
Total long-term marketable securities		$	405,079	$	4,481	$	(46)	$	409,514

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements

NOTE 5. FAIR VALUE MEASUREMENTS

Under the accounting for fair value measurements and disclosures, fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or the liability in an orderly transaction between market participants on the measurement date. Additionally, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. The level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Our assets and liabilities measured at fair value on a recurring basis are classified and disclosed in one of the following three categories:

Level 1—quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities; and

Level 3—unobservable inputs in which there is little or no market data available, which require the reporting entity to use significant unobservable inputs or valuation techniques.

The fair value of our assets and liabilities measured at fair value on a recurring basis was as follows:



(In thousands)	Balance at March 31, 2020		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	41,814	$	18,775	$	23,038	$	—
Municipal bonds		53,240		—		53,240		—
Corporate debt securities		233,209		—		233,209		—
Commercial paper		21,388		—		21,388		—
Asset-backed securities		169,932		—		169,932		—
Government, federal agency, and other sovereign obligations		12,503		—		12,503		—
Liabilities
Business acquisition liabilities		9,489		—		—		9,489



(In thousands)	Balance at December 31, 2019		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	18,218	$	4,988	$	13,230	$	—
Municipal bonds		53,118		—		53,118		—
Corporate debt securities		258,264		—		258,264		—
Commercial paper		34,752		—		34,752		—
Asset-backed securities		166,711		—		166,711		—
Government, federal agency, and other sovereign obligations		12,432		—		12,432		—
Liabilities
Business acquisition liabilities		9,549		—		—		9,549

Our marketable securities are classified as Level 2 within the fair value hierarchy, as we measure their fair value using market prices for similar instruments and inputs such as actual trade data, benchmark yields, broker/dealer quotes and other similar data obtained from quoted market prices or independent pricing vendors.

Assets and Liabilities That Are Measured at Fair Value on a Nonrecurring Basis

The purchase price of business acquisitions is primarily allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition dates, with the excess recorded as goodwill. We utilize Level 3 inputs in the determination of the initial fair value. Non-financial assets such as goodwill, intangible assets, and property, plant, and equipment are subsequently measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment is recognized. We assess the impairment of intangible assets annually or whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. The fair value of our goodwill and intangible assets is not estimated if there is no change in events or circumstances that indicate the carrying amount of an intangible asset may not be recoverable.

Contingent consideration represents our contingent milestone, performance and revenue-sharing payment obligations related to our acquisitions and is measured at fair value, based on significant inputs not observable in the market, which represents a Level 3

measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions we believe would be made by a market participant. We assess these estimates on an ongoing basis as additional data impacting the assumptions is obtained. The balances of the fair value of contingent consideration are recognized within business acquisition liabilities on our condensed consolidated balance sheets, and the changes in the fair value of contingent consideration are recognized within acquisition related costs in the condensed consolidated statements of income. As part of the StelKast Acquisition during the second quarter of 2019, we incurred a milestone-based contingent consideration liability.

The recurring Level 3 fair value measurements of our business acquisition liabilities include the following significant unobservable inputs, which have not materially changed since December 31, 2019:



(In thousands)	Fair Value at March 31, 2020		Valuation ‎technique	Unobservable ‎input	Weighted Average	Range
				Discount rate	6.5%	4.7%	-	8.5%
Revenue-based payments	$	9,489	Discounted cash flow	Probability of payment	90%	75%	-	100%
				Projected year of payment		2020	-	2029

The following table provides a reconciliation of the beginning and ending balances of business acquisition liabilities:



	March 31,		December 31,
(In thousands)	2020		2019
Beginning balance	$	9,549	$	10,118
Purchase price contingent consideration		—		4,299
Changes resulting from foreign currency fluctuations		—		(58)
Contingent payments		(566)		(6,597)
Changes in fair value of business acquisition liabilities		506		1,787
Ending balance	$	9,489	$	9,549

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVENTORIES

3 Months Ended

Mar. 31, 2020

INVENTORIES [Abstract]

Inventories

NOTE 6. INVENTORIES



	March 31,		December 31,
(In thousands)	2020		2019
Raw materials	$	31,910	$	33,025
Work in process		18,452		15,940
Finished goods		158,089		147,349
Total inventories	$	208,451	$	196,314

ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2020

ACCRUED EXPENSES [Abstract]

Accrued Expenses

NOTE 7. ACCRUED EXPENSES



	March 31,		December 31,
(In thousands)	2020		2019
Compensation and other employee-related costs	$	26,332	$	37,178
Contractual payable⁽¹⁾		10,000		—
Legal and other settlements and expenses		1,684		1,538
Accrued non-income taxes		4,897		4,996
Royalties		2,717		2,370
Other		14,422		17,201
Total accrued expenses	$	60,052	$	63,283

⁽¹⁾The contractual payable is related to the Nemaris acquisition milestone payment, which is recorded in intangible assets and accrued liabilities as a non-cash financing activity on the Condensed Consolidated Statement of Cash Flows as of the three months ended March 31, 2020.

DEBT

3 Months Ended

Mar. 31, 2020

DEBT [Abstract]

Debt

NOTE 8. DEBT

Line of Credit

In May 2011, we entered into a credit agreement with Wells Fargo Bank related to a revolving credit facility that provides for borrowings up to $50.0 million. In June 2018, we amended the credit agreement to increase the revolving credit facility amount from $50.0 million to $125.0 million. At our request, and with the approval of the bank, the amount of borrowings available under the revolving credit facility can be increased to $150.0 million. The revolving credit facility includes up to a $25.0 million sub-limit for letters of credit. As amended to date, the revolving credit facility expires in May 2020. The Company believes we have the ability to secure a credit facility with another lender in the event we do not extend the current agreement. Cash advances bear interest at our option either at a fluctuating rate per annum equal to the daily LIBOR in effect for a one-month period plus 0.75%, or a fixed rate for a one- or three-month period equal to LIBOR plus 0.75%. The credit agreement governing the revolving credit facility also subjects us to various restrictive covenants, including the requirement to maintain maximum consolidated leverage. The covenants also include limitations on our ability to repurchase shares, to pay cash dividends or to enter into a sale transaction. As of March 31, 2020, we were in compliance with all financial covenants under the credit agreement, there were no outstanding borrowings under the revolving credit facility and available borrowings were $125.0 million. We may terminate the credit agreement at any time on ten days’ notice without premium or penalty.

EQUITY

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Equity

NOTE 9. EQUITY

Stock Repurchases

Under the current stock repurchase plan, announced on March 11, 2020, the Company is authorized to repurchase up to $200 million of the Company’s Class A common stock. As of March 31, 2020, $126.1 million of this authorization is remaining. The timing and actual number of shares repurchased will depend on various factors including price, corporate and regulatory requirements, debt covenant requirements, alternative investment opportunities and other market conditions.

Shares repurchased by the Company are accounted for under the constructive retirement method, in which the shares repurchased, are immediately retired, as there is no plan to reissue. The Company made an accounting policy election to charge the excess of repurchase price over par value entirely to retained earnings.

During the three months ended March 31, 2020, the Company repurchased 1,920,013 shares of common stock at an average price of approximately $38 per share for an aggregate amount of approximately $73.9 million. We continue to expect funding of share repurchases will come from operating cash flows and excess cash.

The following table summarizes the activity related to share repurchases:

(In thousands except for per share prices)


Period	Total number of shares repurchased	Average Price Paid per Share		Dollar amount of shares repurchased		Approximate dollar value of shares that may yet be purchased under the plan
January 1, 2020 - March 31, 2020	1,920	$	38.49	$	73,902	$	126,098

Common Stock

Our amended and restated Certificate of Incorporation provides for a total of 775,000,000 authorized shares of common stock. Of the authorized number of shares of common stock, 500,000,000 shares are designated as Class A common stock (“Class A Common”), and 275,000,000 shares are designated as Class B common stock (“Class B Common”).

Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. In addition, each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except for permitted transfers. For more details relating to the conversion of our Class B common stock please see “Exhibit 4.2, Description of Securities of the Registrant filed with our amended Form 10-K on March 2, 2020.”

Our issued and outstanding common shares by Class were as follows:



(Shares)	Class A ‎Common	Class B ‎Common	Total
March 31, 2020	75,664,152	22,430,097	98,094,249
December 31, 2019	77,394,983	22,430,097	99,825,080

Accumulated Other Comprehensive Income (Loss)

The tables below present the changes in each component of accumulated other comprehensive income/(loss), including current period other comprehensive income/(loss) and reclassifications out of accumulated other comprehensive income/(loss):



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2019	$	3,599	$	(6,497)	$	(2,898)
Other comprehensive (loss)/income before reclassifications		(5,032)		474		(4,558)
Amounts reclassified from accumulated other comprehensive income, net of tax		1,190		—		1,190
Other comprehensive (loss)/income, net of tax		(3,842)		474		(3,368)
Accumulated other comprehensive loss, net of tax, at March 31, 2020	$	(243)	$	(6,023)	$	(6,266)



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2018	$	(168)	$	(7,004)	$	(7,172)
Other comprehensive (loss)/income before reclassifications		2,353		(107)		2,246
Amounts reclassified from accumulated other comprehensive income, net of tax		(554)		—		(554)
Other comprehensive (loss)/income, net of tax		1,799		(107)		1,692
Accumulated other comprehensive loss, net of tax, at March 31, 2019	$	1,631	$	(7,111)	$	(5,480)

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

STOCK-BASED COMPENSATION [Abstract]

Stock-Based Compensation

NOTE 10. STOCK-BASED COMPENSATION

We have three stock plans: our Amended and Restated 2003 Stock Plan, our 2008 Stock Plan, and our 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan is the only remaining active stock plan. The purpose of these stock plans was, and the 2012 Plan is, to provide incentive to employees, directors, and consultants of Globus. The Plans are administered by the Board of Directors of Globus (the “Board”) or its delegates. The number, type of option, exercise price, and vesting terms are determined by the Board or its delegates in accordance with the terms of the Plans. The options granted expire on a date specified by the Board, but generally not more than ten years from the grant date. Option grants to employees generally vest in varying installments over a four-year period.

The 2012 Plan was approved by our Board in March 2012, and by our stockholders in June 2012. Under the 2012 Plan, the aggregate number of shares of Class A Common stock that may be issued subject to options and other awards is equal to the sum of (i) 3,076,923 shares, (ii) any shares available for issuance under the 2008 Plan as of March 13, 2012, (iii) any shares underlying awards outstanding under the 2008 Plan as of March 13, 2012 that, on or after that date, are forfeited, terminated, expired or lapse for any reason, or are settled for cash without delivery of shares and (iv) starting January 1, 2013, an annual increase in the number of shares available under the 2012 Plan equal to up to 3% of the number of shares of our common and preferred stock outstanding at the end of the previous year, as determined by our Board. The number of shares that may be issued or transferred pursuant to incentive stock options under the 2012 Plan is limited to 10,769,230 shares. The shares of Class A Common stock issuable under the 2012 Plan include authorized but unissued shares, treasury shares or shares of common stock purchased on the open market.

As of March 31, 2020, pursuant to the 2012 Plan, there were 17,899,947 shares of Class A Common stock reserved and 2,126,544 shares of Class A Common stock available for future grants.

The weighted average grant date fair value per share of the options awarded to employees were as follows:

Stock option activity during the three months ended March 31, 2020 is summarized as follows:



	Option ‎Shares (thousands)	Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎remaining ‎contractual ‎life (years)	Aggregate ‎intrinsic ‎value ‎(thousands)
Outstanding at December 31, 2019	10,650	$	35.80
Granted	1,753		52.86
Exercised	(190)		30.08
Forfeited	(105)		43.23
Outstanding at March 31, 2020	12,108	$	38.31	7.5	$	94,500
Exercisable at March 31, 2020	5,621	$	29.39	6.1	$	79,152
Expected to vest at March 31, 2020	6,487	$	46.04	8.7	$	15,348

The intrinsic value of stock options exercised and the compensation cost related to stock options granted to employees and non-employees under our stock plans was as follows:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
Intrinsic value of stock options exercised	$	3,481	$	8,424

Stock-based compensation expense	$	6,807	$	6,448
Net stock-based compensation capitalized into inventory		95		93
Total stock-based compensation cost	$	6,902	$	6,541

As of March 31, 2020, there was $76.7 million of unrecognized compensation expense related to unvested employee stock options that are expected to vest over a weighted average period of three years.

INCOME TAXES

3 Months Ended

Mar. 31, 2020

INCOME TAXES [Abstract]

Income Taxes

NOTE 11. INCOME TAXES

In computing our income tax provision, we make certain estimates and management judgments, such as estimated annual taxable income or loss, annual effective tax rate, the nature and timing of permanent and temporary differences between taxable income for financial reporting and tax reporting, and the recoverability of deferred tax assets. Our estimates and assumptions may change as new events occur, additional information is obtained, or as the tax environment changes. Should facts and circumstances change during a quarter causing a material change to the estimated effective income tax rate, a cumulative adjustment is recorded.

The following table provides a summary of our effective tax rate:



	Three Months Ended
	March 31,
	2020	2019
Effective income tax rate	20.2%	20.3%

The change in effective income tax rates for the three month periods ended March 31, 2020 and 2019 is primarily driven by lower stock compensation benefits and increases in non-tax deductible expenses, which are offset by favorable impacts for tax credits.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2020

COMMITMENTS AND CONTINGENCIES [Abstract]

Commitments and Contingencies

NOTE 12. COMMITMENTS AND CONTINGENCIES

We are involved in a number of proceedings, legal actions, and claims. Such matters are subject to many uncertainties, and the outcomes of these matters are not within our control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, including injunctions prohibiting us from engaging in certain activities, which, if granted, could require significant expenditures and/or result in lost revenues. We record a liability in the condensed consolidated financial statements for these actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. While it is not possible to predict the outcome for most of the matters discussed, we believe it is possible that costs associated with them could have a material adverse impact on our consolidated earnings, financial position or cash flows.

L5 Litigation

In December 2009, we filed suit in the Court of Common Pleas of Montgomery County, Pennsylvania against our former exclusive independent distributor L5 Surgical, LLC and its principals, seeking an injunction and declaratory judgment concerning certain restrictive covenants made to L5 by its sales representatives. L5 brought counterclaims against us alleging tortious interference, unfair competition and conspiracy. The injunction phase was resolved in September 2010 and the remaining claims were fully resolved through settlement by the parties on February 6, 2019.

Moskowitz Family LLC Litigation

On November 20, 2019, Moskowitz Family LLC filed suit against us in the U.S. District Court for the Western District of Texas for patent infringement. Moskowitz, a non-practicing entity, alleges that Globus willfully infringes one or more claims of eight patents by making, using, offering for sale or selling the COALITION^®, COALITION MIS^®, COALITION AGX^®, MONUMENT^®, MagnifY^®-s, HEDRON IA^TM, HEDRON IC^TM, INDEPENDENCE^®, INDEPENDENCE MIS^®, FORTIFY^® and XPAND^® families, SABLE^TM, RISE^®, RISE^® INTRALIF, RISE^®-L, ELSA^®, ELSA^® ATP, RASS, ALTERA^®, ARIEL^®, LATIS^®, CALIBER^® and CALIBER^®-L products. Moskowitz seeks an unspecified amount in damages and injunctive relief. The probable outcome of this litigation cannot be determined, nor can we estimate a range of potential loss. Therefore, in accordance with authoritative guidance on the evaluation of loss contingencies, we have not recorded an accrual related to this litigation.

In addition, we are subject to legal proceedings arising in the ordinary course of business.

LEASES

3 Months Ended

Mar. 31, 2020

LEASES [Abstract]

Leases

NOTE 13. LEASES

The Company leases certain equipment, vehicles, and facilities under operating leases. Our leases have initial lease terms ranging from one year to fourteen years. Certain leases contain options to extend terms beyond the lease termination date. In these leases, we use judgment to determine whether it is reasonably possible that we will extend the lease beyond the initial term and for how long. Leases that have terms of less than 12 months are treated as short-term and are not recognized as right of use assets or lease liabilities. As most leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. As of March 31, 2020, the Company’s short-term lease commitments and sublease income are immaterial.

The Company classifies right-of-use assets as Other assets, short-term lease liabilities as Accrued expenses, and long-term lease liabilities as Other liabilities on the Condensed Consolidated Balance Sheet. Lease expense is recognized, on a straight-line basis over the term of the lease, as a component of operating income on the Consolidated Statement of Income.

Amounts reported in the Condensed Consolidated Balance Sheet as of the three months ended March 31, 2020 were as follows:



(In thousands, except weighted average lease term and discount rate)
Operating leases:
Right of use assets	$	3,434

Lease liability - short term		1,658
Lease liability - long term		1,775
Total operating lease liability	$	3,434

Lease expense as of March 31, 2020	$	879

Weighted-average remaining lease term - operating leases (in years)		2.6

Weighted-average discount rate		2.5%

Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2020 are as follows:



(In thousands)	Operating ‎Leases
2020 (excluding the three months ended March 31, 2020)	$	1,450
2021		1,005
2022		757
2023		264
2024		109
Thereafter		5
Total undiscounted leases payments	$	3,590
Less : imputed interest		156
Total lease liabilities	$	3,434

SEGMENT AND GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2020

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Segment and Geographic Information

NOTE 14. SEGMENT AND GEOGRAPHIC INFORMATION

Operating segments are defined as components of an enterprise for which separate discrete financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. We globally manage the business within one operating segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

The following table represents total sales by geographic area, based on the location of the customer:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
United States	$	158,447	$	147,536
International		32,130		35,411
Total sales	$	190,577	$	182,947

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Cash, Cash Equivalents, and Restricted Cash



	March 31,		December 31,		March 31,		December 31,
(In thousands)	2020		2019		2019		2018
Cash and cash equivalents	$	166,742	$	195,474	$	129,976	$	139,647
Restricted cash		—		250		—		100
Total cash, cash equivalents, and restricted cash as presented in the condensed consolidated statement of cash flows	$	166,742	$	195,724	$	129,976	$	139,747

Marketable Securities

Inventories

Property and Equipment

Purchases of property and equipment included in accounts payable and accrued expenses were $5.3 million and $3.6 million during the three months ended March 31, 2020 and 2019, respectively.

Revenue Recognition

Nature of Products and Services

Contract Balances

Disaggregation of Revenue

The following table represents total sales by revenue stream:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
Musculoskeletal Solutions products	$	182,542	$	175,758
Enabling Technologies products		8,035		7,189
Total sales	$	190,577	$	182,947

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

(k) Recently Issued Accounting Pronouncements

(l) Recently Adopted Accounting Pronouncements

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule Of Reconciliation Of Cash And Cash Equivalents Restricted Cash And Cash Equivalents [Table Text Block]



	March 31,		December 31,		March 31,		December 31,
(In thousands)	2020		2019		2019		2018
Cash and cash equivalents	$	166,742	$	195,474	$	129,976	$	139,647
Restricted cash		—		250		—		100
Total cash, cash equivalents, and restricted cash as presented in the condensed consolidated statement of cash flows	$	166,742	$	195,724	$	129,976	$	139,747

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following table represents total sales by revenue stream:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
Musculoskeletal Solutions products	$	182,542	$	175,758
Enabling Technologies products		8,035		7,189
Total sales	$	190,577	$	182,947

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2020

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Intangible Assets Acquired as Part of Business Combination

A summary of intangible assets is presented below:



		March 31, 2020
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(2,167)	$	1,833
Customer relationships & other intangibles	7.0		47,067		(25,905)		21,162
Developed technology	8.3		71,055		(11,960)		59,095
Patents	16.0		8,753		(2,152)		6,601
Total intangible assets		$	130,875	$	(42,184)	$	88,691



		December 31, 2019
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0		4,000		(2,067)		1,933
Customer relationships & other intangibles	7.0		46,766		(24,264)		22,502
Developed technology	8.6		57,577		(10,189)		47,388
Patents	16.0		8,662		(1,673)		6,989
Total intangible assets		$	117,005	$	(38,193)	$	78,812

Schedule of Goodwill [Table Text Block]

A summary of the net carrying value of goodwill is presented below:



(In thousands)
December 31, 2018	$	123,734
Additions and adjustments		4,817
Foreign exchange		224
December 31, 2019		128,775
Additions and adjustments		(123)
Foreign exchange		300
March 31, 2020	$	128,952

MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

MARKETABLE SECURITIES [Abstract]

Marketable Securities

The composition of our short-term and long-term marketable securities is as follows:



		March 31, 2020
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	12,809	$	63	$	—	$	12,872
Corporate debt securities	Less than 1		63,683		222		(381)		63,524
Commercial paper	Less than 1		21,374		18		(4)		21,388
U.S. government and agency securities	Less than 1		4,466		—		—		4,466
Asset-backed securities	Less than 1		8,044		7		(90)		7,961
Total short-term marketable securities		$	110,376	$	310	$	(475)	$	110,211

Long-term:
Municipal bonds	1 - 3	$	40,033	$	336	$	—	$	40,369
Corporate debt securities	1 - 3		170,419		885		(1,619)		169,685
Asset-backed securities	1 - 3		161,862		857		(749)		161,970
U.S. government and agency securities	1 - 2		7,905		132		—		8,037
Total long-term marketable securities		$	380,219	$	2,210	$	(2,368)	$	380,061



		December 31, 2019
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	7,840	$	23	$	(1)	$	7,862
Corporate debt securities	Less than 1		69,091		247		(3)		69,335
Commercial paper	Less than 1		34,747		6		(1)		34,752
Asset-backed securities	Less than 1		3,808		6		—		3,814
Total short-term marketable securities		$	115,486	$	282	$	(5)	$	115,763

Long-term:
Municipal bonds	1 - 3	$	45,010	$	254	$	(8)	$	45,256
Corporate debt securities	1 - 3		186,356		2,578		(5)		188,929
Asset-backed securities	1 - 3		161,347		1,583		(33)		162,897
U.S. government and agency securities	1 - 2		12,366		66		—		12,432
Total long-term marketable securities		$	405,079	$	4,481	$	(46)	$	409,514

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value, Assets Measured on Recurring Basis



(In thousands)	Balance at March 31, 2020		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	41,814	$	18,775	$	23,038	$	—
Municipal bonds		53,240		—		53,240		—
Corporate debt securities		233,209		—		233,209		—
Commercial paper		21,388		—		21,388		—
Asset-backed securities		169,932		—		169,932		—
Government, federal agency, and other sovereign obligations		12,503		—		12,503		—
Liabilities
Business acquisition liabilities		9,489		—		—		9,489



(In thousands)	Balance at December 31, 2019		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	18,218	$	4,988	$	13,230	$	—
Municipal bonds		53,118		—		53,118		—
Corporate debt securities		258,264		—		258,264		—
Commercial paper		34,752		—		34,752		—
Asset-backed securities		166,711		—		166,711		—
Government, federal agency, and other sovereign obligations		12,432		—		12,432		—
Liabilities
Business acquisition liabilities		9,549		—		—		9,549

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]



(In thousands)	Fair Value at March 31, 2020		Valuation ‎technique	Unobservable ‎input	Weighted Average	Range
				Discount rate	6.5%	4.7%	-	8.5%
Revenue-based payments	$	9,489	Discounted cash flow	Probability of payment	90%	75%	-	100%
				Projected year of payment		2020	-	2029

Rollforward of contingent consideration

The following table provides a reconciliation of the beginning and ending balances of business acquisition liabilities:



	March 31,		December 31,
(In thousands)	2020		2019
Beginning balance	$	9,549	$	10,118
Purchase price contingent consideration		—		4,299
Changes resulting from foreign currency fluctuations		—		(58)
Contingent payments		(566)		(6,597)
Changes in fair value of business acquisition liabilities		506		1,787
Ending balance	$	9,489	$	9,549

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2020

INVENTORIES [Abstract]

Schedule of Inventory



	March 31,		December 31,
(In thousands)	2020		2019
Raw materials	$	31,910	$	33,025
Work in process		18,452		15,940
Finished goods		158,089		147,349
Total inventories	$	208,451	$	196,314

ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2020

ACCRUED EXPENSES [Abstract]

Accrued Expenses



	March 31,		December 31,
(In thousands)	2020		2019
Compensation and other employee-related costs	$	26,332	$	37,178
Contractual payable⁽¹⁾		10,000		—
Legal and other settlements and expenses		1,684		1,538
Accrued non-income taxes		4,897		4,996
Royalties		2,717		2,370
Other		14,422		17,201
Total accrued expenses	$	60,052	$	63,283

EQUITY (Tables)

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Equity [Abstract]

Schedule of shares repurchased

The following table summarizes the activity related to share repurchases:

(In thousands except for per share prices)


Period	Total number of shares repurchased	Average Price Paid per Share		Dollar amount of shares repurchased		Approximate dollar value of shares that may yet be purchased under the plan
January 1, 2020 - March 31, 2020	1,920	$	38.49	$	73,902	$	126,098

Schedule of Issued and Outstanding Shares by Class

Our issued and outstanding common shares by Class were as follows:



(Shares)	Class A ‎Common	Class B ‎Common	Total
March 31, 2020	75,664,152	22,430,097	98,094,249
December 31, 2019	77,394,983	22,430,097	99,825,080

Accumulated Other Comprehensive Income/(Loss), Net of Tax



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2019	$	3,599	$	(6,497)	$	(2,898)
Other comprehensive (loss)/income before reclassifications		(5,032)		474		(4,558)
Amounts reclassified from accumulated other comprehensive income, net of tax		1,190		—		1,190
Other comprehensive (loss)/income, net of tax		(3,842)		474		(3,368)
Accumulated other comprehensive loss, net of tax, at March 31, 2020	$	(243)	$	(6,023)	$	(6,266)



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2018	$	(168)	$	(7,004)	$	(7,172)
Other comprehensive (loss)/income before reclassifications		2,353		(107)		2,246
Amounts reclassified from accumulated other comprehensive income, net of tax		(554)		—		(554)
Other comprehensive (loss)/income, net of tax		1,799		(107)		1,692
Accumulated other comprehensive loss, net of tax, at March 31, 2019	$	1,631	$	(7,111)	$	(5,480)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

STOCK-BASED COMPENSATION [Abstract]

Grants in Period, Weighted Average Grant Date Fair Value

The weighted average grant date fair value per share of the options awarded to employees were as follows:

Summary of Stock Option Activity

Stock option activity during the three months ended March 31, 2020 is summarized as follows:



	Option ‎Shares (thousands)	Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎remaining ‎contractual ‎life (years)	Aggregate ‎intrinsic ‎value ‎(thousands)
Outstanding at December 31, 2019	10,650	$	35.80
Granted	1,753		52.86
Exercised	(190)		30.08
Forfeited	(105)		43.23
Outstanding at March 31, 2020	12,108	$	38.31	7.5	$	94,500
Exercisable at March 31, 2020	5,621	$	29.39	6.1	$	79,152
Expected to vest at March 31, 2020	6,487	$	46.04	8.7	$	15,348

Intrinsic Value and Stock-based Compensation Schedule

The intrinsic value of stock options exercised and the compensation cost related to stock options granted to employees and non-employees under our stock plans was as follows:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
Intrinsic value of stock options exercised	$	3,481	$	8,424

Stock-based compensation expense	$	6,807	$	6,448
Net stock-based compensation capitalized into inventory		95		93
Total stock-based compensation cost	$	6,902	$	6,541

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2020

INCOME TAXES [Abstract]

Effective income tax rate

The following table provides a summary of our effective tax rate:



	Three Months Ended
	March 31,
	2020	2019
Effective income tax rate	20.2%	20.3%

LEASES (Tables)

3 Months Ended

Mar. 31, 2020

LEASES [Abstract]

Schedule Of Supplemental Balance Sheet Information Related To Leases

Amounts reported in the Condensed Consolidated Balance Sheet as of the three months ended March 31, 2020 were as follows:



(In thousands, except weighted average lease term and discount rate)
Operating leases:
Right of use assets	$	3,434

Lease liability - short term		1,658
Lease liability - long term		1,775
Total operating lease liability	$	3,434

Lease expense as of March 31, 2020	$	879

Weighted-average remaining lease term - operating leases (in years)		2.6

Weighted-average discount rate		2.5%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2020 are as follows:



(In thousands)	Operating ‎Leases
2020 (excluding the three months ended March 31, 2020)	$	1,450
2021		1,005
2022		757
2023		264
2024		109
Thereafter		5
Total undiscounted leases payments	$	3,590
Less : imputed interest		156
Total lease liabilities	$	3,434

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2020

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Schedule Of Revenue From External Customers By Geographical Area International And Domestic [Table Text Block]

The following table represents total sales by geographic area, based on the location of the customer:



	Three Months Ended
	March 31,
(In thousands)	2020		2019
United States	$	158,447	$	147,536
International		32,130		35,411
Total sales	$	190,577	$	182,947

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		3 Months Ended
	Jan. 01, 2020 USD ($)	Mar. 31, 2020 USD ($) item	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Inventory Sales and Disposals related Provisions		$ 1,700	$ 500
Excess and Obsolete related Provisions		2,400	2,700
Net Adjustment to Cost of Sales Related to Excess and Obsolete Inventory		700	2,200
Revenues		190,577	182,947
Cash and cash equivalents		166,742	129,976	$ 195,474	$ 139,647
Restricted Cash				250	100
Capital Expenditures Incurred but Not yet Paid		5,300	3,600
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total		166,742	129,976	$ 195,724	$ 139,747	$ 139,747
Cumulative effect of adoption of accounting standards	$ 468	(468)
Musculoskeletal Solutions [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenues		182,542	175,758
Enabling Technologies [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenues		$ 8,035	$ 7,189
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Products Launched Since Inception \| item		200

BUSINESS COMBINATIONS (Details) - USD ($) $ in Millions		3 Months Ended
BUSINESS COMBINATIONS (Details) - USD ($) $ in Millions	May 14, 2019	Mar. 31, 2020
Business Combinations [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		$ 15.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		4.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		3.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability		5.0
Payments to Acquire Businesses, Gross		23.8
Goodwill, Acquired During Period		4.7
Business Combination, Consideration Transferred	$ 4.3	$ 28.1

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Acquired Intangible Assets [Line Items]
Payments to Acquire Businesses, Gross	$ 23,800
Intangible Assets Gross	130,875	$ 117,005
Accumulated amortization	(42,184)	(38,193)
Intangible Assets, Net (Excluding Goodwill), Total	$ 88,691	$ 78,812
Transferred IPR&D [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period		8 years 6 months
Supplier Network [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period	10 years	10 years
Gross carrying amount	$ 4,000	$ 4,000
Accumulated amortization	(2,167)	(2,067)
Intangible Assets, Net (Excluding Goodwill), Total	$ 1,833	$ 1,933
Customer Relationships [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period	7 years	7 years
Gross carrying amount	$ 47,067	$ 46,766
Accumulated amortization	(25,905)	(24,264)
Intangible Assets, Net (Excluding Goodwill), Total	$ 21,162	$ 22,502
Developed Technology Rights [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period	8 years 3 months 18 days	8 years 7 months 6 days
Gross carrying amount	$ 71,055	$ 57,577
Accumulated amortization	(11,960)	(10,189)
Intangible Assets, Net (Excluding Goodwill), Total	59,095	47,388
Indefinite-lived Intangible Assets, Period Increase (Decrease)	$ 13	$ 19,800
Patents [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period	16 years	16 years
Gross carrying amount	$ 8,753	$ 8,662
Accumulated amortization	(2,152)	(1,673)
Intangible Assets, Net (Excluding Goodwill), Total	$ 6,601	$ 6,989
In Process Research and Development [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period	5 years 4 months 24 days

GOODWILL AND INTANGIBLE ASSETS (Goodwill Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Goodwill	$ 128,952	$ 128,775	$ 123,734
Goodwill, Period Increase (Decrease)	(123)	4,817
Goodwill, Foreign Currency Translation Gain (Loss)	$ 300	$ 224

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Current	$ 110,211	$ 115,763
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	53,240	53,118
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	233,209	258,264
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	21,388	34,752
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	169,932	166,711
Government, federal agency, and other sovereign obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	$ 12,503	$ 12,432
Short-term Investments [Member] \| Municipal Bonds [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Corporate Debt Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Commercial Paper [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Asset-backed Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year
Other Long-term Investments [Member] \| Municipal Bonds [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Municipal Bonds [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	3 years
Other Long-term Investments [Member] \| Corporate Debt Securities [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Corporate Debt Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	3 years
Other Long-term Investments [Member] \| Asset-backed Securities [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Asset-backed Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	3 years
Other Long-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	2 years	2 years
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	$ 110,376	$ 115,486
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	310	282
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(475)	(5)
Debt Securities, Available-for-sale	110,211	115,763
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	12,809	7,840
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	63	23
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(1)
Debt Securities, Available-for-sale	12,872	7,862
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	63,683	69,091
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	222	247
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(381)	(3)
Debt Securities, Available-for-sale	63,524	69,335
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	21,374	34,747
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	18	6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(4)	(1)
Debt Securities, Available-for-sale	21,388	34,752
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	8,044	3,808
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	7	6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(90)
Debt Securities, Available-for-sale	7,961	3,814
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	4,466
Debt Securities, Available-for-sale	4,466
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	380,219	405,079
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2,210	4,481
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(2,368)	(46)
Debt Securities, Available-for-sale	380,061	409,514
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	40,033	45,010
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	336	254
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(8)
Debt Securities, Available-for-sale	40,369	45,256
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	170,419	186,356
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	885	2,578
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(1,619)	(5)
Debt Securities, Available-for-sale	169,685	188,929
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	161,862	161,347
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	857	1,583
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(749)	(33)
Debt Securities, Available-for-sale	161,970	162,897
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	7,905	12,366
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	132	66
Debt Securities, Available-for-sale	$ 8,037	$ 12,432

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	3 Months Ended	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) $ in Thousands	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 41,814	$ 18,218
Contingent consideration, beginning balance	9,549	10,118
Purchase price contingent consideration		4,299
Contingent consideration currency translation loss/(gain)		(58)
Contingent Payments	(566)	(6,597)
Changes in fair value of contingent consideration	506	1,787
Contingent consideration, ending balance	$ 9,489	9,549
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probabilityof Payment	100.00%
Projected Year Of Payment	2029
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probabilityof Payment	75.00%
Projected Year Of Payment	2020
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probabilityof Payment	90.00%
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 18,775	4,988
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	23,038	13,230
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, beginning balance	9,549
Contingent consideration, ending balance	9,489	9,549
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	53,240	53,118
Municipal Bonds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	53,240	53,118
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	233,209	258,264
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	233,209	258,264
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	21,388	34,752
Commercial Paper [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	21,388	34,752
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	169,932	166,711
Asset-backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	169,932	166,711
Government, federal agency, and other sovereign obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	12,503	12,432
Government, federal agency, and other sovereign obligations [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 12,503	$ 12,432
Measurement Input, Discount Rate [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate	8.5
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate	4.7
Measurement Input, Discount Rate [Member] \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate	6.5

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
INVENTORIES [Abstract]
Raw materials	$ 31,910	$ 33,025
Work in process	18,452	15,940
Finished goods	158,089	147,349
Total inventories	$ 208,451	$ 196,314

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES [Abstract]
Compensation and other employee-related costs	$ 26,332	$ 37,178
Contractual Obligation	10,000
Legal and other settlements and expenses	1,684	1,538
Accrued non-income taxes	4,897	4,996
Royalties	2,717	2,370
Other	14,422	17,201
Total accrued expenses	$ 60,052	$ 63,283

DEBT (Details) - USD ($)	3 Months Ended
DEBT (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2018	May 31, 2011
Debt Instrument [Line Items]
Credit facility, current borrowing capacity	$ 125,000,000.0	$ 50,000,000.0	$ 50,000,000.0
Credit facility, maximum borrowing capacity	150,000,000.0
Credit facility, outstanding borrowings	$ 0
Credit facility, termination period without penalty	10 days
Line Of Credit Variable Rate Per Annum [Member]
Debt Instrument [Line Items]
Credit facility, period of variable rate	1 month
Credit facility, basis spread on variable rate	0.75%
Line Of Credit Fixed Rate [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on variable rate	0.75%
Line Of Credit Fixed Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Credit facility, period of variable rate	1 month
Line Of Credit Fixed Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Credit facility, period of variable rate	3 months
Letter of Credit [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 25,000,000.0

EQUITY (Narrative) (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares authorized	775,000,000
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized	275,000,000	275,000,000

EQUITY (Schedule of Issued and Outstanding Shares) (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares issued	98,094,249	99,825,080
Common stock, shares outstanding	98,094,249	99,825,080
Common Class A
Class of Stock [Line Items]
Common stock, shares issued	75,664,152	77,394,983
Common stock, shares outstanding	75,664,152	77,394,983
Common Class B
Class of Stock [Line Items]
Common stock, shares issued	22,430,097	22,430,097
Common stock, shares outstanding	22,430,097	22,430,097

EQUITY (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated other comprehensive loss, net of tax	$ (2,898)	$ (7,172)
Other comprehensive income before reclassifications	(4,558)	2,246
Amounts reclassified from accumulated other comprehensive income, net of tax	1,190	(554)
Total other comprehensive income/(loss)	(3,368)	1,692
Accumulated other comprehensive loss, net of tax	(6,266)	(5,480)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated other comprehensive loss, net of tax	3,599	(168)
Other comprehensive income before reclassifications	(5,032)	2,353
Amounts reclassified from accumulated other comprehensive income, net of tax	1,190	(554)
Total other comprehensive income/(loss)	(3,842)	1,799
Accumulated other comprehensive loss, net of tax	(243)	1,631
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss, net of tax	(6,497)	(7,004)
Other comprehensive income before reclassifications	474	(107)
Total other comprehensive income/(loss)	474	(107)
Accumulated other comprehensive loss, net of tax	$ (6,023)	$ (7,111)

EQUITY (Share Repurchase) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 11, 2020
Equity [Abstract]
Stock Repurchase Program, Authorized Amount		$ 200,000
Stock Repurchased During Period, Shares	1,920,013
Stock Repurchased During Period, Value	$ 73,902
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 126,098
Repurchased Stock, Average Cost Per Share	$ 38.49

STOCK-BASED COMPENSATION (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) ShareBasedCompensationPlan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Number Of Stock Plans \| ShareBasedCompensationPlan	3
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Unrecognized compensation expense, unvested stock options \| $	$ 76.7
Weighted average period of recognition, unvested stock options	3 years
Share Based Compensation By Share Based Payment Maximum Contractual Term	10 years
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Base Number Of Shares Issuable	3,076,923
2012 Equity Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	10,769,230
Share Based Compensation Arrangement By Share Based Payment Award Annual Percentage Increase In Shares Available For Issuance	3.00%
2012 Equity Incentive Plan [Member] \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,126,544
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	17,899,947

STOCK-BASED COMPENSATION (Grant Date Fair Values of Options Awarded to Employees) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
STOCK-BASED COMPENSATION [Abstract]
Weighted average grant date fair value per share	$ 14.43	$ 13.78

STOCK-BASED COMPENSATION (Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of shares outstanding beginning balance \| shares	10,650
Number of shares granted \| shares	1,753
Number of shares exercised \| shares	(190)
Number of shares forfeited \| shares	(105)
Number of shares outstanding ending balance \| shares	12,108
Number of shares exercisable \| shares	5,621
Number of shares expected to vest \| shares	6,487
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Weighted average exercise price per share outstanding beginning balance \| $ / shares	$ 35.80
Weighted average exercise price per share granted \| $ / shares	52.86
Weighted average exercise price per share exercised \| $ / shares	30.08
Weighted average exercise price per share forfeited \| $ / shares	43.23
Weighted average exercise price per share outstanding ending balance \| $ / shares	38.31
Weighted average exercise price per share exercisable \| $ / shares	29.39
Weighted average exercise price per share expected to vest \| $ / shares	$ 46.04
Weighted average remaining contractual life outstanding	7 years 6 months
Weighted average remaining contractual life exercisable	6 years 1 month 6 days
Weighted average remaining contractual life expected to vest	8 years 8 months 12 days
Aggregate intrinsic value outstanding \| $	$ 94,500
Aggregate intrinsic value exercisable \| $	79,152
Aggregate intrinsic value expected to vest \| $	$ 15,348

STOCK-BASED COMPENSATION (Compensation Expense Related to Stock Options and Their Intrinsic Values) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
STOCK-BASED COMPENSATION [Abstract]
Intrinsic value of stock options exercised	$ 3,481	$ 8,424
Stock-based compensation expense	6,807	6,448
Net stock-based compensation capitalized into inventory	95	93
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total	$ 6,902	$ 6,541

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2020	Mar. 31, 2019
INCOME TAXES [Abstract]
Effective Income Tax Rate Reconciliation, Percent	20.20%	20.30%

LEASES (Narrative) (Details)	Mar. 31, 2020
LEASES [Abstract]
Lessee, Operating Lease, Term of Contract	12 months

LEASES (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
LEASES [Abstract]
Right of use assets	$ 3,434
Lease liability - short term	1,658
Lease liability - long term	1,775
Total operating lease liability	3,434
Lease expense as of June 30, 2019	$ 879
Weighted-average remaining lease term - operating leases (in years)	2 years 7 months 6 days
Weighted-average discount rate	2.50%

LEASES (Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2020 USD ($)
LEASES [Abstract]
2020	$ 1,450
2021	1,005
2022	757
2023	264
2024	109
Thereafter	5
Total undiscounted lease payments	3,590
Less : imputed interest	156
Total operating lease liability	$ 3,434

SEGMENT AND GEOGRAPHIC INFORMATION (Geographic Location) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)
Schedule Of Sales By Geographic Area [Line Items]
Revenues	$ 190,577	$ 182,947
Number of Operating Segments \| segment	1
United States [Member]
Schedule Of Sales By Geographic Area [Line Items]
Revenues	$ 158,447	147,536
International [Member]
Schedule Of Sales By Geographic Area [Line Items]
Revenues	$ 32,130	$ 35,411