12 unchanged sentences
The repurchase authorization expires in December 2022.
+Added: This stock repurchase authorization replaces the previous $225 million stock repurchase authorization, of which $125 million remained authorized at the time of its replacement, and which was otherwise set to expire on December 31, 2020.
Purchases may be affected through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or a combination of the foregoing.
−Removed: There have been no shares of common stock repurchased by the Company for the years ended December 31, 2019 , 2018 or 2017 .
+Added: During the twelve months ended December 31, 2020, the Company repurchased 2.1 million shares of Integra’s common stock as part of the previous share repurchase authorization.
+Added: The Company utilized $100.0 million of net proceeds from the offering of convertible notes to execute the share repurchase transactions.
+Added: This included $7.6 million from certain purchasers of the convertible notes in conjunction with the closing of the offering.
+Added: On February 5, 2020, the Company entered into a $92.4 million accelerated share repurchase ("ASR") to complete the remaining $100.0 million of share repurchase.
+Added: The Company received 1.3 million shares at inception of the ASR, which represented approximately 80% of the expected total shares.
+Added: Upon settlement of the ASR in June 2020, the Company received an additional 0.6 million shares determined using the volume-weighted average price of the Company's common stock during the term of the transaction.
See Note 9, Treasury Stock , in our consolidated financial statements for further details.
−Removed: On February 4, 2020, the Company offered and sold in a private placement $575.0 million of 0.5% convertible notes due in 2025.
−Removed: The Company intends to use $100.0 million of the net proceeds from the offering to repurchase shares of the Company's stock.
−Removed: This includes up to approximately $7.6 million from certain purchasers of the convertible notes in conjunction with the closing of the offering.
−Removed: Additionally, the Company intends to use $92.4 million of the proceeds to repurchase shares through an accelerated share repurchase transaction ("ASR").
SELECTED FINANCIAL DATA
1 unchanged sentence
Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this report.
−Removed: All results and data in the tables below reflect continuing operations, unless otherwise noted.
−Removed: As a result, the data presented below will not necessarily agree to previously issued financial statements.
−Removed: See Note 4, Acquisitions and Pro Forma Results for additional information regarding the impact of 2019 , 2018 and 2017 acquisitions in Item 15 of this Form 10-K.
+Added: See Note 5, Acquisitions for additional information regarding the impact of 2019 and 2018 acquisitions in Item 15 of this Form 10-K.
Years Ended December 31,
+Added: 2020 2019 2018 2017 2016
(In thousands, except per share data)
5 unchanged sentences
Other income, net 4,434 9,522 8,288 1,345 845
−Removed: Income from continuing operations before income taxes
+Added: Income before income taxes 93,520 60,104 57,403 11,385 90,406
(Benefit from) provision for income taxes (4) (6) (40,372) 9,903 (3,398) (53,358) 15,842
−Removed: Net income from continuing operations
−Removed: Loss from discontinued operations (net of tax benefit)
−Removed: Net income (loss)
−Removed: Diluted net income per common share from continuing operations
−Removed: Diluted net loss per common share from discontinued operations
−Removed: Diluted net income (loss) per common share
+Added: Net income $ 133,892 $ 50,201 $ 60,801 $ 64,743 $ 74,564
+Added: Diluted net income per common share $ 1.57 $ 0.58 $ 0.72 $ 0.82 $ 0.94
Weighted average common shares outstanding for diluted net income per share 85,228 86,494 83,999 79,121 79,194
As of December 31,
+Added: 2020 2019 2018 2017 2016
(In thousands)
2 unchanged sentences
Total assets (5) 3,615,136 3,303,240 3,107,887 3,211,257 1,807,954
−Removed: Short-term borrowings under the term loan of the Senior Credit Facility
+Added: Current portion of borrowings under the term loan of the Senior Credit Facility 33,750 45,000 22,500 60,000 —
+Added: Current portion of borrowings under securitization facility (2) 112,500 — — — —
Long-term borrowings including the revolving portion of the Senior Credit Facility (1) 933,387 1,198,561 1,210,513 1,781,142 665,000
2 unchanged sentences
Stockholders’ equity (3) 1,514,867 1,416,736 1,375,796 962,306 839,667
−Removed: For the years ended December 31, 2019, 2018, 2017, 2016 and 2015, we reported the borrowings outstanding under the revolving portion of our Senior Credit Facility as long-term debt as well as the 1.625% convertible senior notes due in 2016 ("2016 Convertible Notes").
+Added: (1) For the years ended December 31, 2020, 2019, 2018, 2017, and 2016, we reported the borrowings outstanding under the revolving portion of our Senior Credit Facility as long-term debt, the 1.625% convertible senior notes due in 2016 ("2016 Convertible Notes"), and the 0.5% convertible senior notes due in 2025 ("2025 Convertible Notes").
We also reported the term loan as long-term debt with the exception of current principal payments due within 12 months, which are classified as short-term.
−Removed: At December 31, 2019, we have a total of $1.3 billion outstanding under our Senior Credit Facility and $947.5 million available for future borrowings.
−Removed: In 2011, we issued $230.0 million of the 2016 Convertible Notes.
−Removed: The 2016 Convertible Notes were repaid in December 2016 in accordance with their terms.
−Removed: In 2018, we closed on a public offering of common stock.
−Removed: We issued 6.0 million shares of common stock and received total proceeds, net of underwriting fees and offering expenses, of approximately $349.6 million.
+Added: At December 31, 2020, we have a total of $975 million outstanding under our Senior Credit Facility and $325.0 million available for future borrowings.
+Added: (2) At December 31, 2020, the total amount outstanding under the Securitization Facility is classified as current on the consolidated balance sheet as the total amount is due on December 21, 2021.
+Added: At December 31, 2019, the total amount outstanding under the Securitization Facility was classified as long-term debt on the consolidated balance sheet.
+Added: Debt for further details.
(3) In 2018, we closed on a public offering of common stock.
2 unchanged sentences
The Company made an initial upfront payment of $67.1 million.
−Removed: The initial payment resulted in a $59.9 million in-process research and development expense.
+Added: The initial payment resulted in a $59.9 million IPR&D expense.
During the fourth quarter of 2019, the Company triggered a $5.0 milestone to be paid to former shareholders of Rebound.
−Removed: The Company recorded the $5.0 million as additional in-process research and development expense which was included in accrued liabilities at December 31, 2019.
−Removed: (see Note 4, Acquisitions and Pro forma results , of the consolidated financial statements).
+Added: The Company recorded the $5.0 million as additional in-process research and development expense which was included in accrued liabilities at December 31, 2019 (see Note 5, Acquisitions , of the consolidated financial statements).
On January 1, 2018, we adopted Topic 606 using the modified retrospective method.
13 unchanged sentences
The Company reclassified a portion of the debt issuance costs from other assets to long-term debt as of December 31, 2015.
−Removed: The benefit from income taxes in 2017 includes $43.4 million related to the re-measurement of our deferred taxes resulting from a reduction of the federal statutory rate from 35% to 21% from the Tax Cuts and Jobs Act (the "2017 Tax Act"), enacted in December 2017 (see Note 12, Income Taxes , of the consolidated financial statements).
−Removed: Presented for continuing operations only.
−Removed: During the fourth quarter of 2018, the Company entered into an accounts receivable securitization facility (the "Securitization Facility").
−Removed: As of December 31, 2019, the Company had $104.5 million of outstanding borrowings under its Securitization Facility.
−Removed: Refer to Note 5, Debt , for further information on the Securitization Facility.
+Added: (6) The benefit from income taxes in 2017 includes $43.4 million related to the re-measurement of our deferred taxes resulting from a reduction of the federal statutory rate from 35% to 21% from the Tax Cuts and Jobs Act (the "2017 Tax Act"), enacted in December 2017.
+Added: The benefit from income taxes in 2020 includes $59.2 million related to the Company completing an intra-entity transfer of certain intellectual property rights to one of its subsidiaries in Switzerland.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.