INTEGER HOLDINGS CORP, 10-Q filed on 8/1/2019
Quarterly Report
v3.19.2
Cover - shares
6 Months Ended
Jun. 28, 2019
Jul. 26, 2019
Cover page.    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 28, 2019  
Document Transition Report false  
Entity File Number 1-16137  
Entity Registrant Name INTEGER HOLDINGS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 16-1531026  
Entity Address, Address Line One 5830 Granite Parkway,  
Entity Address, Address Line Two Suite 1150  
Entity Address, City or Town Plano,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75024  
City Area Code 214  
Local Phone Number 618-5243  
Title of 12(b) Security Common Stock, $0.001 par value per share  
Trading Symbol ITGR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   32,646,373
Entity Central Index Key 0001114483  
Amendment Flag false  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --01-03  
v3.19.2
Condensed Consolidated Balance Sheets - Unaudited - USD ($)
$ in Thousands
Jun. 28, 2019
Dec. 28, 2018
Current assets:    
Cash and cash equivalents $ 15,922 $ 25,569
Accounts receivable, net of allowance for doubtful accounts of $0.6 million and $0.5 million, respectively 217,732 185,501
Inventories 187,154 190,076
Prepaid expenses and other current assets 24,978 15,104
Total current assets 445,786 416,250
Property, plant and equipment, net 229,209 231,269
Goodwill 831,368 832,338
Other intangible assets, net 791,472 812,338
Deferred income taxes 4,099 3,937
Operating Lease Assets, Current 44,793 0
Other assets 26,926 30,549
Total assets 2,373,653 2,326,681
Current liabilities:    
Current portion of long-term debt 37,500 37,500
Accounts payable 73,120 57,187
Income taxes payable 12,034 9,393
Accrued expenses 61,288 60,490
Total current liabilities 183,942 164,570
Long-term debt 825,438 888,007
Deferred income taxes 201,350 203,910
Operating Lease, Liability, Noncurrent 39,788 0
Other long-term liabilities 11,440 9,701
Total liabilities 1,261,958 1,266,188
Stockholders’ equity:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 32,501,709 and 31,977,953 shares issued, respectively; 32,382,687 and 31,871,427 shares outstanding, respectively 33 33
Additional paid-in capital 697,648 691,083
Treasury stock, at cost, 119,022 and 106,526 shares, respectively (10,565) (8,125)
Retained earnings 398,648 344,498
Accumulated other comprehensive income 25,931 33,004
Total stockholders’ equity 1,111,695 1,060,493
Total liabilities and stockholders’ equity $ 2,373,653 $ 2,326,681
v3.19.2
Condensed Consolidated Balance Sheets - Unaudited (Parenthetical) - USD ($)
$ in Millions
Jun. 28, 2019
Dec. 28, 2018
Current assets:    
Allowance for doubtful accounts $ 0.6 $ 0.6
Stockholders’ equity:    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued (in shares) 32,816,622 32,624,494
Common stock, shares outstanding (in shares) 32,640,614 32,473,167
Treasury stock, shares (in shares) 176,008 151,327
v3.19.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Income Statement [Abstract]        
Sales $ 314,194 $ 314,464 $ 628,870 $ 606,890
Cost of sales 217,210 215,699 443,276 424,593
Gross profit 96,984 98,765 185,594 182,297
Operating expenses:        
Selling, general and administrative expenses 33,143 36,780 68,099 73,209
Research, development and engineering costs 11,396 12,935 22,991 26,211
Other operating expenses 3,108 4,692 5,998 8,476
Total operating expenses 47,647 54,407 97,088 107,896
Operating income 49,337 44,358 88,506 74,401
Interest expense 13,612 15,234 27,442 30,829
(Gain) loss on cost and equity method investments, net 1,611 (284) 1,652 (5,254)
Other loss, net (718) (2,387) (552) (1,427)
Income (loss) from continuing operations before taxes 34,832 31,795 59,964 50,253
Provision (benefit) for income taxes 6,610 8,739 10,376 14,113
Income (loss) from continuing operations 28,222 23,056 49,588 36,140
Income (loss) from discontinued operations before taxes 4,930 (1,374) 5,316 (7,623)
Discontinued operations:        
Gain on sale of discontinued operations 95 1,660 178 377
Income (loss) from discontinued operations 4,835 (3,034) 5,138 (8,000)
Net income $ 33,057 $ 20,022 $ 54,726 $ 28,140
Basic earnings (loss) per share:        
Income from continuing operations (in dollars per share) $ 0.87 $ 0.72 $ 1.52 $ 1.13
Loss from discontinued operations (in dollars per share) 0.15 (0.09) 0.16 (0.25)
Basic (in dollars per share) 1.01 0.62 1.68 0.88
Diluted earnings (loss) per share:        
Income from continuing operations (in dollars per share) 0.85 0.70 1.50 1.11
Loss from discontinued operations (in dollars per share) 0.15 (0.09) 0.16 (0.25)
Diluted (in dollars per share) $ 1.00 $ 0.61 $ 1.66 $ 0.86
Weighted average shares outstanding:        
Basic (in shares) 32,621 32,038 32,579 31,970
Diluted (in shares) 33,009 32,720 32,995 32,572
v3.19.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 33,057 $ 20,022 $ 54,726 $ 28,140
Other comprehensive income (loss):        
Foreign currency translation gain 4,510 (25,885) (2,328) (12,444)
Net change in cash flow hedges, net of tax (4,043) (2,086) (4,745) 1,323
Other comprehensive income 467 (27,971) (7,073) (11,121)
Comprehensive income $ 33,524 $ (7,949) $ 47,653 $ 17,019
v3.19.2
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Statement of Cash Flows [Abstract]    
Proceeds from (Payments for) Other Financing Activities $ 0 $ (192)
Proceeds from Divestiture of Businesses 4,734 0
Cash flows from operating activities:    
Net income (loss) 54,726 28,140
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 38,535 48,591
Debt related amortization and extinguishment fees included in interest expense 3,676 5,083
Stock-based compensation 5,433 6,107
Non-cash (gain) loss on cost and equity method investments 1,652 (763)
Other non-cash (gains) losses (311) (2,307)
Deferred income taxes (1,126) 8,894
Gain on sale of discontinued operations (4,974) 0
Changes in operating assets and liabilities:    
Accounts receivable (30,545) (11,306)
Inventories 2,846 (20,948)
Prepaid expenses and other current assets (12,942) 3,306
Accounts payable 16,289 8,898
Accrued expenses (8,593) (3,929)
Income taxes 2,884 (2,547)
Net cash provided by operating activities 67,550 67,219
Cash flows from investing activities:    
Acquisition of property, plant and equipment (15,506) (19,224)
Proceeds from sale of property, plant and equipment 5 960
Purchase of cost and equity method investments (327) (831)
Net cash provided by (used in) investing activities (11,094) (19,095)
Cash flows from financing activities:    
Principal payments of long-term debt (80,750) (75,062)
Proceeds from issuance of long-term debt 15,000 0
Proceeds from the exercise of stock options 1,600 3,625
Payments of Debt Issuance Costs 0 688
Tax withholdings related to net share settlements of restricted stock unit awards (2,123) (2,206)
Net cash used in financing activities (66,273) (74,523)
Effect of foreign currency exchange rates on cash and cash equivalents 170 2,363
Net decrease in cash and cash equivalents (9,647) (24,036)
Cash and cash equivalents, beginning of period 25,569 44,096
Cash and cash equivalents, end of period 15,922 20,060
Total cash and cash equivalents, end of period 25,569 44,096
Noncash investing and financing activities:    
Property, plant and equipment purchases included in accounts payable $ 2,297 $ 3,002
v3.19.2
Condensed Consolidated Statement of Stockholders' Equity - Unaudited - USD ($)
$ in Thousands
Total
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Common Stocks, Including Additional Paid in Capital $ 669,788        
Treasury Stock, Shares, Acquired (2,209)        
Balance at Dec. 29, 2017 893,381   $ (4,654) $ 176,068 $ 52,179
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 28,140        
Other comprehensive loss, net (11,121)       (11,121)
Stock-based compensation   $ 6,107      
Net shares issued   2,293      
Balance at Jun. 29, 2018 917,734   (5,720) 204,208 41,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, Treasury Stock Reissued 1,143        
Common Stocks, Including Additional Paid in Capital 673,138        
Treasury Stock, Shares, Acquired (21)        
Balance at Mar. 30, 2018 920,389   (5,964) 184,186 69,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 20,022        
Other comprehensive loss, net (27,971)       (27,971)
Stock-based compensation   2,885      
Net shares issued   2,165      
Balance at Jun. 29, 2018 917,734   (5,720) 204,208 41,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, Treasury Stock Reissued 265        
Common Stocks, Including Additional Paid in Capital 678,188        
Common Stocks, Including Additional Paid in Capital 691,116        
Treasury Stock, Shares, Acquired (2,905)        
Balance at Dec. 28, 2018 1,060,493   (8,125) 344,498 33,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 54,726        
Other comprehensive loss, net (7,073)       (7,073)
Stock-based compensation   5,433      
Net shares issued   1,132      
Balance at Jun. 28, 2019 1,111,695   (10,565) 398,648 25,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, Treasury Stock Reissued 465        
Common Stocks, Including Additional Paid in Capital 694,943        
Cumulative Effect of New Accounting Principle in Period of Adoption       (576)  
Treasury Stock, Shares, Acquired (782)        
Balance at Mar. 29, 2019 1,075,972   (10,026) 365,591 25,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 33,057        
Other comprehensive loss, net 467       467
Stock-based compensation   2,720      
Net shares issued   $ 18      
Balance at Jun. 28, 2019 1,111,695   $ (10,565) $ 398,648 $ 25,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, Treasury Stock Reissued 243        
Common Stocks, Including Additional Paid in Capital $ 697,681        
v3.19.2
Basis of Presentation
6 Months Ended
Jun. 28, 2019
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is one of the largest medical device outsource manufacturers in the world serving the cardiac, neuromodulation, vascular, orthopedics, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in the energy, military, and environmental markets. The Company’s reportable segments are: (1) Medical and (2) Non-Medical. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries.
On May 3, 2018, the Company entered into a definitive agreement to sell the Advanced Surgical and Orthopedic product lines (the “AS&O Product Line”) within its Medical segment to Viant (formerly MedPlast, LLC), and on July 2, 2018 completed the sale.  The results of operations of the AS&O Product Line are reported as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. The Condensed Consolidated Statements of Cash Flows includes cash flows related to the discontinued operations due to Integer’s centralized treasury and cash management processes, and, accordingly, cash flow amounts for discontinued operations are disclosed in Note 2 “Discontinued Operations and Divestiture.” All results and information in the condensed consolidated financial statements are presented as continuing operations and exclude the AS&O Product Line unless otherwise noted specifically as discontinued operations. Refer to Note 2 “Discontinued Operations and Divestiture” for additional information.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. Intercompany transactions and balances have been fully eliminated in consolidation.
Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2018.
The Company utilizes a fifty-two, fifty-three week fiscal year ending on the Friday nearest December 31. The second quarter of 2019 and 2018 each contained 13 weeks and ended on June 28 and June 29, respectively. The Company’s 2019 fiscal year will end on January 3, 2020 and will be a fifty-three week period. Fiscal year 2018 ended on December 28, 2018 and was a fifty-two week period.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB"). ASUs not yet adopted that are not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated result of operations, financial position and cash flows. With the exception of the accounting pronouncements adopted as discussed below, there have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2018, that are of significance, or potential significance, to the Company.
(1.)     BASIS OF PRESENTATION (Continued)
Recently Adopted Accounting Guidance
Adoption of ASC Topic 842
Effective December 29, 2018, the Company adopted ASC 842, Leases, which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The Company elected to transition to ASC 842 using the option to not restate comparative periods and apply the standard as of the date of initial application. In addition, certain practical expedients were elected which permit the Company to not reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, and to not reassess initial direct costs for any existing leases. The Company also elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets and the practical expedient related to land easements, allowing the Company to carry-forward its accounting treatment for land easements on existing agreements. The Company did not elect the practical expedient pertaining to the use of hindsight. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less and no purchase option the Company is reasonably certain to exercise off the balance sheet for all classes of underlying assets.
As a result of the adoption of ASC 842, the Company recognized operating lease right-of-use assets of $40.9 million and lease liabilities of $43.4 million on December 29, 2018. The difference between the lease assets and lease liabilities primarily represents the existing prepaid rent assets, deferred rent liabilities, and tenant improvement allowances, along with a cumulative-effect adjustment to beginning retained earnings. The adoption of ASC 842 did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows for the periods presented.
Refer to Note 11 “Leases” for additional information on the Company’s leases.
Adoption of ASU 2017-12 and ASU 2018-16
In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amends the designation and measurement guidance for qualifying hedging transactions and the presentation of hedge results in an entity’s financial statements. The new guidance removes the concept of separately measuring and reporting hedge ineffectiveness and requires a company to present the earnings effect of the hedging instrument, including any ineffectiveness, in the same income statement line item in which the earnings effect of the hedged item is reported.
ASU 2017-12 continues to allow an entity to exclude the time value of options and forward points from the assessment of hedge effectiveness. For excluded components in cash flow hedges, the base recognition model under this ASU is an amortization approach. An entity still may elect to record changes in the fair value of the excluded component currently in earnings; however, such an election will need to be applied consistently to similar hedges. The Company has elected to continue to record changes in the fair value of the excluded components of its derivative instruments currently in earnings given their highly effective nature.
Finally, this ASU continues to require an initial prospective quantitative hedge effectiveness assessment and documentation at hedge inception. However, if certain criteria are met, entities can elect to subsequently perform prospective and retrospective effectiveness assessments qualitatively, unless facts and circumstances change, and the hedge effectiveness assessment generally does not need to be completed until the first quarterly hedge effectiveness assessment date (i.e., up to three months).
The Company adopted ASU 2017-12 on December 29, 2018, the first day of the Company’s 2019 fiscal year, which did not materially affect the Company’s results of operations. The Company adopted the guidance on the modified retrospective basis and did not recognize a cumulative effect adjustment upon adoption as the Company had not recognized ineffectiveness on any of the hedging instruments existing as of the date of adoption. Refer to Note 14 “Financial Instruments and Fair Value Measurements” for additional information and disclosures of the Company’s derivatives and hedging activities.
In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in ASU 2018-16 permit the use of the OIS rate based on SOFR as a benchmark interest rate for hedge accounting purposes under Topic 815. The amendments in this update were effective for fiscal years beginning after December 15, 2018. The Company adopted this guidance prospectively as of December 29, 2018, concurrent with the adoption of ASU 2017-12, to be applied on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. Adoption of this guidance had no impact on the Condensed Consolidated Financial Statements.
v3.19.2
Discontinued Operations
6 Months Ended
Jun. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS AND DIVESTITURE
On May 3, 2018, the Company entered into a definitive agreement to sell its AS&O Product Line to Viant, and on July 2, 2018, completed the sale, collecting cash proceeds of approximately $581 million, which is net of transaction costs and adjustments set forth in the definitive agreement. In connection with the sale, the parties executed a transition services agreement whereby the Company would provide certain corporate services (including accounting, payroll, and information technology services) to Viant for a period of up to one year from the date of the closing to facilitate an orderly transfer of business operations. Viant paid Integer for these services as specified in the transition services agreement, which ended during the second quarter of 2019. For the performance of services during the three and six months ended June 28, 2019, the Company recognized $1.2 million and $2.9 million, respectively, of income under the transition services agreement. For the six months ended June 28, 2019, $0.1 million is recorded as a reduction of Cost of sales and for the three and six months ended June 28, 2019, $1.2 million and $2.8 million, respectively, is recorded as a reduction of Selling, general and administrative expenses. In addition, the parties executed long-term supply agreements under which the Company and Viant have agreed to supply the other with certain products at prices specified in the agreements for a term of three years.
In connection with the closing of the transaction but prior to a net working capital adjustment, the Company recognized a pre-tax gain on sale of discontinued operations of $195.0 million during the year ended December 28, 2018. During the quarter ended June 28, 2019, the Company received $4.8 million due to a net working capital adjustment agreed to with Viant. This was recognized as gain on sale from discontinued operations, during the quarter ended June 28, 2019.
The operating results of the AS&O Product Line have been classified as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. The discontinued operations of the AS&O Product Line are reported in the Medical segment. Income (loss) from discontinued operations net of taxes, were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Sales
$

 
$
88,701

 
$

 
$
178,020

Cost of sales

 
71,276

 

 
148,357

Gross profit

 
17,425

 

 
29,663

Selling, general and administrative expenses

 
4,096

 

 
8,905

Research, development and engineering costs

 
1,090

 

 
2,352

Other operating expenses

 
2,497

 

 
3,990

Interest expense

 
11,007

 

 
21,857

Gain on sale of discontinued operations
(4,974
)
 

 
(4,974
)
 

Other (income) loss, net
44

 
109

 
(342
)
 
182

Income (loss) from discontinued operations
  before taxes
4,930

 
(1,374
)
 
5,316

 
(7,623
)
Provision for income taxes
95

 
1,660

 
178

 
377

Income (loss) from discontinued operations
$
4,835

 
$
(3,034
)
 
$
5,138

 
$
(8,000
)

Cash flow information from discontinued operations was as follows (in thousands):
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
Cash used in operating activities
$
(58
)
 
$
(5,465
)
Cash provided by (used in) investing activities
4,734

 
(3,596
)
 
 
 


Depreciation and amortization
$

 
$
7,450

Capital expenditures

 
3,610


v3.19.2
Inventories
6 Months Ended
Jun. 28, 2019
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories are comprised of the following (in thousands):
 
June 28,
2019
 
December 28,
2018
Raw materials
$
81,155

 
$
80,213

Work-in-process
73,999

 
75,711

Finished goods
32,000

 
34,152

Total
$
187,154

 
$
190,076


v3.19.2
Goodwill and Other Intangible Assets, Net
6 Months Ended
Jun. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The changes in the carrying amount of goodwill by reportable segment for the six months ended June 28, 2019 were as follows (in thousands):
 
Medical
 
Non- Medical
 
Total
December 28, 2018
$
815,338

 
$
17,000

 
$
832,338

Foreign currency translation
(970
)
 

 
(970
)
June 28, 2019
$
814,368

 
$
17,000

 
$
831,368


Intangible Assets
Intangible assets at June 28, 2019 and December 28, 2018 were as follows (in thousands):
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
June 28, 2019
 
 
 
 

Definite-lived:
 
 
 
 
 
Purchased technology and patents
$
241,473

 
$
(131,882
)
 
$
109,591

Customer lists
709,344

 
(117,759
)
 
591,585

Other
3,503

 
(3,495
)
 
8

Total
$
954,320

 
$
(253,136
)
 
$
701,184

Indefinite-lived:
 
 
 
 
 
Trademarks and tradenames


 
 
 
$
90,288

 
 
 
 
 
 
December 28, 2018
 
 
 
 

Definite-lived:
 
 
 
 
 
Purchased technology and patents
$
241,726

 
$
(125,540
)
 
$
116,186

Customer lists
710,406

 
(104,556
)
 
605,850

Other
3,503

 
(3,489
)
 
14

Total
$
955,635

 
$
(233,585
)
 
$
722,050

Indefinite-lived:
 
 
 
 
 
Trademarks and tradenames


 
 
 
$
90,288


Aggregate intangible asset amortization expense is comprised of the following (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Cost of sales
$
3,195

 
$
3,673

 
$
6,457

 
$
7,389

Selling, general and administrative expenses
6,636

 
6,808

 
13,228

 
13,706

Research, development and engineering costs

 
38

 

 
77

Discontinued operations

 
350

 

 
1,410

Total intangible asset amortization expense
$
9,831

 
$
10,869

 
$
19,685

 
$
22,582


Estimated future intangible asset amortization expense based on the carrying value as of June 28, 2019 is as follows (in thousands):
 
2019
 
2020
 
2021
 
2022
 
2023
 
After 2023
Amortization Expense
$
20,427

 
40,449

 
39,597

 
38,564

 
36,721

 
525,426


v3.19.2
Debt
6 Months Ended
Jun. 28, 2019
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt is comprised of the following (in thousands):
 
June 28,
2019
 
December 28,
2018
Senior secured term loan A
$
285,937

 
$
304,687

Senior secured term loan B
580,286

 
632,286

Revolving line of credit
10,000

 
5,000

Unamortized discount on term loan B and debt issuance costs
(13,285
)
 
(16,466
)
Total debt
862,938

 
925,507

Current portion of long-term debt
(37,500
)
 
(37,500
)
Total long-term debt
$
825,438

 
$
888,007


The Company has senior secured credit facilities (the “Senior Secured Credit Facilities”) consisting of (i) a revolving credit facility (the “Revolving Credit Facility”) with $200 million borrowing capacity as described below, (ii) a $286 million term loan A facility (the “TLA Facility”), and (iii) a $580 million term loan B facility (the “TLB Facility”). The TLA Facility and TLB Facility are collectively referred to as the “Term Loan Facilities.” The TLB Facility was issued at a 1% discount.
Revolving Credit Facility
The Revolving Credit Facility matures on October 27, 2020. The Revolving Credit Facility includes a $15 million sublimit for swingline loans and a $25 million sublimit for standby letters of credit. The Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.175% and 0.25%, depending on the Company’s Total Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement). Interest rates on the Revolving Credit Facility, as well as the TLA Facility, are at the Company’s option, either at: (i) the prime rate plus the applicable margin, which will range between 0.75% and 2.25%, based on the Company’s Total Net Leverage Ratio, or (ii) the applicable LIBOR rate plus the applicable margin, which will range between 1.75% and 3.25%, based on the Company’s Total Net Leverage Ratio.
As of June 28, 2019, the Company had $10 million of outstanding borrowings on the Revolving Credit Facility and an available borrowing capacity of $183.2 million after giving effect to $6.8 million of outstanding standby letters of credit. As of June 28, 2019, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 4.91%.
Term Loan Facilities
The TLA Facility and TLB Facility mature on October 27, 2021 and October 27, 2022, respectively. Interest rates on the TLB Facility are, at the Company’s option, either at: (i) the prime rate plus 2.00% or (ii) the applicable LIBOR rate plus 3.00%, with LIBOR subject to a 1.00% floor. As of June 28, 2019, the interest rates on the TLA Facility and TLB Facility were 4.91% and 5.42%, respectively.
Covenants
The Revolving Credit Facility and TLA Facility contain covenants requiring (A) a maximum Total Net Leverage Ratio of 5.00:1.00, subject to periodic step downs beginning in the third quarter of 2019 and (B) a minimum interest coverage ratio of adjusted EBITDA (as defined in the Senior Secured Credit Facilities) to interest expense of not less than 3.00:1.00. The TLB Facility does not contain any financial maintenance covenants. As of June 28, 2019, the Company was in compliance with these financial covenants.
Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2019 and the next three years (through maturity), excluding any discounts or premiums, as of June 28, 2019 are as follows (in thousands):
 
 
2019
 
2020
 
2021
 
2022
Future minimum principal payments
 
$
18,750

 
47,500

 
229,687

 
580,286


The Company prepaid portions of its TLB Facility during 2019 and 2018. The Company recognized losses from extinguishment of debt during the three and six months ended June 28, 2019 of $0.6 million and $1.0 million, respectively, and $0.4 million and $1.5 million, during the three and six months ended June 29, 2018, respectively. The loss from extinguishment of debt represents the portion of the unamortized discount and debt issuance costs related to the portion of the TLB Facility that was prepaid and is included in Interest Expense in the accompanying Condensed Consolidated Statements of Operations.
v3.19.2
Stock-Based Compensation
6 Months Ended
Jun. 28, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company maintains certain stock-based compensation plans that were approved by the Company’s stockholders and are administered by the Board of Directors, or the Compensation and Organization Committee of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.
The components and classification of stock-based compensation expense were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Stock options
$
102

 
$
197

 
$
203

 
$
511

RSAs and RSUs (time-based)
1,545

 
1,207

 
3,465

 
3,169

Performance-based RSUs (“PRSUs”)
1,073

 
796

 
1,765

 
1,503

Stock-based compensation expense - continuing operations
2,720

 
2,200

 
5,433

 
5,183

Discontinued operations

 
685

 

 
924

Total stock-based compensation expense
$
2,720

 
$
2,885

 
$
5,433

 
$
6,107

 
 
 
 
 
 
 
 
Cost of sales
$
281

 
$
200

 
$
598

 
$
376

Selling, general and administrative expenses
2,334

 
1,968

 
4,664

 
4,747

Research, development and engineering costs
58

 
31

 
124

 
55

Other operating expenses
47

 
1

 
47

 
5

Discontinued operations

 
685

 

 
924

Total stock-based compensation expense
$
2,720

 
$
2,885

 
$
5,433

 
$
6,107


There were no stock options granted during the six months ended June 28, 2019. The weighted average fair value and assumptions used to value options granted during the six months ended June 29, 2018 are as follows:
Weighted average fair value
 
$
14.89

Risk-free interest rate
 
2.21
%
Expected volatility
 
39
%
Expected life (in years)
 
4.0

Expected dividend yield
 
%

The following table summarizes the Company’s stock option activity:
 
Number of
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(In Years)
 
Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 28, 2018
522,783

 
$
31.88

 
 
 
 
Exercised
(93,472
)
 
17.12

 
 
 
 
Outstanding at June 28, 2019
429,311

 
$
35.09

 
5.5
 
$
21.0

Exercisable at June 28, 2019
394,996

 
$
34.74

 
5.3
 
$
19.4



(7.)     STOCK-BASED COMPENSATION (Continued)
During the six months ended June 28, 2019, the Company awarded grants to members of its Board of Directors and certain members of management. The Board of Directors received grants of RSUs that vest in equal quarterly installments of 25% on the first day of each quarter of the Company’s 2019 fiscal year. The members of management received either RSUs or a mix of RSUs and PRSUs. The RSUs vest ratably, subject to the recipient’s continuous service to the Company over a period of generally three to four years from the grant date. For the Company's PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of financial performance or market-based conditions. The financial performance condition is based on the Company's sales targets. The market conditions are based on the Company’s achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods.
The Company uses a Monte Carlo simulation model to determine the grant-date fair value of TSR awards. The grant-date fair value of all other restricted stock awards is equal to the closing market price of Integer common stock on the date of grant.
The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
Weighted average fair value
$
117.03

 
$
37.46

Risk-free interest rate
2.46
%
 
2.28
%
Expected volatility
40
%
 
40
%
Expected life (in years)
2.8

 
2.9

Expected dividend yield
%
 
%

The following table summarizes RSA and RSU activity:
 
Time-Vested
Activity
 
Weighted Average Fair Value
Nonvested at December 28, 2018
142,236

 
$
49.78

Granted
97,296

 
83.70

Vested
(18,310
)
 
59.66

Forfeited
(5,310
)
 
48.57

Nonvested at June 28, 2019
215,912

 
$
64.29

The following table summarizes PRSU activity:
 
Performance-
Vested
Activity
 
Weighted
Average
Fair Value
Nonvested at December 28, 2018
287,134

 
$
36.15

Granted
50,492

 
101.17

Vested
(75,008
)
 
28.41

Forfeited
(65,293
)
 
32.68

Nonvested at June 28, 2019
197,325

 
$
56.87


v3.19.2
Other Operating Expenses, Net
6 Months Ended
Jun. 28, 2019
Other Income and Expenses [Abstract]  
OTHER OPERATING EXPENSES, NET OTHER OPERATING EXPENSES
Other Operating Expenses is comprised of the following (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Strategic reorganization and alignment
$
1,656

 
$
3,727

 
$
3,390

 
$
5,781

Manufacturing alignment to support growth
561

 
1,103

 
1,146

 
1,616

Consolidation and optimization initiatives

 
(14
)
 

 
561

Asset dispositions, severance and other
891

 
(124
)
 
1,462

 
518

Other operating expenses - continuing operations
3,108

 
4,692

 
5,998

 
8,476

Discontinued operations

 
2,497

 

 
3,990

Total other operating expenses
$
3,108

 
$
7,189

 
$
5,998

 
$
12,466


Strategic Reorganization and Alignment
As a result of the strategic review of its customers, competitors and markets, the Company began taking steps in 2017 to better align its resources in order to enhance the profitability of its portfolio of products. These initiatives include improving its business processes and redirecting investments away from projects where the market does not justify the investment, as well as aligning resources with market conditions and the Company’s future strategic direction. The Company estimates that it will incur aggregate pre-tax charges in connection with the strategic reorganization and alignment plan, including projects reported in discontinued operations, of between approximately $20 million to $22 million, of which an estimated $16 million to $20 million are expected to result in cash outlays. During the six months ended June 28, 2019, the Company incurred charges relating to this initiative, which primarily included severance and fees for professional services recorded within the Medical segment. As of June 28, 2019, total expense incurred for this initiative since inception, including amounts reported in discontinued operations, was $19.9 million. These actions are expected to be substantially completed by the end of 2019.
Manufacturing Alignment to Support Growth
In 2017, the Company initiated several initiatives designed to reduce costs, increase manufacturing capacity to accommodate growth and improve operating efficiencies.  The plan involves the relocation of certain manufacturing operations and expansion of certain of the Company's facilities. The Company estimates that it will incur aggregate pre-tax restructuring related charges in connection with the realignment plan of between approximately $7 million to $9 million, the majority of which are expected to be cash expenditures. Costs related to the Company’s manufacturing alignment to support growth initiative were primarily recorded within the Medical segment. As of June 28, 2019, total expense incurred for this initiative since inception, including amounts reported in discontinued operations, was $4.6 million. These actions are expected to be substantially completed by the end of 2019.
Consolidation and Optimization Initiatives
Costs related to the Company’s consolidation and optimization initiatives were primarily recorded within the Medical segment. The Company does not expect to incur any material additional costs associated with these activities.
The following table summarizes the change in accrued liabilities, presented within Accrued Expense and Other Current Liabilities on the Condensed Consolidated Balance Sheets, related to the initiatives described above (in thousands):
 
Severance and Retention
 
Other
 
Total
December 28, 2018
$
1,668

 
$
202

 
$
1,870

Restructuring charges
1,263

 
3,273

 
4,536

Cash payments
(887
)
 
(3,469
)
 
(4,356
)
June 28, 2019
$
2,044

 
$
6

 
$
2,050


Asset Dispositions, Severance and Other
During the six months ended June 28, 2019 and June 29, 2018, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future operating costs and improve operational efficiencies.
v3.19.2
Income Taxes
6 Months Ended
Jun. 28, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, we continue to explore tax planning opportunities that may have a material impact on our effective tax rate.
The Company’s effective tax rate for continuing operations for the second quarter of 2019 was 19.0% on $34.8 million of income from continuing operations before taxes compared to 27.5% on $31.8 million of income from continuing operations before taxes for the same period in 2018. The Company’s effective tax rate for continuing operations for the first six months of 2019 was 17.3% on $60.0 million of income from continuing operations before taxes compared to 28.1% on $50.3 million of income from continuing operations before taxes for the same period of 2018. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the second quarter and first six months of 2019 is primarily attributable to discrete tax benefits of $0.4 million and $2.1 million, respectively, as well as the estimated net impact of the Global Intangible Low-Taxed Income tax, the Company’s earnings outside the U.S., which are generally taxed at rates that differ from the U.S federal rate, and the availability of certain tax credits. The discrete tax benefits for 2019 are predominately related to excess tax benefits recognized upon vesting of RSUs or exercise of stock options.
As of June 28, 2019, the balance of unrecognized tax benefits from continuing operations is approximately $5.4 million. It is reasonably possible that a reduction of up to $0.9 million of the balance of unrecognized tax benefits may occur within the next twelve months as a result of potential audit settlements. Approximately $5.3 million of the balance of unrecognized tax benefits would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized.
v3.19.2
Commitments and Contingencies
6 Months Ended
Jun. 28, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation
The Company is subject to litigation arising from time to time in the ordinary course of its business. The Company does not expect that the ultimate resolution of any pending legal actions will have a material effect on its consolidated results of operations, financial position, or cash flows. However, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which the Company currently believes to be immaterial, will not become material in the future.
In April 2013, the Company commenced an action against AVX Corporation and AVX Filters Corporation (collectively “AVX”) alleging that AVX had infringed on the Company’s patents by manufacturing and selling filtered feedthrough assemblies used in implantable pacemakers and cardioverter defibrillators that incorporate the Company’s patented technology. Two juries in the U.S. District Court for the District of Delaware have returned verdicts finding that AVX infringed on three of the Company’s patents and awarded the Company $37.5 million in damages. In March 2018, the U.S. District Court for the District of Delaware vacated the original damage award and ordered a retrial on damages. In the January 2019 retrial on damages, the jury awarded the Company $22.2 million in damages. That award is subject to post-trial proceedings. On July 31, 2019, the U. S. District Court for the District of Delaware entered an order in the AVX litigation denying AVX’s post-trial motion to overturn the jury verdict in favor of the Company. To date, the Company has recorded no gains in connection with this litigation.
(10.)     COMMITMENTS AND CONTINGENCIES (Continued)
Product Warranties
The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The Company does not expect future product warranty claims will have a material effect on its condensed consolidated results of operations, financial position, or cash flows. However, there can be no assurance that any future customer complaints or negative regulatory actions regarding the Company’s products, which the Company currently believes to be immaterial, does not become material in the future. The product warranty liability is presented within Accrued Expense and Other Current Liabilities on the Condensed Consolidated Balance Sheets. The change in product warranty liability was comprised of the following (in thousands):
December 28, 2018
$
2,600

Additions to warranty reserve
195

Adjustments to pre-existing warranties
(635
)
Warranty claims settled
(465
)
June 28, 2019
$
1,695


v3.19.2
Leases
6 Months Ended
Jun. 28, 2019
Leases [Abstract]  
Leases LEASES
The Company primarily leases certain office and manufacturing facilities under operating leases, with additional operating leases for machinery, office equipment and vehicles.  An arrangement is considered to contain a lease if it conveys the right to use an identified asset for a period of time in exchange for consideration.  If it is determined that an arrangement contains a lease, classification of a lease as operating or finance is determined by evaluating the five criteria outlined within ASC 842 at inception. The Company does not currently have any finance leases. The Company’s lease agreements do not contain any residual value guarantees or any material restrictive covenants.
Right-of-use (“ROU”) lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments in exchange for that right of use.  Operating lease ROU assets are presented as Operating Lease Assets, the current portion of operating lease liabilities are presented within Accrued Expense and Other Current Liabilities, and the non-current portion of operating lease liabilities are presented as Operating Lease Liabilities on the Condensed Consolidated Balance Sheets. The current portion of operating lease liabilities was $7.3 million as of June 28, 2019. Leases with a term of 12 months or less are not recorded on the balance sheet.
The Company’s real estate leases often contain options to renew, and less frequently, termination options. The exercise of such renewal and termination options are generally at the Company’s sole discretion.  The Company evaluates renewal and termination options at lease commencement to determine if such options are reasonably certain to be exercised based on economic factors.
For certain leases where rent escalates based upon a change in a financial index, such as the Consumer Price Index, the difference between the rate at lease inception and the subsequent fluctuations in that rate are included in variable lease costs.  Additionally, because the Company has elected to not separate lease and non-lease components, variable costs also include payments to the landlord for common area maintenance, real estate taxes, insurance and other operating expenses.  Lease expense is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.
The discount rate implicit within our leases is not readily determinable, and therefore, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments.  The incremental borrowing rate is determined based on the Company’s recent debt issuances, lease term and the currency in which lease payments are made.
The following table presents the weighted average remaining lease term and discount rate:
 
June 28,
2019
Weighted-average remaining lease term of operating leases (in years)
7.7

Weighted-average discount rate of operating leases
5.5
%


(11.)     LEASES (Continued)
The components and classification of lease cost are as follows (in thousands):
 
Three Months Ended
June 28, 2019
 
Six Months Ended
June 28, 2019
Operating lease cost
$
2,442

 
$
4,891

Short-term lease cost (leases with initial term of 12 months or less)
17

 
34

Variable lease cost
652

 
1,207

Sublease income
(478
)
 
(945
)
Total lease cost
$
2,633

 
$
5,187

 
 
 
 
Cost of sales
$
2,190

 
$
4,342

Selling, general and administrative expenses
297

 
552

Research, development and engineering costs
139

 
278

Other operating expenses
7

 
15

Total lease cost
$
2,633

 
$
5,187


The Company’s sublease income is derived primarily from certain real estate leases to several non-affiliated tenants under operating sublease arrangements.
At June 28, 2019, the maturities of operating lease liabilities were as follows (in thousands):
Remainder of 2019
$
5,178

2020
9,268

2021
8,964

2022
6,865

2023
6,119

2024
5,600

Thereafter
16,399

Total lease payments
58,393

Less imputed interest
(11,273
)
Total
$
47,120


As of June 28, 2019, the Company did not have any leases that have not yet commenced.
Supplemental cash flow information related to leases for the six months ended June 28, 2019 is as follows (in thousands):
Cash paid for amounts included in the measurement of operating lease liabilities
$
5,107

ROU assets obtained in exchange for new operating lease liabilities
7,249


During the three months ended June 28, 2019, the Company extended the lease terms of three of its manufacturing facilities. As a result of these lease modifications, the Company re-measured the lease liability and adjusted the ROU asset on the modification dates.
The Company’s future minimum lease commitments, net of sublease income, as of December 28, 2018, under ASC 840, the predecessor to ASC 842, are as follows (in thousands):
 
2019
 
2020
 
2021
 
2022
 
2023
 
After 2023
Future minimum lease payments
$
8,562

 
7,290

 
7,348

 
5,269

 
5,112

 
14,589


v3.19.2
Earnings (Loss) Per Share (EPS)
6 Months Ended
Jun. 28, 2019
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE (EPS) EARNINGS (LOSS) PER SHARE (“EPS”)
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Numerator for basic and diluted EPS:
 
 
 
 
 
 
 
Income from continuing operations
$
28,222

 
$
23,056

 
$
49,588

 
$
36,140

Income (loss) from discontinued operations
4,835

 
(3,034
)
 
5,138

 
(8,000
)
Net income
$
33,057

 
$
20,022

 
$
54,726

 
$
28,140

 
 
 
 
 
 
 
 
Denominator for basic and diluted EPS:
 
 
 
 
 
 
 
Weighted average shares outstanding - Basic
32,621

 
32,038

 
32,579

 
31,970

Dilutive effect of assumed exercise of stock options, restricted stock and RSUs
388

 
682

 
416

 
602

Weighted average shares outstanding - Diluted
33,009

 
32,720

 
32,995

 
32,572

 
 
 
 
 
 
 
 
Basic earnings (loss) per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.87

 
$
0.72

 
$
1.52

 
$
1.13

Income (loss) from discontinued operations
0.15

 
(0.09
)
 
0.16

 
(0.25
)
Basic earnings per share
1.01

 
0.62

 
1.68

 
0.88

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.85

 
$
0.70

 
$
1.50

 
$
1.11

Income (loss) from discontinued operations
0.15

 
(0.09
)
 
0.16

 
(0.25
)
Diluted earnings per share
1.00

 
0.61

 
1.66

 
0.86


The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Time-vested stock options, restricted stock and RSUs
53

 

 
56

 
50

Performance-vested restricted stock and PRSUs
48

 
92

 
47

 
122


v3.19.2
Stockholders' Equity
6 Months Ended
Jun. 28, 2019
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended June 28, 2019 and June 29, 2018:
 
Six months ended June 28, 2019
 
Six months ended June 29, 2018
 
Issued
 
Treasury Stock
 
Outstanding
 
Issued
 
Treasury Stock
 
Outstanding
Balance, beginning of period
32,624,494

 
(151,327
)
 
32,473,167

 
31,977,953

 
(106,526
)
 
31,871,427

Stock options exercised
93,472

 

 
93,472

 
108,305

 

 
108,305

RSAs issued, net of forfeitures
(2,354
)
 

 
(2,354
)
 
(2,354
)
 
20,092

 
17,738

Vesting of RSUs
30,895

 
(3,683
)
 
27,212

 
7,113

 
2,766

 
9,879

Vesting of PSUs
70,115

 
(20,998
)
 
49,117

 
127,191

 
(38,103
)
 
89,088

Balance, end of period
32,816,622

 
(176,008
)
 
32,640,614

 
32,218,208

 
(121,771
)
 
32,096,437



Accumulated Other Comprehensive Income (“AOCI”) is comprised of the following (in thousands):
 
Defined
Benefit
Plan
Liability
 
Cash
Flow
Hedges
 
Foreign
Currency
Translation
Adjustment
 
Total
Pre-Tax
Amount
 
Tax
 
Net-of-Tax
Amount
March 29, 2019
$
(295
)
 
$
2,551

 
$
23,701

 
$
25,957

 
$
(493
)
 
$
25,464

Unrealized loss on cash flow hedges

 
(4,415
)
 

 
(4,415
)
 
927

 
(3,488
)
Realized loss on foreign currency hedges

 
11

 

 
11

 
(2
)
 
9

Realized gain on interest rate swap hedge

 
(714
)
 

 
(714
)
 
150

 
(564
)
Foreign currency translation gain

 

 
4,510

 
4,510

 

 
4,510

June 28, 2019
$
(295
)
 
$
(2,567
)
 
$
28,211

 
$
25,349

 
$
582

 
$
25,931

 
 
 
 
 
 
 
 
 
 
 
 
December 28, 2018
$
(295
)
 
$
3,439

 
$
30,539

 
$
33,683

 
$
(679
)
 
$
33,004

Unrealized loss on cash flow hedges

 
(4,569
)
 

 
(4,569
)
 
959

 
(3,610
)
Realized gain on foreign currency hedges

 
(34
)
 

 
(34
)
 
7

 
(27
)
Realized gain on interest rate swap hedges

 
(1,403
)
 

 
(1,403
)
 
295

 
(1,108
)
Foreign currency translation loss

 

 
(2,328
)
 
(2,328
)
 

 
(2,328
)
June 28, 2019
$
(295
)
 
$
(2,567
)
 
$
28,211

 
$
25,349

 
$
582

 
$
25,931

March 30, 2018
$
(1,422
)
 
$
7,733

 
$
63,641

 
$
69,952

 
$
(923
)
 
$
69,029

Unrealized loss on cash flow hedges

 
(2,223
)
 

 
(2,223
)
 
467

 
(1,756
)
Realized gain on foreign currency hedges

 
(18
)
 

 
(18
)
 
3

 
(15
)
Realized gain on interest rate swap hedges

 
(398
)
 

 
(398
)
 
83

 
(315
)
Foreign currency translation loss

 

 
(25,885
)
 
(25,885
)
 

 
(25,885
)
June 29, 2018
$
(1,422
)
 
$
5,094

 
$
37,756

 
$
41,428

 
$
(370
)
 
$
41,058

 
 
 
 
 
 
 
 
 
 
 
 
December 29, 2017
$
(1,422
)
 
$
3,418

 
$
50,200

 
$
52,196

 
$
(17
)
 
$
52,179

Unrealized gain on cash flow hedges

 
2,901

 

 
2,901

 
(609
)
 
2,292

Realized gain on foreign currency hedges

 
(593
)
 

 
(593
)
 
124

 
(469
)
Realized gain on interest rate swap hedge

 
(632
)
 

 
(632
)
 
132

 
(500
)
Foreign currency translation loss

 

 
(12,444
)
 
(12,444
)
 

 
(12,444
)
June 29, 2018
$
(1,422
)
 
$
5,094

 
$
37,756

 
$
41,428

 
$
(370
)
 
$
41,058


v3.19.2
Financial Instruments and Fair Value Measurements
6 Months Ended
Jun. 28, 2019
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.
The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and uses derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the balance sheet.
Interest Rate Swaps
The Company periodically enters into interest rate swap agreements in order to reduce the cash flow risk caused by interest rate changes on its outstanding floating rate borrowings. Under these swap agreements, the Company pays a fixed rate of interest and receives a floating rate equal to one-month London Interbank Offered Rate (“LIBOR”). The variable rate received from the swap agreements and the variable rate paid on the outstanding debt will have the same rate of interest, excluding the credit spread, and will reset and pay interest on the same date. The Company has designated these swap agreements as cash flow hedges based on concluding the hedged forecasted transaction is probable of occurring within the period the cash flow hedge is anticipated to affect earnings. The unrealized gains and losses on these contracts are reported in AOCI in the Condensed Consolidated Balance Sheets and are subsequently reclassified into earnings when interest on the related debt is accrued.
The fair value of the Company’s swap agreements are determined through the use of a cash flow model that utilizes observable market data inputs. These observable market data inputs include LIBOR, swap rates, and credit spread curves. In addition, the Company receives a fair value estimate from the swap agreement counterparty to verify the reasonableness of the Company’s estimate. The estimated fair value of the swap agreements represents the amount the Company would receive (pay) to terminate the contracts.
Information regarding the Company’s outstanding interest rate swaps designated as cash flow hedges as of June 28, 2019 is as follows (dollars in thousands):
Notional Amount
 
Start Date
 
End
Date
 
Pay Fixed Rate
 
Receive Current Floating Rate
 
Fair Value
 
Balance Sheet Location
$
200,000

 
Jun 2017
 
Jun 2020
 
1.1325
%
 
2.4041
%
 
$
1,448

 
Accrued expenses and other current liabilities
200,000

 
Jun 2020
 
Jun 2023
 
2.1785

 
(a) 
 
(2,794
)
 
Other long-term liabilities
400,000

 
Apr 2019
 
Apr 2020
 
2.4150

 
2.4185

 
(1,485
)
 
Accrued expenses and other current liabilities
__________ 
(a) The interest rate swap is not in effect until June 2020.
Foreign Currency Contracts
The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges. The unrealized gains and losses on these contracts are reported in AOCI in the Condensed Consolidated Balance Sheets and are reclassified to earnings in the same periods during which the hedged transactions affect earnings.
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of June 28, 2019 is as follows (dollars in thousands):
Notional Amount
 
Start
Date
 
End
Date
 
$/Foreign Currency
 
Fair Value
 
Balance Sheet Location
$
11,337

 
Jul 2019
 
Sep 2019
 
1.1628
 
Euro
 
$
(195
)
 
Prepaid expenses and other current assets
10,499

 
Jul 2019
 
Dec 2019
 
0.0500
 
Peso
 
254

 
Prepaid expenses and other current assets
12,085

 
Jul 2019
 
Dec 2019
 
0.0504
 
Peso
 
205

 
Prepaid expenses and other current assets

(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The fair value of foreign currency contracts are determined through the use of cash flow models that utilize observable market data inputs to estimate fair value. These observable market data inputs include foreign exchange rates and credit spread curves. In addition, the Company receives fair value estimates from the foreign currency contract counterparties to verify the reasonableness of the Company’s estimates.
Derivative Instruments with Hedge Accounting Designation
The following tables present the fair values of derivative instruments formally designated as hedging instruments as of June 28, 2019 and December 28, 2018 (in thousands).
 
 
 
 
Fair Value
 
 
Fair Value Hierarchy
 
Assets
 
Liabilities
June 28, 2019
 
 
 
 
 
 
Interest rate swaps
 
Level 2
 
$

 
$
2,831

Foreign currency contracts
 
Level 2
 
264

 

 
 
 
 
 
 
 
December 28, 2018
 
 
 
 
 
 
Interest rate swaps
 
Level 2
 
$
4,171

 
$

Foreign currency contracts
 
Level 2
 

 
732


The following tables present the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the three and six months ended June 28, 2019 and June 29, 2018 (in thousands):
 
 
Three Months Ended
 
 
June 28, 2019
 
June 29, 2018
 
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
Sales
 
$
314,194

 
$
(473
)
 
$
314,464

 
$
(141
)
Cost of sales
 
217,210

 
462

 
215,699

 
159

Interest expense
 
13,612

 
714

 
15,234

 
398


 
 
Six Months Ended
 
 
June 28, 2019
 
June 29, 2018
 
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
Sales
 
$
628,870

 
$
(794
)
 
$
606,890

 
$
(2
)
Cost of sales
 
443,276

 
828

 
424,593

 
595

Interest expense
 
27,442

 
1,403

 
30,829

 
632


(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The following tables present the amounts affecting the Condensed Consolidated Statements of Operations for the three and six months ended June 28, 2019 and June 29, 2018 (in thousands):
 
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income (Loss) on Derivatives
 
Amount of Gain (Loss) Reclassified from
AOCI into Earnings
 
 
Three months ended,
 
Location of Gain (Loss)
Reclassified from AOCI into Earnings
 
Three months ended,
 
 
June 28,
2019
 
June 29,
2018
 
 
June 28,
2019
 
June 29,
2018
Interest rate swap
 
$
(5,151
)
 
$
610

 
Interest expense
 
$
714

 
$
398

Foreign exchange forwards
 
1

 
(1,114
)
 
Sales
 
(473
)
 
(141
)
Foreign exchange forwards
 
735

 
(1,719
)
 
Cost of sales
 
462

 
159

 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended,
 
Location of Gain (Loss)
Reclassified from AOCI into Earnings
 
Six months ended,
 
 
June 28,
2019
 
June 29,
2018
 
 
June 28,
2019
 
June 29,
2018
Interest rate swap
 
$
(5,599
)
 
$
2,109

 
Interest expense
 
$
1,403

 
$
632

Foreign exchange forwards
 
(699
)
 
(476
)
 
Sales
 
(794
)
 
(2
)
Foreign exchange forwards
 
1,729

 
1,268

 
Cost of sales
 
828

 
595


The Company expects to reclassify net gains totaling $0.2 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items.
Borrowings under the Company’s Revolving Credit Facility, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other Long-Term Assets on the Condensed Consolidated Balance Sheets. Non-marketable equity securities are equity securities without readily determinable fair value. The Company has elected the practicability exception to use an alternative approach that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. If an impairment is recognized on the Company’s non-marketable equity securities during the period, these assets are classified as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.
Equity investments are comprised of the following (in thousands):
 
 
 
 
 
June 28,
2019
 
December 28,
2018
Equity method investment
 
 
 
 
$
14,910

 
$
15,148

Non-marketable equity securities
 
 
 
 
6,092

 
7,667

Total equity investments
 
 
 
 
$
21,002

 
$
22,815

(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The components of (Gain) Loss on Equity Investments, Net for each period were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Equity method investment (income) loss
$
36

 
$
(284
)
 
77

 
(5,254
)
Impairment charges
1,575

 

 
1,575

 

Observable price adjustments on non-marketable
  equity securities

 

 

 

Total (gain) loss on equity investments, net
$
1,611

 
$
(284
)
 
$
1,652

 
$
(5,254
)

In May 2019, the Company determined that an investment in one of its non-marketable equity securities was impaired and determined the fair value to be zero based upon available market information. An impairment charge of $1.6 million was recognized during the second quarter of 2019. This assessment was based on qualitative indications of impairment. Factors that significantly influenced the determination of the impairment loss included the equity security’s investee’s financial condition, priority claims to the equity security, distributions rights and preferences, and status of the regulatory approval required to bring its product to market.
The Company’s equity method investment is in a Chinese venture capital fund focused on investing in life sciences companies. As of June 28, 2019, the Company owned 6.7% of this fund.
v3.19.2
Segment Information
6 Months Ended
Jun. 28, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting. There were no sales between segments during the six months ended June 28, 2019 and June 29, 2018.
The following table presents sales from continuing operations by product line (in thousands).
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Segment sales from continuing operations by product line:
 
 
 
 
 
 
Medical
 
 
 
 
 
 
 
Cardio & Vascular
$
150,397

 
$
148,766

 
$
302,971

 
$
285,629

Cardiac & Neuromodulation
114,488

 
115,941

 
231,399

 
224,851

Advanced Surgical, Orthopedics & Portable Medical
32,646

 
34,751

 
64,234

 
68,692

Total Medical
297,531

 
299,458

 
598,604

 
579,172

Non-Medical
16,663

 
15,006

 
30,266

 
27,718

Total sales from continuing operations
$
314,194

 
$
314,464

 
$
628,870

 
$
606,890


(15.)     SEGMENT INFORMATION (Continued)
The following table presents income from continuing operations for the Company’s reportable segments (in thousands).
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Segment income from continuing operations:
 
 
 
 
 
 
 
Medical
$
63,706

 
$
61,179

 
$
120,086

 
$
108,694

Non-Medical
5,298

 
4,393

 
9,609

 
7,591

Total segment income from continuing operations
69,004

 
65,572

 
129,695

 
116,285

Unallocated operating expenses
(19,667
)
 
(21,214
)
 
(41,189
)
 
(41,884
)
Operating income from continuing operations
49,337

 
44,358

 
88,506

 
74,401

Unallocated expenses, net
(14,505
)
 
(12,563
)
 
(28,542
)
 
(24,148
)
Income before taxes from continuing operations
$
34,832

 
$
31,795

 
$
59,964

 
$
50,253


v3.19.2
Revenue From Contracts With Customers
6 Months Ended
Jun. 28, 2019
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue Recognition
The majority of the Company’s revenues consist of sales of various medical devices and products to large, multinational OEMs and their affiliated subsidiaries.  Revenue is recognized when performance obligations are satisfied and the customer has obtained control of the products.  Under the provisions of the majority of the Company’s contracts with customers, revenue is recognized at the point in time when title and risk of ownership transfers to the customer, which is primarily determined based upon the shipping terms.  When contracts with customers for products that do not have an alternative use to the Company contain provisions that provide the Company with an enforceable right to payment for performance completed to date with a recapture of costs incurred plus an applicable margin throughout the duration of the contract, revenue is recognized over time as control is deemed to have transferred to the customer. The Company uses an input measure to determine progress towards completion and total estimated costs at completion. Under this method, sales and gross profit are recognized as work is performed generally based on actual costs incurred. For arrangements recognized over time, the Company records a contract asset for unbilled revenue associated with non-cancellable customer orders. Revenue is recognized net of sales tax, value-added taxes and other taxes.
Disaggregated Revenue
In general, the Company's business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment's results of operations. For a summary by disaggregated product line sales for each segment, refer to Note 15, “Segment Information.”
Revenue recognized from products and services transferred to customers over time represented 10% and 12%, respectively, of total revenue for the three and six months ended June 28, 2019, substantially all of which was within the Medical segment. The Company did not have any significant revenue related to contracts recognized over time for the six months ended June 29, 2018.
The following table presents revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
 
 
Three Months Ended
 
Six Months Ended
 
 
June 28, 2019
 
June 28, 2019
Customer
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
Customer A
 
21
%
 


 
23
%
 
 
Customer B
 
18
%
 


 
18
%
 
 
Customer C
 
13
%
 


 
12
%
 
 
Customer D
 


 
25
%
 
 
 
25
%
All other customers
 
48
%
 
75
%
 
47
%
 
75
%

(16.)     REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 29, 2018
 
June 29, 2018
Customer
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
Customer A
 
21
%
 


 
21
%
 
 
Customer B
 
20
%
 


 
20
%
 
 
Customer C
 
11
%
 


 
11
%
 
 
Customer D
 


 
35
%
 
 
 
28
%
All other customers
 
48
%
 
65
%
 
48
%
 
72
%
The following table presents revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped to.
 
 
Three Months Ended
 
Six Months Ended
 
 
June 28, 2019
 
June 28, 2019
Ship to Location
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
United States
 
56%
 
56%
 
56%
 
56%
Puerto Rico
 
12%
 

 
13%
 

Canada
 

 
14%
 

 
14%
Singapore
 
 
 
10%
 
 
 
 
All other countries
 
32%
 
20%
 
31%
 
30%

 
 
Three Months Ended
 
Six Months Ended
 
 
June 29, 2018
 
June 29, 2018
Ship to Location
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
United States
 
55%
 
69%
 
56%
 
69%
Puerto Rico
 
13%
 

 
13%
 
 
Canada
 

 

 
 
 
10%
All other countries
 
32%
 
31%
 
31%
 
21%

Contract Balances
The opening and closing balances of the Company's contract assets and contract liabilities are as follows (in thousands):
 
June 28,
2019
 
December 28,
2018
Contract assets included in prepaid expenses and other current assets
$
11,180

 
$

Contract liabilities included in accrued expenses and other current liabilities
2,363

 
2,264


During the three and six months ended June 28, 2019, the Company recognized $0.1 million and $0.4 million, respectively, of revenue that was included in the contract liability balance as of December 28, 2018. During the three and six months ended June 29, 2018, the Company recognized $0.9 million and $1.3 million, respectively, of revenue that was included in the contract liability balance as of December 29, 2017.
v3.19.2
Impact of Recently Issued Accounting Standards
6 Months Ended
Jun. 28, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") which are not yet effective for the Company</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:35%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:28%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Standard</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Effect on the Financial Statements or Other Significant Matters</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td 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style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td 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v3.19.2
Basis of Presentation (Policies)
6 Months Ended
Jun. 28, 2019
Accounting Policies [Abstract]  
Interim Basis of Accounting For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2018.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. Intercompany transactions and balances have been fully eliminated in consolidation.
Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole.
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates.
Fiscal Period The Company utilizes a fifty-two, fifty-three week fiscal year ending on the Friday nearest December 31. The second quarter of 2019 and 2018 each contained 13 weeks and ended on June 28 and June 29, respectively.
Income Taxes
The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, we continue to explore tax planning opportunities that may have a material impact on our effective tax rate.
Cost And Equity Method Investments The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other Long-Term Assets on the Condensed Consolidated Balance Sheets. Non-marketable equity securities are equity securities without readily determinable fair value. The Company has elected the practicability exception to use an alternative approach that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.
v3.19.2
Discontinued Operations (Tables)
6 Months Ended
Jun. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Summary of discontinued operations
Cash flow information from discontinued operations was as follows (in thousands):
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
Cash used in operating activities
$
(58
)
 
$
(5,465
)
Cash provided by (used in) investing activities
4,734

 
(3,596
)
 
 
 


Depreciation and amortization
$

 
$
7,450

Capital expenditures

 
3,610


Income (loss) from discontinued operations net of taxes, were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Sales
$

 
$
88,701

 
$

 
$
178,020

Cost of sales

 
71,276

 

 
148,357

Gross profit

 
17,425

 

 
29,663

Selling, general and administrative expenses

 
4,096

 

 
8,905

Research, development and engineering costs

 
1,090

 

 
2,352

Other operating expenses

 
2,497

 

 
3,990

Interest expense

 
11,007

 

 
21,857

Gain on sale of discontinued operations
(4,974
)
 

 
(4,974
)
 

Other (income) loss, net
44

 
109

 
(342
)
 
182

Income (loss) from discontinued operations
  before taxes
4,930

 
(1,374
)
 
5,316

 
(7,623
)
Provision for income taxes
95

 
1,660

 
178

 
377

Income (loss) from discontinued operations
$
4,835

 
$
(3,034
)
 
$
5,138

 
$
(8,000
)

v3.19.2
Inventories (Tables)
6 Months Ended
Jun. 28, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories are comprised of the following (in thousands):
 
June 28,
2019
 
December 28,
2018
Raw materials
$
81,155

 
$
80,213

Work-in-process
73,999

 
75,711

Finished goods
32,000

 
34,152

Total
$
187,154

 
$
190,076


v3.19.2
Goodwill and Other Intangible Assets, Net (Tables)
6 Months Ended
Jun. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill by reportable segment for the six months ended June 28, 2019 were as follows (in thousands):
 
Medical
 
Non- Medical
 
Total
December 28, 2018
$
815,338

 
$
17,000

 
$
832,338

Foreign currency translation
(970
)
 

 
(970
)
June 28, 2019
$
814,368

 
$
17,000

 
$
831,368


Schedule of Finite-Lived Intangible Assets, Major Class
Intangible assets at June 28, 2019 and December 28, 2018 were as follows (in thousands):
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
June 28, 2019
 
 
 
 

Definite-lived:
 
 
 
 
 
Purchased technology and patents
$
241,473

 
$
(131,882
)
 
$
109,591

Customer lists
709,344

 
(117,759
)
 
591,585

Other
3,503

 
(3,495
)
 
8

Total
$
954,320

 
$
(253,136
)
 
$
701,184

Indefinite-lived:
 
 
 
 
 
Trademarks and tradenames


 
 
 
$
90,288

 
 
 
 
 
 
December 28, 2018
 
 
 
 

Definite-lived:
 
 
 
 
 
Purchased technology and patents
$
241,726

 
$
(125,540
)
 
$
116,186

Customer lists
710,406

 
(104,556
)
 
605,850

Other
3,503

 
(3,489
)
 
14

Total
$
955,635

 
$
(233,585
)
 
$
722,050

Indefinite-lived:
 
 
 
 
 
Trademarks and tradenames


 
 
 
$
90,288


Schedule of Indefinite-Lived Intangible Assets
Intangible assets at June 28, 2019 and December 28, 2018 were as follows (in thousands):
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
June 28, 2019
 
 
 
 

Definite-lived:
 
 
 
 
 
Purchased technology and patents
$
241,473

 
$
(131,882
)
 
$
109,591

Customer lists
709,344

 
(117,759
)
 
591,585

Other
3,503

 
(3,495
)
 
8

Total
$
954,320

 
$
(253,136
)
 
$
701,184

Indefinite-lived:
 
 
 
 
 
Trademarks and tradenames


 
 
 
$
90,288

 
 
 
 
 
 
December 28, 2018
 
 
 
 

Definite-lived:
 
 
 
 
 
Purchased technology and patents
$
241,726

 
$
(125,540
)
 
$
116,186

Customer lists
710,406

 
(104,556
)
 
605,850

Other
3,503

 
(3,489
)
 
14

Total
$
955,635

 
$
(233,585
)
 
$
722,050

Indefinite-lived:
 
 
 
 
 
Trademarks and tradenames


 
 
 
$
90,288


Schedule of Finite-Lived Intangible Assets, Amortization Expense
Aggregate intangible asset amortization expense is comprised of the following (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Cost of sales
$
3,195

 
$
3,673

 
$
6,457

 
$
7,389

Selling, general and administrative expenses
6,636

 
6,808

 
13,228

 
13,706

Research, development and engineering costs

 
38

 

 
77

Discontinued operations

 
350

 

 
1,410

Total intangible asset amortization expense
$
9,831

 
$
10,869

 
$
19,685

 
$
22,582


Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based on the carrying value as of June 28, 2019 is as follows (in thousands):
 
2019
 
2020
 
2021
 
2022
 
2023
 
After 2023
Amortization Expense
$
20,427

 
40,449

 
39,597

 
38,564

 
36,721

 
525,426


v3.19.2
Debt (Tables)
6 Months Ended
Jun. 28, 2019
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt is comprised of the following (in thousands):
 
June 28,
2019
 
December 28,
2018
Senior secured term loan A
$
285,937

 
$
304,687

Senior secured term loan B
580,286

 
632,286

Revolving line of credit
10,000

 
5,000

Unamortized discount on term loan B and debt issuance costs
(13,285
)
 
(16,466
)
Total debt
862,938

 
925,507

Current portion of long-term debt
(37,500
)
 
(37,500
)
Total long-term debt
$
825,438

 
$
888,007


Schedule of Maturities of Long-term Debt
Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2019 and the next three years (through maturity), excluding any discounts or premiums, as of June 28, 2019 are as follows (in thousands):
 
 
2019
 
2020
 
2021
 
2022
Future minimum principal payments
 
$
18,750

 
47,500

 
229,687

 
580,286


Schedule of Deferred Financing Fees
The Company prepaid portions of its TLB Facility during 2019 and 2018. The Company recognized losses from extinguishment of debt during the three and six months ended June 28, 2019 of $0.6 million and $1.0 million, respectively, and $0.4 million and $1.5 million, during the three and six months ended June 29, 2018, respectively. The loss from extinguishment of debt represents the portion of the unamortized discount and debt issuance costs related to the portion of the TLB Facility that was prepaid and is included in Interest Expense in the accompanying Condensed Consolidated Statements of Operations.
Schedule of Interest Rate Derivatives .
v3.19.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 28, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The components and classification of stock-based compensation expense were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Stock options
$
102

 
$
197

 
$
203

 
$
511

RSAs and RSUs (time-based)
1,545

 
1,207

 
3,465

 
3,169

Performance-based RSUs (“PRSUs”)
1,073

 
796

 
1,765

 
1,503

Stock-based compensation expense - continuing operations
2,720

 
2,200

 
5,433

 
5,183

Discontinued operations

 
685

 

 
924

Total stock-based compensation expense
$
2,720

 
$
2,885

 
$
5,433

 
$
6,107

 
 
 
 
 
 
 
 
Cost of sales
$
281

 
$
200

 
$
598

 
$
376

Selling, general and administrative expenses
2,334

 
1,968

 
4,664

 
4,747

Research, development and engineering costs
58

 
31

 
124

 
55

Other operating expenses
47

 
1

 
47

 
5

Discontinued operations

 
685

 

 
924

Total stock-based compensation expense
$
2,720

 
$
2,885

 
$
5,433

 
$
6,107


Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted average fair value and assumptions used to value options granted during the six months ended June 29, 2018 are as follows:
Weighted average fair value
 
$
14.89

Risk-free interest rate
 
2.21
%
Expected volatility
 
39
%
Expected life (in years)
 
4.0

Expected dividend yield
 
%

The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
Weighted average fair value
$
117.03

 
$
37.46

Risk-free interest rate
2.46
%
 
2.28
%
Expected volatility
40
%
 
40
%
Expected life (in years)
2.8

 
2.9

Expected dividend yield
%
 
%

Schedule of Share-based Compensation, Stock Options Activity
The following table summarizes the Company’s stock option activity:
 
Number of
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(In Years)
 
Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 28, 2018
522,783

 
$
31.88

 
 
 
 
Exercised
(93,472
)
 
17.12

 
 
 
 
Outstanding at June 28, 2019
429,311

 
$
35.09

 
5.5
 
$
21.0

Exercisable at June 28, 2019
394,996

 
$
34.74

 
5.3
 
$
19.4



Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSA and RSU activity:
 
Time-Vested
Activity
 
Weighted Average Fair Value
Nonvested at December 28, 2018
142,236

 
$
49.78

Granted
97,296

 
83.70

Vested
(18,310
)
 
59.66

Forfeited
(5,310
)
 
48.57

Nonvested at June 28, 2019
215,912

 
$
64.29

The following table summarizes PRSU activity:
 
Performance-
Vested
Activity
 
Weighted
Average
Fair Value
Nonvested at December 28, 2018
287,134

 
$
36.15

Granted
50,492

 
101.17

Vested
(75,008
)
 
28.41

Forfeited
(65,293
)
 
32.68

Nonvested at June 28, 2019
197,325

 
$
56.87


v3.19.2
Other Operating Expenses, Net (Tables)
6 Months Ended
Jun. 28, 2019
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense By Component
Other Operating Expenses is comprised of the following (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Strategic reorganization and alignment
$
1,656

 
$
3,727

 
$
3,390

 
$
5,781

Manufacturing alignment to support growth
561

 
1,103

 
1,146

 
1,616

Consolidation and optimization initiatives

 
(14
)
 

 
561

Asset dispositions, severance and other
891

 
(124
)
 
1,462

 
518

Other operating expenses - continuing operations
3,108

 
4,692

 
5,998

 
8,476

Discontinued operations

 
2,497

 

 
3,990

Total other operating expenses
$
3,108

 
$
7,189

 
$
5,998

 
$
12,466


Schedule of Changes in Accrued Liabilities
The following table summarizes the change in accrued liabilities, presented within Accrued Expense and Other Current Liabilities on the Condensed Consolidated Balance Sheets, related to the initiatives described above (in thousands):
 
Severance and Retention
 
Other
 
Total
December 28, 2018
$
1,668

 
$
202

 
$
1,870

Restructuring charges
1,263

 
3,273

 
4,536

Cash payments
(887
)
 
(3,469
)
 
(4,356
)
June 28, 2019
$
2,044

 
$
6

 
$
2,050


v3.19.2
Commitments and Contingencies (Tables)
6 Months Ended
Jun. 28, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability The change in product warranty liability was comprised of the following (in thousands):
December 28, 2018
$
2,600

Additions to warranty reserve
195

Adjustments to pre-existing warranties
(635
)
Warranty claims settled
(465
)
June 28, 2019
$
1,695


v3.19.2
Leases (Tables)
6 Months Ended
Jun. 28, 2019
Leases [Abstract]  
Schedule of Lease Costs
The following table presents the weighted average remaining lease term and discount rate:
 
June 28,
2019
Weighted-average remaining lease term of operating leases (in years)
7.7

Weighted-average discount rate of operating leases
5.5
%


The components and classification of lease cost are as follows (in thousands):
 
Three Months Ended
June 28, 2019
 
Six Months Ended
June 28, 2019
Operating lease cost
$
2,442

 
$
4,891

Short-term lease cost (leases with initial term of 12 months or less)
17

 
34

Variable lease cost
652

 
1,207

Sublease income
(478
)
 
(945
)
Total lease cost
$
2,633

 
$
5,187

 
 
 
 
Cost of sales
$
2,190

 
$
4,342

Selling, general and administrative expenses
297

 
552

Research, development and engineering costs
139

 
278

Other operating expenses
7

 
15

Total lease cost
$
2,633

 
$
5,187


Supplemental cash flow information related to leases for the six months ended June 28, 2019 is as follows (in thousands):
Cash paid for amounts included in the measurement of operating lease liabilities
$
5,107

ROU assets obtained in exchange for new operating lease liabilities
7,249


Schedule of Operating Lease Liability Maturities (Topic 842)
At June 28, 2019, the maturities of operating lease liabilities were as follows (in thousands):
Remainder of 2019
$
5,178

2020
9,268

2021
8,964

2022
6,865

2023
6,119

2024
5,600

Thereafter
16,399

Total lease payments
58,393

Less imputed interest
(11,273
)
Total
$
47,120


Schedule of Future Minimum Rental Payments for Operating Leases (Topic 840)  
v3.19.2
Earnings (Loss) Per Share (EPS) (Tables)
6 Months Ended
Jun. 28, 2019
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (in thousands, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Numerator for basic and diluted EPS:
 
 
 
 
 
 
 
Income from continuing operations
$
28,222

 
$
23,056

 
$
49,588

 
$
36,140

Income (loss) from discontinued operations
4,835

 
(3,034
)
 
5,138

 
(8,000
)
Net income
$
33,057

 
$
20,022

 
$
54,726

 
$
28,140

 
 
 
 
 
 
 
 
Denominator for basic and diluted EPS:
 
 
 
 
 
 
 
Weighted average shares outstanding - Basic
32,621

 
32,038

 
32,579

 
31,970

Dilutive effect of assumed exercise of stock options, restricted stock and RSUs
388

 
682

 
416

 
602

Weighted average shares outstanding - Diluted
33,009

 
32,720

 
32,995

 
32,572

 
 
 
 
 
 
 
 
Basic earnings (loss) per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.87

 
$
0.72

 
$
1.52

 
$
1.13

Income (loss) from discontinued operations
0.15

 
(0.09
)
 
0.16

 
(0.25
)
Basic earnings per share
1.01

 
0.62

 
1.68

 
0.88

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.85

 
$
0.70

 
$
1.50

 
$
1.11

Income (loss) from discontinued operations
0.15

 
(0.09
)
 
0.16

 
(0.25
)
Diluted earnings per share
1.00

 
0.61

 
1.66

 
0.86


Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Time-vested stock options, restricted stock and RSUs
53

 

 
56

 
50

Performance-vested restricted stock and PRSUs
48

 
92

 
47

 
122


v3.19.2
Stockholders' Equity (Tables)
6 Months Ended
Jun. 28, 2019
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended June 28, 2019 and June 29, 2018:
 
Six months ended June 28, 2019
 
Six months ended June 29, 2018
 
Issued
 
Treasury Stock
 
Outstanding
 
Issued
 
Treasury Stock
 
Outstanding
Balance, beginning of period
32,624,494

 
(151,327
)
 
32,473,167

 
31,977,953

 
(106,526
)
 
31,871,427

Stock options exercised
93,472

 

 
93,472

 
108,305

 

 
108,305

RSAs issued, net of forfeitures
(2,354
)
 

 
(2,354
)
 
(2,354
)
 
20,092

 
17,738

Vesting of RSUs
30,895

 
(3,683
)
 
27,212

 
7,113

 
2,766

 
9,879

Vesting of PSUs
70,115

 
(20,998
)
 
49,117

 
127,191

 
(38,103
)
 
89,088

Balance, end of period
32,816,622

 
(176,008
)
 
32,640,614

 
32,218,208

 
(121,771
)
 
32,096,437


Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (“AOCI”) is comprised of the following (in thousands):
 
Defined
Benefit
Plan
Liability
 
Cash
Flow
Hedges
 
Foreign
Currency
Translation
Adjustment
 
Total
Pre-Tax
Amount
 
Tax
 
Net-of-Tax
Amount
March 29, 2019
$
(295
)
 
$
2,551

 
$
23,701

 
$
25,957

 
$
(493
)
 
$
25,464

Unrealized loss on cash flow hedges

 
(4,415
)
 

 
(4,415
)
 
927

 
(3,488
)
Realized loss on foreign currency hedges

 
11

 

 
11

 
(2
)
 
9

Realized gain on interest rate swap hedge

 
(714
)
 

 
(714
)
 
150

 
(564
)
Foreign currency translation gain

 

 
4,510

 
4,510

 

 
4,510

June 28, 2019
$
(295
)
 
$
(2,567
)
 
$
28,211

 
$
25,349

 
$
582

 
$
25,931

 
 
 
 
 
 
 
 
 
 
 
 
December 28, 2018
$
(295
)
 
$
3,439

 
$
30,539

 
$
33,683

 
$
(679
)
 
$
33,004

Unrealized loss on cash flow hedges

 
(4,569
)
 

 
(4,569
)
 
959

 
(3,610
)
Realized gain on foreign currency hedges

 
(34
)
 

 
(34
)
 
7

 
(27
)
Realized gain on interest rate swap hedges

 
(1,403
)
 

 
(1,403
)
 
295

 
(1,108
)
Foreign currency translation loss

 

 
(2,328
)
 
(2,328
)
 

 
(2,328
)
June 28, 2019
$
(295
)
 
$
(2,567
)
 
$
28,211

 
$
25,349

 
$
582

 
$
25,931

March 30, 2018
$
(1,422
)
 
$
7,733

 
$
63,641

 
$
69,952

 
$
(923
)
 
$
69,029

Unrealized loss on cash flow hedges

 
(2,223
)
 

 
(2,223
)
 
467

 
(1,756
)
Realized gain on foreign currency hedges

 
(18
)
 

 
(18
)
 
3

 
(15
)
Realized gain on interest rate swap hedges

 
(398
)
 

 
(398
)
 
83

 
(315
)
Foreign currency translation loss

 

 
(25,885
)
 
(25,885
)
 

 
(25,885
)
June 29, 2018
$
(1,422
)
 
$
5,094

 
$
37,756

 
$
41,428

 
$
(370
)
 
$
41,058

 
 
 
 
 
 
 
 
 
 
 
 
December 29, 2017
$
(1,422
)
 
$
3,418

 
$
50,200

 
$
52,196

 
$
(17
)
 
$
52,179

Unrealized gain on cash flow hedges

 
2,901

 

 
2,901

 
(609
)
 
2,292

Realized gain on foreign currency hedges

 
(593
)
 

 
(593
)
 
124

 
(469
)
Realized gain on interest rate swap hedge

 
(632
)
 

 
(632
)
 
132

 
(500
)
Foreign currency translation loss

 

 
(12,444
)
 
(12,444
)
 

 
(12,444
)
June 29, 2018
$
(1,422
)
 
$
5,094

 
$
37,756

 
$
41,428

 
$
(370
)
 
$
41,058


v3.19.2
Financial Instruments and Fair Value Measurements (Tables)
6 Months Ended
Jun. 28, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Information regarding the Company’s outstanding interest rate swaps designated as cash flow hedges as of June 28, 2019 is as follows (dollars in thousands):
Notional Amount
 
Start Date
 
End
Date
 
Pay Fixed Rate
 
Receive Current Floating Rate
 
Fair Value
 
Balance Sheet Location
$
200,000

 
Jun 2017
 
Jun 2020
 
1.1325
%
 
2.4041
%
 
$
1,448

 
Accrued expenses and other current liabilities
200,000

 
Jun 2020
 
Jun 2023
 
2.1785

 
(a) 
 
(2,794
)
 
Other long-term liabilities
400,000

 
Apr 2019
 
Apr 2020
 
2.4150

 
2.4185

 
(1,485
)
 
Accrued expenses and other current liabilities
__________ 
(a) The interest rate swap is not in effect until June 2020.
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of June 28, 2019 is as follows (dollars in thousands):
Notional Amount
 
Start
Date
 
End
Date
 
$/Foreign Currency
 
Fair Value
 
Balance Sheet Location
$
11,337

 
Jul 2019
 
Sep 2019
 
1.1628
 
Euro
 
$
(195
)
 
Prepaid expenses and other current assets
10,499

 
Jul 2019
 
Dec 2019
 
0.0500
 
Peso
 
254

 
Prepaid expenses and other current assets
12,085

 
Jul 2019
 
Dec 2019
 
0.0504
 
Peso
 
205

 
Prepaid expenses and other current assets

 
 
 
 
Fair Value
 
 
Fair Value Hierarchy
 
Assets
 
Liabilities
June 28, 2019
 
 
 
 
 
 
Interest rate swaps
 
Level 2
 
$

 
$
2,831

Foreign currency contracts
 
Level 2
 
264

 

 
 
 
 
 
 
 
December 28, 2018
 
 
 
 
 
 
Interest rate swaps
 
Level 2
 
$
4,171

 
$

Foreign currency contracts
 
Level 2
 

 
732


Equity Method Investments [Table Text Block]
 
 
 
 
 
June 28,
2019
 
December 28,
2018
Equity method investment
 
 
 
 
$
14,910

 
$
15,148

Non-marketable equity securities
 
 
 
 
6,092

 
7,667

Total equity investments
 
 
 
 
$
21,002

 
$
22,815

(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The components of (Gain) Loss on Equity Investments, Net for each period were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Equity method investment (income) loss
$
36

 
$
(284
)
 
77

 
(5,254
)
Impairment charges
1,575

 

 
1,575

 

Observable price adjustments on non-marketable
  equity securities

 

 

 

Total (gain) loss on equity investments, net
$
1,611

 
$
(284
)
 
$
1,652

 
$
(5,254
)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the three and six months ended June 28, 2019 and June 29, 2018 (in thousands):
 
 
Three Months Ended
 
 
June 28, 2019
 
June 29, 2018
 
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
Sales
 
$
314,194

 
$
(473
)
 
$
314,464

 
$
(141
)
Cost of sales
 
217,210

 
462

 
215,699

 
159

Interest expense
 
13,612

 
714

 
15,234

 
398


Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the amounts affecting the Condensed Consolidated Statements of Operations for the three and six months ended June 28, 2019 and June 29, 2018 (in thousands):
 
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income (Loss) on Derivatives
 
Amount of Gain (Loss) Reclassified from
AOCI into Earnings
 
 
Three months ended,
 
Location of Gain (Loss)
Reclassified from AOCI into Earnings
 
Three months ended,
 
 
June 28,
2019
 
June 29,
2018
 
 
June 28,
2019
 
June 29,
2018
Interest rate swap
 
$
(5,151
)
 
$
610

 
Interest expense
 
$
714

 
$
398

Foreign exchange forwards
 
1

 
(1,114
)
 
Sales
 
(473
)
 
(141
)
Foreign exchange forwards
 
735

 
(1,719
)
 
Cost of sales
 
462

 
159

 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended,
 
Location of Gain (Loss)
Reclassified from AOCI into Earnings
 
Six months ended,
 
 
June 28,
2019
 
June 29,
2018
 
 
June 28,
2019
 
June 29,
2018
Interest rate swap
 
$
(5,599
)
 
$
2,109

 
Interest expense
 
$
1,403

 
$
632

Foreign exchange forwards
 
(699
)
 
(476
)
 
Sales
 
(794
)
 
(2
)
Foreign exchange forwards
 
1,729

 
1,268

 
Cost of sales
 
828

 
595


v3.19.2
Segment Information (Tables)
6 Months Ended
Jun. 28, 2019
Segment Reconciliation [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Segment sales from continuing operations by product line:
 
 
 
 
 
 
Medical
 
 
 
 
 
 
 
Cardio & Vascular
$
150,397

 
$
148,766

 
$
302,971

 
$
285,629

Cardiac & Neuromodulation
114,488

 
115,941

 
231,399

 
224,851

Advanced Surgical, Orthopedics & Portable Medical
32,646

 
34,751

 
64,234

 
68,692

Total Medical
297,531

 
299,458

 
598,604

 
579,172

Non-Medical
16,663

 
15,006

 
30,266

 
27,718

Total sales from continuing operations
$
314,194

 
$
314,464

 
$
628,870

 
$
606,890


Reconciliation of Operating Profit (Loss) from Segments to Consolidated
 
Three Months Ended
 
Six Months Ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Segment income from continuing operations:
 
 
 
 
 
 
 
Medical
$
63,706

 
$
61,179

 
$
120,086

 
$
108,694

Non-Medical
5,298

 
4,393

 
9,609

 
7,591

Total segment income from continuing operations
69,004

 
65,572

 
129,695

 
116,285

Unallocated operating expenses
(19,667
)
 
(21,214
)
 
(41,189
)
 
(41,884
)
Operating income from continuing operations
49,337

 
44,358

 
88,506

 
74,401

Unallocated expenses, net
(14,505
)
 
(12,563
)
 
(28,542
)
 
(24,148
)
Income before taxes from continuing operations
$
34,832

 
$
31,795

 
$
59,964

 
$
50,253


v3.19.2
Revenue From Contracts With Customers (Tables)
6 Months Ended
Jun. 28, 2019
Capitalized Contract Cost [Line Items]  
Contract with Customer, Asset and Liability [Table Text Block]
 
June 28,
2019
 
December 28,
2018
Contract assets included in prepaid expenses and other current assets
$
11,180

 
$

Contract liabilities included in accrued expenses and other current liabilities
2,363

 
2,264


Summary of Disaggregation of Revenue
The following table presents revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
 
 
Three Months Ended
 
Six Months Ended
 
 
June 28, 2019
 
June 28, 2019
Customer
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
Customer A
 
21
%
 


 
23
%
 
 
Customer B
 
18
%
 


 
18
%
 
 
Customer C
 
13
%
 


 
12
%
 
 
Customer D
 


 
25
%
 
 
 
25
%
All other customers
 
48
%
 
75
%
 
47
%
 
75
%

(16.)     REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 29, 2018
 
June 29, 2018
Customer
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
Customer A
 
21
%
 


 
21
%
 
 
Customer B
 
20
%
 


 
20
%
 
 
Customer C
 
11
%
 


 
11
%
 
 
Customer D
 


 
35
%
 
 
 
28
%
All other customers
 
48
%
 
65
%
 
48
%
 
72
%
The following table presents revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped to.
 
 
Three Months Ended
 
Six Months Ended
 
 
June 28, 2019
 
June 28, 2019
Ship to Location
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
United States
 
56%
 
56%
 
56%
 
56%
Puerto Rico
 
12%
 

 
13%
 

Canada
 

 
14%
 

 
14%
Singapore
 
 
 
10%
 
 
 
 
All other countries
 
32%
 
20%
 
31%
 
30%

 
 
Three Months Ended
 
Six Months Ended
 
 
June 29, 2018
 
June 29, 2018
Ship to Location
 
Medical
 
Non-Medical
 
Medical
 
Non-Medical
United States
 
55%
 
69%
 
56%
 
69%
Puerto Rico
 
13%
 

 
13%
 
 
Canada
 

 

 
 
 
10%
All other countries
 
32%
 
31%
 
31%
 
21%

v3.19.2
Impact of Recently Issued Accounting Standards (Tables)
6 Months Ended
Jun. 28, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Summary of Recently Issued Accounting Standards <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") which are not yet effective for the Company</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:35%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:28%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Standard</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Effect on the Financial Statements or Other Significant Matters</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div></div>
v3.19.2
Basis of Presentation (Narrative) (Details)
3 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Accounting Policies [Abstract]    
Fiscal Period Duration 91 days 91 days
v3.19.2
Discontinued Operations (Assets and Liabilities of AS&O Business) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Apr. 14, 2019
Jul. 02, 2018
Jun. 28, 2019
Jun. 28, 2019
Jun. 29, 2018
Dec. 28, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Proceeds from Divestiture of Businesses   $ 581,000   $ 4,734 $ 0  
Income From Transition Services     $ 1,200 2,900    
Transition Services, Cost of Sales       100    
Transition Services, Selling, General and Administrative     $ 1,200 $ 2,800    
Long Term Supply Agreement, Term   3 years        
Pre-tax Income From Discontinued Operations           $ 195,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax $ 4,800          
v3.19.2
Discontinued Operations (Loss from Discontinued Operations) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income (loss) from discontinued operations before taxes $ 4,930 $ (1,374) $ 5,316 $ (7,623)
Gain on sale of discontinued operations (95) (1,660) (178) (377)
Income (loss) from discontinued operations 4,835 (3,034) 5,138 (8,000)
AS&O Business [Member] | Discontinued Operations, Held-for-sale [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales 0 88,701 0 178,020
Cost of sales 0 71,276 0 148,357
Gross profit 0 17,425 0 29,663
Selling, general and administrative expenses 0 4,096 0 8,905
Research, development and engineering costs 0 1,090 0 2,352
Other operating expenses (income)(1) 0 2,497 0 3,990
Interest expense 0 11,007 0 21,857
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax (4,974) 0 (4,974) 0
Other (income) loss, net 44 109 (342) 182
Income (loss) from discontinued operations before taxes 4,930 (1,374) 5,316 (7,623)
Gain on sale of discontinued operations 95 1,660 178 377
Income (loss) from discontinued operations $ 4,835 $ (3,034) $ 5,138 $ (8,000)
v3.19.2
Discontinued Operations Discontinued Operations (Cash Flow Information from Discontinued Operations) (Details) - USD ($)
$ in Thousands
6 Months Ended
Jul. 02, 2018
Jun. 28, 2019
Jun. 29, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Long Term Supply Agreement, Term 3 years    
Proceeds from Divestiture of Businesses $ 581,000 $ 4,734 $ 0
AS&O Business [Member] | Discontinued Operations, Held-for-sale [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Cash used in operating activities   (58) (5,465)
Cash provided by (used in) investing activities   4,734 (3,596)
Depreciation and amortization   0 7,450
Capital expenditures   $ 0 $ 3,610
v3.19.2
Inventories (Details) - USD ($)
$ in Thousands
Jun. 28, 2019
Dec. 28, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 81,155 $ 80,213
Work-in-process 73,999 75,711
Finished goods 32,000 34,152
Total $ 187,154 $ 190,076
v3.19.2
Goodwill and Other Intangible Assets, Net (Schedule of Indefinite-Lived Intangible Assets and Goodwill) (Details)
$ in Thousands
6 Months Ended
Jun. 28, 2019
USD ($)
Goodwill [Roll Forward]  
Goodwill $ 832,338
Foreign currency translation (970)
Goodwill 831,368
Medical Segment [Member]  
Goodwill [Roll Forward]  
Goodwill 815,338
Foreign currency translation (970)
Goodwill 814,368
Non-Medical Segment [Member]  
Goodwill [Roll Forward]  
Goodwill 17,000
Foreign currency translation 0
Goodwill $ 17,000
v3.19.2
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Jun. 28, 2019
Dec. 28, 2018
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 954,320 $ 955,635
Accumulated Amortization (253,136) (233,585)
Total estimated amortization expense 701,184 722,050
Trademarks And Tradenames [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets (Excluding Goodwill) 90,288 90,288
Purchased Technology And Patents [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 241,473 241,726
Accumulated Amortization (131,882) (125,540)
Total estimated amortization expense 109,591 116,186
Customer Lists [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 709,344 710,406
Accumulated Amortization (117,759) (104,556)
Total estimated amortization expense 591,585 605,850
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,503 3,503
Accumulated Amortization (3,495) (3,489)
Total estimated amortization expense $ 8 $ 14
v3.19.2
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense $ 9,831 $ 10,869 $ 19,685 $ 22,582
Cost of sales        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense 3,195 3,673 6,457 7,389
Selling General And Administrative Expense [Member]        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense 6,636 6,808 13,228 13,706
Research, development and engineering costs        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense 0 38 0 77
Discontinued Operations [Member]        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense $ 0 $ 350 $ 0 $ 1,410
v3.19.2
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Jun. 28, 2019
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
2019 $ 20,427
2020 40,449
2021 39,597
2022 38,564
2023 36,721
After 2023 $ 525,426
v3.19.2
Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Dec. 28, 2018
Debt Instrument [Line Items]          
Gain (Loss) on Extinguishment of Debt $ (600) $ (400) $ (1,000) $ (1,500)  
Unamortized discount on term loan B and debt issuance costs (13,285)   (13,285)   $ (16,466)
Total debt 862,938   862,938   925,507
Current portion of long-term debt (37,500)   (37,500)   (37,500)
Total long-term debt $ 825,438   $ 825,438   888,007
Senior Notes [Member] | 9.125% Senior Notes due 2023 [Member]          
Debt Instrument [Line Items]          
Stated interest rate 9.125%   9.125%    
Secured Debt [Member] | Loans Payable [Member] | Term Loan A (TLA) Facility [Member]          
Debt Instrument [Line Items]          
Long-term Debt, Gross $ 285,937   $ 285,937   304,687
Secured Debt [Member] | Loans Payable [Member] | Term Loan B (TLB) Facility [Member]          
Debt Instrument [Line Items]          
Long-term Debt, Gross 580,286   580,286   632,286
Secured Debt [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member]          
Debt Instrument [Line Items]          
Long-term Debt, Gross         $ 5,000
Line of Credit Facility, Fair Value of Amount Outstanding $ 10,000   $ 10,000    
v3.19.2
Debt (Credit Facility) (Details) - USD ($)
6 Months Ended
Oct. 27, 2015
Jun. 28, 2019
Senior Notes [Member] | 9.125% Senior Notes due 2023 [Member]    
Debt Instrument [Line Items]    
Stated interest rate   9.125%
Secured Debt [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member]    
Debt Instrument [Line Items]    
Credit Facility Maximum Borrowing Capacity $ 200,000,000  
Debt Instrument, Maturity Date Oct. 27, 2020  
Line of Credit Facility, Remaining Borrowing Capacity   $ 183,200,000
Letters of Credit Outstanding, Amount   $ 6,800,000
Debt Weighted Average Interest Rate   4.91%
Secured Debt [Member] | Loans Payable [Member] | Term Loan A (TLA) Facility [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 286,000,000  
Debt Instrument, Maturity Date Oct. 27, 2021  
Debt Weighted Average Interest Rate   4.91%
Debt Instrument, Covenant Compliance, Maximum Leverage Ratio 5.00  
Debt Instrument, Covenant Compliance, Adjusted EBITDA To Interest Expense Ratio 3.00  
Secured Debt [Member] | Loans Payable [Member] | Term Loan B (TLB) Facility [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 580,000,000  
Debt Instrument, Discount, Percentage 1.00%  
Reduction to the variable rate basis spread   0.25%
Debt Instrument, Maturity Date Oct. 27, 2022  
Debt Weighted Average Interest Rate   5.42%
Secured Debt [Member] | Loans Payable [Member] | Term Loan B (TLB) Facility [Member] | Prime Rate [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 2.00%  
Secured Debt [Member] | Loans Payable [Member] | Term Loan B (TLB) Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 3.00%  
Debt Instrument, Interest Rate, Floor 1.00%  
Secured Debt [Member] | Swingline Loans [Member] | New Revolving Credit Facility 2015 [Member]    
Debt Instrument [Line Items]    
Credit Facility Maximum Borrowing Capacity $ 15,000,000  
Secured Debt [Member] | Standby Letters of Credit [Member] | New Revolving Credit Facility 2015 [Member]    
Debt Instrument [Line Items]    
Credit Facility Maximum Borrowing Capacity $ 25,000,000  
Secured Debt [Member] | Minimum [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.175%  
Secured Debt [Member] | Minimum [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member] | Prime Rate [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 0.75%  
Secured Debt [Member] | Minimum [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 1.75%  
Secured Debt [Member] | Minimum [Member] | Loans Payable [Member] | Term Loan A (TLA) Facility [Member] | Prime Rate [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 0.75%  
Secured Debt [Member] | Minimum [Member] | Loans Payable [Member] | Term Loan A (TLA) Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 1.75%  
Secured Debt [Member] | Maximum [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.25%  
Secured Debt [Member] | Maximum [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member] | Prime Rate [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 2.25%  
Secured Debt [Member] | Maximum [Member] | Revolving Credit Facility [Member] | New Revolving Credit Facility 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 3.25%  
Secured Debt [Member] | Maximum [Member] | Loans Payable [Member] | Term Loan A (TLA) Facility [Member] | Prime Rate [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 2.25%  
Secured Debt [Member] | Maximum [Member] | Loans Payable [Member] | Term Loan A (TLA) Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Variable rate basis spread 3.25%  
v3.19.2
Debt (Long-term Debt Maturity Schedule) (Details)
$ in Thousands
Jun. 28, 2019
USD ($)
Debt Disclosure [Abstract]  
2019 $ 18,750
2020 47,500
2021 229,687
2022 $ 580,286
v3.19.2
Debt (Schedule of Deferred Financing Fees) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Deferred Finance Costs [Roll Forward]        
Total, Beginning Balance     $ 16,466  
Amortization during the period     (3,676) $ (5,083)
Total, Ending Balance $ 13,285   13,285  
Loss on extinguishment of debt $ 600 $ 400 $ 1,000 $ 1,500
v3.19.2
Debt (Schedule of Interest Rate Swaps and Details) (Details)
6 Months Ended
Jun. 28, 2019
USD ($)
Interest Rate Swap [Member]  
Derivative [Line Items]  
Gain (Loss) Recognized In Income Ineffective Portion $ 0
v3.19.2
Stock-Based Compensation (Allocation of Recognized Period Costs) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense $ 2,720 $ 2,885 $ 5,433 $ 6,107
Cost of sales        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 281 200 598 376
Selling General And Administrative Expense [Member]        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 2,334 1,968 4,664 4,747
Research, development and engineering costs        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 58 31 124 55
Other operating expenses        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 47 1 47 5
Income Statement Location, Discontinued Operations [Member]        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 0 685 0 924
Stock Option [Member]        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 102 197 203 511
RSAs and RSUs (time-based) [Member]        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 1,545 1,207 3,465 3,169
Performance-based RSUs (PSUs) [Member]        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense 1,073 796 1,765 1,503
Continuing Operations [Member]        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Allocated Share-based Compensation Expense $ 2,720 $ 2,200 $ 5,433 $ 5,183
v3.19.2
Stock-Based Compensation (Valuation Assumptions) (Details) - $ / shares
6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value   $ 14.89
Risk-free interest rate   2.21%
Expected volatility   39.00%
Expected life (in years)   4 years
Expected dividend yield   0.00%
Employee Stock Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value $ 117.03 $ 37.46
Risk-free interest rate 2.46% 2.28%
Expected volatility 40.00% 40.00%
Expected life (in years) 2 years 9 months 18 days 2 years 10 months 24 days
Expected dividend yield 0.00% 0.00%
v3.19.2
Stock-Based Compensation (Stock Options Activity) (Details)
$ / shares in Units, $ in Millions
6 Months Ended
Jun. 28, 2019
USD ($)
$ / shares
shares
Stock Option Activity (in shares)  
Options Outstanding, Beginning | shares 522,783
Exercised | shares (93,472)
Options Outstanding, Ending | shares 429,311
Options Exercisable | shares 394,996
Weighted Average Exercise Price (in dollars per share)  
Options Outstanding, Beginning | $ / shares $ 31.88
Exercised | $ / shares 17.12
Options Outstanding, Ending | $ / shares 35.09
Options Exercisable | $ / shares $ 34.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options Outstanding, Weighted Average Remaining Contractual Term 5 years 6 months
Options Exercisable, Weighted Average Remaining Contractual Term 5 years 3 months 18 days
Options Outstanding, Intrinsic Value | $ $ 21.0
Options Exercisable, Intrinsic Value | $ $ 19.4
v3.19.2
Stock-Based Compensation (Restricted Stock and Restricted Stock Units Activity) (Details)
6 Months Ended
Jun. 28, 2019
$ / shares
shares
Restricted Stock And Restricted Stock Units Time Based [Member]  
Restricted Stock and Restricted Stock Unit Activity (in shares)  
Nonvested, Beginning | shares 142,236
Granted | shares 97,296
Vested | shares (18,310)
Forfeited | shares (5,310)
Nonvested, Ending | shares 215,912
Restricted Stock and Restricted Stock Unit Weighted Average Fair Value (in dollars per share)  
Nonvested, Beginning | $ / shares $ 49.78
Granted | $ / shares 83.70
Vested | $ / shares 59.66
Forfeited | $ / shares 48.57
Nonvested, Ending | $ / shares $ 64.29
Performance-based RSUs (PSUs) [Member]  
Restricted Stock and Restricted Stock Unit Activity (in shares)  
Nonvested, Beginning | shares 287,134
Granted | shares 50,492
Vested | shares (75,008)
Forfeited | shares (65,293)
Nonvested, Ending | shares 197,325
Restricted Stock and Restricted Stock Unit Weighted Average Fair Value (in dollars per share)  
Nonvested, Beginning | $ / shares $ 36.15
Granted | $ / shares 101.17
Vested | $ / shares 28.41
Forfeited | $ / shares 32.68
Nonvested, Ending | $ / shares $ 56.87
v3.19.2
Stock-Based Compensation (Additional Information) (Details)
6 Months Ended
Jun. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected life (in years) 4 years
Risk-free interest rate 2.21%
Expected dividend yield 0.00%
Expected volatility 39.00%
v3.19.2
Other Operating Expenses, Net (Schedule of Other Operating Cost and Expense By Component) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Other Operating Income Expense Detail [Line Items]        
Other operating expenses - continuing operations $ 3,108 $ 4,692 $ 5,998 $ 8,476
Total other operating expenses 3,108 7,189 5,998 12,466
Strategic Reorganization And Alignment [Member]        
Other Operating Income Expense Detail [Line Items]        
Other operating expenses - continuing operations 1,656 3,727 3,390 5,781
Manufacturing Alignment To Support Growth [Member]        
Other Operating Income Expense Detail [Line Items]        
Other operating expenses - continuing operations 561 1,103 1,146 1,616
Consolidation And Optimization Initiatives [Member]        
Other Operating Income Expense Detail [Line Items]        
Other operating expenses - continuing operations 0 (14) 0 561
Asset Dispositions, Severance And Other [Member]        
Other Operating Income Expense Detail [Line Items]        
Other operating expenses - continuing operations 891 (124) 1,462 518
Discontinued Operations, Held-for-sale [Member] | AS&O Business [Member]        
Other Operating Income Expense Detail [Line Items]        
Other operating expenses (income)(1) $ 0 $ 2,497 $ 0 $ 3,990
v3.19.2
Other Operating Expenses, Net (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Restructuring Cost and Reserve [Line Items]        
Other Cost and Expense, Operating $ 3,108 $ 4,692 $ 5,998 $ 8,476
Strategic Reorganization And Alignment [Member]        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 19,900   19,900  
Other Cost and Expense, Operating 1,656 3,727 3,390 5,781
Strategic Reorganization And Alignment [Member] | Minimum [Member]        
Restructuring Cost and Reserve [Line Items]        
Expected costs 20,000   20,000  
Expected cash outlays 16,000   16,000  
Strategic Reorganization And Alignment [Member] | Maximum [Member]        
Restructuring Cost and Reserve [Line Items]        
Expected costs 22,000   22,000  
Expected cash outlays 20,000   20,000  
Manufacturing Alignment To Support Growth [Member]        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 4,600   4,600  
Other Cost and Expense, Operating 561 1,103 1,146 1,616
Manufacturing Alignment To Support Growth [Member] | Minimum [Member]        
Restructuring Cost and Reserve [Line Items]        
Expected costs 7,000   7,000  
Manufacturing Alignment To Support Growth [Member] | Maximum [Member]        
Restructuring Cost and Reserve [Line Items]        
Expected costs 9,000   9,000  
Asset Dispositions, Severance And Other [Member]        
Restructuring Cost and Reserve [Line Items]        
Other Cost and Expense, Operating $ 891 $ (124) $ 1,462 $ 518
v3.19.2
Other Operating Expenses, Net (Schedule of Restructuring Reserve By Type of Cost) (Details) - Consolidation And Optimization Initiatives [Member]
$ in Thousands
6 Months Ended
Jun. 28, 2019
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance $ 1,870
Restructuring charges 4,536
Cash payments (4,356)
Restructuring Reserve, Ending Balance 2,050
Severance And Retention [Member]  
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance 1,668
Restructuring charges 1,263
Cash payments (887)
Restructuring Reserve, Ending Balance 2,044
Other Restructuring [Member]  
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance 202
Restructuring charges 3,273
Cash payments (3,469)
Restructuring Reserve, Ending Balance $ 6
v3.19.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Income Tax Disclosure [Abstract]        
Effective income tax rate 19.00% 27.50% 17.30% 28.10%
Income tax provision $ 6,610 $ 8,739 $ 10,376 $ 14,113
Income (loss) before provision for income taxes (34,832) $ (31,795) (59,964) $ (50,253)
Discrete Tax Benefits 400   2,100  
Unrecognized Tax Benefits 5,400   5,400  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit 900   900  
Unrecognized Tax Benefits that Would Impact Effective Tax Rate $ 5,300   $ 5,300  
v3.19.2
Commitments and Contingencies (Narrative) (Details)
6 Months Ended
Jan. 14, 2019
USD ($)
Jan. 26, 2016
USD ($)
patent
Jun. 28, 2019
Gain Contingencies [Line Items]      
Gain (Loss) Related to Litigation Settlement   $ 0  
Product Warranty Description     The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship.
Positive Outcome of Litigation [Member]      
Gain Contingencies [Line Items]      
Gain Contingency, Patents Found Infringed upon, Number | patent   3  
Amount awarded from other party $ 22,200,000 $ 37,500,000  
v3.19.2
Commitments and Contingencies (Schedule of Product Warranty Liability) (Details)
$ in Thousands
6 Months Ended
Jun. 28, 2019
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
December 29, 2017 $ 2,600
Additions to warranty reserve 195
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties (635)
Warranty claims settled (465)
September 28, 2018 $ 1,695
v3.19.2
Leases - Narrative (Details)
$ in Thousands
Jun. 28, 2019
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year $ 8,562
Operating Lease, Liability, Current 7,300
Lessee, Operating Lease, Liability, Payments, Due Year Two 7,290
Lessee, Operating Lease, Liability, Payments, Due Year Three 7,348
Lessee, Operating Lease, Liability, Payments, Due Year Four 5,269
Lessee, Operating Lease, Liability, Payments, Due Year Five 5,112
Lessee, Operating Lease, Liability, Payments, Due after Year Five $ 14,589
v3.19.2
Leases - Operating Lease Weighted Average Lease Term and Discount Rate (Details)
Jun. 28, 2019
Leases [Abstract]  
Weighted-average remaining lease term of operating leases (in years) 7 years 8 months 12 days
Weighted-average discount rate of operating leases 5.50%
v3.19.2
Leases - Lease Costs (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 28, 2019
Lessee, Lease, Description [Line Items]    
Operating lease cost $ 2,442 $ 4,891
Short-term lease cost 17 34
Variable lease cost 652 1,207
Sublease income (478) (945)
Total least cost 2,633 5,187
Cost of sales    
Lessee, Lease, Description [Line Items]    
Total least cost 2,190 4,342
Selling, general and administrative expenses    
Lessee, Lease, Description [Line Items]    
Total least cost 297 552
Research, development and engineering costs    
Lessee, Lease, Description [Line Items]    
Total least cost 139 278
Other operating expenses    
Lessee, Lease, Description [Line Items]    
Total least cost $ 7 $ 15
v3.19.2
Leases - Operating Lease Liability Maturity Schedule (Topic 842) (Details)
$ in Thousands
Jun. 28, 2019
USD ($)
Leases [Abstract]  
2019 (excluding the first three months of 2019) $ 5,178
2020 9,268
2021 8,964
2022 6,865
2023 6,119
2024 5,600
Thereafter 16,399
Total lease payments 58,393
Less imputed interest (11,273)
Total $ 47,120
v3.19.2
Leases - Supplemental Cash Flow Information (Details)
$ in Thousands
3 Months Ended
Jun. 28, 2019
USD ($)
Leases [Abstract]  
Operating cash flows from operating leases $ 5,107
Right-of-use assets obtained in exchange for new operating lease liabilities $ 7,249
v3.19.2
Earnings (Loss) Per Share (EPS) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Earnings Per Share [Abstract]        
Income (loss) from continuing operations $ 28,222 $ 23,056 $ 49,588 $ 36,140
Income (loss) from discontinued operations 4,835 (3,034) 5,138 (8,000)
Net income $ 33,057 $ 20,022 $ 54,726 $ 28,140
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Basic (in shares) 32,621,000 32,038,000 32,579,000 31,970,000
Stock options, restricted stock and restricted stock units (in shares) 388,000 682,000 416,000 602,000
Denominator for diluted EPS (in shares) 33,009,000 32,720,000 32,995,000 32,572,000
Basic earnings (loss) per share:        
Income from continuing operations (in dollars per share) $ 0.87 $ 0.72 $ 1.52 $ 1.13
Loss from discontinued operations (in dollars per share) 0.15 (0.09) 0.16 (0.25)
Basic (in dollars per share) 1.01 0.62 1.68 0.88
Diluted earnings (loss) per share:        
Income from continuing operations (in dollars per share) 0.85 0.70 1.50 1.11
Loss from discontinued operations (in dollars per share) 0.15 (0.09) 0.16 (0.25)
Diluted (in dollars per share) $ 1.00 $ 0.61 $ 1.66 $ 0.86
Anitdilutive Securities Excluded From Earnings Per Share [Abstract]        
Time-vested stock options, restricted stock and restricted stock units (in shares) 53,000 0 56,000 50,000
Performance-vested stock options and restricted stock units (in shares) $ 48,000 $ 92,000 $ 47,000 $ 122,000
v3.19.2
Stockholders' Equity (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Balance, beginning of period (in shares)     32,624,494  
Shares outstanding beginning balance (in shares)     32,473,167 31,871,427
Stock options exercised (in shares)     93,472 108,305
Balance, end of period (in shares) 32,816,622   32,816,622  
Shares outstanding ending balance (in shares) 32,640,614 32,096,437 32,640,614 32,096,437
Defined Benefit Plan Liability        
Defined Benefit Plan Liability, Beginning $ (295) $ (1,422) $ (295) $ (1,422)
Defined Benefit Plan Liability, Ending (295) (1,422) (295) (1,422)
Cash Flow Hedges        
Cash Flow Hedges, Beginning 2,551 7,733 3,439 3,418
Unrealized loss on cash flow hedges 4,415 2,223 4,569 (2,901)
Realized gain loss on foreign currency hedges - before tax 11 (18) (34) (593)
Realized gain loss on interest rate swaps - before tax (714) (398) (1,403) (632)
Cash Flow Hedges, End (2,567) 5,094 (2,567) 5,094
Foreign Currency Translation Adjustment        
Foreign Currency Translation Adjustment, Beginning 23,701 63,641 30,539 50,200
Net foreign currency translation gain (loss) 4,510 (25,885) (2,328) (12,444)
Foreign Currency Translation Adjustment, End 28,211 37,756 28,211 37,756
Total Pre-Tax Amount        
Total Pre-Tax Amount, Beginning 25,957 69,952 33,683 52,196
Unrealized loss on cash flow hedges 4,415 2,223 4,569 (2,901)
Realized gain loss on foreign currency hedges - before tax 11 (18) (34) (593)
Realized gain loss on interest rate swaps - before tax (714) (398) (1,403) (632)
Net foreign currency translation gain (loss) 4,510 (25,885) (2,328) (12,444)
Total Pre-Tax Amount, End 25,349 41,428 25,349 41,428
Tax        
Tax, Beginning (493) (923) (679) (17)
Unrealized gain (loss) on cash flow hedges 927 467 959 (609)
Realized gain loss on foreign currency contracts - tax (2) 3 7 124
Realized gain loss on interest rate swap hedges - tax 150 83 295 132
Net foreign currency translation gain (loss) 0 0 0 0
Tax, End 582 (370) 582 (370)
Net-of-Tax Amount        
Total Net-of-Tax Amount, Beginning 25,464 69,029 33,004 52,179
Unrealized gain (loss) on cash flow hedges, net of tax 3,488 1,756 3,610 (2,292)
Realized gain loss on foreign currency hedges, net of tax 9 (15) (27) (469)
Realized gain loss on interest rate swap hedges, net of tax (564) (315) (1,108) (500)
Foreign currency translation gain (loss) 4,510 (25,885) (2,328) (12,444)
Total Net-of-Tax Amount, End $ 25,931 $ 41,058 $ 25,931 $ 41,058
Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Balance, beginning of period (in shares)     32,624,494 31,977,953
Stock options exercised (in shares)     93,472 108,305
Balance, end of period (in shares) 32,816,622 32,218,208 32,816,622 32,218,208
Treasury Stock, Common [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Balance, beginning of period (in shares)     (151,327) (106,526)
Stock options exercised (in shares)     0 0
Balance, end of period (in shares) (176,008) (121,771) (176,008) (121,771)
Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Restricted stock (in shares)     (2,354) 17,738
Restricted Stock [Member] | Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Restricted stock (in shares)     (2,354) (2,354)
Restricted Stock [Member] | Treasury Stock, Common [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Restricted stock (in shares)     0 20,092
Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Restricted stock (in shares)     27,212 9,879
Restricted Stock Units (RSUs) [Member] | Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Restricted stock (in shares)     30,895 7,113
Restricted Stock Units (RSUs) [Member] | Treasury Stock, Common [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Restricted stock (in shares)     (3,683) 2,766
Performance-based RSUs (PSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Vesting of PSUs (in shares)     49,117 89,088
Performance-based RSUs (PSUs) [Member] | Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Vesting of PSUs (in shares)     70,115 127,191
Performance-based RSUs (PSUs) [Member] | Treasury Stock, Common [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Vesting of PSUs (in shares)     (20,998) (38,103)
v3.19.2
Financial Instruments and Fair Value Measurements (Schedule of Interest Rate Swaps) (Details) - Designated as Hedging Instrument [Member]
$ in Thousands
Jun. 28, 2019
USD ($)
Interest Rate Swap Maturing June 2020 [Member] | Accrued expenses and other current liabilities  
Derivatives, Fair Value [Line Items]  
Notional Amount $ 200,000
Pay Fixed Rate 1.1325%
Receive Current Floating Rate 2.4041%
Fair Value $ 1,448
Interest Rate Swap Maturing June 2023 [Member] | Other long-term liabilities  
Derivatives, Fair Value [Line Items]  
Notional Amount $ 200,000
Pay Fixed Rate 2.1785%
Fair Value $ (2,794)
Interest Rate Swap Maturing April 2020 [Member] | Accrued expenses and other current liabilities  
Derivatives, Fair Value [Line Items]  
Notional Amount $ 400,000
Pay Fixed Rate 2.415%
Receive Current Floating Rate 2.4185%
Fair Value $ (1,485)
v3.19.2
Financial Instruments and Fair Value Measurements (Schedule of Foreign Currency Contracts) (Details) - Prepaid Expenses and Other Current Assets [Member] - Designated as Hedging Instrument [Member]
$ in Thousands
Jun. 28, 2019
USD ($)
$ / $
$ / €
Foreign Exchange Contract Maturing September 2019 [Member]  
Derivatives, Fair Value [Line Items]  
Notional Amount $ 11,337
$/Foreign Currency | $ / € 1.1628
Fair Value $ (195)
Foreign Exchange Contract Maturing December 2019, Contract One [Member]  
Derivatives, Fair Value [Line Items]  
Notional Amount $ 10,499
$/Foreign Currency | $ / $ 0.0500
Fair Value $ 254
Foreign Exchange Contract Maturing December 2019, Contract Two [Member]  
Derivatives, Fair Value [Line Items]  
Notional Amount $ 12,085
$/Foreign Currency | $ / $ 0.0504
Fair Value $ 205
v3.19.2
Financial Instruments and Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Dec. 28, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Income (Loss) from Equity Method Investments $ 36 $ (284) $ 77 $ (5,254)  
Equity method investment 14,910   14,910   $ 15,148
Non-marketable Equity Securities     6,092   7,667
Equity Method Investments 21,002   21,002   22,815
Equity Method Investment, Other than Temporary Impairment 1,575 0 1,575 0  
Equity Securities without Readily Determinable Fair Value, Amount 0 0 0 0 7,000
Debt and Equity Securities, Realized Gain (Loss) 1,611 $ (284) 1,652 $ (5,254)  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Foreign currency contracts liabilities 264   264   0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Interest Rate Derivative Assets, at Fair Value 0   0   4,171
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Foreign currency contracts liabilities 0   0   732
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Interest Rate Derivative Assets, at Fair Value $ 2,831   $ 2,831   $ 0
v3.19.2
Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Dec. 28, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Equity Method Investment, Other than Temporary Impairment $ 1,575 $ 0 $ 1,575 $ 0  
Equity method investment 14,910   14,910   $ 15,148
Gain (loss) on equity method investments 36 (284) 77 (5,254)  
Cost method investment $ 0 $ 0 0 0 $ 7,000
Impairment on cost method investments     $ 0 $ 0  
Chinese Venture Capital Fund [Member]          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Equity method investment ownership (percent) 6.70%   6.70%    
v3.19.2
Financial Instruments and Fair Value Measurements (Impact of Cash Flow Hedges on the Condensed Consolidated Statements of Operations) (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net $ 200,000      
Sales 314,194,000 $ 314,464,000 $ 628,870,000 $ 606,890,000
Cost of sales 217,210,000 215,699,000 443,276,000 424,593,000
Interest expense 13,612,000 15,234,000 27,442,000 30,829,000
Sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (473,000) (141,000) (794,000) (2,000)
Cost of sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income 462,000 159,000 828,000 595,000
Interest expense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income 714,000 398,000 1,403,000 632,000
Interest rate swap | Interest expense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (5,151,000) 610,000 (5,599,000) 2,109,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income   398,000   632,000
Foreign exchange forwards | Sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives 1,000 (1,114,000) (699,000) (476,000)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income   (141,000)   (2,000)
Foreign exchange forwards | Cost of sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives $ 735,000 (1,719,000) $ 1,729,000 1,268,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income   $ 159,000   $ 595,000
v3.19.2
Segment Information (Narrative) (Details)
6 Months Ended
Jun. 28, 2019
Segment
Segment Reporting [Abstract]  
Number of Reportable Segments 2
v3.19.2
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales from continuing operations $ 314,194 $ 314,464 $ 628,870 $ 606,890
Operating Segments [Member] | Medical Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales from continuing operations 297,531 299,458 598,604 579,172
Operating Segments [Member] | Medical Segment [Member] | Cardio And Vascular [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales from continuing operations 150,397 148,766 302,971 285,629
Operating Segments [Member] | Medical Segment [Member] | Cardiac Neuromodulation [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales from continuing operations 114,488 115,941 231,399 224,851
Operating Segments [Member] | Medical Segment [Member] | Advanced Surgical, Orthopedics, and Portable Medical [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales from continuing operations 32,646 34,751 64,234 68,692
Operating Segments [Member] | Non-Medical Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales from continuing operations $ 16,663 $ 15,006 $ 30,266 $ 27,718
v3.19.2
Segment Information (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Segment Reporting Information [Line Items]        
Operating income from continuing operations $ 49,337 $ 44,358 $ 88,506 $ 74,401
Unallocated expenses, net (14,505) (12,563) (28,542) (24,148)
Income (loss) from continuing operations before taxes 34,832 31,795 59,964 50,253
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Operating income from continuing operations 69,004 65,572 129,695 116,285
Operating Segments [Member] | Medical Segment [Member]        
Segment Reporting Information [Line Items]        
Operating income from continuing operations 63,706 61,179 120,086 108,694
Operating Segments [Member] | Non-Medical Segment [Member]        
Segment Reporting Information [Line Items]        
Operating income from continuing operations 5,298 4,393 9,609 7,591
Segment Reconciling Items [Member]        
Segment Reporting Information [Line Items]        
Operating income from continuing operations $ (19,667) $ (21,214) $ (41,189) $ (41,884)
v3.19.2
Revenue From Contracts With Customers Revenue From Contracts With Customers (Narrative) (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Dec. 28, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]          
Percent of revenue from contract with customer compared to total revenue 10.00%   12.00%    
Revenue recognized that was included in contract liability balance at beginning of period $ 100,000 $ 900,000 $ 400,000 $ 1,300,000  
Contract assets         $ 0
v3.19.2
Revenue From Contracts With Customers (Disaggregated Revenue) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 28, 2019
Jun. 29, 2018
Jun. 28, 2019
Jun. 29, 2018
Dec. 28, 2018
Disaggregation of Revenue [Line Items]          
Capitalized Contract Cost, Net, Current $ 11,180   $ 11,180   $ 0
Contract Liabilities Included in Other Current Liabilities $ 2,363   $ 2,363   $ 2,264
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer A [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 21.00% 21.00% 23.00% 21.00%  
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer B [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 18.00% 20.00% 18.00% 20.00%  
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer C [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 13.00% 11.00% 12.00% 11.00%  
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer D [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage      
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | All Other Customers [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 48.00% 48.00% 47.00% 48.00%  
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | United States [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 56.00% 55.00% 56.00% 56.00%  
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | Puerto Rico [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 12.00% 13.00% 13.00% 13.00%  
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | Canada [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage    
Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | All Other Countries [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 32.00% 32.00% 31.00% 31.00%  
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer A [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage      
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer B [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage      
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer C [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage      
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | Customer D [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 25.00% 35.00% 25.00% 28.00%  
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | All Other Customers [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 75.00% 65.00% 75.00% 72.00%  
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | United States [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 56.00% 69.00% 56.00% 69.00%  
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | Puerto Rico [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage    
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | Canada [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 14.00% 14.00% 10.00%  
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | SINGAPORE          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 10.00%        
Non-Medical Segment [Member] | Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | All Other Countries [Member]          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 20.00% 31.00% 30.00% 21.00%