0001562762-21-000036 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Feb. 15, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 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		99,796,911
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 Annual Report	true
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001237831
ICFR Auditor Attestation Flag	true
Current Fiscal Year End Date	--12-31
EntityPublicFloat			$ 3.5
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Documents Incorporated By Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of our Proxy Statement for our 2020 Annual Meeting of Stockholders, to be filed within 120 days of December 31, 2020, are incorporated by reference in Part III, Items 10, 11, 12, 13 and 14 herein of this Annual Report. Such Proxy Statement, except for the parts therein which have been specifically incorporated by reference, shall not be deemed “filed” for the purposes of this Annual Report on Form 10-K.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash, cash equivalents, and restricted cash	$ 239,397	$ 195,724
Short-term marketable securities	187,344	115,763
Accounts receivable, net of allowances of $4,408 and $5,599, respectively	141,676	154,326
Inventories	229,153	196,314
Prepaid expenses and other current assets	17,771	17,243
Income taxes receivable	6,424	8,098
Total current assets	821,765	687,468
Property and equipment, net of accumulated depreciation of $276,451 and $243,732, respectively	216,879	199,841
Long-term marketable securities	358,522	409,514
Intangible assets, net	86,949	78,812
Goodwill	156,716	128,775
Other assets	32,039	21,741
Deferred income taxes	6,615	5,926
Total assets	1,679,485	1,532,077
Current liabilities:
Accounts payable	18,205	24,614
Accrued expenses	78,334	63,283
Income taxes payable	1,101	1,057
Business acquisition liabilities	5,777	6,727
Deferred revenue	8,125	5,402
Payable to broker	9,250	10,320
Total current liabilities	120,792	111,403
Business acquisition liabilities, net of current portion	31,493	2,822
Deferred income taxes	6,202	6,023
Other liabilities	14,701	9,377
Total liabilities	173,188	129,625
Commitments and contingencies (Note 17)
Equity:
Additional paid-in capital	457,161	357,320
Accumulated other comprehensive loss	3,955	(2,898)
Retained earnings	1,045,082	1,047,931
Total equity	1,506,297	1,402,452
Total liabilities and equity	1,679,485	1,532,077
Common Class A [Member]
Equity:
Common stock	77	77
Common Class B [Member]
Equity:
Common stock	$ 22	$ 22

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Accounts receivable, allowances	$ 4,408	$ 5,599
Property and equipment
Accumulated depreciation	$ 276,451	$ 243,732
Equity:
Common stock, shares authorized	775,000,000
Common Class A [Member]
Equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	77,284,007	77,394,983
Common stock, shares outstanding	77,284,007	77,394,983
Common Class B [Member]
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

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Operations and Comprehensive Income [Abstract]
Net sales	$ 789,042	$ 785,368	$ 712,969
Cost of goods sold	217,463	179,975	159,410
Gross profit	571,579	605,393	553,559
Operating expenses:
Research and development	84,519	60,073	55,496
Selling, general and administrative	354,757	354,757	311,591
Provision for litigation	9	2,190	5,878
Amortization of intangibles	16,831	13,809	9,588
Acquisition related costs	4,030	2,575	1,681
Total operating expenses	460,146	433,404	384,234
Operating income/(loss)	111,433	171,989	169,325
Other income/(expense), net
Interest income/(expense), net	13,952	17,406	13,278
Foreign currency transaction gain/(loss)	(279)	75	360
Other income/(expense)	793	476	5,642
Total other income/(expense), net	14,466	17,957	19,280
Income/(loss) before income taxes	125,899	189,946	188,605
Income tax provision	23,614	34,736	32,131
Net income/(loss)	102,285	155,210	156,474
Other comprehensive income/(loss):
Unrealized gain/(loss) on marketable securities, net of tax	1,402	3,767	145
Foreign currency translation gain/(loss)	5,451	507	(410)
Total other comprehensive income/(loss)	6,853	4,274	(265)
Comprehensive income/(loss)	$ 109,138	$ 159,484	$ 156,209
Earnings per share:
Basic	$ 1.04	$ 1.57	$ 1.60
Diluted	$ 1.01	$ 1.52	$ 1.54
Weighted average shares outstanding:
Basic	98,580	99,150	97,884
Diluted	100,971	101,998	101,316

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Retained Earnings [Member]	Total
Shares, Outstanding, Beginning Balance at Dec. 31, 2017			72,780	23,878
Total equity, beginning of period at Dec. 31, 2017			$ 73	$ 24	$ 238,341	$ (6,907)	$ 736,247	$ 967,778
Stock-based compensation					6,110			6,110
Exercise of stock options (shares)			506
Exercise of stock options					9,307			9,307
Comprehensive income/(loss)						4,135	39,538	43,673
Total equity, end of period at Mar. 31, 2018			$ 73	$ 24	253,758	(2,772)	775,785	1,026,868
Shares, Outstanding, Ending Balance at Mar. 31, 2018			73,286	23,878
Shares, Outstanding, Beginning Balance at Dec. 31, 2017			72,780	23,878
Total equity, beginning of period at Dec. 31, 2017			$ 73	$ 24	238,341	(6,907)	736,247	967,778
Comprehensive income/(loss)								156,209
Total equity, end of period at Dec. 31, 2018			$ 76	$ 22	299,869	(7,172)	892,721	1,185,516
Shares, Outstanding, Ending Balance at Dec. 31, 2018			76,144	22,431
Shares, Outstanding, Beginning Balance at Mar. 31, 2018			73,286	23,878
Total equity, beginning of period at Mar. 31, 2018			$ 73	$ 24	253,758	(2,772)	775,785	1,026,868
Stock-based compensation					5,551			5,551
Exercise of stock options (shares)			1,084
Exercise of stock options			$ 1		23,823		1	23,825
Comprehensive income/(loss)						(4,035)	44,977	40,942
Total equity, end of period at Jun. 30, 2018			$ 74	$ 24	283,132	(6,807)	820,763	1,097,186
Shares, Outstanding, Ending Balance at Jun. 30, 2018			74,370	23,878
Conversion to Class A			1	(1)
Conversion to Class A (shares)			$ 1,447	$ (1,447)
Stock-based compensation					5,631			5,631
Exercise of stock options (shares)			203
Exercise of stock options			$ 1		3,112			3,113
Comprehensive income/(loss)						(21)	35,208	35,187
Total equity, end of period at Sep. 30, 2018			$ 76	$ 23	291,875	(6,828)	855,971	1,141,117
Shares, Outstanding, Ending Balance at Sep. 30, 2018			76,020	22,431
Stock-based compensation					4,927			4,927
Exercise of stock options (shares)			124
Exercise of stock options				$ (1)	3,067			3,066
Comprehensive income/(loss)						(344)	36,750	36,406
Total equity, end of period at Dec. 31, 2018			$ 76	$ 22	299,869	(7,172)	892,721	1,185,516
Shares, Outstanding, Ending Balance at Dec. 31, 2018			76,144	22,431
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, 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
Comprehensive income/(loss)								159,484
Total equity, end of period at Dec. 31, 2019	$ (468)	$ (468)	$ 77	$ 22	357,320	(2,898)	1,047,931	1,402,452
Shares, Outstanding, Ending Balance at Dec. 31, 2019			77,394	22,431
Shares, Outstanding, Beginning Balance at Mar. 31, 2019			76,551	22,431
Total equity, beginning of period at Mar. 31, 2019			$ 77	$ 22	316,665	(5,480)	925,930	1,237,214
Stock-based compensation					6,381			6,381
Exercise of stock options (shares)			96
Exercise of stock options					2,015		1	2,016
Comprehensive income/(loss)						3,752	38,163	41,915
Total equity, end of period at Jun. 30, 2019			$ 77	$ 22	325,061	(1,728)	964,094	1,287,526
Shares, Outstanding, Ending Balance at Jun. 30, 2019			76,647	22,431
Stock-based compensation					6,978			6,978
Exercise of stock options (shares)			326
Exercise of stock options					7,081		1	7,082
Comprehensive income/(loss)						(1,098)	38,307	37,209
Total equity, end of period at Sep. 30, 2019			$ 77	$ 22	339,120	(2,826)	1,002,402	1,338,795
Shares, Outstanding, Ending Balance at Sep. 30, 2019			76,973	22,431
Stock-based compensation					6,516			6,516
Exercise of stock options (shares)			421
Exercise of stock options					11,684			11,684
Comprehensive income/(loss)						(72)	45,529	45,457
Total equity, end of period at Dec. 31, 2019	(468)	(468)	$ 77	$ 22	357,320	(2,898)	1,047,931	1,402,452
Shares, Outstanding, Ending Balance at Dec. 31, 2019			77,394	22,431
Stock-based compensation					6,902			6,902
Exercise of stock options (shares)			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
Shares, Outstanding, Beginning Balance at Dec. 31, 2019			77,394	22,431
Total equity, beginning of period at Dec. 31, 2019	$ (468)	$ (468)	$ 77	$ 22	357,320	(2,898)	1,047,931	$ 1,402,452
Exercise of stock options (shares)								2,581
Comprehensive income/(loss)								$ 109,138
Total equity, end of period at Dec. 31, 2020			$ 77	$ 22	457,161	3,955	1,045,082	1,506,297
Shares, Outstanding, Ending Balance at Dec. 31, 2020			77,284	22,430
Shares, Outstanding, Beginning Balance at Mar. 31, 2020			75,664	22,431
Total equity, beginning of period at Mar. 31, 2020			$ 76	$ 22	369,984	(6,266)	999,550	1,363,366
Stock-based compensation					7,426			7,426
Exercise of stock options (shares)			434
Exercise of stock options (shares)				(1)
Exercise of stock options					10,201			10,201
Comprehensive income/(loss)						7,564	(20,837)	(13,273)
Repurchase and retirement of common stock (shares)			(771)
Repurchase and retirement of common stock			$ (1)				(30,804)	(30,805)
Total equity, end of period at Jun. 30, 2020			$ 75	$ 22	387,611	1,298	947,909	1,336,915
Shares, Outstanding, Ending Balance at Jun. 30, 2020			75,327	22,430
Stock-based compensation					7,007			7,007
Exercise of stock options (shares)			915
Exercise of stock options			$ 1		28,156			28,157
Comprehensive income/(loss)						909	44,216	45,125
Total equity, end of period at Sep. 30, 2020			$ 76	$ 22	422,774	2,207	992,125	1,417,204
Shares, Outstanding, Ending Balance at Sep. 30, 2020			76,242	22,430
Stock-based compensation					5,995			5,995
Grants of restricted stock units					191			191
Exercise of stock options (shares)			1,042
Exercise of stock options			$ 1		28,201			28,202
Comprehensive income/(loss)						1,748	52,957	54,705
Total equity, end of period at Dec. 31, 2020			$ 77	$ 22	$ 457,161	$ 3,955	$ 1,045,082	$ 1,506,297
Shares, Outstanding, Ending Balance at Dec. 31, 2020			77,284	22,430

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 102,285	$ 155,210	$ 156,474
Adjustments to reconcile net income to net cash provided by operating activities
Acquired in-process research and development	24,418
Depreciation and amortization	62,874	52,734	41,630
Amortization of premium (discount) on marketable securities	587	(1,089)	1,677
Write-down for excess and obsolete inventories, net	17,741	2,498	10,475
Stock-based compensation expense	27,073	26,085	21,899
Allowance for doubtful accounts	2,960	3,026	957
Change in fair value of business acquisition liabilities	2,674	1,787	985
Change in deferred income taxes	(4,338)	4,302	971
(Gain)/loss on disposal of assets, net	809	866	(3,557)
Payment of business acquisition related liabilities	(700)
(Increase)/decrease in:
Accounts receivable	10,696	(18,306)	(21,789)
Inventories	(50,111)	(50,018)	(31,382)
Prepaid expenses and other assets	(11,088)	(12,263)	(7,496)
Increase/(decrease) in:
Accounts payable	(6,352)	773	(3,008)
Accrued expenses and other liabilities	17,608	7,043	14,728
Income taxes payable/receivable	1,657	(673)	(921)
Net cash provided by operating activities	198,793	171,975	181,643
Cash flows from investing activities:
Purchases of marketable securities	(223,540)	(346,526)	(537,942)
Maturities of marketable securities	134,462	247,008	278,049
Sales of marketable securities	68,897	53,786	106,388
Purchases of property and equipment	(63,658)	(70,750)	(59,697)
Collections/(issuance) of note receivable			30,000
Proceeds from sale of assets			5,000
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets	(33,483)	(23,799)	(14,825)
Net cash used in investing activities	(117,322)	(140,281)	(193,027)
Cash flows from financing activities:
Payment of business acquisition related liabilities	(6,316)	(6,597)	(6,739)
Proceeds from exercise of stock options	72,322	31,036	39,309
Repurchase of common stock	(104,669)
Net cash used in/provided by financing activities	(38,663)	24,439	32,570
Effect of foreign exchange rate on cash	865	(156)	(256)
Net increase in cash, cash equivalents, and restricted cash	43,673	55,977	20,930
Cash, cash equivalents, and restricted cash at beginning of period	195,724	139,747	118,817
Cash, cash equivalents, and restricted cash at end of period	239,397	195,724	139,747
Supplemental disclosures of cash flow information:
Income taxes paid	25,437	34,139	30,552
Purchases of property and equipment included in accounts payable and accrued expenses	$ 4,210	$ 4,226	$ 10,084

BACKGROUND

12 Months Ended

Dec. 31, 2020

BACKGROUND [Abstract]

Background

NOTE 1. BACKGROUND

(a) The Company

Globus Medical, Inc., together with its subsidiaries, is a medical device company that develops and commercializes healthcare solutions in a mission 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 to address new treatment options. With 220 products launched, 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 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.

Although the Company cannot reasonably estimate the length or severity of the impact that the pandemic will have on its financial results, the Company has experienced, and may continue to experience, a material adverse impact on its sales, results of operations, and cash flows in fiscal 2021.

In response to these developments, the Company will continue to monitor liquidity and cash flow. The Company has the ability to borrow from a credit facility signed in August 2020, if needed, although we do not expect to do so due to our cash, cash equivalents and short-term marketable securities balances.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

(b) Principles of Consolidation

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

The preparation of 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 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 consolidated financial statements in the period they are determined to be necessary.

Significant areas that require estimates include revenue recognition, intangible assets, business acquisition liabilities, allowance for doubtful accounts, stock-based compensation, reserves 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.

(d) 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. For purposes of disclosure, we disaggregate our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies. 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 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 contain multiple performance obligations, including maintenance and support, and revenue is recognized as we fulfill each performance obligation. When contracts have 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 can affect the customer’s final acceptance of the sale.

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 as we satisfy future performance obligations related to the provision of 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 years ended December 31, 2020, 2019, and 2018, there was an immaterial amount of revenue recognized from previously deferred revenue.

(e) Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, are primarily marketable securities and accounts receivable. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of entities comprising our customer base. We perform ongoing credit evaluations of our customers and generally do not require collateral.

There was no customer that accounted for 10% or more of sales for the years ended December 31, 2020, 2019, and 2018, respectively.

(f) Cash, Cash Equivalents, and Restricted Cash

The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Cash equivalents, which consist of money market accounts, commercial paper and corporate debt securities are stated at fair value.

(g) Marketable Securities

Our marketable securities include municipal bonds, corporate debt securities, commercial paper, asset-backed securities, and securities of government, federal agency, and other sovereign obligations, and are classified as available-for-sale as of December 31, 2020 and 2019. Short-term and long-term marketable securities are recorded at fair value on our consolidated balance sheets. Any 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 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 marketable securities are determined on a specific identification basis. Realized gains and losses, interest income and the amortization/accretion of premiums/discounts are included as a component of other income/(expense), net, on our consolidated statements of operations and comprehensive income. Interest receivable is recorded as a component of prepaid expenses and other current assets on our consolidated balance sheets.

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 consolidated statements of operations and comprehensive income in the period the determination is made.

(h) Fair Value Measurements

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

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.

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 date, with the excess recorded as goodwill. We utilize Level 3 inputs in the determination of the initial fair value.

Contingent consideration represents contingent milestone, performance and revenue-sharing payment obligations related to acquisitions and is measured at fair value, based on significant inputs that are 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 assumptions on an ongoing basis as additional data impacting the assumptions is obtained. The fair value of contingent consideration is recorded in business acquisition liabilities on our consolidated balance sheets, and changes in the fair value of contingent consideration is recognized in acquisition related costs in the consolidated statements of operations and comprehensive income. The fair value of contingent restricted stock unit (“RSU”) grants are recorded as additional paid-in capital in the consolidated balance sheet on the day of the grant due to the remote likelihood of forfeiture.

(i) 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 inventory is finished goods and we utilize both in-house manufacturing and third-party suppliers to produce our products. We periodically evaluate the carrying value of our inventories in relation to estimated forecasts of product demand, which takes into consideration the 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.

(j) Property and Equipment

Property and equipment is recorded at cost less accumulated depreciation. Additions or improvements are capitalized, while repairs and maintenance are expensed as incurred. Depreciation is recognized using the straight-line method over the related useful lives of the assets.

When assets are sold or otherwise disposed of, the related property, equipment, and accumulated depreciation amounts are relieved from the accounts, and any gain or loss is recorded in the consolidated statements of operations and comprehensive income.

(k) Goodwill and Intangible Assets

Goodwill represents the excess of purchase price over the fair values of the identifiable assets acquired less the liabilities assumed in the acquisition of a business. Goodwill is tested for impairment at least annually. Goodwill is tested for impairment at the reporting unit level by comparing the reporting unit’s carrying amount to the fair value of the reporting unit. Fair values are estimated using an income and discounted cash flow approach. We perform our annual impairment test of goodwill in the fourth quarter of each year. We consider qualitative indicators of the fair value of a reporting unit when it is unlikely that a reporting unit has impaired goodwill. During the years ended December 31, 2020, 2019, and 2018, we did not record any impairment charges related to goodwill.

Intangible assets consist of purchased in-process research and development (“IPR&D”), developed technology, supplier network, patents, customer relationships, re-acquired rights, and non-compete agreements. Intangible assets with finite useful lives are amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from one to sixteen years. Intangible assets are tested for impairment annually or whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. If an impairment is indicated, we measure the amount of the impairment loss as the amount by which the carrying amount exceeds the fair value of the asset. Fair value is generally determined using a discounted future cash flow analysis. There were no impairments of finite-lived intangible assets during the years ended December 31, 2020, 2019, or 2018.

IPR&D has an indefinite life and is not amortized until completion of the project at which time the IPR&D becomes an amortizable asset. If the related project is not completed in a timely manner, we may have an impairment related to the IPR&D, calculated as the excess of the asset’s carrying value over its fair value. There were no impairments of IPR&D during the years ended December 31, 2020, 2019, or 2018.

(l) Impairment of Long-Lived Assets

We periodically evaluate the recoverability of the carrying amount of long-lived assets, which include property and equipment, as well as whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be fully recoverable. An impairment is assessed when the undiscounted future cash flows from the use and eventual disposition of an asset group are less than its carrying value. If an impairment is indicated, we measure the amount of the impairment loss as the amount by which the carrying amount exceeds the fair value of the asset group. Our fair value methodology is based on quoted market prices, if available. If quoted market prices are not available, an estimate of fair value is made based on prices of similar assets or other valuation techniques including present value techniques. During the years ended December 31, 2020, 2019, and 2018, we did not record any impairment charges related to long-lived assets.

(m) Cost of Goods Sold

Cost of goods sold consists primarily of costs from our manufacturing operations, costs of products purchased from third-party suppliers, reserves for excess and obsolete inventory, depreciation of surgical instruments and cases, royalties, shipping, inspection and related costs incurred in making our products available for sale or use.

(n) Research and Development

Research and development costs are expensed as incurred. Research and development costs include salaries, employee benefits, supplies, consulting services, clinical services and clinical trial costs, and facilities costs. Costs incurred in obtaining technology licenses and patents are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future use.

(o) Stock-Based Compensation

The cost of employee and non-employee director awards is measured at the grant date fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the equity award. Compensation expense for awards includes the impact of forfeiture in the period when they occur.

We estimate the fair value of stock options utilizing the Black-Scholes option-pricing model. Inputs to the Black-Scholes model include our stock price, expected volatility, expected term, risk-free interest rate and expected dividends. Expected volatility is based on the historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the Company’s stock options offering period which is derived from historical experience. The risk-free interest rate assumption is based on observed interest rates of U.S. Treasury securities appropriate for the expected terms of the stock options. The dividend yield assumption is based on the history and expectation of no dividend payouts. The fair value of restricted stock units is estimated on the day of grant based on the closing price of the Company’s common stock.

(p) Advertising Expense

We expense advertising costs as they are incurred. Advertising expense was $0.6 million, $1.1 million, and $1.9 million for the years ended December 31, 2020, 2019, and 2018, respectively.

(q) Provision for Litigation

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 consolidated financial statements for these actions when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a 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. We expense legal costs related to loss contingencies as incurred.

(r) Acquisition Related Costs

Acquisition related costs represents the change in fair value of business acquisition related contingent consideration; costs related to integrating recently acquired businesses including but not limited to costs to exit or convert contractual obligations, severance, and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees.

(s) Foreign Currency Translation

The functional currency of our foreign subsidiaries is generally their local currency. Assets and liabilities of the foreign subsidiaries are translated at the period end currency exchange rate and revenues and expenses are translated at an average currency exchange rate for the period. The resulting foreign currency translation gains and losses are included as a component of accumulated other comprehensive income. Gains and losses arising from intercompany foreign transactions are included in other income, net on the consolidated statements of operations and comprehensive income.

(t) Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which such items are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established to offset any deferred tax assets if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Significant judgment is required in determining income tax provisions and in evaluating tax positions. We will establish additional provisions for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum probability threshold that a tax position is more likely than not to be sustained upon examination by the taxing authority. In the normal course of business, we and our subsidiaries are examined by various federal, state, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of the provision for income taxes. We periodically assess the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known.

(u) 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. We adopted ASU 2019-12 on January 1, 2021. Adoption of the standard did not have a material impact on our financial position, results of operations and disclosures.

On March 12, 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective for all entities as of March 12, 2020, and will apply through December 31, 2022. To date, we have had no impacts on our investment portfolio or our credit agreement with Citizens Bank, N.A. related to reference rate reform. We will continue to evaluate the impact this guidance could have on our 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.

(v) 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 16. 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 Tax Act. 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 Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 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 $0.5 million 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. This 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), 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. We adopted ASU 2018-13 on January 1, 2020. This standard did not have a material impact on our financial position, results of operations, and disclosures.

ASSET ACQUISITIONS AND BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2020

ASSET ACQUISITIONS AND BUSINESS COMBINATIONS [Abstract]

Asset Acquisitions And Business Combinations

NOTE 3. ASSET ACQUISITIONS AND BUSINESS COMBINATIONS

Asset Acquisitions

During the second quarter of 2020, the Company acquired Synoste Oy (“Synoste”), a Finnish engineering company that specializes in the research and development of a limb lengthening system. The fair value of the net assets acquired was $25.3 million, and the consideration consisted of approximately $22.8 million of cash paid at closing plus $2.5 million of a contractual holdback obligation payable eighteen months from the closing date of the transaction, subject to net working capital and other post-closing adjustments, if applicable. The contractual holdback obligation is included in accrued expenses in the consolidated balance sheet.

The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in a single identified asset, in-process research and development (“IPR&D”) of the limb lengthening system, thus satisfying the requirements of the screen test in ASU 2017-1. At the date of acquisition, the Company determined that the development of the projects underway at Synoste had not yet reached technological feasibility and that the research in process had no alternative future use. Accordingly, the acquired IPR&D of $24.4 million was charged to research and development expense in the consolidated statements of operations and comprehensive income.

The transaction also provides for additional consideration contingent upon the developed product obtaining approval from the U.S. Food and Drug Administration (the “FDA”) of $8.0 million within the third anniversary, or $4.0 million within the fourth anniversary of the acquisition closing date, respectively. Contingent consideration is not recorded in an asset acquisition until the milestone is met.

Business Combinations

On October 1, 2020, the Company completed two acquisitions that were not considered material, individually or collectively, to the overall consolidated financial statements during the periods presented. These acquisitions have been included in the consolidated financial statements from the date of acquisition. The combined purchase price consisted of approximately $1.5 million of cash paid at closing, plus $0.3 million of other liabilities and $33.2 million of contingent consideration payments. These payments are based upon achieving various performance obligations over a period of 10 years, and are payable in a combination of cash and RSUs. The Company recorded other intangible assets of $8.8 million, with a weighted average useful life of 4.2 years, and goodwill of $26.2 million based on their preliminary estimated fair values. The Company will finalize the purchase price allocation of the assets and liabilities acquired within one year from the date of acquisition. While the Company does not expect material changes from the initial outcome of the valuation, certain assumptions and findings made at the date of acquisition could result in changes in the purchase price allocation.

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 consolidated financial statements from the acquisition date. At acquisition date, the fair value of the net assets acquired was $28.1 million. The purchase price consisted of approximately $23.8 million of cash paid at closing, plus $4.3 million of contingent consideration payable based upon the achievement product sales milestones. The Company recorded identifiable net assets, based on their estimated fair values, for inventory of $15.3 million, fixed assets of $4.2 million and customer relationships of $3.9 million and goodwill of $4.7 million.

The contingent consideration payable related to the StelKast Acquisition of $5.0 million was paid during the third quarter of 2020. The payment up to the amount of the contingent consideration liability recognized at the acquisition date of $4.3 million is presented as a financing activity and the excess cash payment of $0.7 million is presented as an operating activity on the consolidated statement of cash flows as of the year ended December 31, 2020 in accordance with FASB ASC Topic 230, “Statement of Cash Flows” (ASC 230).

NET SALES

12 Months Ended

Dec. 31, 2020

NET SALES [Abstract]

NET SALES

NOTE 4. NET SALES

The following table represents net sales by product category:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Musculoskeletal Solutions	$	748,446	$	738,377	$	666,040
Enabling Technologies		40,596		46,991		46,929
Total net sales	$	789,042	$	785,368	$	712,969

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

NOTE RECEIVABLE

12 Months Ended

Dec. 31, 2020

NOTE RECEIVABLE [Abstract]

Note Receivable

NOTE 5. NOTE RECEIVABLE

In September 2016, in connection with the acquisition of the international operations and distribution channels of Alphatec Holdings, Inc. (“Alphatec”), we entered into a Credit, Security and Guaranty Agreement (the “Credit Agreement”) with Alphatec and Alphatec Spine, Inc. (“Alphatec Spine” and together with Alphatec, the “Alphatec Borrowers”), pursuant to which we made available to the Alphatec Borrowers a senior secured term loan facility in an amount not to exceed $30.0 million. The term loan interest rate for the first two years following the Closing Date was priced at the London Interbank Offered Rate (“LIBOR”) plus 8.0%, subject to a 9.5% floor. The term loan interest rate thereafter was LIBOR plus 13.0%. On the Closing Date, we made an initial loan of $25.0 million and the Alphatec Borrowers issued a note for such amount to us. In December 2016, the remaining $5.0 million was drawn by the Alphatec Borrowers and added to the note. In November 2018, the Alphatec Borrowers repaid all of the outstanding principal and interest under the Credit Agreement in a total amount of $29.3 million.

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2020

MARKETABLE SECURITIES [Abstract]

Marketable Securities

NOTE 6. MARKETABLE SECURITIES

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



	December 31, 2020
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	$	39,684	$	140	$	—	$	39,824
Corporate debt securities		97,937		817		(4)		98,750
Commercial paper		25,543		4		—		25,547
Asset-backed securities		15,232		44		—		15,276
Government, federal agency, and other sovereign obligations		7,886		61		—		7,947
Total short-term marketable securities	$	186,282	$	1,066	$	(4)	$	187,344

Long-term:
Municipal bonds	$	70,176	$	612	$	—	$	70,788
Corporate debt securities		158,464		3,120		—		161,584
Asset-backed securities		124,406		1,747		(3)		126,150
Total long-term marketable securities	$	353,046	$	5,479	$	(3)	$	358,522



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

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

The short-term marketable securities have effective maturity dates of less than one year and the long-term marketable securities have effective maturity dates ranging from one to three years as of December 31, 2020 and 2019, respectively.

Purchases of marketable securities include amounts payable to brokers of $9.3 million and $10.3 million as of December 31, 2020 and 2019, respectively.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements

NOTE 7. FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, respectively included the following:



(In thousands)	Balance at December 31, 2020		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	56,223	$	23,628	$	32,595	$	—
Municipal bonds		110,612		—		110,612		—
Corporate debt securities		260,334		—		260,334		—
Commercial paper		25,547		—		25,547		—
Asset-backed securities		141,426		—		141,426		—
Government, federal agency, and other sovereign obligations		7,947		—		7,947		—
Liabilities
Business acquisition liabilities		37,270		—		—		37,270



(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 quoted 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

Fair value of the revenue-based business acquisition liabilities was determined using a discounted cash flow model and an option pricing methodology. The significant inputs of such models are not observable in the market, such as certain financial metric growth rates, volatility and discount rates, market price risk adjustment, projections associated with the applicable milestone, the interest rate, and the related probabilities and payment structure in the contingent consideration arrangement. The following are the significant unobservable inputs used in the two valuation techniques:


Unobservable input	Range			Weighted Average*
Market risk adjustment	3.1%	-	4.3%	3.3%
Discount rate	0.7%	-	8.5%	5.1%
Probability of payment	36%	-	100%	87.4%
Projected year of payment	2021	-	2030	2030

* The weighted average rates were calculated based on the relative fair value of each business acquisition liability.

The change in the carrying value of the business acquisition liabilities during the years ended December 31, 2020 and 2019, respectively included the following:



	Year Ended
	December 31,
(In thousands)	2020		2019
Beginning balance	$	9,549	$	10,118
Purchase price contingent consideration		33,219		4,299
Changes resulting from foreign currency fluctuations		—		(58)
Contingent cash payments		(6,971)		(6,597)
Contingent RSU grants		(191)		—
Changes in fair value of business acquisition liabilities		2,674		1,787
Contractual payable reclassification		(1,010)		—
Ending balance	$	37,270	$	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

12 Months Ended

Dec. 31, 2020

INVENTORIES [Abstract]

Inventories

NOTE 8. INVENTORIES

Inventories as of December 31, 2020 and 2019, respectively included the following:



	December 31,
(In thousands)	2020		2019
Raw materials	$	39,646	$	33,025
Work in process		16,446		15,940
Finished goods		173,061		147,349
Total inventories	$	229,153	$	196,314

During years ended December 31, 2020, 2019, and 2018, net adjustments to cost of sales related to excess and obsolete inventory were $17.7 million, $2.5 million, and $10.5 million, respectively. The net adjustments for the years ended December 31, 2020, 2019, and 2018 reflect a combination of additional expense for excess and obsolete related provisions ($27.4 million, $11.2 million, and $17.6 million, respectively) offset by sales and disposals ($9.7 million, $8.7 million, and $7.1 million, respectively) of inventory for which an excess and obsolete provision was previously recorded.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

NOTE 9. PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2020 and 2019, respectively included the following:



	Useful	December 31,
(In thousands)	Life	2020		2019
Land	—	$	8,322	$	8,290
Buildings and improvements	31.5		33,825		33,242
Equipment	5-15		102,553		97,829
Instruments	5		278,930		253,929
Modules and cases	5		41,919		38,293
Other property and equipment	3-5		27,781		11,990
			493,330		443,573
Less: accumulated depreciation			(276,451)		(243,732)
Total		$	216,879	$	199,841

Instruments are hand-held devices used by surgeons to install implants during surgery. Modules and cases are used to store and transport the instruments and implants.

Depreciation expense related to property and equipment was as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Depreciation	$	46,043	$	38,924	$	32,042

In June 2018, we sold assets for $5.0 million, which resulted in a gain on sale of assets of $4.6 million and was recognized as other income in the consolidated statement of operations and comprehensive income.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Goodwill and Intangible Assets

NOTE 10. GOODWILL AND INTANGIBLE ASSETS

The change in the carrying amount of goodwill during the years ended December 31, 2020 and 2019, respectively included the following:



(In thousands)
December 31, 2018	$	123,734
Additions and adjustments		4,817
Foreign exchange		224
December 31, 2019		128,775
Additions and adjustments		26,043
Foreign exchange		1,898
December 31, 2020	$	156,716

Intangible assets as of December 31, 2020 included the following:



		December 31, 2020
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(2,467)	$	1,533
Customer relationships & other intangibles	6.5		57,704		(32,056)		25,648
Developed technology	8.0		72,644		(19,295)		53,349
Patents	16.1		9,082		(2,663)		6,419
Total intangible assets		$	143,430	$	(56,481)	$	86,949

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 is being amortized over a period of 5.4 years.

Intangible assets as of December 31, 2019 included the following:



		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

The following table summarizes amortization of intangible assets for future periods as of December 31, 2020:



(In thousands)	Annual ‎Amortization
Year ending December 31:
2021	$	18,858
2022		18,201
2023		15,983
2024		12,829
2025		8,801
Thereafter		12,277
Total	$	86,949

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES [Abstract]

Accrued Expenses

NOTE 11. ACCRUED EXPENSES

Accrued expenses as of December 31, 2020 and 2019, respectively included the following:



	December 31,
(In thousands)	2020		2019
Compensation and other employee-related costs	$	44,948	$	37,178
Legal and other settlements and expenses		650		1,538
Accrued non-income taxes		4,952		4,996
Royalties		3,720		2,370
Other		24,064		17,201
Total accrued expenses	$	78,334	$	63,283

DEBT

12 Months Ended

Dec. 31, 2020

DEBT [Abstract]

Debt

NOTE 12. DEBT

Line of Credit

In August 2020, we entered into a credit agreement with Citizens Bank, N.A. (the “Credit Agreement”) that provides a revolving credit facility permitting borrowings up to $125.0 million (the “Revolving Credit Facility”), and has a termination date of August 5, 2021. The Revolving Credit Facility includes up to a $25.0 million sub limit for letters of credit. Revolving loans under the Credit Agreement will bear interest, at the Company’s option, at either a base rate or the Adjusted LIBOR Rate (as defined in the Credit Agreement), plus, in each case, an applicable margin, as determined in accordance with the provisions of the Credit Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citizens Bank, N.A. from time to time as its “prime rate”; the federal funds effective rate plus 1/2 of 1%; and the Adjusted LIBOR Rate for a one-month period plus 1%. The applicable margin is subject to adjustment as provided in the Credit Agreement. The Credit Agreement contains financial and other customary covenants, including a maximum leverage ratio.

In May 2011, we entered into a credit agreement with Wells Fargo Bank related to a revolving credit facility that provided 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 increased to $150.0 million. The revolving credit facility included up to a $25.0 million sub-limit for letters of credit. As amended to date, the revolving credit facility with Wells Fargo Bank expired in May 2020.

EQUITY

12 Months Ended

Dec. 31, 2020

EQUITY [Abstract]

Equity

NOTE 13. EQUITY

Stock Repurchases

Under the stock repurchase plan, announced in March 2020, the Company is authorized to repurchase up to $200 million of the Company’s Class A common stock. As of December 31, 2020, $95.3 million of this authorization was 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. Funding for share repurchases in the future is expected to come from operating cash flows and excess cash.

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 shares. The Company made an accounting policy election to charge the excess of repurchase price over par value entirely to retained earnings.

The following table summarizes share repurchases made during the year ended December 31, 2020:

(In thousands except for per share prices)


Period	Total number of shares repurchased	Average Price Paid per Share		Dollar amount of shares repurchased ⁽¹⁾		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
April 1, 2020 - June 30, 2020	771		39.95		30,804		95,294
July 1, 2020 - September 30,2020	—		—		—		95,294
October 1, 2020 – December 31, 2020	—		—		—		95,294
January 1, 2020 – December 31, 2020	2,691	$	38.91	$	104,706

⁽¹⁾ Inclusive of an immaterial amount of commission fees

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”).

The holders of Class A Common are entitled to one vote for each share of Class A Common held. 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 herein. The holders of Class B Common are entitled to 10 votes for each share of Class B Common held. The holders of Class A Common and Class B Common vote together as one class of common stock. Except for voting rights, the Class A Common and Class B Common have the same rights and privileges.

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) for the years ended December 31, 2020 and 2019, respectively:


(In thousands)	Unrealized 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		1,827		5,451		7,278
Amounts reclassified from accumulated other comprehensive income, net of tax		(425)		—		(425)
Other comprehensive (loss)/income, net of tax		1,402		5,451		6,853
Accumulated other comprehensive loss, net of tax, at December 31, 2020	$	5,001	$	(1,046)	$	3,955


(In thousands)	Unrealized 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		4,932		507		5,439
Amounts reclassified from accumulated other comprehensive income, net of tax		(1,165)		—		(1,165)
Other comprehensive (loss)/income, net of tax		3,767		507		4,274
Accumulated other comprehensive loss, net of tax, at December 31, 2019	$	3,599	$	(6,497)	$	(2,898)

Amounts reclassified from accumulated other comprehensive loss, net of tax, related to unrealized gains/losses on marketable securities were released to other income, net in our consolidated statements of operations and comprehensive income.

Net Income (Loss) Per Common Share

The Company computes basic net income per share using the weighted-average number of common shares outstanding during the period. Diluted net income per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options and unvested RSUs. The contingently issuable shares are included in basic net income per share as of the date that all necessary conditions have been satisfied and are included in the denominator for dilutive calculation for the entire period if such shares would be issuable as of the end of the reporting period assuming the end of the reporting period was the end of the contingency period.

The following table sets forth the computation of basic and diluted earnings per share:


	Year Ended
	December 31,
(In thousands, except per share amounts)	2020		2019		2018
Numerator:
Net income/(loss)	$	102,285	$	155,210	$	156,474
Denominator for basic and diluted net income per share:
Weighted average shares outstanding for basic		98,580		99,150		97,884
Dilutive stock options		2,391		2,848		3,432
Weighted average shares outstanding for diluted		100,971		101,998		101,316
Earnings per share:
Basic	$	1.04	$	1.57	$	1.60
Diluted	$	1.01	$	1.52	$	1.54

Anti-dilutive stock options and RSUs excluded from the calculation		5,454		4,494		2,451

STOCK-BASED AWARDS

12 Months Ended

Dec. 31, 2020

STOCK-BASED AWARDS [Abstract]

Stock-Based Awards

NOTE 14. STOCK-BASED AWARDS

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 active stock plan. The purpose of these stock plans was, and of 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, which is generally not more than ten years from the grant date. Options granted 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 covered by the 2012 Plan include authorized but unissued shares, treasury shares or shares of common stock purchased on the open market.

As of December 31, 2020, pursuant to the 2012 Plan, there were 17,899,947 shares of Class A Common stock reserved and 2,109,742 shares of Class A Common stock available for future grants.

Stock Options

Stock option activity during the year ended December 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	2,411		52.40
Exercised	(2,581)		28.03
Forfeited	(734)		43.78
Outstanding at December 31, 2020	9,746	$	41.33	7.3	$	232,813
Exercisable at December 31, 2020	4,574	$	33.72	6.1	$	144,050
Expected to vest at December 31, 2020	5,172	$	48.06	8.3	$	88,763

The total intrinsic value of stock options exercised was $76.1 million, $31.3 million, and $59.3 million, during the years ended December 31, 2020, 2019, and 2018, respectively.

The fair value of the options was estimated on the date of the grant using a Black-Scholes option pricing model with the following assumptions:



	Year Ended
	December 31,
	2020			2019			2018
Risk-free interest rate	0.23%	-	1.67%	1.35%	-	2.57%	2.30%	-	3.09%
Expected term (years)	4.9			5.0			5.8	-	7.5
Expected volatility	28.0%	-	37.0%	29.0%			23.0%	-	28.0%
Expected dividend yield		—%			—%			—%

The weighted average grant date fair value of stock options granted during the years ended December 31, 2020, 2019, and 2018 was $14.81, $13.76, and $14.90 per share, respectively.

Restricted Stock Units

Restricted stock unit activity during the year ended December 31, 2020 is summarized as follows:



	Restricted Stock Units (thousands)	Weighted ‎average ‎grant date fair value per share		Weighted ‎average ‎remaining ‎contractual ‎life (years)
Outstanding at December 31, 2019	—	$	—
Granted	3		58.69
Exercised	—		—
Forfeited	—		—
Expected to vest at December 31, 2020	3	$	58.69	10

Stock-Based Compensation

Compensation expense related to stock options granted to employees and non-employees under the Plans and the intrinsic value of stock options exercised was as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Stock-based compensation expense	$	27,073	$	26,085	$	21,899
Net stock-based compensation capitalized into inventory		257		331		320
Total stock-based compensation cost	$	27,330	$	26,416	$	22,219

As of December 31, 2020, there was $58.0 million of unrecognized compensation expense related to unvested employee stock options that vest over a weighted average period of two years.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

INCOME TAXES [Abstract]

Income Taxes

NOTE 15. INCOME TAXES

The components of income before income taxes are as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Domestic	$	154,356	$	179,194	$	180,701
Foreign		(28,457)		10,752		7,904
Total	$	125,899	$	189,946	$	188,605

The components of the provision for income taxes are as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Current:
Federal	$	22,183	$	23,093	$	23,774
State		4,381		4,532		4,662
Foreign		991		2,819		2,724
		27,555		30,444		31,160
Deferred:
Federal		(3,293)		6,542		4,155
State		(678)		(68)		(587)
Foreign		30		(2,182)		(2,597)
		(3,941)		4,292		971
Total	$	23,614	$	34,736	$	32,131

A reconciliation of the statutory U.S. federal tax rate to our effective rate is as follows:



	Year Ended
	December 31,
	2020		2019		2018
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.5		2.2		2.3
Foreign taxes	0.6		0.3		1.2
Valuation allowance	1.7		0.1		0.5
Domestic production activities deduction	(0.3)		(0.6)		(0.7)
Tax credits	(2.6)		(2.6)		(1.6)
Stock-based compensation windfall	(9.5)		(2.5)		(5.2)
Nondeductible expenses	0.5		0.3		(0.6)
Other	—		0.1		0.1
IPR&D	3.9		—		—
Effective tax rate	18.8	%	18.3	%	17.0	%

Deferred income taxes reflect the tax effects of temporary differences between the basis of assets and liabilities recognized for financial reporting purposes and tax purposes. Significant components of our deferred income taxes are as follows:



	December 31,
(In thousands)	2020		2019
Deferred tax assets:
Inventory reserve	$	28,973	$	26,381
Accruals, reserves, and other currently not deductible		12,537		8,620
Stock-based compensation		14,297		14,020
Net operating loss carryforwards		4,269		3,857
Total deferred tax assets		60,076		52,878
Valuation allowance		(6,487)		(2,846)
Total deferred tax assets, net of valuation allowance		53,589		50,032
Deferred tax liabilities:
Depreciation and amortization		(53,176)		(50,129)
Total deferred tax liabilities		(53,176)		(50,129)
Net deferred tax assets/(liabilities)	$	413	$	(97)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize a portion of the benefits of these deductible differences at December 31, 2020 and 2019. The Company has established valuation allowances of $6.5 million and $2.8 million at December 31, 2020 and 2019, respectively, primarily related to the uncertainty of the utilization of certain deferred tax assets and primarily comprised of tax loss carryforwards in various jurisdictions. The increase in the valuation allowance during fiscal year 2020 is primarily driven by foreign tax assets that are not expected to be realized. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced.

As of December 31, 2020 and 2019, we have NOL carryforwards of $26.1 million and $21.4 million, respectively, which, if unused, will expire in years 2021 through 2037.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Unrecognized tax benefits at the beginning of the year	$	2,399	$	4,777	$	2,601
Additions related to prior year tax positions		—		—		2,176
Reductions related to prior year tax positions		(799)		(2,378)		—
Unrecognized tax benefits at the end of the year	$	1,600	$	2,399	$	4,777

The reductions related to prior year tax positions for the year ended December 31, 2020 of $0.8 million are primarily related to resolution of certain tax positions confirmed from refunds on amended tax returns.

The impact of our unrecognized tax benefits to the effective income tax rate is as follows:



	December 31,
(In thousands)	2020		2019		2018
Portion of total unrecognized tax benefits that, if recognized, would affect the effective income tax rate	$	2,032	$	2,878	$	4,084

The Company intends to indefinitely reinvest its foreign earnings abroad to ensure sufficient working capital for further expansion of its existing operations outside the United States, therefore the Company has not recorded income taxes on the undistributed earnings of its foreign subsidiaries. The undistributed earnings of our foreign subsidiaries as of December 31, 2020 are immaterial. In the event we are required to repatriate funds from outside of the United States, such repatriation may be subject to local laws, customs, and tax consequences.

Interest and penalties are recorded in the statement of income as provision for income taxes. The total interest and penalties recorded in the statement of income was nominal for the years ended December 31, 2020, 2019, and 2018. We do not expect a significant change in our uncertain tax benefits in the next twelve months. We are subject to federal income tax as well as income tax of multiple state and foreign jurisdictions. With few exceptions, we are no longer subject to income tax examination by tax authorities in major jurisdictions for years prior to 2015 as of December 31, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

LEASES

12 Months Ended

Dec. 31, 2020

LEASES [Abstract]

Leases

NOTE 16. LEASES

The Company leases certain equipment, vehicles, and facilities under operating leases. Our leases have initial lease terms ranging from one year to 14 years. Certain leases contain options to extend terms beyond the lease termination date. We use judgment to determine whether it is reasonably possible that we will extend the lease beyond the initial term and the length of the possible extension. Leases that have a term 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 estimate of our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. As of December 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 consolidated balance sheets. Lease expense is recognized, on a straight-line basis over the term of the lease, as a component of operating income on the consolidated statements of operations and comprehensive income.

Amounts reported in the consolidated balance sheet as of the years ended December 31, 2020 and 2019, respectively are as follows:


	December 31,
(In thousands, except weighted average lease term and discount rate)	2020		2019
Operating lease right of use asset	$	4,741	$	2,481

Lease liability - current		1,865		1,339
Lease liability - long-term		2,936		1,142
Total operating lease liability	$	4,801	$	2,481

Operating lease expense	$	3,579	$	3,174

Supplemental non-cash information:
Weighted-average remaining lease term (years) - operating leases		2.9		2.6
Weighted-average discount rate - operating leases		3.0%		3.4%

The following table summarized the future minimum lease payments under non-cancellable leases as of December 31, 2020:



(In thousands)	Operating Leases
2021	$	1,987
2022		1,535
2023		815
2024		565
2025		159
Thereafter		—
Total undiscounted operating lease payments	$	5,061
Less: imputed interest		260
Total operating lease liability	$	4,801

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES [Abstract]

Commitments and Contingencies

NOTE 17. COMMITMENTS AND CONTINGENCIES

We are involved in a number of proceedings, legal actions, and claims arising in the ordinary course of business. 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 consolidated financial statements for these actions when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range, and no amount in 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. On July 2, 2020, this suit was transferred from the U.S. District Court for the Western District of Texas to the U.S. District Court for the Eastern District of Pennsylvania and was stayed on September 25, 2020 pending the outcome of earlier filed Inter Partes Reviews. The outcome of this litigation cannot be determined, nor can we estimate a range of potential loss, therefore, we have not recorded a liability related to this litigation as of December 31, 2020.

RETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2020

RETIREMENT BENEFIT PLANS [Abstract]

Retirement Benefit Plans

NOTE 18. RETIREMENT BENEFIT PLANS

We sponsor a 401(k) Plan covering all eligible U.S. employees. Under the 401(k) Plan, we make nondiscretionary matching contributions at the rate of 100% of employee’s contributions up to a maximum annual contribution of $6,000 per eligible employee, limited to 3% of the employee’s compensation for the period.

Additionally, we contribute to various foreign retirement benefit plans required by local law or coordinated with government sponsored plans which cover many of our international employees. The benefits offered under these plans are reflective of local customs and practices in the countries concerned.

Company contributions to these retirement plans were as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
401(k) and other retirement plan contributions	$	5,798	$	5,363	$	4,682

SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2020

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Segment and Geographic Information

NOTE 19. SEGMENT AND GEOGRAPHIC INFORMATION

Operating segments are defined as components of an enterprise for which separate 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 manage our business globally 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 net sales by geographic area, based on the location of the customer for the years ended December 31, 2020, 2019 and 2018, respectively:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
United States	$	664,454	$	647,683	$	593,878
International		124,588		137,685		119,091
Total net sales	$	789,042	$	785,368	$	712,969

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA [Abstract]

Quarterly Financial Data

NOTE 20. QUARTERLY FINANCIAL DATA (unaudited)



	(unaudited)
	March 31,		June 30,		September 30,		December 31,
(In thousands, except per share amounts)	2020		2020		2020		2020
Net sales	$	190,577	$	148,922	$	216,098	$	233,445
Gross profit		141,713		98,279		159,001		172,586
Net income/(loss)		25,949		(20,837)		44,216		52,957
Earnings per share - basic		0.26		(0.21)		0.45		0.54
Earnings per share - diluted		0.25		(0.21)		0.44		0.52

* amounts might not add due to rounding



	(unaudited)
	March 31,		June 30,		September 30,		December 31,
(In thousands, except per share amounts)	2019		2019		2019		2019
Net sales	$	182,947	$	194,539	$	196,215	$	211,667
Gross profit		141,109		150,549		150,828		162,907
Net income/(loss)		33,210		38,163		38,307		45,530
Earnings per share - basic		0.34		0.39		0.39		0.46
Earnings per share - diluted		0.33		0.38		0.38		0.44

* amounts might not add due to rounding

SCHEDULE II VALUATION ACCOUNTS AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2020

SCHEDULE II VALUATION ACCOUNTS AND QUALIFYING ACCOUNTS [Abstract]

Schedule II Valuation Accounts and Qualifying Accounts

SCHEDULE II. VALUATION ACCOUNTS AND QUALIFYING ACCOUNTS

Allowance for doubtful accounts:



(In thousands)	Beginning ‎of period		Charged ‎to expenses		Write-offs		End ‎of period
Year ended December 31, 2018	$	3,963	$	960	$	(697)	$	4,226
Year ended December 31, 2019		4,226		3,026		(1,653)		5,599
Year ended December 31, 2020	$	5,599	$	2,960	$	(4,151)	$	4,408

Deferred tax valuation allowance:



			Additions				Deductions
(In thousands)	Beginning ‎of period		Charged ‎to expenses		Charged to ‎other accounts		Other ‎deductions		End ‎of period
Year ended December 31, 2018	$	1,821	$	924	$	—	$	(62)	$	2,683
Year ended December 31, 2019		2,683		163		—		—		2,846
Year ended December 31, 2020	$	2,846	$	2,132	$	1,509	$	—	$	6,487

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Globus and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of 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 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 consolidated financial statements in the period they are determined to be necessary. Significant areas that require estimates include revenue recognition, intangible assets, business acquisition liabilities, allowance for doubtful accounts, stock-based compensation, reserves 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.
Revenue Recognition	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. For purposes of disclosure, we disaggregate our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies. 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 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 contain multiple performance obligations, including maintenance and support, and revenue is recognized as we fulfill each performance obligation. When contracts have 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 can affect the customer’s final acceptance of the sale. 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 as we satisfy future performance obligations related to the provision of 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 years ended December 31, 2020, 2019, and 2018, there was an immaterial amount of revenue recognized from previously deferred revenue.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, are primarily marketable securities and accounts receivable. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of entities comprising our customer base. We perform ongoing credit evaluations of our customers and generally do not require collateral. There was no customer that accounted for 10% or more of sales for the years ended December 31, 2020, 2019, and 2018, respectively.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Cash equivalents, which consist of money market accounts, commercial paper and corporate debt securities are stated at fair value.
Marketable Securities	Marketable Securities Our marketable securities include municipal bonds, corporate debt securities, commercial paper, asset-backed securities, and securities of government, federal agency, and other sovereign obligations, and are classified as available-for-sale as of December 31, 2020 and 2019. Short-term and long-term marketable securities are recorded at fair value on our consolidated balance sheets. Any 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 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 marketable securities are determined on a specific identification basis. Realized gains and losses, interest income and the amortization/accretion of premiums/discounts are included as a component of other income/(expense), net, on our consolidated statements of operations and comprehensive income. Interest receivable is recorded as a component of prepaid expenses and other current assets on our consolidated balance sheets. 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 consolidated statements of operations and comprehensive income in the period the determination is made.
Fair Value Measurements	Fair Value Measurements Assets and Liabilities That Are Measured at Fair Value on a Recurring Basis 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. 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 date, with the excess recorded as goodwill. We utilize Level 3 inputs in the determination of the initial fair value. Contingent consideration represents contingent milestone, performance and revenue-sharing payment obligations related to acquisitions and is measured at fair value, based on significant inputs that are 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 assumptions on an ongoing basis as additional data impacting the assumptions is obtained. The fair value of contingent consideration is recorded in business acquisition liabilities on our consolidated balance sheets, and changes in the fair value of contingent consideration is recognized in acquisition related costs in the consolidated statements of operations and comprehensive income. The fair value of contingent restricted stock unit (“RSU”) grants are recorded as additional paid-in capital in the consolidated balance sheet on the day of the grant due to the remote likelihood of forfeiture.
Inventories	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 inventory is finished goods and we utilize both in-house manufacturing and third-party suppliers to produce our products. We periodically evaluate the carrying value of our inventories in relation to estimated forecasts of product demand, which takes into consideration the 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.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. Additions or improvements are capitalized, while repairs and maintenance are expensed as incurred. Depreciation is recognized using the straight-line method over the related useful lives of the assets. When assets are sold or otherwise disposed of, the related property, equipment, and accumulated depreciation amounts are relieved from the accounts, and any gain or loss is recorded in the consolidated statements of operations and comprehensive income.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair values of the identifiable assets acquired less the liabilities assumed in the acquisition of a business. Goodwill is tested for impairment at least annually. Goodwill is tested for impairment at the reporting unit level by comparing the reporting unit’s carrying amount to the fair value of the reporting unit. Fair values are estimated using an income and discounted cash flow approach. We perform our annual impairment test of goodwill in the fourth quarter of each year. We consider qualitative indicators of the fair value of a reporting unit when it is unlikely that a reporting unit has impaired goodwill. During the years ended December 31, 2020, 2019, and 2018, we did not record any impairment charges related to goodwill. Intangible assets consist of purchased in-process research and development (“IPR&D”), developed technology, supplier network, patents, customer relationships, re-acquired rights, and non-compete agreements. Intangible assets with finite useful lives are amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from one to sixteen years. Intangible assets are tested for impairment annually or whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. If an impairment is indicated, we measure the amount of the impairment loss as the amount by which the carrying amount exceeds the fair value of the asset. Fair value is generally determined using a discounted future cash flow analysis. There were no impairments of finite-lived intangible assets during the years ended December 31, 2020, 2019, or 2018. IPR&D has an indefinite life and is not amortized until completion of the project at which time the IPR&D becomes an amortizable asset. If the related project is not completed in a timely manner, we may have an impairment related to the IPR&D, calculated as the excess of the asset’s carrying value over its fair value. There were no impairments of IPR&D during the years ended December 31, 2020, 2019, or 2018.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We periodically evaluate the recoverability of the carrying amount of long-lived assets, which include property and equipment, as well as whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be fully recoverable. An impairment is assessed when the undiscounted future cash flows from the use and eventual disposition of an asset group are less than its carrying value. If an impairment is indicated, we measure the amount of the impairment loss as the amount by which the carrying amount exceeds the fair value of the asset group. Our fair value methodology is based on quoted market prices, if available. If quoted market prices are not available, an estimate of fair value is made based on prices of similar assets or other valuation techniques including present value techniques. During the years ended December 31, 2020, 2019, and 2018, we did not record any impairment charges related to long-lived assets.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold consists primarily of costs from our manufacturing operations, costs of products purchased from third-party suppliers, reserves for excess and obsolete inventory, depreciation of surgical instruments and cases, royalties, shipping, inspection and related costs incurred in making our products available for sale or use.
Research and Development	Research and Development Research and development costs are expensed as incurred. Research and development costs include salaries, employee benefits, supplies, consulting services, clinical services and clinical trial costs, and facilities costs. Costs incurred in obtaining technology licenses and patents are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future use.
Stock-Based Compensation	Stock-Based Compensation The cost of employee and non-employee director awards is measured at the grant date fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the equity award. Compensation expense for awards includes the impact of forfeiture in the period when they occur. We estimate the fair value of stock options utilizing the Black-Scholes option-pricing model. Inputs to the Black-Scholes model include our stock price, expected volatility, expected term, risk-free interest rate and expected dividends. Expected volatility is based on the historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the Company’s stock options offering period which is derived from historical experience. The risk-free interest rate assumption is based on observed interest rates of U.S. Treasury securities appropriate for the expected terms of the stock options. The dividend yield assumption is based on the history and expectation of no dividend payouts. The fair value of restricted stock units is estimated on the day of grant based on the closing price of the Company’s common stock.
Advertising Expense	Advertising Expense We expense advertising costs as they are incurred. Advertising expense was $0.6 million, $1.1 million, and $1.9 million for the years ended December 31, 2020, 2019, and 2018, respectively.
Provision for Litigation	Provision for Litigation 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 consolidated financial statements for these actions when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a 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. We expense legal costs related to loss contingencies as incurred.
Acquisition Related Costs	Acquisition Related Costs Acquisition related costs represents the change in fair value of business acquisition related contingent consideration; costs related to integrating recently acquired businesses including but not limited to costs to exit or convert contractual obligations, severance, and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees.
Foreign Currency Translation	Foreign Currency Translation The functional currency of our foreign subsidiaries is generally their local currency. Assets and liabilities of the foreign subsidiaries are translated at the period end currency exchange rate and revenues and expenses are translated at an average currency exchange rate for the period. The resulting foreign currency translation gains and losses are included as a component of accumulated other comprehensive income. Gains and losses arising from intercompany foreign transactions are included in other income, net on the consolidated statements of operations and comprehensive income.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which such items are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established to offset any deferred tax assets if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Significant judgment is required in determining income tax provisions and in evaluating tax positions. We will establish additional provisions for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum probability threshold that a tax position is more likely than not to be sustained upon examination by the taxing authority. In the normal course of business, we and our subsidiaries are examined by various federal, state, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of the provision for income taxes. We periodically assess the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known.
Recently Issued Accounting Pronouncements & Recently Adopted Accounting Pronouncements	(u) 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. We adopted ASU 2019-12 on January 1, 2021. Adoption of the standard did not have a material impact on our financial position, results of operations and disclosures. On March 12, 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective for all entities as of March 12, 2020, and will apply through December 31, 2022. To date, we have had no impacts on our investment portfolio or our credit agreement with Citizens Bank, N.A. related to reference rate reform. We will continue to evaluate the impact this guidance could have on our 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. (v) 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 16. 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 Tax Act. 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 Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 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 $0.5 million 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. This 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), 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. We adopted ASU 2018-13 on January 1, 2020. This standard did not have a material impact on our financial position, results of operations, and disclosures.

NET SALES (Tables)

12 Months Ended

Dec. 31, 2020

NET SALES [Abstract]

Schedule of Disaggregation of Revenue



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Musculoskeletal Solutions	$	748,446	$	738,377	$	666,040
Enabling Technologies		40,596		46,991		46,929
Total net sales	$	789,042	$	785,368	$	712,969

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

MARKETABLE SECURITIES [Abstract]

Composition of Marketable Securities

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



	December 31, 2020
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	$	39,684	$	140	$	—	$	39,824
Corporate debt securities		97,937		817		(4)		98,750
Commercial paper		25,543		4		—		25,547
Asset-backed securities		15,232		44		—		15,276
Government, federal agency, and other sovereign obligations		7,886		61		—		7,947
Total short-term marketable securities	$	186,282	$	1,066	$	(4)	$	187,344

Long-term:
Municipal bonds	$	70,176	$	612	$	—	$	70,788
Corporate debt securities		158,464		3,120		—		161,584
Asset-backed securities		124,406		1,747		(3)		126,150
Total long-term marketable securities	$	353,046	$	5,479	$	(3)	$	358,522



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

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

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis



(In thousands)	Balance at December 31, 2020		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	56,223	$	23,628	$	32,595	$	—
Municipal bonds		110,612		—		110,612		—
Corporate debt securities		260,334		—		260,334		—
Commercial paper		25,547		—		25,547		—
Asset-backed securities		141,426		—		141,426		—
Government, federal agency, and other sovereign obligations		7,947		—		7,947		—
Liabilities
Business acquisition liabilities		37,270		—		—		37,270



(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

Nonrecurring Level 3 Fair Value Measurements


Unobservable input	Range			Weighted Average*
Market risk adjustment	3.1%	-	4.3%	3.3%
Discount rate	0.7%	-	8.5%	5.1%
Probability of payment	36%	-	100%	87.4%
Projected year of payment	2021	-	2030	2030

* The weighted average rates were calculated based on the relative fair value of each business acquisition liability.

Rollforward of Contingent Consideration

The change in the carrying value of the business acquisition liabilities during the years ended December 31, 2020 and 2019, respectively included the following:



	Year Ended
	December 31,
(In thousands)	2020		2019
Beginning balance	$	9,549	$	10,118
Purchase price contingent consideration		33,219		4,299
Changes resulting from foreign currency fluctuations		—		(58)
Contingent cash payments		(6,971)		(6,597)
Contingent RSU grants		(191)		—
Changes in fair value of business acquisition liabilities		2,674		1,787
Contractual payable reclassification		(1,010)		—
Ending balance	$	37,270	$	9,549

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2020

INVENTORIES [Abstract]

Schedule of Inventory



	December 31,
(In thousands)	2020		2019
Raw materials	$	39,646	$	33,025
Work in process		16,446		15,940
Finished goods		173,061		147,349
Total inventories	$	229,153	$	196,314

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2020

PROPERTY AND EQUIPMENT [Abstract]

Schedule of Property and Equipment



	Useful	December 31,
(In thousands)	Life	2020		2019
Land	—	$	8,322	$	8,290
Buildings and improvements	31.5		33,825		33,242
Equipment	5-15		102,553		97,829
Instruments	5		278,930		253,929
Modules and cases	5		41,919		38,293
Other property and equipment	3-5		27,781		11,990
			493,330		443,573
Less: accumulated depreciation			(276,451)		(243,732)
Total		$	216,879	$	199,841

Schedule of Depreciation Related to Property and Equipment



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Depreciation	$	46,043	$	38,924	$	32,042

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Summary of Intangible Assets

Intangible assets as of December 31, 2020 included the following:



		December 31, 2020
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(2,467)	$	1,533
Customer relationships & other intangibles	6.5		57,704		(32,056)		25,648
Developed technology	8.0		72,644		(19,295)		53,349
Patents	16.1		9,082		(2,663)		6,419
Total intangible assets		$	143,430	$	(56,481)	$	86,949

Intangible assets as of December 31, 2019 included the following:



		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

Summary of Goodwill



(In thousands)
December 31, 2018	$	123,734
Additions and adjustments		4,817
Foreign exchange		224
December 31, 2019		128,775
Additions and adjustments		26,043
Foreign exchange		1,898
December 31, 2020	$	156,716

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes amortization of intangible assets for future periods as of December 31, 2020:



(In thousands)	Annual ‎Amortization
Year ending December 31:
2021	$	18,858
2022		18,201
2023		15,983
2024		12,829
2025		8,801
Thereafter		12,277
Total	$	86,949

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES [Abstract]

Schedule of Accrued Expenses



	December 31,
(In thousands)	2020		2019
Compensation and other employee-related costs	$	44,948	$	37,178
Legal and other settlements and expenses		650		1,538
Accrued non-income taxes		4,952		4,996
Royalties		3,720		2,370
Other		24,064		17,201
Total accrued expenses	$	78,334	$	63,283

EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

EQUITY [Abstract]

Schedule of Shares Repurchased


Period	Total number of shares repurchased	Average Price Paid per Share		Dollar amount of shares repurchased ⁽¹⁾		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
April 1, 2020 - June 30, 2020	771		39.95		30,804		95,294
July 1, 2020 - September 30,2020	—		—		—		95,294
October 1, 2020 – December 31, 2020	—		—		—		95,294
January 1, 2020 – December 31, 2020	2,691	$	38.91	$	104,706

Accumulated Other Comprehensive Income


(In thousands)	Unrealized 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		1,827		5,451		7,278
Amounts reclassified from accumulated other comprehensive income, net of tax		(425)		—		(425)
Other comprehensive (loss)/income, net of tax		1,402		5,451		6,853
Accumulated other comprehensive loss, net of tax, at December 31, 2020	$	5,001	$	(1,046)	$	3,955


(In thousands)	Unrealized 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		4,932		507		5,439
Amounts reclassified from accumulated other comprehensive income, net of tax		(1,165)		—		(1,165)
Other comprehensive (loss)/income, net of tax		3,767		507		4,274
Accumulated other comprehensive loss, net of tax, at December 31, 2019	$	3,599	$	(6,497)	$	(2,898)

Schedule of Computation of Basic and Diluted Earnings


	Year Ended
	December 31,
(In thousands, except per share amounts)	2020		2019		2018
Numerator:
Net income/(loss)	$	102,285	$	155,210	$	156,474
Denominator for basic and diluted net income per share:
Weighted average shares outstanding for basic		98,580		99,150		97,884
Dilutive stock options		2,391		2,848		3,432
Weighted average shares outstanding for diluted		100,971		101,998		101,316
Earnings per share:
Basic	$	1.04	$	1.57	$	1.60
Diluted	$	1.01	$	1.52	$	1.54

Anti-dilutive stock options and RSUs excluded from the calculation		5,454		4,494		2,451

STOCK-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2020

STOCK-BASED AWARDS [Abstract]

Summary of Stock Option Activity

Stock option activity during the year ended December 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	2,411		52.40
Exercised	(2,581)		28.03
Forfeited	(734)		43.78
Outstanding at December 31, 2020	9,746	$	41.33	7.3	$	232,813
Exercisable at December 31, 2020	4,574	$	33.72	6.1	$	144,050
Expected to vest at December 31, 2020	5,172	$	48.06	8.3	$	88,763

Fair Value of Options Using Black Scholes Option Pricing Model

The fair value of the options was estimated on the date of the grant using a Black-Scholes option pricing model with the following assumptions:



	Year Ended
	December 31,
	2020			2019			2018
Risk-free interest rate	0.23%	-	1.67%	1.35%	-	2.57%	2.30%	-	3.09%
Expected term (years)	4.9			5.0			5.8	-	7.5
Expected volatility	28.0%	-	37.0%	29.0%			23.0%	-	28.0%
Expected dividend yield		—%			—%			—%

Summary of Restricted Stock Unit Activity



	Restricted Stock Units (thousands)	Weighted ‎average ‎grant date fair value per share		Weighted ‎average ‎remaining ‎contractual ‎life (years)
Outstanding at December 31, 2019	—	$	—
Granted	3		58.69
Exercised	—		—
Forfeited	—		—
Expected to vest at December 31, 2020	3	$	58.69	10

Stock-based Compensation Schedule



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Stock-based compensation expense	$	27,073	$	26,085	$	21,899
Net stock-based compensation capitalized into inventory		257		331		320
Total stock-based compensation cost	$	27,330	$	26,416	$	22,219

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes are as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Domestic	$	154,356	$	179,194	$	180,701
Foreign		(28,457)		10,752		7,904
Total	$	125,899	$	189,946	$	188,605

Schedule of Components of the Provision for Income Taxes

The components of the provision for income taxes are as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Current:
Federal	$	22,183	$	23,093	$	23,774
State		4,381		4,532		4,662
Foreign		991		2,819		2,724
		27,555		30,444		31,160
Deferred:
Federal		(3,293)		6,542		4,155
State		(678)		(68)		(587)
Foreign		30		(2,182)		(2,597)
		(3,941)		4,292		971
Total	$	23,614	$	34,736	$	32,131

Reconciliation of Statutory U.S. Federal Tax Rate to Effective Rate

A reconciliation of the statutory U.S. federal tax rate to our effective rate is as follows:



	Year Ended
	December 31,
	2020		2019		2018
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.5		2.2		2.3
Foreign taxes	0.6		0.3		1.2
Valuation allowance	1.7		0.1		0.5
Domestic production activities deduction	(0.3)		(0.6)		(0.7)
Tax credits	(2.6)		(2.6)		(1.6)
Stock-based compensation windfall	(9.5)		(2.5)		(5.2)
Nondeductible expenses	0.5		0.3		(0.6)
Other	—		0.1		0.1
IPR&D	3.9		—		—
Effective tax rate	18.8	%	18.3	%	17.0	%

Schedule of Significant Components of Deferred Income Taxes



	December 31,
(In thousands)	2020		2019
Deferred tax assets:
Inventory reserve	$	28,973	$	26,381
Accruals, reserves, and other currently not deductible		12,537		8,620
Stock-based compensation		14,297		14,020
Net operating loss carryforwards		4,269		3,857
Total deferred tax assets		60,076		52,878
Valuation allowance		(6,487)		(2,846)
Total deferred tax assets, net of valuation allowance		53,589		50,032
Deferred tax liabilities:
Depreciation and amortization		(53,176)		(50,129)
Total deferred tax liabilities		(53,176)		(50,129)
Net deferred tax assets/(liabilities)	$	413	$	(97)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
Unrecognized tax benefits at the beginning of the year	$	2,399	$	4,777	$	2,601
Additions related to prior year tax positions		—		—		2,176
Reductions related to prior year tax positions		(799)		(2,378)		—
Unrecognized tax benefits at the end of the year	$	1,600	$	2,399	$	4,777

Impact Of Unrecognized Tax Benefits To Effective Income Tax Rate

The impact of our unrecognized tax benefits to the effective income tax rate is as follows:



	December 31,
(In thousands)	2020		2019		2018
Portion of total unrecognized tax benefits that, if recognized, would affect the effective income tax rate	$	2,032	$	2,878	$	4,084

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

LEASES [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Amounts reported in the consolidated balance sheet as of the years ended December 31, 2020 and 2019, respectively are as follows:


	December 31,
(In thousands, except weighted average lease term and discount rate)	2020		2019
Operating lease right of use asset	$	4,741	$	2,481

Lease liability - current		1,865		1,339
Lease liability - long-term		2,936		1,142
Total operating lease liability	$	4,801	$	2,481

Operating lease expense	$	3,579	$	3,174

Supplemental non-cash information:
Weighted-average remaining lease term (years) - operating leases		2.9		2.6
Weighted-average discount rate - operating leases		3.0%		3.4%

Future Minimum Lease Payments

The following table summarized the future minimum lease payments under non-cancellable leases as of December 31, 2020:



(In thousands)	Operating Leases
2021	$	1,987
2022		1,535
2023		815
2024		565
2025		159
Thereafter		—
Total undiscounted operating lease payments	$	5,061
Less: imputed interest		260
Total operating lease liability	$	4,801

RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

RETIREMENT BENEFIT PLANS [Abstract]

Contributions To Retirement Plans



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
401(k) and other retirement plan contributions	$	5,798	$	5,363	$	4,682

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Schedule of Total Sales by Geographical Area

The following table represents total net sales by geographic area, based on the location of the customer for the years ended December 31, 2020, 2019 and 2018, respectively:



	Year Ended
	December 31,
(In thousands)	2020		2019		2018
United States	$	664,454	$	647,683	$	593,878
International		124,588		137,685		119,091
Total net sales	$	789,042	$	785,368	$	712,969

QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA [Abstract]

Schedule Of Quarterly Financial Data

NOTE 20. QUARTERLY FINANCIAL DATA (unaudited)



	(unaudited)
	March 31,		June 30,		September 30,		December 31,
(In thousands, except per share amounts)	2020		2020		2020		2020
Net sales	$	190,577	$	148,922	$	216,098	$	233,445
Gross profit		141,713		98,279		159,001		172,586
Net income/(loss)		25,949		(20,837)		44,216		52,957
Earnings per share - basic		0.26		(0.21)		0.45		0.54
Earnings per share - diluted		0.25		(0.21)		0.44		0.52

* amounts might not add due to rounding



	(unaudited)
	March 31,		June 30,		September 30,		December 31,
(In thousands, except per share amounts)	2019		2019		2019		2019
Net sales	$	182,947	$	194,539	$	196,215	$	211,667
Gross profit		141,109		150,549		150,828		162,907
Net income/(loss)		33,210		38,163		38,307		45,530
Earnings per share - basic		0.34		0.39		0.39		0.46
Earnings per share - diluted		0.33		0.38		0.38		0.44

BACKGROUND (Details)	Dec. 31, 2020 item
BACKGROUND [Abstract]
Number of products launched	220

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($) item	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of customers that accounted for 10% or more of sales \| item	0	0	0
Goodwill impairment	$ 0	$ 0	$ 0
Impairment of finite-lived intangible assets	0	0	0
Impairment of intangible assets	0	0	0
Impairment of long-lived assets	0	0	0
Advertising Expense	600,000	1,100,000	1,900,000
Total equity	(1,506,297,000)	(1,402,452,000)	(1,185,516,000)	$ (1,417,204,000)	$ (1,336,915,000)	$ (1,363,366,000)	$ (1,338,795,000)	$ (1,287,526,000)	$ (1,237,214,000)	$ (1,141,117,000)	$ (1,097,186,000)	$ (1,026,868,000)	$ (967,778,000)
Cumulative Effect, Period of Adoption, Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Total equity		468,000
Retained Earnings [Member]
Summary Of Significant Accounting Policies [Line Items]
Total equity	$ (1,045,082,000)	(1,047,931,000)	$ (892,721,000)	$ (992,125,000)	$ (947,909,000)	$ (999,550,000)	$ (1,002,402,000)	$ (964,094,000)	$ (925,930,000)	$ (855,971,000)	$ (820,763,000)	$ (775,785,000)	$ (736,247,000)
Retained Earnings [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Total equity		$ 468,000

ASSET ACQUISITIONS AND BUSINESS COMBINATIONS (Details) $ in Thousands		3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 01, 2020 USD ($) item	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Contingent consideration liability					$ 37,270	$ 9,549	$ 10,118
Goodwill					156,716	$ 128,775	$ 123,734
Acquired in-process research and development					$ 24,418
Synoste Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		$ 25,300
Payments to Acquire Businesses, Gross		22,800
Business Acquisitions, Contractual Holdback Obligation Payable Period					18 months
Acquired in-process research and development		24,400
Liabilities incurred from acquisition		2,500
Synoste Acquisition [Member] \| Third Anniversary [Member]
Business Acquisition [Line Items]
Contingent consideration liability		8,000
Synoste Acquisition [Member] \| Fourth Anniversary [Member]
Business Acquisition [Line Items]
Contingent consideration liability		$ 4,000
StelKast Acquisition [Member]
Business Acquisition [Line Items]
Inventory acquired			$ 15,300
Property, plant and equipment acquired			4,200
Intangible assets acquired			3,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability			4,300
Payments to Acquire Businesses, Gross			23,800
Goodwill, Acquired During Period			4,700
Business combination, consideration transferred			$ 28,100
Contingent consideration payment				$ 5,000
StelKast Acquisition [Member] \| Financing Activity [Member]
Business Acquisition [Line Items]
Contingent consideration payment					$ 4,300
StelKast Acquisition [Member] \| Operating Activity [Member]
Business Acquisition [Line Items]
Contingent consideration payment					$ 700
Two Acquisitions [Member]
Business Acquisition [Line Items]
Number of acquisitions \| item	2
Business combination, performance obligation period					10 years
Intangible assets acquired	$ 8,800
Weighted average useful life					4 years 2 months 12 days
Business combination, consideration transferred	1,500
Contingent consideration liability	33,200
Goodwill	26,200
Liabilities incurred from acquisition	$ 300

NET SALES (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
NET SALES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 233,445	$ 216,098	$ 148,922	$ 190,577	$ 211,667	$ 196,215	$ 194,539	$ 182,947	$ 789,042	$ 785,368	$ 712,969
Musculoskeletal Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales									748,446	738,377	666,040
Enabling Technologies [Member]
Disaggregation of Revenue [Line Items]
Net sales									$ 40,596	$ 46,991	$ 46,929

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

NOTE RECEIVABLE (Details) - USD ($) $ in Millions	1 Months Ended
NOTE RECEIVABLE (Details) - USD ($) $ in Millions	Nov. 30, 2018	Dec. 31, 2016	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from Collection of Notes Receivable	$ 29.3
Notes Receivable - Initial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note Receivable, gross, noncurrent			$ 25.0
Notes Receivable - Remaining Amount [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note Receivable, gross, noncurrent		$ 5.0
Interest Rate, First Two Years [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable, basis spread on variable rate			8.00%
Interest Rate, After First Two Years [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable, basis spread on variable rate			13.00%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note Receivable, gross, noncurrent			$ 30.0
Minimum [Member] \| Interest Rate, First Two Years [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, interest rate floor			9.50%

MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Payable to brokers	$ 9.3	$ 10.3
Short-term Investments [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Long-term Investments [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Long-term Investments [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	3 years

MARKETABLE SECURITIES (Composition of Marketable Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 110,612	$ 53,118
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	260,334	258,264
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	25,547	34,752
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	141,426	166,711
Government, Federal Agency, And Other Sovereign Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	7,947	12,432
Short-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	186,282	115,486
Gross Unrealized Gains	1,066	282
Gross Unrealized Loss	(4)	(5)
Fair Value	187,344	115,763
Short-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	39,684	7,840
Gross Unrealized Gains	140	23
Gross Unrealized Loss		(1)
Fair Value	39,824	7,862
Short-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	97,937	69,091
Gross Unrealized Gains	817	247
Gross Unrealized Loss	(4)	(3)
Fair Value	98,750	69,335
Short-term Investments [Member] \| Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,543	34,747
Gross Unrealized Gains	4	6
Gross Unrealized Loss		(1)
Fair Value	25,547	34,752
Short-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,232	3,808
Gross Unrealized Gains	44	6
Fair Value	15,276	3,814
Short-term Investments [Member] \| Government, Federal Agency, And Other Sovereign Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,886
Gross Unrealized Gains	61
Fair Value	7,947
Long-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	353,046	405,079
Gross Unrealized Gains	5,479	4,481
Gross Unrealized Loss	(3)	(46)
Fair Value	358,522	409,514
Long-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	70,176	45,010
Gross Unrealized Gains	612	254
Gross Unrealized Loss		(8)
Fair Value	70,788	45,256
Long-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	158,464	186,356
Gross Unrealized Gains	3,120	2,578
Gross Unrealized Loss		(5)
Fair Value	161,584	188,929
Long-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	124,406	161,347
Gross Unrealized Gains	1,747	1,583
Gross Unrealized Loss	(3)	(33)
Fair Value	$ 126,150	162,897
Long-term Investments [Member] \| Government, Federal Agency, And Other Sovereign Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		12,366
Gross Unrealized Gains		66
Fair Value		$ 12,432

FAIR VALUE MEASUREMENTS (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 56,223	$ 18,218
Business acquisition liabilities	37,270	9,549	$ 10,118
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	110,612	53,118
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	260,334	258,264
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	25,547	34,752
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	141,426	166,711
Government, Federal Agency, And Other Sovereign Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	7,947	12,432
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	23,628	4,988
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	32,595	13,230
Fair Value, Inputs, Level 2 [Member] \| Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	110,612	53,118
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	260,334	258,264
Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	25,547	34,752
Fair Value, Inputs, Level 2 [Member] \| Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	141,426	166,711
Fair Value, Inputs, Level 2 [Member] \| Government, Federal Agency, And Other Sovereign Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	7,947	12,432
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business acquisition liabilities	$ 37,270	$ 9,549

FAIR VALUE MEASUREMENTS (Recurring Level 3 Fair Value Measurements) (Details)

12 Months Ended

Dec. 31, 2020

item

Maximum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Projected year of payment

2030

Minimum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Projected year of payment

2021

Weighted Average [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Projected year of payment

2030

^[1]

Market Risk Adjustment [Member] | Maximum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

4.3

Market Risk Adjustment [Member] | Minimum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

3.1

Market Risk Adjustment [Member] | Weighted Average [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

3.3

^[1]

Discount Rate [Member] | Maximum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

8.5

Discount Rate [Member] | Minimum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

0.7

Discount Rate [Member] | Weighted Average [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

5.1

^[1]

Probability Of Payment [Member] | Maximum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

100

Probability Of Payment [Member] | Minimum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

Probability Of Payment [Member] | Weighted Average [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business acquisition liabilities, measurement input

87.4

^[1]

[1]	The weighted average rates were calculated based on the relative fair value of each business acquisition liability.

FAIR VALUE MEASUREMENTS (Rollforward of Contingent Consideration) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business acquisition liabilities, beginning balance	$ 9,549	$ 10,118
Purchase price contingent consideration	33,219	4,299
Changes resulting from foreign currency fluctuations		(58)
Contingent payments	(6,971)	(6,597)
Contractual RSU grants	(191)
Changes in fair value of business acquisition liabilities	2,674	1,787
Contractual payable reclassification	(1,010)
Business acquisition liabilities, ending balance	37,270	9,549
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business acquisition liabilities, beginning balance	9,549
Business acquisition liabilities, ending balance	$ 37,270	$ 9,549

INVENTORIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INVENTORIES [Abstract]
Net adjustment to cost of sales related to excess and obsolete inventory	$ 17.7	$ 2.5	$ 10.5
Excess and obsolete related provisions	27.4	11.2	17.6
Inventory sales and disposals related provisions	$ 9.7	$ 8.7	$ 7.1

INVENTORIES (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
INVENTORIES [Abstract]
Raw materials	$ 39,646	$ 33,025
Work in process	16,446	15,940
Finished goods	173,061	147,349
Total inventories	$ 229,153	$ 196,314

PROPERTY AND EQUIPMENT (Narrative) (Details) $ in Millions	1 Months Ended
PROPERTY AND EQUIPMENT (Narrative) (Details) $ in Millions	Jun. 30, 2018 USD ($)
PROPERTY AND EQUIPMENT [Abstract]
Proceeds from assets sold	$ 5.0
Gain on sale of assets	$ 4.6

PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment	$ 493,330	$ 443,573
Less: accumulated depreciation	(276,451)	(243,732)
Total	216,879	199,841
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	8,322	8,290
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 33,825	33,242
Useful Life	31 years 6 months
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 102,553	97,829
Instruments [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 278,930	253,929
Useful Life	5 years
Modules and cases [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 41,919	38,293
Useful Life	5 years
Other Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 27,781	$ 11,990
Maximum [Member] \| Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Maximum [Member] \| Other Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Minimum [Member] \| Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Minimum [Member] \| Other Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful Life	3 years

PROPERTY AND EQUIPMENT (Schedule of Depreciation Related to Property and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PROPERTY AND EQUIPMENT [Abstract]
Depreciation	$ 46,043	$ 38,924	$ 32,042

GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - Developed Technology [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	8 years 7 months 6 days
Nemaris [Member]
Finite-Lived Intangible Assets [Line Items]
Capitalized amount			$ 13.0
Weighted average amortization period	5 years 4 months 24 days

GOODWILL AND INTANGIBLE ASSETS (Summary of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Goodwill, Beginning Balance	$ 128,775	$ 123,734
Additions and adjustments	26,043	4,817
Foreign exchange	1,898	224
Goodwill, Ending Balance	$ 156,716	$ 128,775

GOODWILL AND INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 143,430	$ 117,005
Accumulated amortization	(56,481)	(38,193)
Intangible Assets, net	$ 86,949	$ 78,812
Supplier Network [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	10 years	10 years
Gross Carrying Amount	$ 4,000	$ 4,000
Accumulated amortization	(2,467)	(2,067)
Intangible Assets, net	$ 1,533	$ 1,933
Customer Relationships & Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	6 years 6 months	7 years
Gross Carrying Amount	$ 57,704	$ 46,766
Accumulated amortization	(32,056)	(24,264)
Intangible Assets, net	$ 25,648	$ 22,502
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	8 years 7 months 6 days
Gross Carrying Amount	$ 72,644	$ 57,577
Accumulated amortization	(19,295)	(10,189)
Intangible Assets, net	$ 53,349	$ 47,388
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	16 years 1 month 6 days	16 years
Gross Carrying Amount	$ 9,082	$ 8,662
Accumulated amortization	(2,663)	(1,673)
Intangible Assets, net	$ 6,419	$ 6,989

GOODWILL AND INTANGIBLE ASSETS (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Annual Amortization, 2021	$ 18,858
Annual Amortization, 2022	18,201
Annual Amortization, 2023	15,983
Annual Amortization, 2024	12,829
Annual Amortization, 2025	8,801
Annual Amortization, Thereafter	12,277
Intangible Assets, net	$ 86,949	$ 78,812

ACCRUED EXPENSES (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES [Abstract]
Compensation and other employee-related costs	$ 44,948	$ 37,178
Legal and other settlements and expenses	650	1,538
Accrued non-income taxes	4,952	4,996
Royalties	3,720	2,370
Other	24,064	17,201
Total accrued expenses	$ 78,334	$ 63,283

DEBT (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
DEBT (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2020	Dec. 31, 2020	May 31, 2020	Jun. 30, 2018	May 31, 2011
Citizens Bank [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 125.0
Line of credit facility, expiration date		Aug. 05, 2021
Wells Fargo Bank [Member]
Debt Instrument [Line Items]
Credit facility, current borrowing capacity				$ 125.0	$ 50.0
Credit facility, maximum borrowing capacity			$ 150.0
Federal Funds Effective Rate [Member] \| Citizens Bank [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on variable rate	0.50%
LIBOR [Member] \| Citizens Bank [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on variable rate	1.00%
Letter of Credit [Member] \| Citizens Bank [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 25.0
Letter of Credit [Member] \| Wells Fargo Bank [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 25.0	$ 25.0

EQUITY (Narrative) (Details) $ in Thousands	12 Months Ended
EQUITY (Narrative) (Details) $ in Thousands	Dec. 31, 2020 USD ($) item shares	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 shares
Class of Stock [Line Items]
Stock repurchase plan, authorized amount \| $				$ 200,000
Stock repurchase plan, remaining authorized amount \| $	$ 95,294	$ 95,294	$ 95,294	$ 126,098
Common stock, shares authorized	775,000,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized	500,000,000				500,000,000
Number of votes per share \| item	1
Shares converted from other class	1
Common Class A And B [Member]
Class of Stock [Line Items]
Number of votes per share \| item	1
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized	275,000,000				275,000,000

EQUITY (Schedule of Shares Repurchased) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Sep. 30, 2020
EQUITY [Abstract]
Total number of shares repurchased	771	1,920	2,691
Average Price Paid per Share	$ 39.95	$ 38.49	$ 38.91
Dollar amount of shares repurchased	$ 30,804	$ 73,902	$ 104,706
Approximate dollar value of shares that may yet be purchased under the plan	$ 95,294	$ 126,098	$ 95,294	$ 95,294

EQUITY (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period	$ 1,402,452	$ 1,185,516	$ 967,778
Total other comprehensive income/(loss)	6,853	4,274	(265)
Total equity, end of period	1,506,297	1,402,452	1,185,516
Accumulated Other Comprehensive Income/(Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period	(2,898)	(7,172)	(6,907)
Other comprehensive (loss)/income before reclassifications	7,278	5,439
Amounts reclassified from accumulated other comprehensive income, net of tax	(425)	(1,165)
Total other comprehensive income/(loss)	6,853	4,274
Total equity, end of period	3,955	(2,898)	(7,172)
Unrealized Gain/(Loss) On Marketable Securities, Net Of Tax [Member] \| Accumulated Other Comprehensive Income/(Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period	3,599	(168)
Other comprehensive (loss)/income before reclassifications	1,827	4,932
Amounts reclassified from accumulated other comprehensive income, net of tax	(425)	(1,165)
Total other comprehensive income/(loss)	1,402	3,767
Total equity, end of period	5,001	3,599	(168)
Foreign Currency Translation Adjustments [Member] \| Accumulated Other Comprehensive Income/(Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period	(6,497)	(7,004)
Other comprehensive (loss)/income before reclassifications	5,451	507
Total other comprehensive income/(loss)	5,451	507
Total equity, end of period	$ (1,046)	$ (6,497)	$ (7,004)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

EQUITY (Schedule Of Computation of Basic and Diluted Earnings) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EQUITY [Abstract]
Net income/(loss)	$ 52,957	$ 44,216	$ (20,837)	$ 25,949	$ 45,530	$ 38,307	$ 38,163	$ 33,210	$ 102,285	$ 155,210	$ 156,474
Weighted average shares outstanding for basic									98,580	99,150	97,884
Dilutive									2,391	2,848	3,432
Weighted average shares outstanding for diluted									100,971	101,998	101,316
Basic	$ 0.54	$ 0.45	$ (0.21)	$ 0.26	$ 0.46	$ 0.39	$ 0.39	$ 0.34	$ 1.04	$ 1.57	$ 1.60
Diluted	$ 0.52	$ 0.44	$ (0.21)	$ 0.25	$ 0.44	$ 0.38	$ 0.38	$ 0.33	$ 1.01	$ 1.52	$ 1.54
Anti-dilutive stock options and RSUs excluded from the calculation									5,454	4,494	2,451

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

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+ Details

STOCK-BASED AWARDS (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) ShareBasedCompensationPlan $ / shares shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of recognition, unvested stock options	2 years
Number of stock plans \| ShareBasedCompensationPlan	3
Base number of shares that may be issuable under stock plan	3,076,923
Class A reserved under the 2012 Equity Incentive Plan	17,899,947
Class A number of shares available for grant under the 2012 Equity Incentive Plan	2,109,742
Intrinsic value of stock options exercised \| $	$ 76.1	$ 31.3	$ 59.3
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	10,769,230
Annual percentage limit for incremental shares that may be issued	3.00%
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 \| $	$ 58.0
Maximum contractual term	10 years
Weighted average grant date fair value per share \| $ / shares	$ 14.81	$ 13.76	$ 14.90

STOCK-BASED AWARDS (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of shares outstanding beginning balance	10,650
Number of shares granted	2,411
Number of shares exercised	(2,581)
Number of shares forfeited	(734)
Number of shares outstanding ending balance	9,746
Number of shares exercisable	4,574
Number of shares expected to vest	5,172
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Weighted average exercise price per share outstanding beginning balance	$ 35.80
Weighted average exercise price per share granted	52.40
Weighted average exercise price per share exercised	28.03
Weighted average exercise price per share forfeited	43.78
Weighted average exercise price per share outstanding ending balance	41.33
Weighted average exercise price per share exercisable	33.72
Weighted average exercise price per share expected to vest	$ 48.06
Weighted average remaining contractual life outstanding	7 years 3 months 18 days
Weighted average remaining contractual life exercisable	6 years 1 month 6 days
Weighted average remaining contractual life expected to vest	8 years 3 months 18 days
Aggregate intrinsic value outstanding	$ 232,813
Aggregate intrinsic value exercisable	144,050
Aggregate intrinsic value expected to vest	$ 88,763

STOCK-BASED AWARDS (Fair Value of Options Using Black Scholes Option Pricing Model) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk Free Interest Rate, Minimum	0.23%	1.35%	2.30%
Risk Free Interest Rate, Maximum	1.67%	2.57%	3.09%
Expected Volatility Rate, Minimum	28.00%		23.00%
Expected Volatility Rate, Maximum	37.00%		28.00%
Expected Volatility		29.00%
Expected Term	4 years 10 months 24 days	5 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Term			7 years 6 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Term			5 years 9 months 18 days

STOCK-BASED AWARDS (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted \| shares	3
Expected to vest, end of period \| shares	3
Granted, Weighted average grant date fair value per share \| $ / shares	$ 58.69
Expected to vest, Weighted average grant date fair value per share \| $ / shares	$ 58.69
Weighted average remaining contractual life (years)	10 years

STOCK-BASED AWARDS (Stock-based Compensation Schedule) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
STOCK-BASED AWARDS [Abstract]
Stock-based compensation expense	$ 27,073	$ 26,085	$ 21,899
Net stock-based compensation capitalized into inventory	257	331	320
Total stock-based compensation cost	$ 27,330	$ 26,416	$ 22,219

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES [Abstract]
Deferred tax assets, valuation allowance	$ 6,487	$ 2,846
NOL carryforwards	26,100	21,400
Reductions related to prior year tax positions	$ 799	$ 2,378

INCOME TAXES (Schedule of Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES [Abstract]
Domestic	$ 154,356	$ 179,194	$ 180,701
Foreign	(28,457)	10,752	7,904
Income/(loss) before income taxes	$ 125,899	$ 189,946	$ 188,605

INCOME TAXES (Schedule of Components of the Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES [Abstract]
Current: Federal	$ 22,183	$ 23,093	$ 23,774
Current: State	4,381	4,532	4,662
Current: Foreign	991	2,819	2,724
Current: Total	27,555	30,444	31,160
Deferred: Federal	(3,293)	6,542	4,155
Deferred: State	(678)	(68)	(587)
Deferred: Foreign	30	(2,182)	(2,597)
Deferred: Total	(3,941)	4,292	971
Income Tax Expense (Benefit), Total	$ 23,614	$ 34,736	$ 32,131

INCOME TAXES (Reconciliation of Statutory U.S. Federal Tax Rate to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES [Abstract]
Statutory U.S. federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	3.50%	2.20%	2.30%
Foreign taxes	0.60%	0.30%	1.20%
Valuation allowance	1.70%	0.10%	0.50%
Domestic production activities deduction	(0.30%)	(0.60%)	(0.70%)
Tax credits	(2.60%)	(2.60%)	(1.60%)
Stock-based compensation windfall	(9.50%)	(2.50%)	(5.20%)
Nondeductible expenses	0.50%	0.30%	(0.60%)
Other		0.10%	0.10%
IPR&D	3.90%
Effective tax rate	18.80%	18.30%	17.00%

INCOME TAXES (Schedule of Significant Components of Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES [Abstract]
Inventory reserve	$ 28,973	$ 26,381
Accruals, reserves, and other currently not deductible	12,537	8,620
Stock-based compensation	14,297	14,020
Net operating loss carryforwards	4,269	3,857
Total deferred tax assets	60,076	52,878
Valuation allowance	(6,487)	(2,846)
Total deferred tax assets, net of valuation allowance	53,589	50,032
Depreciation and amortization	(53,176)	(50,129)
Total deferred tax liabilities	(53,176)	(50,129)
Net deferred tax assets	$ 413
Net deferred tax liabilities		$ (97)

INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES [Abstract]
Unrecognized tax benefits at the beginning of the year	$ 2,399	$ 4,777	$ 2,601
Additions related to prior year tax positions			2,176
Reductions related to prior year tax positions	(799)	(2,378)
Unrecognized tax benefits at the end of the year	$ 1,600	$ 2,399	$ 4,777

INCOME TAXES (Impact Of Unrecognized Tax Benefits To Effective Income Tax Rate) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES [Abstract]
Portion of total unrecognized tax benefits that, if recognized, would affect the effective income tax rate	$ 2,032	$ 2,878	$ 4,084

LEASES (Narrative) (Details)	12 Months Ended
LEASES (Narrative) (Details)	Dec. 31, 2020
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease term (in months)	14 years
Lease term that are not recognized as right of use assets or lease liabilities	12 months
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term (in months)	1 year

LEASES (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
LEASES [Abstract]
Operating lease right of use assets	$ 4,741	$ 2,481
Lease liability - current	1,865	1,339
Lease liability - long term	2,936	1,142
Total operating lease liability	4,801	2,481
Operating lease expense	$ 3,579	$ 3,174
Weighted-average remaining lease term (years) - operating leases	2 years 10 months 24 days	2 years 7 months 6 days
Weighted-average discount rate - operating leases	3.00%	3.40%

LEASES (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LEASES [Abstract]
Year one	$ 1,987
Year two	1,535
Year three	815
Year four	565
Year five	159
Total undiscounted operating lease payments	5,061
Less : imputed interest	260
Total lease liabilities	$ 4,801	$ 2,481

RETIREMENT BENEFIT PLANS (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
RETIREMENT BENEFIT PLANS [Abstract]
Nondiscretionary employee contribution match rate	100.00%
Maximum annual contribution match, per employee	$ 6
Maximum annual contribution match, percent per employee	3.00%

RETIREMENT BENEFIT PLANS (Contributions To Retirement Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RETIREMENT BENEFIT PLANS [Abstract]
401(k) and other retirement plan contributions	$ 5,798	$ 5,363	$ 4,682

SEGMENT AND GEOGRAPHIC INFORMATION (Schedule of Total Sales by Geographical Area) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 233,445	$ 216,098	$ 148,922	$ 190,577	$ 211,667	$ 196,215	$ 194,539	$ 182,947	$ 789,042	$ 785,368	$ 712,969
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales									664,454	647,683	593,878
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales									$ 124,588	$ 137,685	$ 119,091

- Definition

+ References

+ Details

QUARTERLY FINANCIAL DATA (Schedule Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
QUARTERLY FINANCIAL DATA [Abstract]
Net sales	$ 233,445	$ 216,098	$ 148,922	$ 190,577	$ 211,667	$ 196,215	$ 194,539	$ 182,947	$ 789,042	$ 785,368	$ 712,969
Gross Profit	172,586	159,001	98,279	141,713	162,907	150,828	150,549	141,109	571,579	605,393	553,559
Net income/(loss)	$ 52,957	$ 44,216	$ (20,837)	$ 25,949	$ 45,530	$ 38,307	$ 38,163	$ 33,210	$ 102,285	$ 155,210	$ 156,474
Earnings per share - basic	$ 0.54	$ 0.45	$ (0.21)	$ 0.26	$ 0.46	$ 0.39	$ 0.39	$ 0.34	$ 1.04	$ 1.57	$ 1.60
Earnings per share - diluted	$ 0.52	$ 0.44	$ (0.21)	$ 0.25	$ 0.44	$ 0.38	$ 0.38	$ 0.33	$ 1.01	$ 1.52	$ 1.54

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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+ Details

- Definition

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

SCHEDULE II VALUATION ACCOUNTS AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of period	$ 5,599	$ 4,226	$ 3,963
Charged to expenses	2,960	3,026	960
Write-offs/Deductions	(4,151)	(1,653)	(697)
End of period	4,408	5,599	4,226
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of period	2,846	2,683	1,821
Charged to expenses	2,132	163	924
Charged to other accounts	1,509
Write-offs/Deductions			(62)
End of period	$ 6,487	$ 2,846	$ 2,683