0001562762-22-000341 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 01, 2022
Document and Entity Information [Abstract]
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
Entity Registrant Name	GLOBUS MEDICAL, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
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	19403-5214
City Area Code	610
Local Phone Number	930-1800
Amendment Flag	false
Entity Common Stock, Shares Outstanding		99,515,064
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001237831
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 150,772	$ 193,069
Short-term marketable securities	257,238	250,378
Accounts receivable, net of allowances of $4,182 and $4,962, respectively	192,814	164,436
Inventories	266,043	237,001
Prepaid expenses and other current assets	18,579	18,417
Income taxes receivable	5,722	1,215
Total current assets	891,168	864,516
Property and equipment, net of accumulated depreciation of $321,999 and $305,575, respectively	238,882	221,076
Long-term marketable securities	473,663	562,475
Intangible assets, net	59,131	68,660
Goodwill	182,702	179,708
Other assets	34,007	36,334
Deferred income taxes	35,159	24,494
Total assets	1,914,712	1,957,263
Current liabilities:
Accounts payable	34,195	21,955
Accrued expenses	82,543	91,168
Income taxes payable	3,471	1,046
Business acquisition liabilities	12,623	11,770
Deferred revenue	13,185	12,025
Payable to broker		2,200
Total current liabilities	146,017	140,164
Business acquisition liabilities, net of current portion	55,691	58,755
Deferred income taxes	2,511	4,314
Other liabilities	11,400	12,642
Total liabilities	215,619	215,875
Commitments and contingencies (Note 15)
Equity:
Additional paid-in capital	581,907	553,787
Accumulated other comprehensive income/(loss)	(25,368)	(6,772)
Retained earnings	1,142,455	1,194,272
Total equity	1,699,093	1,741,388
Total liabilities and equity	1,914,712	1,957,263
Common Class A [Member]
Equity:
Common stock	77	79
Common Class B [Member]
Equity:
Common stock	$ 22	$ 22

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Accounts receivable, allowances	$ 4,182	$ 4,962
Property and equipment
Accumulated depreciation	$ 321,999	$ 305,575
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	77,037,205	79,113,916
Common stock, shares outstanding	77,037,205	79,113,916
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

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Operations and Comprehensive Income [Abstract]
Net sales	$ 263,648	$ 251,016	$ 494,197	$ 478,360
Cost of goods sold	68,470	63,846	127,637	118,873
Gross profit	195,178	187,170	366,560	359,487
Operating expenses:
Research and development	17,395	15,547	34,807	30,471
Selling, general and administrative	106,718	107,254	207,466	205,145
Provision for litigation			2,341	(94)
Amortization of intangibles	4,393	4,623	8,905	9,397
Acquisition related costs	(1,104)	13,870	(1,180)	14,144
Total operating expenses	127,402	141,294	252,339	259,063
Operating income/(loss)	67,776	45,876	114,221	100,424
Other income/(expense), net
Interest income/(expense), net	2,476	2,541	5,019	5,253
Foreign currency transaction gain/(loss)	(1,107)	209	(1,498)	(71)
Other income/(expense)	1,395	307	1,696	521
Total other income/(expense), net	2,764	3,057	5,217	5,703
Income/(loss) before income taxes	70,540	48,933	119,438	106,127
Income tax provision	15,950	7,388	26,764	19,253
Net income/(loss)	54,590	41,545	92,674	86,874
Other comprehensive income/(loss), net of tax:
Unrealized gain/(loss) on marketable securities	(5,031)	(774)	(13,859)	(2,440)
Foreign currency translation gain/(loss)	(3,170)	1,026	(4,737)	(3,087)
Total other comprehensive income/(loss), net of tax	(8,201)	252	(18,596)	(5,527)
Comprehensive income/(loss)	$ 46,389	$ 41,797	$ 74,078	$ 81,347
Earnings per share:
Basic	$ 0.54	$ 0.41	$ 0.92	$ 0.87
Diluted	$ 0.53	$ 0.40	$ 0.90	$ 0.84
Weighted average shares outstanding:
Basic	100,671	100,449	101,136	100,159
Diluted	102,884	103,475	103,480	102,931

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	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, 2020	77,284	22,430
Total equity, beginning of period at Dec. 31, 2020	$ 77	$ 22	$ 457,161	$ 3,955	$ 1,045,082	$ 1,506,297
Stock-based compensation			7,883			7,883
Grant of restricted stock units			163			163
Exercise of stock options (shares)	303
Exercise of stock options	$ 1		9,100			9,101
Comprehensive income/(loss)				(5,779)	45,329	39,550
Total equity, end of period at Mar. 31, 2021	$ 78	$ 22	474,307	(1,824)	1,090,411	1,562,994
Shares, Outstanding, Ending Balance at Mar. 31, 2021	77,587	22,430
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	77,284	22,430
Total equity, beginning of period at Dec. 31, 2020	$ 77	$ 22	457,161	3,955	1,045,082	1,506,297
Comprehensive income/(loss)						81,347
Total equity, end of period at Jun. 30, 2021	$ 79	$ 22	508,788	(1,572)	1,131,956	1,639,273
Shares, Outstanding, Ending Balance at Jun. 30, 2021	78,303	22,430
Shares, Outstanding, Beginning Balance at Mar. 31, 2021	77,587	22,430
Total equity, beginning of period at Mar. 31, 2021	$ 78	$ 22	474,307	(1,824)	1,090,411	1,562,994
Stock-based compensation			7,788			7,788
Grant of restricted stock units			197			197
Exercise of stock options (shares)	716
Exercise of stock options	$ 1		26,496			26,497
Comprehensive income/(loss)				252	41,545	41,797
Total equity, end of period at Jun. 30, 2021	$ 79	$ 22	508,788	(1,572)	1,131,956	1,639,273
Shares, Outstanding, Ending Balance at Jun. 30, 2021	78,303	22,430
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	79,114	22,430
Total equity, beginning of period at Dec. 31, 2021	$ 79	$ 22	553,787	(6,772)	1,194,272	1,741,388
Stock-based compensation			8,353			8,353
Grant of restricted stock units			196			196
Exercise of stock options (shares)	184
Exercise of stock options			7,746			7,746
Comprehensive income/(loss)				(10,395)	38,084	27,689
Total equity, end of period at Mar. 31, 2022	$ 79	$ 22	570,082	(17,167)	1,232,356	1,785,372
Shares, Outstanding, Ending Balance at Mar. 31, 2022	79,298	22,430
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	79,114	22,430
Total equity, beginning of period at Dec. 31, 2021	$ 79	$ 22	553,787	(6,772)	1,194,272	$ 1,741,388
Exercise of stock options (shares)						274
Comprehensive income/(loss)						$ 74,078
Total equity, end of period at Jun. 30, 2022	$ 77	$ 22	581,907	(25,368)	1,142,455	1,699,093
Shares, Outstanding, Ending Balance at Jun. 30, 2022	77,037	22,430
Shares, Outstanding, Beginning Balance at Mar. 31, 2022	79,298	22,430
Total equity, beginning of period at Mar. 31, 2022	$ 79	$ 22	570,082	(17,167)	1,232,356	1,785,372
Stock-based compensation			8,020			8,020
Grant of restricted stock units			220			220
Exercise of stock options (shares)	90
Exercise of stock options			3,585			3,585
Comprehensive income/(loss)				(8,201)	54,590	46,389
Repurchase and retirement of common stock (shares)	(2,351)
Repurchase and retirement of common stock	$ (2)				(144,491)	(144,493)
Total equity, end of period at Jun. 30, 2022	$ 77	$ 22	$ 581,907	$ (25,368)	$ 1,142,455	$ 1,699,093
Shares, Outstanding, Ending Balance at Jun. 30, 2022	77,037	22,430

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 825
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 92,674	$ 86,874
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,764	36,287
Amortization of premium (discount) on marketable securities	3,208	1,131
Write-down for excess and obsolete inventories, net	4,068	5,000
Stock-based compensation expense	15,989	15,330
Allowance for doubtful accounts	(528)	590
Change in fair value of business acquisition liabilities	(1,390)	14,128
Change in deferred income taxes	(7,939)	(1,783)
(Gain)/loss on disposal of assets, net	200	191
Payment of business acquisition related liabilities	(1,099)
(Increase)/decrease in:
Accounts receivable	(30,224)	(25,587)
Inventories	(31,421)	(6,024)
Prepaid expenses and other assets	1,268	845
Increase/(decrease) in:
Accounts payable	12,375	2,737
Accrued expenses and other liabilities	(7,408)	3,559
Income taxes payable/receivable	(1,964)	(10,519)
Net cash provided by/(used in) operating activities	81,573	122,759
Cash flows from investing activities:
Purchases of marketable securities	(179,096)	(293,092)
Maturities of marketable securities	170,572	131,739
Sales of marketable securities	66,655	58,154
Purchases of property and equipment	(43,724)	(22,058)
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets	(1,175)
Net cash provided by/(used in) investing activities	13,232	(125,257)
Cash flows from financing activities:
Payment of business acquisition liabilities	(3,553)	(3,105)
Proceeds from exercise of stock options	11,331	35,597
Repurchase of common stock	(144,493)
Net cash provided by/(used in) financing activities	(136,715)	32,492
Effect of foreign exchange rates on cash	(387)	(608)
Net increase/(decrease) in cash and cash equivalents	(42,297)	29,386
Cash and cash equivalents at beginning of period	193,069	239,397
Cash and cash equivalents at end of period	150,772	268,783
Supplemental disclosures of cash flow information:
Income taxes paid	36,696	31,597
Purchases of property and equipment included in accounts payable and accrued expenses	$ 5,019	$ 3,537

BACKGROUND	6 Months Ended
BACKGROUND	Jun. 30, 2022
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 with 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 over 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 we 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. Our 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 In March 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. COVID-19 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. Although the Company cannot reasonably estimate the length or severity of the impact that COVID-19 will have on its financial results, the Company may experience a material adverse impact on its sales, results of operations, and cash flows in 2022 should there be a resurgence impacting hospitals, surgical facilities, our internal operations, or our suppliers. In response to these developments, the Company will continue to monitor liquidity and cash flow. The Company has the ability to borrow from its existing credit facility, 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

6 Months Ended

Jun. 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary Of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

In the opinion of management, these condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position as of June 30, 2022, and results of operations for the three and six months ended June 30, 2022. The results of operations for any interim period may not be indicative of results for the full year.

(b) Principles of Consolidation

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

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

Significant areas that require 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 generally 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. Any revenue related to the provision of maintenance and support is recognized as we satisfy the performance obligation. 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. Maintenance and support services are generally invoiced annually, at the beginning of each contract period, and revenue is recognized ratably over the maintenance period. For the three and six months ended June 30, 2022, there was an immaterial amount of revenue recognized from previously deferred revenue.

(e) Cash and Cash Equivalents

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.

(f) 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 June 30, 2022. Short-term and long-term marketable securities are recorded at fair value on our condensed consolidated balance sheets. Any change in fair value of our available-for-sale securities, that do not result in recognition or reversal of an allowance for credit loss or write-down, are recorded, net of taxes, as a component of accumulated other comprehensive income or loss on our condensed consolidated balance sheets. Premiums and discounts are recognized over the life of the related security as an adjustment to yield using the straight-line method. Realized gains or losses from the sale of marketable securities are determined on a specific identification basis. Realized gains and losses, interest income and the amortization/accretion of premiums/discounts are included in other income/(expense), net, on our condensed consolidated statements of operations and comprehensive income. Interest receivable is recorded in prepaid expenses and other current assets on our condensed 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 declines in the fair value of our securities to determine whether they are resulting from expected credit losses or other factors. If the assessment indicates a credit loss exists, we recognize any measured impairment as an allowance for credit loss in our condensed consolidated statements of operations. Any other impairments not recorded through allowance for credit losses is recognized in our other comprehensive income.

(g) 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 recorded in business acquisition liabilities on our condensed consolidated balance sheets, and changes in the fair value of contingent consideration are recognized in acquisition related costs in the condensed 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.

(h) Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. The majority of our 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.

(i) 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 or whenever events or circumstances indicate that a carrying amount may not be recoverable. Goodwill is tested for impairment at the reporting unit level by comparing the reporting unit’s carrying amount to the estimated 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 six months ended June 30, 2022 and 2021, 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 with finite useful lives are tested 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 six months ended June 30, 2022 or 2021.

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. Intangible assets with indefinite useful lives 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 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 six months ended June 30, 2022 or 2021.

(j) 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 date of the grant using the closing price of the Company’s common stock.

(k) Recently Issued Accounting Pronouncements

None applicable.

(l) Recently Adopted Accounting Pronouncements

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 condensed consolidated financial statements and related disclosures.

ASSET ACQUISITIONS AND BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2022

ASSET ACQUISITIONS AND BUSINESS COMBINATIONS [Abstract]

Asset Acquisitions And Business Combinations

NOTE 3. ASSET ACQUISITIONS AND BUSINESS COMBINATIONS

Asset Acquisitions

During the fourth quarter of 2021, the Company acquired substantially all the assets of Capstone Surgical Technologies, LLC, which engages in the business of advanced drill and robotic surgery platforms. The purchase price consisted of $24.5 million of cash paid at closing, subject to net working capital and other post-closing adjustments, if applicable. The transaction also provides for additional consideration contingent upon the developed products obtaining approval from the U.S. Food and Drug Administration (the “FDA”) of up to $15.0 million, and additional consideration of up to $10.0 million contingent upon the achievement of certain performance milestones. Contingent consideration is not recorded in an asset acquisition until the milestone is met.

Also during the fourth quarter of 2021, the Company acquired substantially all the assets of a company that engages in the development of technology for use in robotic surgery platforms which was not considered material to the consolidated financial statements during the periods presented. The purchase price consisted of $10.0 million of cash paid at closing and also provides for additional consideration of $5.0 million contingent upon the achievement of certain performance milestones. Contingent consideration is not recorded in an asset acquisition until the milestone is met.

During the second quarter of 2020, the Company acquired Synoste Oy, 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. During the fourth quarter of 2021, the contractual holdback and net working capital and other post-closing adjustments were settled for $2.7 million. The transaction also provides for additional consideration of $8.0 million contingent upon the developed product obtaining approval from the FDA within the third anniversary, or $4.0 million if within the fourth anniversary of the acquisition closing date, respectively. Contingent consideration is not recorded in an asset acquisition until the milestone is met.

The Company accounted for each of these transactions as asset acquisitions because substantially all of the fair value of the assets acquired in each transaction was concentrated in a single identified asset, in-process research and development (“IPR&D”) of the acquired technology, thus satisfying the requirements of the screen test in ASU 2017-1. At the date of the acquisitions, the Company determined that the development of the projects underway had not yet reached technological feasibility and that the research in process had no alternative future use. Accordingly, the acquired IPR&D of $34.3 million and $24.4 million was charged to research and development expense in the condensed consolidated statements of operations and comprehensive income for years ended 2021 and 2020, respectively.

Business Combinations

During 2022, the Company completed one acquisition in the second quarter that was not considered material to the condensed consolidated financial statements during the periods presented. This acquisition has been included in the condensed consolidated financial statements from the date of acquisition. The purchase price consisted of approximately $0.2 million of cash paid at closing and $4.4 million of contingent consideration payments, resulting in goodwill of $4.6 million based on the estimated fair values. The contingent payments for this acquisition are based upon achieving various performance milestones over a period of 10 years and are payable in a combination of cash and RSUs.

During 2021, the Company completed three acquisitions that were not considered material, individually or collectively, to the condensed consolidated financial statements during the periods presented. Two acquisitions were completed in the third quarter, while the third acquisition was completed in the fourth quarter. These acquisitions have been included in the condensed consolidated financial statements from the date of acquisition. The purchase price of the acquisition in the fourth quarter consisted of approximately $0.3 million of cash paid at closing and $13.0 million of contingent consideration payments, resulting in goodwill of $13.3 million based on the estimated fair values. The combined purchase price of the two acquisitions in the third quarter consisted of approximately $12.6 million of contingent consideration payments. The Company recorded other intangible assets of $1.6 million, with a weighted average useful life of 3.8 years, and goodwill of $11.0 million based on their estimated fair values. The contingent payments for all three acquisitions are based upon achieving various performance milestones over a period of 10 years and are payable in a combination of cash and RSUs.

During the fourth quarter of 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 condensed 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. The contingent payments are based upon achieving various performance milestones 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 fair values.

NET SALES

6 Months Ended

Jun. 30, 2022

NET SALES [Abstract]

Net Sales

NOTE 4. NET SALES

The following table represents net sales by product category:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Musculoskeletal Solutions	$	234,242	$	230,263	$	451,644	$	442,679
Enabling Technologies		29,406		20,753		42,553		35,681
Total net sales	$	263,648	$	251,016	$	494,197	$	478,360

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2022

MARKETABLE SECURITIES [Abstract]

Marketable Securities

NOTE 5. MARKETABLE SECURITIES

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



	June 30, 2022
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	$	54,222	$	—	$	(563)	$	53,659
Corporate debt securities		161,078		—		(2,204)		158,874
Commercial paper		25,790		—		(23)		25,767
Asset-backed securities		6,000		—		—		6,000
Government, federal agency, and other sovereign obligations		13,035		—		(97)		12,938
Total short-term marketable securities	$	260,125	$	—	$	(2,887)	$	257,238

Long-term:
Municipal bonds	$	78,945	$	36	$	(2,376)	$	76,605
Corporate debt securities		296,821		1		(11,450)		285,372
Asset-backed securities		95,929		10		(2,461)		93,478
Government, federal agency, and other sovereign obligations		18,666		—		(458)		18,208
Total long-term marketable securities	$	490,361	$	47	$	(16,745)	$	473,663

	December 31, 2021
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	$	66,379	$	99	$	(11)	$	66,467
Corporate debt securities		107,102		434		(65)		107,471
Commercial paper		38,252		2		(1)		38,253
Asset-backed securities		12,931		58		—		12,989
Government, federal agency, and other sovereign obligations		25,231		—		(33)		25,198
Total short-term marketable securities	$	249,895	$	593	$	(110)	$	250,378

Long-term:
Municipal bonds	$	91,185	$	4	$	(409)	$	90,780
Corporate debt securities		324,492		351		(1,318)		323,525
Asset-backed securities		128,139		101		(578)		127,662
Government, federal agency, and other sovereign obligations		20,539		—		(31)		20,508
Total long-term marketable securities	$	564,355	$	456	$	(2,336)	$	562,475

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 June 30, 2022 and December 31, 2021, respectively.

Purchases of marketable securities include amounts payable to brokers of $2.2 million as of December 31, 2021. Purchases of marketable securities included no amounts payable to brokers as of June 30, 2022.

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2022

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements

NOTE 6. FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis included the following:



(In thousands)	Balance at June 30, 2022		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	53,986	$	48,601	$	5,385	$	—
Municipal bonds		130,264		—		130,264		—
Corporate debt securities		444,246		—		444,246		—
Commercial paper		25,767		—		25,767		—
Asset-backed securities		99,478		—		99,478		—
Government, federal agency, and other sovereign obligations		31,146		—		31,146		—
Liabilities:
Business acquisition liabilities		68,314		—		—		68,314



(In thousands)	Balance at December 31, 2021		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	26,684	$	3,768	$	22,916	$	—
Municipal bonds		157,247		—		157,247		—
Corporate debt securities		430,996		—		430,996		—
Commercial paper		38,253		—		38,253		—
Asset-backed securities		140,651		—		140,651		—
Government, federal agency, and other sovereign obligations		45,706		—		45,706		—
Liabilities:
Business acquisition liabilities		70,525		—		—		70,525

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

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

Fair value of the revenue-based business acquisition liabilities was determined using a discounted cash flow model and an option pricing model. 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*
Revenue risk premium	2.4%	-	4.9%	2.4%
Revenue volatility	14.0%	-	15.8%	14.9%
Discount rate	3.8%	-	8.5%	6.2%
Projected year of payment	2022	-	2032

* 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 three and six months ended June 30, 2022 and 2021, respectively included the following:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Beginning balance	$	68,036	$	36,020	$	70,525	$	37,270
Purchase price contingent consideration		4,414		—		4,414		—
Contingent cash payments		(2,193)		(1,523)		(4,607)		(3,015)
Contingent RSU grants		(220)		(197)		(416)		(360)
Changes in fair value of business acquisition liabilities		(1,126)		13,870		(1,390)		14,128
Contractual payable reclassification		(597)		(175)		(212)		(28)
Ending balance	$	68,314	$	47,995	$	68,314	$	47,995

Changes in the fair value of business acquisition liabilities are driven by changes in market conditions and the achievement of certain performance conditions.

- 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

6 Months Ended

Jun. 30, 2022

INVENTORIES [Abstract]

Inventories

NOTE 7. INVENTORIES

Inventories included the following:



	June 30,		December 31,
(In thousands)	2022		2021
Raw materials	$	54,028	$	41,819
Work in process		16,789		17,401
Finished goods		195,226		177,781
Total inventories	$	266,043	$	237,001

During the three months ended June 30, 2022 and 2021, net adjustments to cost of sales related to excess and obsolete inventory were $2.3 million and $3.4 million, respectively. The net adjustments for the three months ended June 30, 2022 and 2021 reflect a combination of additional expense for excess and obsolete related provisions ($5.2 million and $7.6 million, respectively) offset by sales and disposals ($2.9 million and $4.2 million, respectively) of inventory for which an excess and obsolete provision was provided previously through expense recognized in prior periods.

During the six months ended June 30, 2022 and 2021, net adjustments to cost of sales related to excess and obsolete inventory were $4.1 million and $5.0 million, respectively. The net adjustments for the six months ended June 30, 2022 and 2021 reflect a combination of additional expense for excess and obsolete related provisions ($8.6 million and $11.4 million, respectively) offset by sales and disposals ($4.5 million and $6.4 million, respectively) of inventory for which an excess and obsolete provision was provided previously through expense recognized in prior periods.

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2022

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

NOTE 8. PROPERTY AND EQUIPMENT

Property and equipment included the following:



	Useful	June 30,		December 31,
(In thousands)	Life	2022		2021
Land	—	$	8,275	$	8,296
Buildings and improvements	31.5		46,805		44,672
Equipment	5-15		131,298		113,301
Instruments	5		295,654		285,762
Modules and cases	5		45,799		44,185
Other property and equipment	3-5		33,050		30,435
			560,881		526,651
Less: accumulated depreciation			(321,999)		(305,575)
Total		$	238,882	$	221,076

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:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022			2021	2022		2021
Depreciation	$	12,535	$	14,506	$	24,860	$	26,890

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Goodwill and Intangible Assets

NOTE 9. GOODWILL AND INTANGIBLE ASSETS

The change in the carrying amount of goodwill during the twelve months ended December 31, 2021 and the six months ended June 30, 2022, respectively included the following:



(In thousands)
December 31, 2020	$	156,716
Additions and adjustments		24,251
Foreign exchange		(1,259)
December 31, 2021		179,708
Additions and adjustments		4,589
Foreign exchange		(1,595)
June 30, 2022	$	182,702

The composition of intangible assets was as follows:



		June 30, 2022
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(3,067)	$	933
Customer relationships & other intangibles	6.4		51,422		(37,658)		13,764
Developed technology	8.0		72,086		(32,928)		39,158
Patents	16.0		8,760		(3,484)		5,276
Total intangible assets		$	136,268	$	(77,137)	$	59,131



		December 31, 2021
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(2,867)	$	1,133
Customer relationships & other intangibles	6.4		56,264		(37,842)		18,422
Developed technology	8.0		71,947		(28,545)		43,402
Patents	16.1		8,938		(3,235)		5,703
Total intangible assets		$	141,149	$	(72,489)	$	68,660

The following table summarizes amortization of intangible assets for future periods as of June 30, 2022:


(In thousands)	Annual ‎Amortization
Remaining 2022	$	8,867
2023		15,816
2024		13,203
2025		8,917
2026		5,474
Thereafter		6,854
Total	$	59,131

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2022

ACCRUED EXPENSES [Abstract]

Accrued Expenses

NOTE 10. ACCRUED EXPENSES

Accrued expense included the following:



	June 30,		December 31,
(In thousands)	2022		2021
Compensation and other employee-related costs	$	46,373	$	52,407
Legal and other settlements and expenses		4,007		6,124
Accrued non-income taxes		9,630		6,415
Royalties		4,440		4,558
Rebates		8,619		8,725
Other		9,474		12,939
Total accrued expenses	$	82,543	$	91,168

DEBT

6 Months Ended

Jun. 30, 2022

DEBT [Abstract]

Debt

NOTE 11. 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 (as amended, the “Revolving Credit Facility”), and has a termination date of August 2, 2023. 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 Daily Bloomberg Short-Term Bank Yield (“BSBY”) (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 Daily BSBY Rate 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. As of June 30, 2022, we have not borrowed under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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+ Details

EQUITY

6 Months Ended

Jun. 30, 2022

EQUITY [Abstract]

Equity

NOTE 12. EQUITY

Share Repurchases

On March 11, 2020, the Company announced a share repurchase program, which authorized the Company to repurchase up to $200 million of the Company’s Class A common stock. On March 4, 2022, the share repurchase program was expanded by authorizing the Company to repurchase an additional $200 million of the Company’s Class A common stock. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. As of June 30, 2022, the Company is authorized to repurchase a total of $150.8 million of Class A common stock. 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 of share repurchases 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 Company made an accounting policy election to charge the excess of repurchase price over par value entirely to retained earnings.

The following table summarizes the activity related to share repurchases:

(In thousands except for per share prices)


Period	Total number of shares repurchased	Average price paid per share		Dollar amount of shares repurchased ⁽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, 2021 - March 31, 2021	—		—		—		95,294
April 1, 2021 - June 30, 2021	—		—		—		95,294
July 1, 2021 - September 30, 2021	—		—		—		95,294
October 1, 2021 - December 31, 2021	—		—		—		95,294
January 1, 2022 - March 31, 2022	—		—		—		295,294
April 1, 2022 - June 30, 2022	2,351		61.45		144,493	$	150,801
January 1, 2020 - June 30, 2022	5,042	$	49.42	$	249,199

⁽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. 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 on all matters submitted to a vote of stockholders, except as required by law or our amended and restated Certificate of Incorporation. Each share of our Class B Common is convertible at any time at the option of the holder into one share of our Class A Common. In addition, each share of our Class B Common will convert automatically into one share of our Class A Common upon any transfer, whether or not for value, except for permitted transfers. For more details relating to the conversion of our Class B Common please see “Exhibit 4.2, Description of Securities of the Registrant” filed with our Annual Report on Form 10-K on February 17, 2022.

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 six months ended June 30, 2022 and 2021, respectively:


(In thousands)	Unrealized loss on marketable securities, net of tax		Foreign currency translation adjustments		Accumulated other comprehensive loss
Accumulated other comprehensive income/(loss), net of tax, at December 31, 2021	$	(1,053)	$	(5,719)	$	(6,772)
Other comprehensive income/(loss) before reclassifications		(18,204)		(4,737)		(22,941)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax		4,345		—		4,345
Other comprehensive income/(loss), net of tax		(13,859)		(4,737)		(18,596)
Accumulated other comprehensive income/(loss), net of tax, at June 30, 2022	$	(14,912)	$	(10,456)	$	(25,368)


(In thousands)	Unrealized loss on marketable securities, net of tax		Foreign currency translation adjustments		Accumulated other comprehensive loss
Accumulated other comprehensive income/(loss), net of tax, at December 31, 2020	$	5,001	$	(1,046)	$	3,955
Other comprehensive income/(loss) before reclassifications		(3,188)		(3,087)		(6,275)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax		748		—		748
Other comprehensive income/(loss), net of tax		(2,440)		(3,087)		(5,527)
Accumulated other comprehensive income/(loss), net of tax, at June 30, 2021	$	2,561	$	(4,133)	$	(1,572)

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 condensed consolidated statements of operations and comprehensive income.

Earnings Per Common Share

The Company computes basic earnings per share using the weighted-average number of common shares outstanding during the period. Diluted earnings 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:


	Three Months Ended			Six Months Ended
	June 30,			June 30,
(In thousands, except per share amounts)	2022	2021		2022		2021
Numerator:
Net income/(loss)	54,590	$	41,545	$	92,674	$	86,874
Denominator for basic and diluted net income per share:
Weighted average shares outstanding for basic	100,671		100,449		101,136		100,159
Dilutive stock options and RSUs	2,213		3,026		2,344		2,772
Weighted average shares outstanding for diluted	102,884		103,475		103,480		102,931
Earnings per share:
Basic	0.54	$	0.41	$	0.92	$	0.87
Diluted	0.53	$	0.40	$	0.90	$	0.84

Anti-dilutive stock options and RSUs excluded from the calculation	3,419		1,680		3,397		2,372

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

STOCK-BASED AWARDS

6 Months Ended

Jun. 30, 2022

STOCK-BASED AWARDS [Abstract]

Stock-Based Awards

NOTE 13. STOCK-BASED AWARDS

We have two stock plans: our 2012 Equity Incentive Plan (the “2012 Plan”) and our 2021 Equity Incentive Plan (the “2021 Plan”), together with the 2012 Plan, the “Plans”. The 2021 Plan is the only active stock plan. The purpose of the 2012 Plan was, and of the 2021 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. The 2012 Plan terminated pursuant to its terms in 2022. Following the effectiveness of the 2021 Plan, we have not issued any additional awards under the 2012 Plan; however, awards previously granted under the 2012 Plan remain outstanding and are administered by our Board under the terms and conditions of the 2012 Plan. Under the 2012 Plan, the aggregate number of shares of Class A Common that were able to 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 Equity Incentive 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 were able to be issued or transferred pursuant to incentive stock options under the 2012 Plan was limited to 10,769,230 shares. The shares of Class A Common covered by the 2012 Plan included authorized but unissued shares, treasury shares or shares of common stock purchased on the open market.

The 2021 Plan was approved by our Board in March 2021, and by our stockholders in June 2021. Under the 2021 Plan, as originally approved, the aggregate number of shares of Class A Common that were able to be issued subject to options and other awards was equal to the sum of (i) 2,000,000 shares, (ii) any shares available for issuance under the 2012 Plan as of June 3, 2021 and (iii) any shares underlying awards outstanding under the 2012 Plan or 2021 Plan as of June 3, 2021 that, on or after that date, were forfeited, terminated, expired or lapse for any reason, or were settled for cash without delivery of shares. The number of shares that could be issued or transferred pursuant to incentive stock options under the 2021 Plan was limited to 2,000,000 shares. The shares of Class A Common covered by the 2021 Plan include authorized but unissued shares, treasury shares or shares of common stock purchased on the open market.

On June 2, 2022, the Company’s stockholders approved an amendment to the 2021 Plan (the “2021 Plan Amendment”). The 2021 Plan Amendment increased the number of shares of Class A Common that may be issued or transferred pursuant to awards under the 2021 Plan by 2,000,000 shares to 4,000,000 shares. The 2021 Plan Amendment also increased the aggregate number of shares of Class A Common that may be issued or transferred under the 2021 Plan pursuant to incentive stock options under Section 422 of the Code from 2,000,000 to 4,000,000.

As of June 30, 2022, pursuant to the 2021 Plan, there were 5,514,293 shares of Class A Common reserved and 3,520,451 shares of Class A Common available for future grants.

Stock Options

Stock option activity during the six months ended June 30, 2022 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, 2021	9,462	$	48.01
Granted	1,604		65.04
Exercised	(274)		41.56
Forfeited	(593)		59.84
Outstanding at June 30, 2022	10,199	$	50.19	6.9	$	96,142
Exercisable at June 30, 2022	5,557	$	42.62	5.8	$	79,720
Expected to vest at June 30, 2022	4,642	$	59.26	8.2	$	16,423

The total intrinsic value of stock options exercised was $2.7 million and $25.0 million during the three months ended June 30, 2022, and 2021, respectively. The total intrinsic value of stock options exercised was $7.4 million and $35.1 million during the six months ended June 30, 2022, and 2021, 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:



	Six Months Ended
	June 30,
	2022			2021
Risk-free interest rate	1.46%	-	3.36%	0.40%	-	0.84%
Expected term (years)	4.7	-	4.8	4.8
Expected volatility	34.0%	-	35.0%		34.0%
Expected dividend yield		—%			—%

The weighted average grant date fair value of stock options granted during the three months ended June 30, 2022, and 2021 was $23.93 and $21.30 per share, respectively. The weighted average grant date fair value of stock options granted during the six months ended June 30, 2022, and 2021 was $21.05 and $19.58 per share, respectively.

Restricted Stock Units

Restricted stock unit activity during the six months ended June 30, 2022 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, 2021	29	$	72.54
Granted	6		66.08
Vested	—		—
Forfeited	—		—
Outstanding at June 30, 2022	35	$	71.37	8.3

Stock-Based Compensation

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



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Stock-based compensation expense	$	7,837	$	7,632	$	15,989	$	15,330
Net stock-based compensation capitalized into inventory		184		156		384		341
Total stock-based compensation cost	$	8,021	$	7,788	$	16,373	$	15,671

As of June 30, 2022, there was $68.8 million of unrecognized compensation expense related to unvested employee stock options that are expected to vest over a weighted average period of approximately three years.

INCOME TAXES

6 Months Ended

Jun. 30, 2022

INCOME TAXES [Abstract]

Income Taxes

NOTE 14. INCOME TAXES

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

The following table provides a summary of our effective tax rate for the three and six months ended June 30, 2022 and 2021, respectively:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Effective income tax rate	22.6%	15.1%	22.4%	18.1%

- 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.

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+ Details

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

COMMITMENTS AND CONTINGENCIES [Abstract]

Commitments and Contingencies

NOTE 15. 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 condensed 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 probable, and the amount 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. 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.

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 six patents by making, using, offering for sale or selling the COALITION^®, COALITION MIS^®, COALITION AGX^®, CORBEL^®, MONUMENT^®, MAGNIFY^®-S, HEDRON IA^TM, HEDRON IC^®, INDEPENDENCE^®, INDEPENDENCE MIS^®, INDEPENDENCE MIS AGX^®, FORTIFY^®and XPAND^® families, SABLE^®, RISE^®, RISE^® INTRALIF, RISE^®-L, ELSA^®, ELSA^® ATP, ALTERA^®, ARIEL^®, CALIBER^® and CALIBER^®-L products. Moskowitz seeks monetary 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. 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 June 30, 2022.

SEGMENT AND GEOGRAPHIC INFORMATION

6 Months Ended

Jun. 30, 2022

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Segment and Geographic Information

NOTE 16. 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, and segment information is consistent with how the chief operating decision makers review the business, make investing and resource allocation decisions and assess operating performance.

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



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)		2022		2021		2022		2021
United States	$	225,280	$	215,119	$	421,683	$	408,436
International		38,368		35,897		72,514		69,924
Total net sales	$	263,648	$	251,016	$	494,197	$	478,360

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, these condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position as of June 30, 2022, and results of operations for the three and six months ended June 30, 2022. The results of operations for any interim period may not be indicative of results for the full year.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Globus and its wholly-owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates, in part, on historical experience that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary. Significant areas that require 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 generally 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. Any revenue related to the provision of maintenance and support is recognized as we satisfy the performance obligation. 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. Maintenance and support services are generally invoiced annually, at the beginning of each contract period, and revenue is recognized ratably over the maintenance period. For the three and six months ended June 30, 2022, there was an immaterial amount of revenue recognized from previously deferred revenue.
Cash and Cash Equivalents	Cash and Cash Equivalents 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 June 30, 2022. Short-term and long-term marketable securities are recorded at fair value on our condensed consolidated balance sheets. Any change in fair value of our available-for-sale securities, that do not result in recognition or reversal of an allowance for credit loss or write-down, are recorded, net of taxes, as a component of accumulated other comprehensive income or loss on our condensed consolidated balance sheets. Premiums and discounts are recognized over the life of the related security as an adjustment to yield using the straight-line method. Realized gains or losses from the sale of marketable securities are determined on a specific identification basis. Realized gains and losses, interest income and the amortization/accretion of premiums/discounts are included in other income/(expense), net, on our condensed consolidated statements of operations and comprehensive income. Interest receivable is recorded in prepaid expenses and other current assets on our condensed 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 declines in the fair value of our securities to determine whether they are resulting from expected credit losses or other factors. If the assessment indicates a credit loss exists, we recognize any measured impairment as an allowance for credit loss in our condensed consolidated statements of operations. Any other impairments not recorded through allowance for credit losses is recognized in our other comprehensive income.
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 recorded in business acquisition liabilities on our condensed consolidated balance sheets, and changes in the fair value of contingent consideration are recognized in acquisition related costs in the condensed 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.
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 or whenever events or circumstances indicate that a carrying amount may not be recoverable. Goodwill is tested for impairment at the reporting unit level by comparing the reporting unit’s carrying amount to the estimated 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 six months ended June 30, 2022 and 2021, 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 with finite useful lives are tested 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 six months ended June 30, 2022 or 2021. 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. Intangible assets with indefinite useful lives 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 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 six months ended June 30, 2022 or 2021.
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 date of the grant using the closing price of the Company’s common stock.
Recently Issued Accounting Pronouncements & Recently Adopted Accounting Pronouncements	(k) Recently Issued Accounting Pronouncements None applicable. (l) Recently Adopted Accounting Pronouncements 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 condensed consolidated financial statements and related disclosures.

NET SALES (Tables)

6 Months Ended

Jun. 30, 2022

NET SALES [Abstract]

Schedule of Net Sales by Product Category



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Musculoskeletal Solutions	$	234,242	$	230,263	$	451,644	$	442,679
Enabling Technologies		29,406		20,753		42,553		35,681
Total net sales	$	263,648	$	251,016	$	494,197	$	478,360

MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2022

MARKETABLE SECURITIES [Abstract]

Composition of Marketable Securities

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



	June 30, 2022
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	$	54,222	$	—	$	(563)	$	53,659
Corporate debt securities		161,078		—		(2,204)		158,874
Commercial paper		25,790		—		(23)		25,767
Asset-backed securities		6,000		—		—		6,000
Government, federal agency, and other sovereign obligations		13,035		—		(97)		12,938
Total short-term marketable securities	$	260,125	$	—	$	(2,887)	$	257,238

Long-term:
Municipal bonds	$	78,945	$	36	$	(2,376)	$	76,605
Corporate debt securities		296,821		1		(11,450)		285,372
Asset-backed securities		95,929		10		(2,461)		93,478
Government, federal agency, and other sovereign obligations		18,666		—		(458)		18,208
Total long-term marketable securities	$	490,361	$	47	$	(16,745)	$	473,663

	December 31, 2021
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	$	66,379	$	99	$	(11)	$	66,467
Corporate debt securities		107,102		434		(65)		107,471
Commercial paper		38,252		2		(1)		38,253
Asset-backed securities		12,931		58		—		12,989
Government, federal agency, and other sovereign obligations		25,231		—		(33)		25,198
Total short-term marketable securities	$	249,895	$	593	$	(110)	$	250,378

Long-term:
Municipal bonds	$	91,185	$	4	$	(409)	$	90,780
Corporate debt securities		324,492		351		(1,318)		323,525
Asset-backed securities		128,139		101		(578)		127,662
Government, federal agency, and other sovereign obligations		20,539		—		(31)		20,508
Total long-term marketable securities	$	564,355	$	456	$	(2,336)	$	562,475

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis



(In thousands)	Balance at June 30, 2022		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	53,986	$	48,601	$	5,385	$	—
Municipal bonds		130,264		—		130,264		—
Corporate debt securities		444,246		—		444,246		—
Commercial paper		25,767		—		25,767		—
Asset-backed securities		99,478		—		99,478		—
Government, federal agency, and other sovereign obligations		31,146		—		31,146		—
Liabilities:
Business acquisition liabilities		68,314		—		—		68,314



(In thousands)	Balance at December 31, 2021		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	26,684	$	3,768	$	22,916	$	—
Municipal bonds		157,247		—		157,247		—
Corporate debt securities		430,996		—		430,996		—
Commercial paper		38,253		—		38,253		—
Asset-backed securities		140,651		—		140,651		—
Government, federal agency, and other sovereign obligations		45,706		—		45,706		—
Liabilities:
Business acquisition liabilities		70,525		—		—		70,525

Significant Unobservable Inputs in Valuation Techniques


Unobservable input	Range			Weighted Average*
Revenue risk premium	2.4%	-	4.9%	2.4%
Revenue volatility	14.0%	-	15.8%	14.9%
Discount rate	3.8%	-	8.5%	6.2%
Projected year of payment	2022	-	2032

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

Changes in Carrying Value of Business Acquisition Liabilities



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Beginning balance	$	68,036	$	36,020	$	70,525	$	37,270
Purchase price contingent consideration		4,414		—		4,414		—
Contingent cash payments		(2,193)		(1,523)		(4,607)		(3,015)
Contingent RSU grants		(220)		(197)		(416)		(360)
Changes in fair value of business acquisition liabilities		(1,126)		13,870		(1,390)		14,128
Contractual payable reclassification		(597)		(175)		(212)		(28)
Ending balance	$	68,314	$	47,995	$	68,314	$	47,995

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2022

INVENTORIES [Abstract]

Schedule of Inventory



	June 30,		December 31,
(In thousands)	2022		2021
Raw materials	$	54,028	$	41,819
Work in process		16,789		17,401
Finished goods		195,226		177,781
Total inventories	$	266,043	$	237,001

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2022

PROPERTY AND EQUIPMENT [Abstract]

Schedule of Property and Equipment



	Useful	June 30,		December 31,
(In thousands)	Life	2022		2021
Land	—	$	8,275	$	8,296
Buildings and improvements	31.5		46,805		44,672
Equipment	5-15		131,298		113,301
Instruments	5		295,654		285,762
Modules and cases	5		45,799		44,185
Other property and equipment	3-5		33,050		30,435
			560,881		526,651
Less: accumulated depreciation			(321,999)		(305,575)
Total		$	238,882	$	221,076

Schedule of Depreciation Related to Property and Equipment



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022			2021	2022		2021
Depreciation	$	12,535	$	14,506	$	24,860	$	26,890

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Summary of Goodwill



(In thousands)
December 31, 2020	$	156,716
Additions and adjustments		24,251
Foreign exchange		(1,259)
December 31, 2021		179,708
Additions and adjustments		4,589
Foreign exchange		(1,595)
June 30, 2022	$	182,702

Summary of Intangible Assets



		June 30, 2022
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(3,067)	$	933
Customer relationships & other intangibles	6.4		51,422		(37,658)		13,764
Developed technology	8.0		72,086		(32,928)		39,158
Patents	16.0		8,760		(3,484)		5,276
Total intangible assets		$	136,268	$	(77,137)	$	59,131



		December 31, 2021
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(2,867)	$	1,133
Customer relationships & other intangibles	6.4		56,264		(37,842)		18,422
Developed technology	8.0		71,947		(28,545)		43,402
Patents	16.1		8,938		(3,235)		5,703
Total intangible assets		$	141,149	$	(72,489)	$	68,660

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes amortization of intangible assets for future periods as of June 30, 2022:


(In thousands)	Annual ‎Amortization
Remaining 2022	$	8,867
2023		15,816
2024		13,203
2025		8,917
2026		5,474
Thereafter		6,854
Total	$	59,131

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2022

ACCRUED EXPENSES [Abstract]

Schedule of Accrued Expenses



	June 30,		December 31,
(In thousands)	2022		2021
Compensation and other employee-related costs	$	46,373	$	52,407
Legal and other settlements and expenses		4,007		6,124
Accrued non-income taxes		9,630		6,415
Royalties		4,440		4,558
Rebates		8,619		8,725
Other		9,474		12,939
Total accrued expenses	$	82,543	$	91,168

EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

EQUITY [Abstract]

Schedule of Shares Repurchased

(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, 2021 - March 31, 2021	—		—		—		95,294
April 1, 2021 - June 30, 2021	—		—		—		95,294
July 1, 2021 - September 30, 2021	—		—		—		95,294
October 1, 2021 - December 31, 2021	—		—		—		95,294
January 1, 2022 - March 31, 2022	—		—		—		295,294
April 1, 2022 - June 30, 2022	2,351		61.45		144,493	$	150,801
January 1, 2020 - June 30, 2022	5,042	$	49.42	$	249,199

⁽¹⁾ Inclusive of an immaterial amount of commission fees

Accumulated Other Comprehensive Income (Loss)


(In thousands)	Unrealized loss on marketable securities, net of tax		Foreign currency translation adjustments		Accumulated other comprehensive loss
Accumulated other comprehensive income/(loss), net of tax, at December 31, 2021	$	(1,053)	$	(5,719)	$	(6,772)
Other comprehensive income/(loss) before reclassifications		(18,204)		(4,737)		(22,941)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax		4,345		—		4,345
Other comprehensive income/(loss), net of tax		(13,859)		(4,737)		(18,596)
Accumulated other comprehensive income/(loss), net of tax, at June 30, 2022	$	(14,912)	$	(10,456)	$	(25,368)


(In thousands)	Unrealized loss on marketable securities, net of tax		Foreign currency translation adjustments		Accumulated other comprehensive loss
Accumulated other comprehensive income/(loss), net of tax, at December 31, 2020	$	5,001	$	(1,046)	$	3,955
Other comprehensive income/(loss) before reclassifications		(3,188)		(3,087)		(6,275)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax		748		—		748
Other comprehensive income/(loss), net of tax		(2,440)		(3,087)		(5,527)
Accumulated other comprehensive income/(loss), net of tax, at June 30, 2021	$	2,561	$	(4,133)	$	(1,572)

Schedule of Computation of Basic and Diluted Earnings


	Three Months Ended			Six Months Ended
	June 30,			June 30,
(In thousands, except per share amounts)	2022	2021		2022		2021
Numerator:
Net income/(loss)	54,590	$	41,545	$	92,674	$	86,874
Denominator for basic and diluted net income per share:
Weighted average shares outstanding for basic	100,671		100,449		101,136		100,159
Dilutive stock options and RSUs	2,213		3,026		2,344		2,772
Weighted average shares outstanding for diluted	102,884		103,475		103,480		102,931
Earnings per share:
Basic	0.54	$	0.41	$	0.92	$	0.87
Diluted	0.53	$	0.40	$	0.90	$	0.84

Anti-dilutive stock options and RSUs excluded from the calculation	3,419		1,680		3,397		2,372

STOCK-BASED AWARDS (Tables)

6 Months Ended

Jun. 30, 2022

STOCK-BASED AWARDS [Abstract]

Summary of Stock Option Activity

Stock option activity during the six months ended June 30, 2022 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, 2021	9,462	$	48.01
Granted	1,604		65.04
Exercised	(274)		41.56
Forfeited	(593)		59.84
Outstanding at June 30, 2022	10,199	$	50.19	6.9	$	96,142
Exercisable at June 30, 2022	5,557	$	42.62	5.8	$	79,720
Expected to vest at June 30, 2022	4,642	$	59.26	8.2	$	16,423

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:



	Six Months Ended
	June 30,
	2022			2021
Risk-free interest rate	1.46%	-	3.36%	0.40%	-	0.84%
Expected term (years)	4.7	-	4.8	4.8
Expected volatility	34.0%	-	35.0%		34.0%
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, 2021	29	$	72.54
Granted	6		66.08
Vested	—		—
Forfeited	—		—
Outstanding at June 30, 2022	35	$	71.37	8.3

Stock-based Compensation Schedule



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Stock-based compensation expense	$	7,837	$	7,632	$	15,989	$	15,330
Net stock-based compensation capitalized into inventory		184		156		384		341
Total stock-based compensation cost	$	8,021	$	7,788	$	16,373	$	15,671

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2022

INCOME TAXES [Abstract]

Summary of Effective Tax Rate


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Effective income tax rate	22.6%	15.1%	22.4%	18.1%

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Schedule of Total Sales by Geographical Area



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)		2022		2021		2022		2021
United States	$	225,280	$	215,119	$	421,683	$	408,436
International		38,368		35,897		72,514		69,924
Total net sales	$	263,648	$	251,016	$	494,197	$	478,360

BACKGROUND (Narrative) (Details)	Jun. 30, 2022 item
Minimum [Member]
Number of products launched	220

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Goodwill impairment	$ 0	$ 0
Impairment of finite-lived intangible assets	0	0
Impairment of intangible assets	$ 0	$ 0

ASSET ACQUISITIONS AND BUSINESS COMBINATIONS (Narrative) (Details) $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($) item	Jun. 30, 2020 USD ($)	Jun. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Contingent consideration liability	$ 70,525				$ 68,314	$ 70,525
Goodwill	179,708		$ 156,716		$ 182,702	179,708	$ 156,716
Development Of Technology, Robotic Surgery Platforms [Member]
Business Acquisition [Line Items]
Purchase price of assets	10,000
Additional contingent consideration	5,000
Third Anniversary [Member]
Business Acquisition [Line Items]
Contingent consideration liability				$ 8,000
Fourth Anniversary [Member]
Business Acquisition [Line Items]
Contingent consideration liability				4,000
Capstone Surgical Technologies, LLC [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred	24,500
Capstone Surgical Technologies, LLC [Member] \| Approval Of FDA [Member]
Business Acquisition [Line Items]
Contingent consideration liability	15,000					15,000
Capstone Surgical Technologies, LLC [Member] \| Achievement Of Certain Performance Obligation [Member]
Business Acquisition [Line Items]
Contingent consideration liability	10,000					10,000
Synoste Acquisition [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				22,800
Business combination, consideration transferred				25,300
Contingent consideration liability				$ 2,500
Contingent consideration payment	2,700
Acquired in-process research and development						$ 34,300	24,400
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Number of acquisitions \| item		2	2		1	3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		$ 1,600	$ 8,800				8,800
Weighted average amortization period		3 years 9 months 18 days	4 years 2 months 12 days
Payments to Acquire Businesses, Gross	300		$ 1,500		$ 200
Contingent consideration liability	13,000		33,200		4,400	$ 13,000	33,200
Goodwill	$ 13,300	$ 11,000	$ 26,200		$ 4,600	$ 13,300	$ 26,200
Contingent consideration payment		$ 12,600
Business Acquisitions, Contractual Holdback Obligation Payable Period		10 years	10 years		10 years
Liabilities incurred from acquisition			$ 300

NET SALES (Schedule of Net Sales by Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 263,648	$ 251,016	$ 494,197	$ 478,360
Musculoskeletal Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	234,242	230,263	451,644	442,679
Enabling Technologies [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 29,406	$ 20,753	$ 42,553	$ 35,681

- 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

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+ Details

MARKETABLE SECURITIES (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
MARKETABLE SECURITIES (Narrative) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Payable to brokers	$ 0	$ 2,200,000
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	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term	$ 260,125
Gross Unrealized Losses, Short-term	(2,887)
Fair Value, Short-term	257,238
Amortized Cost, Long-term	490,361
Gross Unrealized Gains, Long-term	47
Gross Unrealized Losses, Long-term	(16,745)
Fair Value, Long-term	473,663
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term	54,222
Gross Unrealized Losses, Short-term	(563)
Fair Value, Short-term	53,659
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Long-term	78,945
Gross Unrealized Gains, Long-term	36
Gross Unrealized Losses, Long-term	(2,376)
Fair Value, Long-term	76,605
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term	161,078
Gross Unrealized Losses, Short-term	(2,204)
Fair Value, Short-term	158,874
Amortized Cost, Long-term	296,821
Gross Unrealized Gains, Long-term	1
Gross Unrealized Losses, Long-term	(11,450)
Fair Value, Long-term	285,372
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term	25,790
Gross Unrealized Losses, Short-term	(23)
Fair Value, Short-term	25,767
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term	6,000
Fair Value, Short-term	6,000
Amortized Cost, Long-term	95,929
Gross Unrealized Gains, Long-term	10
Gross Unrealized Losses, Long-term	(2,461)
Fair Value, Long-term	93,478
U.S. Government And Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term	13,035
Gross Unrealized Losses, Short-term	(97)
Fair Value, Short-term	12,938
Amortized Cost, Long-term	18,666
Gross Unrealized Losses, Long-term	(458)
Fair Value, Long-term	$ 18,208
Short-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term		$ 249,895
Gross Unrealized Gains, Short-term		593
Gross Unrealized Losses, Short-term		(110)
Fair Value, Short-term		250,378
Short-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term		66,379
Gross Unrealized Gains, Short-term		99
Gross Unrealized Losses, Short-term		(11)
Fair Value, Short-term		66,467
Short-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term		107,102
Gross Unrealized Gains, Short-term		434
Gross Unrealized Losses, Short-term		(65)
Fair Value, Short-term		107,471
Short-term Investments [Member] \| Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term		38,252
Gross Unrealized Gains, Short-term		2
Gross Unrealized Losses, Short-term		(1)
Fair Value, Short-term		38,253
Short-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term		12,931
Gross Unrealized Gains, Short-term		58
Fair Value, Short-term		12,989
Short-term Investments [Member] \| U.S. Government And Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Short-term		25,231
Gross Unrealized Losses, Short-term		(33)
Fair Value, Short-term		25,198
Long-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Long-term		564,355
Gross Unrealized Gains, Long-term		456
Gross Unrealized Losses, Long-term		(2,336)
Fair Value, Long-term		562,475
Long-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Long-term		91,185
Gross Unrealized Gains, Long-term		4
Gross Unrealized Losses, Long-term		(409)
Fair Value, Long-term		90,780
Long-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Long-term		324,492
Gross Unrealized Gains, Long-term		351
Gross Unrealized Losses, Long-term		(1,318)
Fair Value, Long-term		323,525
Long-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Long-term		128,139
Gross Unrealized Gains, Long-term		101
Gross Unrealized Losses, Long-term		(578)
Fair Value, Long-term		127,662
Long-term Investments [Member] \| U.S. Government And Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Long-term		20,539
Gross Unrealized Losses, Long-term		(31)
Fair Value, Long-term		$ 20,508

FAIR VALUE MEASUREMENTS (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 53,986		$ 26,684
Business acquisition liabilities	68,314		70,525
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	130,264		157,247
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	444,246		430,996
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	25,767		38,253
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	99,478		140,651
U.S. Government And Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	31,146		45,706
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	48,601		3,768
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,385		22,916
Fair Value, Inputs, Level 2 [Member] \| Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	130,264		157,247
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	444,246		430,996
Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	25,767		38,253
Fair Value, Inputs, Level 2 [Member] \| Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	99,478		140,651
Fair Value, Inputs, Level 2 [Member] \| U.S. Government And Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	31,146		45,706
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business acquisition liabilities	$ 68,314	$ 68,036	$ 70,525	$ 47,995	$ 36,020	$ 37,270

FAIR VALUE MEASUREMENTS (Significant Unobservable Inputs in Valuation Techniques) (Details) - Fair Value, Inputs, Level 3 [Member]

6 Months Ended

Jun. 30, 2022

Revenue Risk Premium [Member] | Maximum [Member]

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

Business acquisition liabilities, measurement input

0.049

Revenue Risk Premium [Member] | Minimum [Member]

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

Business acquisition liabilities, measurement input

0.024

Revenue Risk Premium [Member] | Weighted Average [Member]

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

Business acquisition liabilities, measurement input

0.024

^[1]

Revenue Volatility [Member] | Maximum [Member]

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

Business acquisition liabilities, measurement input

0.158

Revenue Volatility [Member] | Minimum [Member]

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

Business acquisition liabilities, measurement input

0.140

Revenue Volatility [Member] | Weighted Average [Member]

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

Business acquisition liabilities, measurement input

0.149

^[1]

Discount Rate [Member] | Maximum [Member]

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

Business acquisition liabilities, measurement input

0.085

Discount Rate [Member] | Minimum [Member]

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

Business acquisition liabilities, measurement input

0.038

Discount Rate [Member] | Weighted Average [Member]

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

Business acquisition liabilities, measurement input

0.062

^[1]

Probability Of Payment [Member] | Maximum [Member]

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

Projected year of payment

2032

Probability Of Payment [Member] | Minimum [Member]

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

Projected year of payment

2022

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

FAIR VALUE MEASUREMENTS (Changes in Carrying Value of Business Acquisition Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement, beginning balance			$ 70,525
Fair value measurement, ending balance	$ 68,314		68,314
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement, beginning balance	68,036	$ 36,020	70,525	$ 37,270
Purchase price contingent consideration	4,414		4,414
Contingent cash payments	(2,193)	(1,523)	(4,607)	(3,015)
Contingent RSU grants	(220)	(197)	(416)	(360)
Changes in fair value of business acquisition liabilities	(1,126)	13,870	(1,390)	14,128
Contractual payable reclassification	(597)	(175)	(212)	(28)
Fair value measurement, ending balance	$ 68,314	$ 47,995	$ 68,314	$ 47,995

INVENTORIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INVENTORIES [Abstract]
Net adjustment to cost of sales related to excess and obsolete inventory	$ 2.3	$ 3.4	$ 4.1	$ 5.0
Excess and obsolete related provisions	5.2	7.6	8.6	11.4
Inventory sales and disposals related provisions	$ 2.9	$ 4.2	$ 4.5	$ 6.4

INVENTORIES (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES [Abstract]
Raw materials	$ 54,028	$ 41,819
Work in process	16,789	17,401
Finished goods	195,226	177,781
Total inventories	$ 266,043	$ 237,001

PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 560,881	$ 526,651
Less: accumulated depreciation	(321,999)	(305,575)
Total	238,882	221,076
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	8,275	8,296
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 46,805	44,672
Useful Life	31 years 6 months
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 131,298	113,301
Instruments [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 295,654	285,762
Useful Life	5 years
Modules and cases [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 45,799	44,185
Useful Life	5 years
Other Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 33,050	$ 30,435
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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
PROPERTY AND EQUIPMENT [Abstract]
Depreciation	$ 12,535	$ 14,506	$ 24,860	$ 26,890

GOODWILL AND INTANGIBLE ASSETS (Summary of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Goodwill, Beginning Balance	$ 179,708	$ 156,716
Additions and adjustments	4,589	24,251
Foreign exchange	(1,595)	(1,259)
Goodwill, Ending Balance	$ 182,702	$ 179,708

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 136,268	$ 141,149
Accumulated amortization	(77,137)	(72,489)
Intangible Assets, net	$ 59,131	$ 68,660
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	(3,067)	(2,867)
Intangible Assets, net	$ 933	$ 1,133
Customer Relationships & Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	6 years 4 months 24 days	6 years 4 months 24 days
Gross Carrying Amount	$ 51,422	$ 56,264
Accumulated amortization	(37,658)	(37,842)
Intangible Assets, net	$ 13,764	$ 18,422
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	8 years
Gross Carrying Amount	$ 72,086	$ 71,947
Accumulated amortization	(32,928)	(28,545)
Intangible Assets, net	$ 39,158	$ 43,402
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	16 years	16 years 1 month 6 days
Gross Carrying Amount	$ 8,760	$ 8,938
Accumulated amortization	(3,484)	(3,235)
Intangible Assets, net	$ 5,276	$ 5,703

GOODWILL AND INTANGIBLE ASSETS (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Remaining 2022	$ 8,867
2023	15,816
2024	13,203
2025	8,917
2026	5,474
Thereafter	6,854
Intangible Assets, net	$ 59,131	$ 68,660

ACCRUED EXPENSES (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ACCRUED EXPENSES [Abstract]
Compensation and other employee-related costs	$ 46,373	$ 52,407
Legal and other settlements and expenses	4,007	6,124
Accrued non-income taxes	9,630	6,415
Royalties	4,440	4,558
Rebates	8,619	8,725
Other	9,474	12,939
Total accrued expenses	$ 82,543	$ 91,168

DEBT (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
DEBT (Narrative) (Details) - USD ($)	Aug. 31, 2021	Jun. 30, 2022	Aug. 31, 2020
Citizens Bank [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 125,000,000.0
Line of credit facility, expiration date		Aug. 02, 2023
Line of credit, borrowed amount		$ 0
Federal Funds Effective Rate [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			$ 25,000,000.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

EQUITY (Narrative) (Details) $ in Thousands	6 Months Ended
EQUITY (Narrative) (Details) $ in Thousands	Jun. 30, 2022 USD ($) item / shares item shares	Mar. 31, 2022 USD ($)	Mar. 04, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 11, 2020 USD ($)
Class of Stock [Line Items]
Stock repurchase plan, authorized amount \| $												$ 200,000
Stock repurchase plan, remaining authorized amount \| $	$ 150,801	$ 295,294		$ 95,294	$ 95,294	$ 95,294	$ 95,294	$ 95,294	$ 95,294	$ 95,294	$ 126,098
Common stock, shares authorized	775,000,000
Common Class A [Member]
Class of Stock [Line Items]
Additional stock repurchase plan, authorized amount \| $			$ 200,000
Common stock, shares authorized	500,000,000			500,000,000
Number of votes per share \| item / shares	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
Number of votes per share \| item / shares	10

EQUITY (Schedule of Shares Repurchased) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

30 Months Ended

Jun. 30, 2022

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

EQUITY [Abstract]

Total number of shares repurchased

2,351

771

1,920

5,042

Average Price Paid per Share

$ 61.45

$ 39.95

$ 38.49

$ 49.42

Dollar amount of shares repurchased

^[1]

$ 144,493

$ 30,804

$ 73,902

$ 249,199

Approximate dollar value of shares that may yet be purchased under the plan

$ 150,801

$ 95,294

$ 126,098

$ 150,801

$ 295,294

$ 95,294

[1]	Inclusive of an immaterial amount of commission fees

EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period	$ 1,785,372	$ 1,562,994	$ 1,741,388	$ 1,506,297
Total other comprehensive income/(loss), net of tax	(8,201)	252	(18,596)	(5,527)
Total equity, end of period	1,699,093	1,639,273	1,699,093	1,639,273
Accumulated Other Comprehensive Income/(Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period	(17,167)	(1,824)	(6,772)	3,955
Other comprehensive (loss)/income before reclassifications			(22,941)	(6,275)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax			4,345	748
Total other comprehensive income/(loss), net of tax			(18,596)	(5,527)
Total equity, end of period	(25,368)	(1,572)	(25,368)	(1,572)
Unrealized 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			(1,053)	5,001
Other comprehensive (loss)/income before reclassifications			(18,204)	(3,188)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax			4,345	748
Total other comprehensive income/(loss), net of tax			(13,859)	(2,440)
Total equity, end of period	(14,912)	2,561	(14,912)	2,561
Foreign Currency Translation Adjustments [Member] \| Accumulated Other Comprehensive Income/(Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total equity, beginning of period			(5,719)	(1,046)
Other comprehensive (loss)/income before reclassifications			(4,737)	(3,087)
Total other comprehensive income/(loss), net of tax			(4,737)	(3,087)
Total equity, end of period	$ (10,456)	$ (4,133)	$ (10,456)	$ (4,133)

- Definition

+ References

+ Details

EQUITY (Schedule Of Computation of Basic and Diluted Earnings) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EQUITY [Abstract]
Net income/(loss)	$ 54,590	$ 41,545	$ 92,674	$ 86,874
Weighted average shares outstanding for basic	100,671	100,449	101,136	100,159
Dilutive stock options and RSUs	2,213	3,026	2,344	2,772
Weighted average shares outstanding for diluted	102,884	103,475	103,480	102,931
Basic	$ 0.54	$ 0.41	$ 0.92	$ 0.87
Diluted	$ 0.53	$ 0.40	$ 0.90	$ 0.84
Anti-dilutive stock options and RSUs excluded from the calculation	3,419	1,680	3,397	2,372

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
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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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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		3 Months Ended		6 Months Ended
	Jun. 02, 2022 shares	Jun. 30, 2022 USD ($) ShareBasedCompensationPlan $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) ShareBasedCompensationPlan $ / shares shares	Jun. 30, 2021 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock plans \| ShareBasedCompensationPlan		2		2
Intrinsic value of stock options exercised \| $		$ 2.7	$ 25.0	$ 7.4	$ 35.1
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 \| $		$ 68.8		$ 68.8
Weighted average period of recognition, unvested stock options				3 years
Maximum contractual term				10 years
Weighted average grant date fair value per share \| $ / shares		$ 23.93	$ 21.30	$ 21.05	$ 19.58
2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base number of shares that may be issuable under stock plan		3,076,923		3,076,923
2012 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		10,769,230		10,769,230
Annual percentage limit for incremental shares that may be issued		3.00%		3.00%
2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base number of shares that may be issuable under stock plan		2,000,000		2,000,000
Class A reserved under the 2012 Equity Incentive Plan		5,514,293		5,514,293
Class A number of shares available for grant under the 2012 Equity Incentive Plan		3,520,451		3,520,451
2021 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base number of shares that may be issuable under stock plan		2,000,000		2,000,000
2021 Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base number of shares that may be issuable under stock plan	4,000,000
Increase in base number of shares that may be issuable under stock plan	2,000,000

STOCK-BASED AWARDS (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Option shares outstanding beginning balance	9,462
Option shares granted	1,604
Option shares exercised	(274)
Option shares forfeited	(593)
Option shares outstanding ending balance	10,199
Option shares exercisable	5,557
Option shares expected to vest	4,642
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Weighted average exercise price per share outstanding beginning balance	$ 48.01
Weighted average exercise price per share granted	65.04
Weighted average exercise price per share exercised	41.56
Weighted average exercise price per share forfeited	59.84
Weighted average exercise price per share outstanding ending balance	50.19
Weighted average exercise price per share exercisable	42.62
Weighted average exercise price per share expected to vest	$ 59.26
Weighted average remaining contractual life outstanding	6 years 10 months 24 days
Weighted average remaining contractual life exercisable	5 years 9 months 18 days
Weighted average remaining contractual life expected to vest	8 years 2 months 12 days
Aggregate intrinsic value outstanding	$ 96,142
Aggregate intrinsic value exercisable	79,720
Aggregate intrinsic value expected to vest	$ 16,423

STOCK-BASED AWARDS (Fair Value of Options Using Black Scholes Option Pricing Model) (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.46%	0.40%
Risk-free interest rate, maximum	3.36%	0.84%
Expected term (years)		4 years 9 months 18 days
Expected volatility, minimum	34.00%
Expected volatility, maximum	35.00%
Expected volatility		34.00%
Expected dividend yield
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	4 years 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	4 years 8 months 12 days

STOCK-BASED AWARDS (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning Balance \| shares	29
Granted \| shares	6
Outstanding, Ending Balance \| shares	35
Weighted average grant date fair value per share, Beginning Balance \| $ / shares	$ 72.54
Weighted average grant date fair value per share, Granted \| $ / shares	66.08
Weighted average grant date fair value per share, Ending Balance \| $ / shares	$ 71.37
Weighted average remaining contractual life (years)	8 years 3 months 18 days

STOCK-BASED AWARDS (Stock-based Compensation Schedule) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
STOCK-BASED AWARDS [Abstract]
Stock-based compensation expense	$ 7,837	$ 7,632	$ 15,989	$ 15,330
Net stock-based compensation capitalized into inventory	184	156	384	341
Total stock-based compensation cost	$ 8,021	$ 7,788	$ 16,373	$ 15,671

INCOME TAXES (Summary of Effective Tax Rate) (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Summary of Effective Tax Rate) (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES [Abstract]
Effective income tax rate	22.60%	15.10%	22.40%	18.10%

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	Jun. 30, 2022 USD ($)
Moskowitz Family LLC Litigation [Member]
Estimated Litigation Liability	$ 0

SEGMENT AND GEOGRAPHIC INFORMATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022 segment
SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]
Number of operating segments	1

SEGMENT AND GEOGRAPHIC INFORMATION (Schedule of Total Sales by Geographical Area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 263,648	$ 251,016	$ 494,197	$ 478,360
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	225,280	215,119	421,683	408,436
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 38,368	$ 35,897	$ 72,514	$ 69,924

- Definition

+ References

+ Details