INTEGER HOLDINGS CORP, 10-Q filed on 4/24/2025
Quarterly Report
v3.25.1
COVER - shares
 3 Months Ended
Mar. 28, 2025
Apr. 18, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 28, 2025  
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, $0.001 par value per share  
Trading Symbol ITGR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   34,891,995
Entity Central Index Key 0001114483  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 28, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 31,711 $ 46,543
Accounts receivable, net of provision for credit losses of $0.4 million and $0.3 million, respectively 276,235 245,269
Inventories 260,103 247,126
Contract assets 102,930 103,772
Prepaid expenses and other current assets 31,224 28,409
Total current assets 702,203 671,119
Property, plant and equipment, net 495,963  
Goodwill 1,082,385 1,017,729
Other intangible assets, net 856,208 778,286
Deferred income taxes 8,370 8,309
Operating lease assets 99,147 86,082
Financing lease assets 29,928 27,689
Other long-term assets 23,499 22,959
Total assets 3,297,703 3,077,971
Current liabilities:    
Current portion of long-term debt 11 10,000
Accounts payable 112,023 101,498
Operating lease liabilities 8,708 7,352
Accrued expenses and other current liabilities 85,661 108,323
Total current liabilities 206,403 227,173
Long-term debt 1,235,204 980,153
Deferred income taxes 111,201 124,608
Operating lease liabilities 85,688 77,702
Financing lease liabilities 24,998 23,760
Other long-term liabilities 27,505 25,360
Total liabilities 1,690,999 1,458,756
Stockholders’ equity:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 35,326,845 and 33,546,262 shares issued, respectively; 34,889,876 and 33,546,256 shares outstanding, respectively 35 34
Additional paid-in capital 754,021 741,977
Treasury stock, at cost; 436,969 shares and 6 shares, respectively (26,858) 0
Retained earnings 868,760 891,247
Accumulated other comprehensive income (loss) 10,746 (14,043)
Total stockholders’ equity 1,606,704 1,619,215
Total liabilities and stockholders’ equity $ 3,297,703 $ 3,077,971
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 28, 2025
Dec. 31, 2024
Current assets:    
Allowance for doubtful accounts $ 0.4 $ 0.3
Stockholders’ equity:    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 35,326,845 33,546,262
Common stock, shares outstanding (in shares) 34,889,876 33,546,256
Treasury stock (in shares) 436,969 6
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Income Statement [Abstract]    
Sales $ 437,392 $ 407,796
Cost of sales 317,074 299,523
Gross profit 120,318 108,273
Operating expenses:    
Selling, general and administrative 51,160 46,435
Research, development and engineering 14,201 15,274
Restructuring and other charges 5,405 7,863
Total operating expenses 70,766 69,572
Operating income 49,552 38,701
Interest expense 14,805 13,991
Gain on equity investments (181) (1,136)
Other loss, net (see Note 7) 47,927 1,007
Income (loss) from continuing operations before taxes (12,999) 24,839
Provision for income taxes 9,466 4,248
Income (loss) from continuing operations (22,465) 20,591
Loss from discontinued operations, net of tax (22) (83)
Net income (loss) $ (22,487) $ 20,508
Basic earnings (loss) per share:    
Income (loss) from continuing operations (in dollars per share) $ (0.66) $ 0.62
Loss from discontinued operations (in dollars per share) 0 0
Basic earnings (loss) per share (in dollars per share) (0.66) 0.61
Diluted earnings (loss) per share:    
Income (loss) from continuing operations (in dollars per share) (0.66) 0.59
Loss from discontinued operations (in dollars per share) 0 0
Diluted earnings per share (in dollars per share) $ (0.66) $ 0.59
Weighted average shares outstanding:    
Basic (in shares) 33,916 33,478
Diluted (in shares) 33,916 34,993
Comprehensive Income    
Net income (loss) $ (22,487) $ 20,508
Other comprehensive income (loss):    
Foreign currency translation gain (loss) 20,291 (13,438)
Change in fair value of cash flow hedges, net of tax 4,498 1,086
Other comprehensive income (loss) 24,789 (12,352)
Comprehensive income $ 2,302 $ 8,156
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Cash flows from operating activities:    
Net income (loss) $ (22,487) $ 20,508
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 29,832 26,185
Debt related charges included in interest expense 1,882 931
Debt conversion inducement expense 46,681 0
Inventory step-up amortization 0 1,056
Stock-based compensation 6,880 6,848
Non-cash lease expense 2,455 2,295
Non-cash gain on equity investments (181) (1,136)
Other non-cash losses 2,574 805
Deferred income taxes 4,055 0
Gain on sale of discontinued operations (46) 0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (18,232) 7,667
Inventories (7,695) (17,271)
Prepaid expenses and other assets (1,169) (4,208)
Contract assets 1,219 (5,255)
Accounts payable 10,207 2,669
Accrued expenses and other liabilities (23,495) (19,026)
Income taxes (1,204) 1,171
Net cash provided by operating activities 31,276 23,239
Cash flows from investing activities:    
Acquisition of property, plant and equipment (25,218) (29,072)
Proceeds from sale of property, plant and equipment 5 0
Acquisitions, net of cash acquired (171,954) (139,126)
Net cash used in investing activities (197,167) (168,198)
Cash flows from financing activities:    
Principal payments of long-term debt (613,683) 0
Proceeds from issuance of convertible notes, net of discount 977,500 0
Proceeds from revolving credit facility 216,000 192,000
Payments of revolving credit facility (342,000) (12,000)
Purchase of capped calls (71,000) 0
Proceeds from the exercise of stock options 0 313
Tax withholdings related to net share settlements of restricted stock unit awards (14,132) (9,348)
Principal payments on finance leases (1,177) (8,386)
Other financing activities 70 715
Net cash provided by financing activities 151,578 163,294
Effect of foreign currency exchange rates on cash and cash equivalents (519) 147
Net increase (decrease) in cash and cash equivalents (14,832) 18,482
Cash and cash equivalents, beginning of period 46,543 23,674
Cash and cash equivalents, end of period $ 31,711 $ 42,156
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital
Treasury Stock
Retained earnings
Accumulated other comprehensive income (loss)
Balance, beginning of period at Dec. 31, 2023 $ 1,519,042 $ 727,468 $ 0 $ 771,351 $ 20,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (9,035)      
Stock-based compensation   6,848      
Capped calls related to the issuance of 2030 Convertible Notes, net of tax   0      
Common stock issued for conversion of debt 0 0      
Issuance of common stock for acquisition 0 0      
Treasury shares purchased     0    
Net income (loss) 20,508     20,508  
Other comprehensive income (loss) (12,352)       (12,352)
Balance, ending balance at Mar. 29, 2024 1,525,011 725,281 0 791,859 7,871
Balance, beginning of period at Dec. 31, 2024 1,619,215 742,011 0 891,247 (14,043)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (14,107)      
Stock-based compensation   6,880      
Capped calls related to the issuance of 2030 Convertible Notes, net of tax   (53,130)      
Common stock issued for conversion of debt 183,972 68,413      
Issuance of common stock for acquisition 3,989 3,989      
Treasury shares purchased     (26,858)    
Net income (loss) (22,487)     (22,487)  
Other comprehensive income (loss) 24,789       24,789
Balance, ending balance at Mar. 28, 2025 $ 1,606,704 $ 754,056 $ (26,858) $ 868,760 $ 10,746
v3.25.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 28, 2025
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 a medical device contract development and manufacturing organization primarily serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. Integer is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries.
The accompanying condensed consolidated financial statements are presented in accordance with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in the Company’s Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024.
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. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which 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.
The first quarters of 2025 and 2024 ended on March 28, 2025 and March 29, 2024, respectively, and consisted of 87 days and 89 days, respectively.
Discontinued Operations
As discussed in Note 3, “Discontinued Operations,” during 2024 the Company sold Electrochem Solutions, Inc. (“Electrochem”). Electrochem met the criteria to be reported as held for sale and discontinued operations. The results of operations of the Electrochem business are classified as discontinued operations and are excluded from continuing operations for all periods presented. Intersegment sales to Electrochem that were previously eliminated in consolidation have been treated as third party sales and are included in sales from continuing operations as the Company will continue to supply the Electrochem business with certain specified products following its divestiture. The Condensed Consolidated Statements of Cash Flows include cash flows related to the discontinued operations due to Integer’s (parent) centralized treasury and cash management processes. All results and information in the consolidated financial statements, including the notes to the consolidated financial statements, have been updated for all periods presented to exclude information pertaining to discontinued operations, unless otherwise noted specifically as discontinued operations, and reflect only the continuing operations of the Company.
Factoring Arrangements
The Company has receivable factoring arrangements, pursuant to which certain receivables may be sold on a non-recourse basis to financial institutions. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income. During the three months ended March 28, 2025 and March 29, 2024, the Company sold accounts receivable of $58.1 million and $57.6 million, respectively, and recorded factoring fees of $0.4 million and $0.4 million, respectively.
Supplier Financing Arrangements
The Company utilizes supplier financing arrangements with financial institutions to sell certain accounts receivable on a non-recourse basis. Fees for supplier financing arrangements are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income. During the three months ended March 28, 2025 and March 29, 2024, the Company sold and de-recognized accounts receivable of $39.9 million and $36.3 million, respectively, and recorded costs associated with the supplier financing arrangements of $0.5 million and $0.5 million, respectively.
(1.)    BASIS OF PRESENTATION (Continued)
Recent Accounting Pronouncements
In the normal course of business, management evaluates all new Accounting Standards Updates (“ASU”) and other accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), SEC, or other authoritative accounting bodies to determine the potential impact they may have on the financial position, results of operations or cash flows of the Company. Other than those discussed below, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material effect on the financial position, results of operations or cash flows of the Company.
Accounting Guidance Adopted During the Period
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The ASU clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted this ASU as of January 1, 2025. At adoption, there were no impacts to the condensed consolidated financial statements.
Accounting Guidance to be Adopted in Future Periods
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the condensed consolidated financial statements to assess how the Company’s operations, related tax risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its condensed consolidated financial statements.
v3.25.1
BUSINESS ACQUISITIONS
 3 Months Ended
Mar. 28, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
2025 Acquisitions
Precision Coating LLC Acquisition
On January 7, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of certain subsidiaries of Katahdin Industries, Inc., including its main operating subsidiary, Precision Coating LLC (collectively “Precision”). Prior to the acquisition, Precision was a privately-held manufacturer specializing in high value surface coating technology platforms, including fluoropolymer, anodic coatings, ion treatment solutions and laser processing. Based in Massachusetts, Precision has additional locations in the New England area and an additional facility in Costa Rica.
The total consideration transferred was $153.5 million, including contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $1.4 million, representing the Company’s obligation, under the purchase agreement, to make an additional payment of up to $5.0 million based on a specified revenue growth milestone being met in 2025. The Company funded the purchase price with borrowings under its Revolving Credit Facility (as defined below).
VSi Parylene Acquisition
On February 28, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Vertical Solutions, Inc., d/b/a VSi Parylene (“VSi”). Headquartered in Colorado, prior to the acquisition VSi was a privately-held full-service provider of parylene coating solutions, primarily focused on complex medical device applications.
The total consideration transferred was $24.0 million, including shares of Integer’s common stock (“Common Stock”) with a fair value of $4.0 million, contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $1.1 million, representing the Company’s obligation, under the purchase agreement, to make additional payments of up to $4.0 million, in the aggregate, based on specified annual revenue growth milestones being met through 2028. The Company funded the cash portion of the purchase price with borrowings under its Revolving Credit Facility.
Consistent with the Company’s tuck-in acquisition strategy, the acquisitions of Precision and VSi further increase the Company’s service offerings to include differentiated and proprietary coatings capabilities that position the Company to better meet customers’ evolving needs.
(2.)    BUSINESS ACQUISITIONS (Continued)
The Company has preliminarily estimated fair values for the assets purchased and liabilities assumed as of the date of the acquisitions. The determination of estimated fair value required management to make significant estimates and assumptions based on information that was available at the time that the condensed consolidated financial statements were prepared. The amounts reported are considered preliminary as the Company is completing the valuations that are required to allocate the purchase prices in areas such as property and equipment, intangible assets, liabilities and goodwill. As a result, the preliminary allocation of the purchase price may change in the future, including in ways which could be material.
The following table summarizes the preliminary purchase price allocations (in thousands):
PrecisionVSiTotal
Fair value of net assets acquired
Current assets (excluding inventory)$11,609 1,982 $13,591 
Inventory4,019 1,018 5,037 
Property, plant and equipment12,804 2,861 15,665 
Goodwill51,657 5,095 56,752 
Definite-lived intangible assets72,700 13,600 86,300 
Operating lease assets13,862 1,505 15,367 
Other noncurrent assets43 — 43 
Current liabilities (including current operating lease liabilities)(4,305)(773)(5,078)
Operating lease liabilities (noncurrent)(8,922)(1,256)(10,178)
Fair value of net assets acquired$153,467 $24,032 $177,499 
Intangible Assets
The preliminary fair values of the assets acquired were determined using one of three valuation approaches: market, income or cost. The selection of a particular method for a given asset depended on the reliability of available data and the nature of the asset, among other considerations.
Current Assets and Liabilities
The fair value of current assets and liabilities was assumed to approximate their carrying value as of the acquisition date due to the short-term nature of these assets and liabilities.
Property, Plant and Equipment
The fair value of Property, Plant and Equipment acquired was estimated by applying the cost approach for personal property and leasehold improvements. The cost approach was applied by developing a replacement cost and adjusting for economic depreciation and obsolescence.
Leases
The Company recognized operating lease liabilities and right-of-use assets for manufacturing facilities and equipment in accordance with ASC 842, Leases. Additionally, the Company recorded favorable lease terms associated with Precision for operating leases in the U.S. in the amount of $4.2 million. The favorable lease terms were recorded as an increase to the ROU lease assets.
Goodwill
The excess of the purchase price over the fair value of net tangible and intangible assets acquired and liabilities assumed was allocated to goodwill. The goodwill resulting from the transaction is primarily attributable to future customer relationships and the assembled workforce of the acquired business. The goodwill acquired in connection with the Precision and VSi acquisitions is deductible for tax purposes.
(2.)    BUSINESS ACQUISITIONS (Continued)
Intangible Assets
The purchase price for each of Precision and VSi was allocated to definite-lived intangible assets as follows (dollars in thousands):
Fair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Precision
Customer lists$52,000 1613.0%
Technology20,700 10.513.0%
$72,700 
VSi
Customer lists$7,700 1612.0%
Technology5,900 1712.0%
$13,600 
Customer Lists - Customer lists represent the estimated fair value of contractual and non-contractual customer relationships Precision and VSi each had as of the acquisition date. These relationships were valued separately from goodwill at the amount that an independent third party would be willing to pay for these relationships. The fair value of customer lists was determined using the multi-period excess-earnings method, a form of the income approach. For both acquisitions, the estimated useful life of the existing customer base was based upon the historical customer annual attrition rate of 5.0%, as well as management’s understanding of the industry and product life cycles.
Technology - Technology consists of technical processes, patented and unpatented technology, manufacturing know-how, trade secrets and the understanding with respect to products or processes that have been developed by Precision and VSi and that will be leveraged in current and future products. The fair value of technology acquired was determined utilizing the relief from royalty method, a form of the income approach, with royalty rates ranging from 5.0% to 8.0%. The estimated useful life of the technology is based upon management’s estimate of the product life cycle associated with the technology before it will be replaced by new technologies.
Contingent Consideration (Earnouts) - As part of the Precision and VSi acquisitions, the Company may be required to pay additional consideration based on a specified revenue growth milestones. For Precision, the Company may be required to pay up to additional $5.0 million of consideration based on a specified revenue growth milestone being met in 2025. For VSi, the Company may be required to pay up to additional $4.0 million of consideration, in the aggregate, based on specified annual revenue growth milestones being met through 2028. Any amounts earned under the Precision or VSi earnouts will be paid in cash following the conclusion of each respective period. The contingent consideration is classified as Level 3 in the fair value hierarchy and the fair value is measured based on a probability-weighted discounted cash flow analysis.
2024 Acquisition
On January 5, 2024, the Company acquired 100% of the outstanding capital stock of Pulse Technologies, Inc. (“Pulse”), a privately-held technology, engineering and contract manufacturing company focused on complex micro machining of medical device components for high growth structural heart, heart pump, electrophysiology, leadless pacing, and neuromodulation markets. Based in Pennsylvania, Pulse also provides proprietary advanced technologies, including hierarchical surface restructuring (HSRTM), scratch-free surface finishes, and titanium nitride coatings. Consistent with the Company’s tuck-in acquisition strategy, the acquisition of Pulse further increases the Company’s end-to-end development capabilities and manufacturing footprint in targeted growth markets and provides customers with expanded capabilities, capacity and resources to accelerate the time to market for customer products. The Company funded the purchase price with borrowings under its Revolving Credit Facility.
The total consideration transferred was $142.3 million, including contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $3.6 million, representing the Company’s obligation, under the purchase agreement, to make an additional payment of up to $20.0 million based on a specified revenue growth milestone being met in 2025.
(2.)    BUSINESS ACQUISITIONS (Continued)
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$7,456 
Inventory8,612 
Property, plant and equipment25,950 
Goodwill38,058 
Definite-lived intangible assets64,000 
Finance lease assets7,964 
Current liabilities(1,760)
Finance lease liabilities(7,936)
Fair value of net assets acquired$142,344 
Intangible Assets
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value Assigned
Customer lists$48,000 
Technology16,000 
$64,000 
Actual and Pro Forma disclosures
The following table presents (in thousands) pro forma results of operations for the three months ended March 29, 2024 as if Precision had been included in the Company’s financial results as of the beginning of fiscal year 2024. Pro forma results for VSi have not been presented as the results of VSi are not material in relation to the condensed consolidated financial statements of the Company. Actual results for each acquired business are included in the Company’s consolidated results subsequent to the date of their acquisition (in thousands):
Sales$419,870 
Income from continuing operations14,857 
The unaudited pro forma results are presented for illustrative purposes only and do not reflect the realization of potential cost savings, and any related integration costs. Certain costs savings may result from the acquisition; however, there can be no assurance that these cost savings will be achieved. These unaudited pro forma results do not purport to be indicative of the results that would have been obtained or a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, the increases to interest expense reflecting the amount borrowed in connection with the acquisition, acquisition related costs and the impact of income taxes on the pro forma adjustments.
From the date of acquisition through the quarter ended March 28, 2025, sales related to Precision and VSi were $13.3 million in the aggregate and earnings were not material.
Acquisition costs
Direct acquisition costs are expensed as incurred and included in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income. During the three months ended March 28, 2025, direct costs of the Precision and VSi acquisitions were $2.8 million. Direct costs of the Pulse acquisition during the three months ended March 29, 2024 were $5.5 million.
v3.25.1
DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 28, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On October 31, 2024, the Company completed the sale of Electrochem, collecting cash proceeds of $48.7 million, which is net of transaction costs and adjustments set forth in the stock purchase agreement. The Electrochem business focused on non-medical applications for the energy, military and environmental sectors. Upon the signing of the stock purchase agreement on September 27. 2024, the Electrochem business qualified as a discontinued operation. In connection with the sale, the Company entered into a transition services agreement with the purchaser whereby the Company will perform certain support functions for a period of up to nine months from the date of the closing.
In connection with the closing of the transaction, the Company recognized a pre-tax gain on sale of discontinued operations of $0.9 million, of which $0.8 million was recorded during the year ended December 31, 2024. The Company is in the process of finalizing the net working capital adjustment with the purchaser as provided for in the stock purchase agreement. The final net working capital adjustment, as determined through the established process outlined in the stock purchase agreement, may be different from the Company’s estimates. The impact of any changes in the net working capital adjustment and associated income taxes will be recorded as an adjustment to the gain on sale from discontinued operations in the period such change occurs and may be materially different from the Company’s estimates.
Selected financial information of the Electrochem business included in discontinued operations is below.
Loss from discontinued operations, net of tax, were as follows (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Sales$— $7,691 
Cost of sales68 6,124 
Gross profit(68)1,567 
Selling, general and administrative expenses— 494 
Research, development and engineering costs— 479 
Restructuring and other charges— 18 
Interest expense— 680 
Gain on sale of discontinued operations(46)— 
Loss from discontinued operations before taxes(22)(104)
Income tax benefit— (21)
Loss from discontinued operations, net of tax$(22)$(83)
Cash flow information from discontinued operations for the three months ended March 29, 2024 was as follows (in thousands):
Cash used in operating activities$1,799 
Cash used in investing activities (all capital expenditures)162 
Depreciation and amortization313 
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION
 3 Months Ended
Mar. 28, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
The following is supplemental information, including discontinued operations, relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
Three Months Ended
March 28,
2025		March 29,
2024
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$16,701 $12,792 
Common stock issued for conversion of debt183,972 — 
Common stock received under capped call upon conversion of debt26,858 — 
Write-off of unamortized deferred costs and original issued discount upon conversion of
  debt included in Additional paid in capital		5,124 — 
Common stock issued for acquisition3,989 — 
Debt issuance costs incurred but not yet paid1,208 — 
Supplemental lease disclosures:
Assets acquired under operating leases11,147 4,092 
Assets acquired under finance leases3,159 1,349 
v3.25.1
INVENTORIES
 3 Months Ended
Mar. 28, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
March 28,
2025		December 31,
2024
Raw materials$109,556 $104,620 
Work-in-process134,348 126,810 
Finished goods16,199 15,696 
Total$260,103 $247,126 
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 28, 2025
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 for the three months ended March 28, 2025 were as follows (in thousands):
December 31, 2024$1,017,729 
Precision and VSi acquisitions (Note 2)56,752 
Foreign currency translation7,904 
March 28, 2025$1,082,385 
Intangible Assets
See Note 2, “Business Acquisitions” for additional details regarding intangible assets acquired during 2025. Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
March 28, 2025
Definite-lived:
Purchased technology and patents$321,788 $(210,346)$111,442 
Customer lists938,172 (296,255)641,917 
Amortizing tradenames and other20,026 (7,465)12,561 
Total amortizing intangible assets$1,279,986 $(514,066)$765,920 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer lists870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
Aggregate intangible asset amortization expense comprises the following (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
Cost of sales$4,574 $4,263 
Selling, general and administrative expenses10,277 9,088 
Total intangible asset amortization expense$14,851 $13,351 
Estimated future intangible asset amortization expense based on the carrying value as of March 28, 2025 is as follows (in thousands):
Remainder of 20252026202720282029After 2029
Amortization Expense$48,787 $62,088 $59,143 $57,579 $55,329 $482,994 
v3.25.1
DEBT
 3 Months Ended
Mar. 28, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt comprises the following (in thousands):
 March 28, 2025December 31, 2024
Principal AmountUnamortized Discounts and Issuance CostsNet Carrying AmountPrincipal AmountUnamortized Discounts and Issuance CostsNet Carrying Amount
Senior Secured Credit Facilities:
Revolving credit facilities$— $— $— $126,000 $— $126,000 
Term loan A145,000 (465)144,535 375,000 (1,302)373,698 
2028 Convertible Notes116,312 (2,056)114,256 499,994 (9,539)490,455 
2030 Convertible Notes1,000,000 (23,576)976,424 — — — 
Total$1,261,312 $(26,097)$1,235,215 $1,000,994 $(10,841)$990,153 
Current portion of long-term debt(11)(10,000)
Long-term debt$1,235,204 $980,153 
In September 2021, the Company entered into a credit agreement (the “2021 Credit Agreement”), governing the Company’s senior secured credit facilities (the “Senior Secured Credit Facilities”). In February 2023, the Company issued $500.0 million aggregate principal amount of 2.125% Convertible Senior Notes due in 2028 (the “2028 Convertible Notes”). In March 2025, the Company issued $1.0 billion aggregate principal amount of 1.875% Convertible Senior Notes due in 2030 (the “2030 Convertible Notes”). For additional details about the Senior Secured Credit Facilities, the 2028 Convertible Notes and the Capped Call Transactions as defined below, refer to Note 8, “Debt” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Fourth Amendment to the 2021 Credit Agreement
On March 12, 2025, the Company entered into a fourth amendment (the “Fourth Amendment”) to the 2021 Credit Agreement. The Fourth Amendment amended the terms of the 2021 Credit Agreement to, among other things, permit the Company to issue the 2030 Convertible Notes and incur other convertible note indebtedness in an aggregate principal amount of up to $1.5 billion at any time outstanding.
Senior Secured Credit Facilities
As of March 28, 2025, the Company maintained Senior Secured Credit Facilities consisting of a five-year $800 million revolving credit facility (the “Revolving Credit Facility”) and a five-year “term A” loan (the “TLA Facility”).
Revolving Credit Facility
The Revolving Credit Facility matures on February 15, 2028. As of March 28, 2025, the Company had available borrowing capacity on the Revolving Credit Facility of $794.7 million after giving effect to $5.3 million of outstanding standby letters of credit. Borrowings under the Revolving Credit Facility bear interest at a rate based on the secured overnight financing rate for the applicable interest period plus an adjustment of 0.10% per annum, in relation to any loan in U.S. dollars, and the Euro Interbank Offered Rate, in relation to any loan in Euros, plus a margin based on the Company’s Secured Net Leverage Ratio (as defined in the 2021 Credit Agreement). In addition, the Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which ranges between 0.15% and 0.25%, depending on the Company’s Secured Net Leverage Ratio. As of March 28, 2025, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 5.93% and the commitment fee on the unused portion of the Revolving Credit Facility was 0.18%.
TLA Facility
The TLA Facility matures on February 15, 2028. In March 2025, the Company used a portion of the proceeds from its offering of the 2030 Convertible Notes to prepay the required quarterly principal installments under the TLA Facility through maturity. The interest rate terms for the TLA Facility are the same as those described above for the Revolving Credit Facility borrowings in U.S. dollars. Additionally, in connection with the partial repayment of the TLA Facility, the Company incurred a $0.7 million loss on extinguishment of debt from the write-off of a portion of the remaining deferred debt issuance costs and original issue discount, which were expensed and included in Interest expense during the three months ended March 28, 2025. As of March 28, 2025, the interest rate on the TLA Facility was 5.93%.
(7.)     DEBT (Continued)
Covenants
The 2021 Credit Agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require the Company not to exceed a specified maximum Total Net Leverage Ratio (as defined in the 2021 Credit Agreement) and an interest coverage ratio as of the end of each fiscal quarter. As of March 28, 2025, the Company was in compliance with these financial covenants.
Contractual principal maturities under the Senior Secured Credit Facilities as of March 28, 2025, are as follows (in thousands):
Remainder of 2025202620272028
Future minimum principal payments$— $— $— $145,000 
2030 Convertible Notes Issuance and 2028 Convertible Notes Exchange Transactions
On March 18, 2025, the Company issued $1.0 billion in aggregate principal amount of 2030 Convertible Notes due 2030 that bear interest at a fixed rate of 1.875% per annum by private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), which included the exercise in full of the initial purchasers’ option to purchase up to an additional $125.0 million principal amount of the 2030 Convertible Notes. The 2030 Convertible Notes were issued pursuant to an indenture dated as of March 18, 2025, by and between the Company and Wilmington Trust, National Association, as trustee (the “2030 Convertible Notes Indenture”). The 2030 Convertible Notes are senior unsecured obligations of the Company. The Company used a portion of the proceeds from the issuance of the 2030 Convertible Notes to exchange $383.7 million in aggregate principal amount of the 2028 Convertible Notes in privately-negotiated transactions for an aggregate cash exchange consideration of $384.4 million in cash and 1,553,806 shares of Common Stock (the “Note Exchange Transactions”).
The Company determined that the exchange of the 2028 Convertible Notes in the Note Exchange Transactions met the criteria to be accounted as an induced conversion in accordance with Accounting Standards Codification 470-20, Debt with Conversion and Other Options (ASC 470-20). As a result of the induced conversion, in March 2025 the Company recorded $46.7 million in induced conversion expense within Other loss, net in the Condensed Consolidated Statements of Operations and Comprehensive Income. The induced conversion expense represents the fair value of the consideration issued in the Note Exchange Transactions upon conversion in excess of the fair value of the securities issuable under the original terms of the 2028 Convertible Notes.
Contemporaneously with the Note Exchange Transactions, the Company and the financial institutions party to the 2028 Capped Calls agreed to terminate a portion of the 2028 Capped Calls (as defined below) in a notional amount corresponding to the amount of 2028 Convertible Notes exchanged in the Note Exchange Transactions. In connection herewith, the Company received 436,963 shares of Common Stock, the fair value of the terminated portion of the 2028 Capped Calls, upon settlement. The terms of the remaining 2028 Capped Calls remain unchanged.
2030 Convertible Notes
The issuance of the 2030 Convertible Notes resulted in $976.3 million in net proceeds to the Company after deducting initial purchasers’ discounts and issuance costs.
The 2030 Convertible Notes bear interest at a fixed rate of 1.875% per annum, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2025. The 2030 Convertible Notes will mature on March 15, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms.
Debt discount and issuance costs related to the 2030 Convertible Notes were $23.7 million, including $22.5 million of discount and $1.2 million of new debt issuance costs related to the 2030 Convertible Notes. The debt discount and issuance costs are amortized as interest expense using the effective interest method over the term of the 2030 Convertible Notes. The effective interest rate of the 2030 Convertible Notes was 2.38% as of March 28, 2025.
(7.)     DEBT (Continued)
Holders of the 2030 Convertible Notes may convert all or a portion of their 2030 Convertible Notes at their option prior to December 15, 2029, in multiples of $1,000 principal amounts, only under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ended on June 30, 2025 (and only during such calendar quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 150% of the conversion price on each applicable trading day;
•during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the 2030 Convertible Notes Indenture) per $1,000 principal amount of the 2030 Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate in effect on each such trading day;
•if the Company calls any or all of the 2030 Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
On or after December 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2030 Convertible Notes may convert all or any portion of the 2030 Convertible Notes at their option at the conversion rate then in effect, irrespective of these conditions. The Company will settle conversions of the 2030 Convertible Notes by paying cash up to the aggregate principal amount of the 2030 Convertible Notes to be converted and cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2030 Convertible Notes being converted. The conversion rate will initially be 6.6243 shares of Common Stock per $1,000 principal amount of 2030 Convertible Notes (equivalent to an initial conversion price of approximately $150.96 per share of Common Stock). The conversion rate is subject to customary adjustments upon the occurrence of certain events. If the Company undergoes a fundamental change (as defined in the 2030 Convertible Notes Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2030 Convertible Note in connection with such corporate event or during the relevant redemption period.
The Company may not redeem the 2030 Convertible Notes prior to March 20, 2028. The Company may redeem for cash all or part of the 2030 Convertible Notes, at its option, on or after March 20, 2028, if the last reported sale price of its Common Stock has been at least 140% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (as defined in the 2030 Convertible Notes Indenture).
The 2030 Convertible Notes Indenture provides for customary events of default, which include (subject in certain cases to grace and cure periods), among others: nonpayment of principal or interest; failure by the Company to comply with its conversion obligations upon exercise of a holder’s conversion right under the 2030 Convertible Notes Indenture; breach of covenants or other agreements in the 2030 Convertible Notes Indenture; defaults by the Company or any significant subsidiary (as defined in the 2030 Convertible Notes Indenture) with respect to other indebtedness in excess of a threshold amount; failure by the Company or any significant subsidiary to pay final judgments in excess of a threshold amount; and the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to the Company or any significant subsidiary. Generally, if an event of default occurs and is continuing under the 2030 Convertible Notes Indenture, either the trustee or the holders of at least 25% in aggregate principal amount of the 2030 Convertible Notes then outstanding may declare the principal amount plus accrued and unpaid interest on the 2030 Convertible Notes to be immediately due and payable.
(7.)     DEBT (Continued)
2028 Convertible Notes
In February 2023, the Company issued the 2028 Convertible Notes with an aggregate principal amount of $500.0 million in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $65.0 million principal amount of the 2028 Convertible Notes. The 2028 Convertible Notes were issued pursuant to an indenture dated as of February 3, 2023, by and between the Company and Wilmington Trust, National Association, as trustee. On March 18, 2025, in connection with the issuance of the 2030 Convertible Notes, the Company used part of the net proceeds therefrom to exchange $383.7 million in aggregate principal amount of the 2028 Convertible Notes in privately-negotiated transactions. Subsequent to exchange, the remaining aggregate principal amount of the 2028 Convertible Notes was $116.3 million. For additional information, refer to “2030 Convertible Notes Issuance and 2028 Convertible Notes Exchange Transactions” above.
The 2028 Convertible Notes are senior unsecured obligations of the Company, which bear interest at a fixed rate of 2.125% per annum, payable semiannually in arrears on February 15 and August 15 of each year. The 2028 Convertible Notes will mature on February 15, 2028 unless repurchased, redeemed, or converted in accordance with their terms prior to such date and do not contain financial maintenance covenants. The 2028 Convertible Notes are convertible at an initial conversion rate of 11.4681 shares of the Company’s common stock per $1,000 principal amount of the 2028 Convertible Notes, which is equivalent to an initial conversion price of approximately $87.20 per share of Common Stock. The conversion rate is subject to standard anti-dilutive adjustments and adjustments upon the occurrence of specified events.
The Company may not redeem the 2028 Convertible Notes prior to February 20, 2026. The Company may redeem for cash all or any portion of the 2028 Convertible Notes, at its option, on or after February 20, 2026 and prior to February 15, 2028, if the last reported sale price of its Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Holders of the 2028 Convertible Notes may convert all or a portion of their 2028 Convertible Notes at their option prior to November 15, 2027, in multiples of $1,000 principal amounts, only under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ended on March 31, 2023 (and only during such calendar quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the indenture governing the 2028 Convertible Notes) per $1,000 principal amount of the 2028 Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate in effect on each such trading day;
•if the Company calls any or all of the 2028 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
On or after November 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2028 Convertible Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.
(7.)     DEBT (Continued)
Upon conversion, the 2028 Convertible Notes will be settled in cash up to the aggregate principal amount of the 2028 Convertible Notes to be converted, and in cash, shares of the Common Stock or a combination thereof, at the Company’s option, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2028 Convertible Notes being converted. If the Company undergoes a fundamental change (as defined in the indenture governing the 2028 Convertible Notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2028 Convertible Notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2028 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2028 Convertible Note in connection with such corporate event or during the relevant redemption period.
As of March 28, 2025, the conditions allowing holders of the 2028 Convertible Notes to convert had been met and, therefore, the 2028 Convertible Notes became eligible for conversion at the option of the holders beginning on January 1, 2025 and ending at the close of business on March 31, 2025. Subsequent to March 28, 2025, the sale price of the Common Stock for conversion was satisfied as of April 1, 2025 and as a result, the 2028 Convertible Notes will continue to be eligible for optional conversion during the second quarter of 2025. Any determination regarding the convertibility of the 2028 Convertible Notes during future periods will be made in accordance with the terms of the indenture governing the 2028 Convertible Notes. If a conversion request occurs, the Company has the intent and ability to refinance the amounts that may become due with respect to the 2028 Convertible Notes using the available borrowing capacity under the Revolving Credit Facility. As such, the obligations associated with the 2028 Convertible Notes continue to be classified as a long-term liability on the Condensed Consolidated Balance Sheet at March 28, 2025.
The 2028 Convertible Notes are accounted for as a single liability measured at amortized cost. The discount and issuance costs related to the 2028 Convertible Notes are being amortized to interest expense over the contractual term of the 2028 Convertible Notes. As of March 28, 2025, the 2028 Convertible Notes had an effective interest rate of 2.76%.
Capped Call Transactions
2028 Capped Calls
In connection with the issuance of the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2028 Capped Calls”) with certain financial institutions. The 2028 Capped Calls are expected generally to reduce the potential dilution to the Common Stock in connection with any conversion of the 2028 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2028 Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap based on the strike price of written warrants. The initial upper strike price of the 2028 Capped Calls is $108.59 per share and is subject to certain adjustments under the terms of the 2028 Capped Calls.
2030 Capped Calls
In connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped calls (the “2030 Capped Calls”) with certain financial institutions. The Company used $71.0 million of the net proceeds from the offering of the 2030 Convertible Notes to pay for the cost of the 2030 Capped Calls. The 2030 Capped Calls are expected generally to reduce the potential dilution to the Common Stock upon any conversion of the 2030 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2030 Convertible Notes, as the case may be, in the event that the market price per share of the Common Stock, as measured under the terms of the 2030 Capped Calls, is greater than the strike price of the 2030 Capped Calls, which initially corresponds to the conversion price of the 2030 Convertible Notes and is subject to customary anti-dilution adjustments. The initial upper strike price of the 2030 Capped Calls is $189.44 per share and is subject to customary anti-dilution adjustments under the terms of the 2030 Capped Calls.
v3.25.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 28, 2025
Share-Based Payment Arrangement [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 (the “Board”) or the Compensation and Organization Committee (the “Compensation Committee”) of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock awards, performance awards, time-based restricted stock units (“RSUs”), performance-based RSUs (“PRSUs”), stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.
Stock-based Compensation Expense
The classification of stock-based compensation expense was as follows (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
RSUs and PRSUs$6,880 $6,746 
Discontinued operations— 102 
Total stock-based compensation expense$6,880 $6,848 
Cost of sales$1,423 $1,259 
Selling, general and administrative5,048 5,101 
Research, development and engineering380 366 
Restructuring and other charges29 20 
Discontinued operations— 102 
Total stock-based compensation expense$6,880 $6,848 
Stock Options
The following table summarizes the Company’s stock option activity for the three month period ended March 28, 2025:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life
(In Years)		Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2024130,083 $39.63 
Exercised(5,754)45.39 
Outstanding and exercisable at March 28, 2025124,329 $39.36 1.8$9.6 
Time-Based Restricted Stock Units
Most RSUs granted to employees during the three months ended March 28, 2025 vest over a period of three years from the grant date, subject to the recipient’s continuous service to the Company. RSUs are issued to members of the Board as a portion of their annual retainer and vest quarterly over a period of one year. The grant-date fair value of all RSUs is equal to the closing market price of Integer common stock on the date of grant.
(8.)     STOCK-BASED COMPENSATION (Continued)
The following table summarizes RSU activity for the three month period ended March 28, 2025:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024313,404 $88.36 
Granted108,989 137.89 
Vested(110,244)86.67 
Forfeited(3,685)107.57 
Nonvested at March 28, 2025308,464 $106.23 
Performance-Based Restricted Stock Units
For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned (0% to 200% of the target award) depends on the achievement of financial and market-based performance conditions. The financial performance conditions are based on the Company’s sales targets over a three year performance period. The market-based performance conditions are based on the Company’s achievement of a relative total shareholder return performance requirement, on a percentile basis, compared to a defined group of peer companies over a three year performance period.
The following table summarizes PRSU activity for the three month period ended March 28, 2025:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024237,898 $88.95 
Granted65,089 150.49 
Performance adjustment(a)
76,520 83.36 
Vested(153,040)83.36 
Nonvested at March 28, 2025226,467 $108.53 
__________
(a)Represents additional PRSUs earned related to above-target achievement of performance conditions, the achievement of which was based upon predefined performance targets established by the Compensation Committee at the initial grant date.
The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market-based performance conditions. The grant-date fair value of all other PRSUs is equal to the closing market price of the Common Stock on the date of grant. The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:
 Three Months Ended
 March 28,
2025		March 29,
2024
Weighted average fair value$162.62 $117.96 
Risk-free interest rate4.29 %4.13 %
Expected volatility33 %34 %
Expected life (in years)3.03.0
Expected dividend yield— %— %
The valuation of the market-based PRSUs granted during 2025 and 2024 also reflects a weighted average illiquidity discount of 8.78% and 8.00%, respectively, related to the one-year and six-month period, respectively, that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.
v3.25.1
RESTRUCTURING AND OTHER CHARGES
 3 Months Ended
Mar. 28, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges comprise the following (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
Restructuring charges$664 $1,410 
Acquisition and integration costs
4,742 6,335 
Other general expenses(1)118 
Total restructuring and other charges
$5,405 $7,863 
Restructuring programs
Operational excellence
The Company’s operational excellence initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes.
Strategic reorganization and alignment
The Company’s strategic reorganization and alignment initiatives primarily include those that align resources with market conditions and the Company’s strategic direction in order to enhance the profitability of its portfolio of products.
Manufacturing alignment to support growth
The Company’s manufacturing alignment to support growth initiatives are designed to reduce costs, improve operating efficiencies or increase capacity to accommodate growth, which may involve relocation or consolidation of manufacturing operations.
The following table comprises restructuring and restructuring-related charges (gains) by classification in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
Restructuring charges:
Restructuring and other charges
$664 $1,410 
Restructuring-related expenses(a):
Cost of sales401 339 
Selling, general and administrative43 137 
Research, development and engineering(6)1 
Total restructuring and restructuring-related charges
$1,102 $1,887 
__________
(a) Restructuring-related expenses primarily include retention bonuses, consulting expenses and professional fees.
(9.)     RESTRUCTURING AND OTHER CHARGES (Continued)
The following table summarizes the activity for restructuring reserves (in thousands):
Operational
excellence		Strategic reorganization and alignmentManufacturing alignment to support growthTotal
December 31, 2024$690 $115 $— $805 
Charges incurred, net of reversals183 271 210 664 
Cash payments(684)(156)(210)(1,050)
Non-cash adjustments— — — — 
March 28, 2025$189 $230 $— $419 
Acquisition and integration costs
Acquisition and integration costs primarily consist of professional fees directly related to business acquisitions and costs to integrate the systems, processes and organizations acquired. During the three months ended March 28, 2025, acquisition and integration costs primarily related to the Precision and VSi acquisitions. During the three months ended March 29, 2024, acquisition and integration costs primarily related to the Pulse and InNeuroCo acquisitions.
Other general expenses
During the three months ended March 28, 2025 and March 29, 2024, the Company recorded expenses related to other initiatives not described above, which primarily include gains and losses in connection with the disposal of property, plant and equipment.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 28, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.
 Three Months Ended
March 28,
2025		March 29,
2024
Income from continuing operations before taxes$(12,999)$24,839 
Provision for income taxes9,466 4,248 
Effective tax rate(72.8)%17.1 %
The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the first quarter of 2025 is due principally to the impact of the 2028 Convertible Notes Exchange Transactions, including the nondeductible induced conversion expense and reduction of future original issue discount amortization for U.S. income tax purposes. To a lesser extent, the remaining difference between the Company’s effective tax rate and the U.S. federal statutory income tax rate are consistent with the differences recognized in the first quarter of 2024 and consist of the net impact of the Company’s earnings outside the U.S., which are generally taxed at rates that differ from the U.S. federal rate, the Global Intangible Low-Taxed Income (“GILTI”) tax, the Foreign Derived Intangible Income (“FDII”) deduction, the availability of tax credits and the recognition of certain discrete tax items.
For the first quarter of 2025, the Company recorded a discrete tax benefit of $1.5 million, compared to a discrete tax benefit of $0.8 million for the first quarter of 2024. The discrete tax benefits for the first quarter of 2025 and 2024 are predominately related to excess tax benefits, net of deductibility limitations, recognized upon vesting of RSUs.
(10.)    INCOME TAXES (Continued)
On December 15, 2022, the European Union (“EU”) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development (“OECD”) Pillar Two Framework. The effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates in the future. The Company is continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by additional individual countries. The Company’s 2025 provision for income taxes includes the impact of the Pillar Two 15% Global Minimum Tax.
Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. As of March 28, 2025, the Company had unrecognized tax benefits of approximately $6.3 million, substantially all of which would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of March 28, 2025, the Company believes it is reasonably possible that a reduction of approximately $4.0 million of the balance of unrecognized tax benefits may occur within the next 12 months as a result of various statute expirations, audit closures, and/or tax settlements.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingent Consideration Arrangements
The Company records contingent consideration liabilities related to the earn-out provisions for certain acquisitions. See Note 14, “Financial Instruments and Fair Value Measurements” for additional information.
Litigation
The Company is subject to litigation arising from time to time in the ordinary course of its business. The Company does not expect that the ultimate resolution of any pending legal actions will have a material effect on its consolidated results of operations, financial position, or cash flows. However, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which the Company currently believes to be immaterial, will not become material in the future.
v3.25.1
EARNINGS (LOSS) PER SHARE (“EPS”)
 3 Months Ended
Mar. 28, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE (“EPS”) EARNINGS (LOSS) PER SHARE (“EPS”)
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 Three Months Ended
March 28,
2025		March 29,
2024
Numerator for basic and diluted EPS:
Income (loss) from continuing operations$(22,465)$20,591 
Loss from discontinued operations(22)(83)
Net income (loss)$(22,487)$20,508 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic33,916 33,478 
Dilutive effect of share-based awards— 487 
Dilutive impact of Convertible Notes— 1,028 
Weighted average shares outstanding - Diluted33,916 34,993 
Basic earnings (loss) per share:
Income (loss) from continuing operations$(0.66)$0.62 
Income (loss) from discontinued operations— — 
Basic earnings (loss) per share$(0.66)$0.61 
Diluted earnings (loss) per share:
Income (loss) from continuing operations$(0.66)$0.59 
Income (loss) from discontinued operations$— $— 
Diluted earnings (loss) per share$(0.66)$0.59 
For periods in which the Company has reported a loss from continuing operations, diluted earnings (loss) per share is the same as basic earnings (loss) per share, as the effects of common stock equivalents outstanding and shares issuable upon conversion of convertible debt instruments are antidilutive and, therefore, excluded from the calculation of diluted earnings (loss) per share.
The following table sets forth potential shares of Common Stock that are not included in the diluted earnings (loss) per share calculation above because to do so would be anti-dilutive for the periods indicated (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Stock options124 — 
RSUs308 — 
PRSUs226 42 
Common Stock issuable upon conversion of the 2028 Convertible Notes1,649 — 
The dilutive effect for the Company's 2028 Convertible Notes and 2030 Convertible Notes (collectively, “Convertible Notes”) is calculated using the if-converted method. The Company is required, pursuant to the indentures governing the Convertible Notes, to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (the in-the-money portion) in cash, shares of the Common Stock, or a combination thereof. Because the principal amount of the Convertible Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the Convertible Notes. During the three months ended March 28, 2025, the potential conversion of the 2030 Convertible Notes was not included in the diluted earnings (loss) per share calculation because the 2030 Convertible Notes are not potentially eligible for conversion until the quarter beginning on July 1, 2025.
v3.25.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 28, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Common Stock
The following is a summary of the number of shares of Common Stock issued and outstanding for the three month periods ended March 28, 2025 and March 29, 2024:
IssuedTreasury StockOutstanding
Beginning balance at December 31, 202433,546,262 (6)33,546,256 
Stock options exercised3,796 — 3,796 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes190,588 — 190,588 
Stock issued upon conversion of convertible debt1,553,806 — 1,553,806 
Exercise of capped call upon conversion of convertible debt— (436,963)(436,963)
Stock issued for acquisition32,393 — 32,393 
Ending balance at March 28, 202535,326,845 (436,969)34,889,876 
Beginning balance at December 31, 202333,329,648 — 33,329,648 
Stock options exercised7,018 — 7,018 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes167,053 — 167,053 
Ending balance at March 29, 202433,503,719 — 33,503,719 
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) (“AOCI”) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2024$67 $(6,482)$(8,985)$(15,400)$1,357 $(14,043)
Unrealized gain on cash flow hedges— 4,400 — 4,400 (923)3,477 
Realized loss on foreign currency hedges— 1,293 — 1,293 (272)1,021 
Foreign currency translation gain— — 20,291 20,291 — 20,291 
March 28, 2025$67 $(789)$11,306 $10,584 $162 $10,746 
December 31, 2023$(28)$2,153 $18,529 $20,654 $(431)$20,223 
Unrealized gain on cash flow hedges— 1,806 — 1,806 (379)1,427 
Realized gain on foreign currency hedges— (431)— (431)90 (341)
Foreign currency translation loss— — (13,438)(13,438)— (13,438)
March 29, 2024$(28)$3,528 $5,091 $8,591 $(720)$7,871 
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 28, 2025
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 and contingent consideration. 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 may use 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 Condensed Consolidated Balance Sheets.
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
March 28, 2025
Assets: Foreign currency hedging contracts$613 $— $613 $— 
Liabilities: Foreign currency hedging contracts1,402 — 1,402 — 
Liabilities: Contingent consideration3,445 — — 3,445 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
Derivatives Designated as Hedging Instruments
Foreign Currency Contracts
The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges.
Information regarding outstanding foreign currency forward contracts as of March 28, 2025 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$43,280 Dec 20251.0802Euro$441 Prepaid expenses and other current assets
7,193 Dec 20250.0233UYU Peso139 Prepaid expenses and other current assets
4,949 Dec 20250.2260MYR Ringgit$11 Prepaid expenses and other current assets
43,951 Dec 20250.0506MXN Peso$(1,402)Accrued expenses and other current liabilities
6,137 Jul 20260.0465MXN Peso22 Other long-term assets
Information regarding outstanding foreign currency forward contracts as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$60,589 Dec 20251.0831Euro$1,950 Accrued expenses and other current liabilities
10,690 Dec 20250.0248UYU Peso248 Accrued expenses and other current liabilities
51,341 Dec 20250.0566MXN Peso3,893 Accrued expenses and other current liabilities
10,322 Jul 20260.0566MXN Peso391 Other long-term liabilities
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The following tables present the effect of cash flow hedge derivative instruments on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income for the three and three months ended March 28, 2025 and March 29, 2024 (in thousands):
Three Months Ended
March 28, 2025March 29, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$437,392 $(583)$407,796 $10 
Cost of sales317,074 (693)299,523 357 
Operating expenses70,766 (17)69,572 64 
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three Months Ended
Location in Statements of Operations and Comprehensive
 Income
Three Months Ended
March 28,
2025		March 29,
2024		March 28,
2025		March 29,
2024
Foreign exchange contracts$1,808 $(1,259)Sales$(583)$10 
Foreign exchange contracts2,419 2,716 Cost of sales(693)357 
Foreign exchange contracts349 349 Operating expenses(17)64 
The Company expects to reclassify net losses totaling $0.8 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
Derivatives Not Designated as Hedging Instruments
The Company also has foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. To minimize foreign currency exposure, the Company enters into foreign currency contracts with a one month maturity. At March 28, 2025 and December 31, 2024, the Company had total gross notional amounts of $22.0 million and $33.0 million, respectively, of foreign currency contracts outstanding that were not designated as hedges. The fair value of derivatives not designated as hedges was not material for any period presented. Gains/losses on foreign currency contracts not designated as hedging instruments are included in Other loss, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. The Company recorded gains of $0.6 million for the three months ended March 28, 2025, compared to net losses of $0.9 million for the three months ended March 29, 2024. Each of the foreign currency contracts not designated as hedging instruments will have approximately offsetting effects from the underlying intercompany loans subject to foreign exchange remeasurement.
Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended March 28, 2025 and March 29, 2024 (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Fair value measurement at beginning of period$904 $876 
Amount recorded for current year acquisitions
2,541 3,578 
Fair value measurement at end of period$3,445 $4,454 
As of March 28, 2025 and December 31, 2024, the contingent consideration liability of $3.4 million and $0.9 million, respectively, was non-current and included in Other long-term liabilities on the Condensed Consolidated Balance Sheets.
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The contingent consideration at March 28, 2025 is the estimated fair value of the Company’s remaining obligations, under the purchase agreements for Precision, VSi, Pulse and InNeuroCo, to make additional payments if certain revenue goals are met. The fair value of the contingent consideration liability relating to the acquisitions of Precision and VSi was $1.4 million and $1.1 million, respectively, at the date of acquisition and at March 28, 2025. See Note 2, “Business Acquisitions,” for additional information about the Precision, VSi and Pulse acquisitions and related contingent consideration.
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 and TLA 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.
As of March 28, 2025 and December 31, 2024, the estimated fair value of the 2028 Convertible Notes was approximately $170 million and $635 million, respectively. As of March 28, 2025, the estimated fair value of the 2030 Convertible Notes was approximately $1,004 million.
The estimated fair value of the Convertible Notes was determined through consideration of quoted market prices. The fair value of the Convertible Notes is categorized in Level 2 of the fair value hierarchy.
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.
Equity investments comprise the following (in thousands):
March 28,
2025		December 31,
2024
Equity method investment$7,418 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,598 $7,417 
The components of Gain on equity investments for each period were as follows (in thousands):
Three Months Ended
March 28,
2025		March 29,
2024
Equity method investment gain$(181)$(1,136)
The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of March 28, 2025, the Company owned 7.6% of this fund.
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE
 3 Months Ended
Mar. 28, 2025
Revenue from Contract with Customer [Abstract]  
SEGMENTS AND DISAGGREGATED REVENUE SEGMENTS AND DISAGGREGATED REVENUE
The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated income from continuing operations to make key operating decisions, including resource allocations and performance assessments. Refer to the Condensed Consolidated Statement of Operations and Comprehensive Income for financial results of the Company’s operating segment.
The following table presents Property, Plant and Equipment (“PP&E”) by geographic area. In these tables, PP&E is aggregated based on the physical location of the tangible long-lived assets (in thousands):
March 28,
2025		March 29,
2024
Long-lived tangible assets by geographic area:
United States$277,257 $260,220 
Ireland146,107 139,889 
Mexico40,089 37,838 
Rest of world32,510 27,851 
Total$495,963 $465,798 
The following table presents sales by product line (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Cardio & Vascular$258,871 $221,851 
Cardiac Rhythm Management & Neuromodulation
160,345 156,931 
Other Markets18,176 29,014 
Total sales$437,392 $407,796 
Revenue recognized from products and services transferred to customers over time represented 33% of total revenue for both the three months ended March 28, 2025 and March 29, 2024.
The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of total revenues.
Three Months Ended
March 28, 2025March 29, 2024
Customer A21%14%
Customer B15%17%
Customer C14%14%
All other customers50%55%
The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of total revenues are shipped.
Three Months Ended
March 28, 2025March 29, 2024
United States52%58%
All other countries48%42%
(15.)    SEGMENTS AND DISAGGREGATED REVENUE (Continued)
Contract Balances
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
March 28,
2025		December 31,
2024
Contract assets$102,930 $103,772 
Contract liabilities (included in Accrued expenses and other current liabilities)3,585 4,440 
Contract liabilities (included in Other long-term liabilities)4,064 4,398 
During the three months ended March 28, 2025, the Company recognized $1.2 million of revenue that was included in the contract liability balance as of December 31, 2024. During the three months ended March 29, 2024, the Company recognized $1.5 million of revenue that was included in the contract liability balance as of December 31, 2023.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Pay vs Performance Disclosure    
Net income (loss) $ (22,487) $ 20,508
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 28, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 28, 2025
Accounting Policies [Abstract]  
Basis of Accounting
The accompanying condensed consolidated financial statements are presented in accordance with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in the Company’s Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024.
Interim Basis of Accounting
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. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which 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.
Discontinued Operations
Discontinued Operations
As discussed in Note 3, “Discontinued Operations,” during 2024 the Company sold Electrochem Solutions, Inc. (“Electrochem”). Electrochem met the criteria to be reported as held for sale and discontinued operations. The results of operations of the Electrochem business are classified as discontinued operations and are excluded from continuing operations for all periods presented. Intersegment sales to Electrochem that were previously eliminated in consolidation have been treated as third party sales and are included in sales from continuing operations as the Company will continue to supply the Electrochem business with certain specified products following its divestiture. The Condensed Consolidated Statements of Cash Flows include cash flows related to the discontinued operations due to Integer’s (parent) centralized treasury and cash management processes. All results and information in the consolidated financial statements, including the notes to the consolidated financial statements, have been updated for all periods presented to exclude information pertaining to discontinued operations, unless otherwise noted specifically as discontinued operations, and reflect only the continuing operations of the Company.
Factoring Arrangements
Factoring Arrangements
The Company has receivable factoring arrangements, pursuant to which certain receivables may be sold on a non-recourse basis to financial institutions. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income.
Supplier Financing Arrangements
Supplier Financing Arrangements
The Company utilizes supplier financing arrangements with financial institutions to sell certain accounts receivable on a non-recourse basis. Fees for supplier financing arrangements are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In the normal course of business, management evaluates all new Accounting Standards Updates (“ASU”) and other accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), SEC, or other authoritative accounting bodies to determine the potential impact they may have on the financial position, results of operations or cash flows of the Company. Other than those discussed below, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material effect on the financial position, results of operations or cash flows of the Company.
Accounting Guidance Adopted During the Period
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The ASU clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted this ASU as of January 1, 2025. At adoption, there were no impacts to the condensed consolidated financial statements.
Accounting Guidance to be Adopted in Future Periods
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the condensed consolidated financial statements to assess how the Company’s operations, related tax risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its condensed consolidated financial statements.
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, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.
 Three Months Ended
March 28,
2025		March 29,
2024
Income from continuing operations before taxes$(12,999)$24,839 
Provision for income taxes9,466 4,248 
Effective tax rate(72.8)%17.1 %
Equity Investments
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.
v3.25.1
BUSINESS ACQUISITIONS (Tables)
 3 Months Ended
Mar. 28, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Final Allocation of Purchase Consideration
The following table summarizes the preliminary purchase price allocations (in thousands):
PrecisionVSiTotal
Fair value of net assets acquired
Current assets (excluding inventory)$11,609 1,982 $13,591 
Inventory4,019 1,018 5,037 
Property, plant and equipment12,804 2,861 15,665 
Goodwill51,657 5,095 56,752 
Definite-lived intangible assets72,700 13,600 86,300 
Operating lease assets13,862 1,505 15,367 
Other noncurrent assets43 — 43 
Current liabilities (including current operating lease liabilities)(4,305)(773)(5,078)
Operating lease liabilities (noncurrent)(8,922)(1,256)(10,178)
Fair value of net assets acquired$153,467 $24,032 $177,499 
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$7,456 
Inventory8,612 
Property, plant and equipment25,950 
Goodwill38,058 
Definite-lived intangible assets64,000 
Finance lease assets7,964 
Current liabilities(1,760)
Finance lease liabilities(7,936)
Fair value of net assets acquired$142,344 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The purchase price for each of Precision and VSi was allocated to definite-lived intangible assets as follows (dollars in thousands):
Fair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Precision
Customer lists$52,000 1613.0%
Technology20,700 10.513.0%
$72,700 
VSi
Customer lists$7,700 1612.0%
Technology5,900 1712.0%
$13,600 
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value Assigned
Customer lists$48,000 
Technology16,000 
$64,000 
Schedule of Business Acquisition, Pro Forma Information Actual results for each acquired business are included in the Company’s consolidated results subsequent to the date of their acquisition (in thousands):
Sales$419,870 
Income from continuing operations14,857 
v3.25.1
DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 28, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
Loss from discontinued operations, net of tax, were as follows (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Sales$— $7,691 
Cost of sales68 6,124 
Gross profit(68)1,567 
Selling, general and administrative expenses— 494 
Research, development and engineering costs— 479 
Restructuring and other charges— 18 
Interest expense— 680 
Gain on sale of discontinued operations(46)— 
Loss from discontinued operations before taxes(22)(104)
Income tax benefit— (21)
Loss from discontinued operations, net of tax$(22)$(83)
Cash flow information from discontinued operations for the three months ended March 29, 2024 was as follows (in thousands):
Cash used in operating activities$1,799 
Cash used in investing activities (all capital expenditures)162 
Depreciation and amortization313 
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 3 Months Ended
Mar. 28, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
The following is supplemental information, including discontinued operations, relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
Three Months Ended
March 28,
2025		March 29,
2024
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$16,701 $12,792 
Common stock issued for conversion of debt183,972 — 
Common stock received under capped call upon conversion of debt26,858 — 
Write-off of unamortized deferred costs and original issued discount upon conversion of
  debt included in Additional paid in capital		5,124 — 
Common stock issued for acquisition3,989 — 
Debt issuance costs incurred but not yet paid1,208 — 
Supplemental lease disclosures:
Assets acquired under operating leases11,147 4,092 
Assets acquired under finance leases3,159 1,349 
v3.25.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 28, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories comprise the following (in thousands):
March 28,
2025		December 31,
2024
Raw materials$109,556 $104,620 
Work-in-process134,348 126,810 
Finished goods16,199 15,696 
Total$260,103 $247,126 
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 3 Months Ended
Mar. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the three months ended March 28, 2025 were as follows (in thousands):
December 31, 2024$1,017,729 
Precision and VSi acquisitions (Note 2)56,752 
Foreign currency translation7,904 
March 28, 2025$1,082,385 
Schedule of Finite-Lived Intangible Assets, Major Class Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
March 28, 2025
Definite-lived:
Purchased technology and patents$321,788 $(210,346)$111,442 
Customer lists938,172 (296,255)641,917 
Amortizing tradenames and other20,026 (7,465)12,561 
Total amortizing intangible assets$1,279,986 $(514,066)$765,920 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer lists870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Indefinite-Lived Intangible Assets Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
March 28, 2025
Definite-lived:
Purchased technology and patents$321,788 $(210,346)$111,442 
Customer lists938,172 (296,255)641,917 
Amortizing tradenames and other20,026 (7,465)12,561 
Total amortizing intangible assets$1,279,986 $(514,066)$765,920 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer lists870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
Aggregate intangible asset amortization expense comprises the following (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
Cost of sales$4,574 $4,263 
Selling, general and administrative expenses10,277 9,088 
Total intangible asset amortization expense$14,851 $13,351 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based on the carrying value as of March 28, 2025 is as follows (in thousands):
Remainder of 20252026202720282029After 2029
Amortization Expense$48,787 $62,088 $59,143 $57,579 $55,329 $482,994 
v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 28, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt comprises the following (in thousands):
 March 28, 2025December 31, 2024
Principal AmountUnamortized Discounts and Issuance CostsNet Carrying AmountPrincipal AmountUnamortized Discounts and Issuance CostsNet Carrying Amount
Senior Secured Credit Facilities:
Revolving credit facilities$— $— $— $126,000 $— $126,000 
Term loan A145,000 (465)144,535 375,000 (1,302)373,698 
2028 Convertible Notes116,312 (2,056)114,256 499,994 (9,539)490,455 
2030 Convertible Notes1,000,000 (23,576)976,424 — — — 
Total$1,261,312 $(26,097)$1,235,215 $1,000,994 $(10,841)$990,153 
Current portion of long-term debt(11)(10,000)
Long-term debt$1,235,204 $980,153 
Schedule of Maturities of Long-term Debt
Contractual principal maturities under the Senior Secured Credit Facilities as of March 28, 2025, are as follows (in thousands):
Remainder of 2025202620272028
Future minimum principal payments$— $— $— $145,000 
v3.25.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs
The classification of stock-based compensation expense was as follows (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
RSUs and PRSUs$6,880 $6,746 
Discontinued operations— 102 
Total stock-based compensation expense$6,880 $6,848 
Cost of sales$1,423 $1,259 
Selling, general and administrative5,048 5,101 
Research, development and engineering380 366 
Restructuring and other charges29 20 
Discontinued operations— 102 
Total stock-based compensation expense$6,880 $6,848 
Schedule of Share-Based Compensation, Stock Options Activity
The following table summarizes the Company’s stock option activity for the three month period ended March 28, 2025:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life
(In Years)		Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2024130,083 $39.63 
Exercised(5,754)45.39 
Outstanding and exercisable at March 28, 2025124,329 $39.36 1.8$9.6 
Schedule of Share-Based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSU activity for the three month period ended March 28, 2025:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024313,404 $88.36 
Granted108,989 137.89 
Vested(110,244)86.67 
Forfeited(3,685)107.57 
Nonvested at March 28, 2025308,464 $106.23 
The following table summarizes PRSU activity for the three month period ended March 28, 2025:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024237,898 $88.95 
Granted65,089 150.49 
Performance adjustment(a)
76,520 83.36 
Vested(153,040)83.36 
Nonvested at March 28, 2025226,467 $108.53 
__________
(a)Represents additional PRSUs earned related to above-target achievement of performance conditions, the achievement of which was based upon predefined performance targets established by the Compensation Committee at the initial grant date.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:
 Three Months Ended
 March 28,
2025		March 29,
2024
Weighted average fair value$162.62 $117.96 
Risk-free interest rate4.29 %4.13 %
Expected volatility33 %34 %
Expected life (in years)3.03.0
Expected dividend yield— %— %
v3.25.1
RESTRUCTURING AND OTHER CHARGES (Tables)
 3 Months Ended
Mar. 28, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Charges
Restructuring and other charges comprise the following (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
Restructuring charges$664 $1,410 
Acquisition and integration costs
4,742 6,335 
Other general expenses(1)118 
Total restructuring and other charges
$5,405 $7,863 
The following table comprises restructuring and restructuring-related charges (gains) by classification in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (in thousands):
 Three Months Ended
 March 28,
2025		March 29,
2024
Restructuring charges:
Restructuring and other charges
$664 $1,410 
Restructuring-related expenses(a):
Cost of sales401 339 
Selling, general and administrative43 137 
Research, development and engineering(6)1 
Total restructuring and restructuring-related charges
$1,102 $1,887 
__________
(a) Restructuring-related expenses primarily include retention bonuses, consulting expenses and professional fees.
Schedule of Changes in Restructuring Reserves
The following table summarizes the activity for restructuring reserves (in thousands):
Operational
excellence		Strategic reorganization and alignmentManufacturing alignment to support growthTotal
December 31, 2024$690 $115 $— $805 
Charges incurred, net of reversals183 271 210 664 
Cash payments(684)(156)(210)(1,050)
Non-cash adjustments— — — — 
March 28, 2025$189 $230 $— $419 
v3.25.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.
 Three Months Ended
March 28,
2025		March 29,
2024
Income from continuing operations before taxes$(12,999)$24,839 
Provision for income taxes9,466 4,248 
Effective tax rate(72.8)%17.1 %
v3.25.1
EARNINGS (LOSS) PER SHARE (“EPS”) (Tables)
 3 Months Ended
Mar. 28, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 Three Months Ended
March 28,
2025		March 29,
2024
Numerator for basic and diluted EPS:
Income (loss) from continuing operations$(22,465)$20,591 
Loss from discontinued operations(22)(83)
Net income (loss)$(22,487)$20,508 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic33,916 33,478 
Dilutive effect of share-based awards— 487 
Dilutive impact of Convertible Notes— 1,028 
Weighted average shares outstanding - Diluted33,916 34,993 
Basic earnings (loss) per share:
Income (loss) from continuing operations$(0.66)$0.62 
Income (loss) from discontinued operations— — 
Basic earnings (loss) per share$(0.66)$0.61 
Diluted earnings (loss) per share:
Income (loss) from continuing operations$(0.66)$0.59 
Income (loss) from discontinued operations$— $— 
Diluted earnings (loss) per share$(0.66)$0.59 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table sets forth potential shares of Common Stock that are not included in the diluted earnings (loss) per share calculation above because to do so would be anti-dilutive for the periods indicated (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Stock options124 — 
RSUs308 — 
PRSUs226 42 
Common Stock issuable upon conversion of the 2028 Convertible Notes1,649 — 
v3.25.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 28, 2025
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The following is a summary of the number of shares of Common Stock issued and outstanding for the three month periods ended March 28, 2025 and March 29, 2024:
IssuedTreasury StockOutstanding
Beginning balance at December 31, 202433,546,262 (6)33,546,256 
Stock options exercised3,796 — 3,796 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes190,588 — 190,588 
Stock issued upon conversion of convertible debt1,553,806 — 1,553,806 
Exercise of capped call upon conversion of convertible debt— (436,963)(436,963)
Stock issued for acquisition32,393 — 32,393 
Ending balance at March 28, 202535,326,845 (436,969)34,889,876 
Beginning balance at December 31, 202333,329,648 — 33,329,648 
Stock options exercised7,018 — 7,018 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes167,053 — 167,053 
Ending balance at March 29, 202433,503,719 — 33,503,719 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) (“AOCI”) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2024$67 $(6,482)$(8,985)$(15,400)$1,357 $(14,043)
Unrealized gain on cash flow hedges— 4,400 — 4,400 (923)3,477 
Realized loss on foreign currency hedges— 1,293 — 1,293 (272)1,021 
Foreign currency translation gain— — 20,291 20,291 — 20,291 
March 28, 2025$67 $(789)$11,306 $10,584 $162 $10,746 
December 31, 2023$(28)$2,153 $18,529 $20,654 $(431)$20,223 
Unrealized gain on cash flow hedges— 1,806 — 1,806 (379)1,427 
Realized gain on foreign currency hedges— (431)— (431)90 (341)
Foreign currency translation loss— — (13,438)(13,438)— (13,438)
March 29, 2024$(28)$3,528 $5,091 $8,591 $(720)$7,871 
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 28, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
March 28, 2025
Assets: Foreign currency hedging contracts$613 $— $613 $— 
Liabilities: Foreign currency hedging contracts1,402 — 1,402 — 
Liabilities: Contingent consideration3,445 — — 3,445 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
Information regarding outstanding foreign currency forward contracts as of March 28, 2025 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$43,280 Dec 20251.0802Euro$441 Prepaid expenses and other current assets
7,193 Dec 20250.0233UYU Peso139 Prepaid expenses and other current assets
4,949 Dec 20250.2260MYR Ringgit$11 Prepaid expenses and other current assets
43,951 Dec 20250.0506MXN Peso$(1,402)Accrued expenses and other current liabilities
6,137 Jul 20260.0465MXN Peso22 Other long-term assets
Information regarding outstanding foreign currency forward contracts as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$60,589 Dec 20251.0831Euro$1,950 Accrued expenses and other current liabilities
10,690 Dec 20250.0248UYU Peso248 Accrued expenses and other current liabilities
51,341 Dec 20250.0566MXN Peso3,893 Accrued expenses and other current liabilities
10,322 Jul 20260.0566MXN Peso391 Other long-term liabilities
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the effect of cash flow hedge derivative instruments on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income for the three and three months ended March 28, 2025 and March 29, 2024 (in thousands):
Three Months Ended
March 28, 2025March 29, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$437,392 $(583)$407,796 $10 
Cost of sales317,074 (693)299,523 357 
Operating expenses70,766 (17)69,572 64 
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three Months Ended
Location in Statements of Operations and Comprehensive
 Income
Three Months Ended
March 28,
2025		March 29,
2024		March 28,
2025		March 29,
2024
Foreign exchange contracts$1,808 $(1,259)Sales$(583)$10 
Foreign exchange contracts2,419 2,716 Cost of sales(693)357 
Foreign exchange contracts349 349 Operating expenses(17)64 
Schedule of Estimated Fair Values for Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended March 28, 2025 and March 29, 2024 (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Fair value measurement at beginning of period$904 $876 
Amount recorded for current year acquisitions
2,541 3,578 
Fair value measurement at end of period$3,445 $4,454 
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
March 28,
2025		December 31,
2024
Equity method investment$7,418 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,598 $7,417 
The components of Gain on equity investments for each period were as follows (in thousands):
Three Months Ended
March 28,
2025		March 29,
2024
Equity method investment gain$(181)$(1,136)
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Tables)
 3 Months Ended
Mar. 28, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Long-Lived Tangible Assets and Identifiable Assets by Geographic Area
The following table presents Property, Plant and Equipment (“PP&E”) by geographic area. In these tables, PP&E is aggregated based on the physical location of the tangible long-lived assets (in thousands):
March 28,
2025		March 29,
2024
Long-lived tangible assets by geographic area:
United States$277,257 $260,220 
Ireland146,107 139,889 
Mexico40,089 37,838 
Rest of world32,510 27,851 
Total$495,963 $465,798 
Schedule of Disaggregation of Revenue
The following table presents sales by product line (in thousands):
 Three Months Ended
March 28,
2025		March 29,
2024
Cardio & Vascular$258,871 $221,851 
Cardiac Rhythm Management & Neuromodulation
160,345 156,931 
Other Markets18,176 29,014 
Total sales$437,392 $407,796 
Schedule of Revenue by Major Customers by Reporting Segments
The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of total revenues.
Three Months Ended
March 28, 2025March 29, 2024
Customer A21%14%
Customer B15%17%
Customer C14%14%
All other customers50%55%
Schedule of Revenue by Ship To Location
The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of total revenues are shipped.
Three Months Ended
March 28, 2025March 29, 2024
United States52%58%
All other countries48%42%
(15.)    SEGMENTS AND DISAGGREGATED REVENUE (Continued)
Schedule of Contract with Customer, Asset and Liability
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
March 28,
2025		December 31,
2024
Contract assets$102,930 $103,772 
Contract liabilities (included in Accrued expenses and other current liabilities)3,585 4,440 
Contract liabilities (included in Other long-term liabilities)4,064 4,398 
v3.25.1
BASIS OF PRESENTATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Accounting Policies [Abstract]    
Accounts receivable sold $ 58.1 $ 57.6
Factoring fee   0.4
Accounts receivable derecognized 39.9 $ 36.3
Costs associated with supplier financing arrangements $ 0.5  
v3.25.1
BUSINESS ACQUISITIONS (Narrative) (Details)
$ in Thousands
 3 Months Ended
Feb. 28, 2025
USD ($)
$ / €
Jan. 07, 2025
USD ($)
$ / €
Jan. 05, 2024
USD ($)
Mar. 28, 2025
USD ($)
Mar. 29, 2024
USD ($)
Dec. 31, 2024
USD ($)
Business Acquisition [Line Items]            
Operating lease assets       $ 99,147   $ 86,082
Precision and VSi            
Business Acquisition [Line Items]            
Income from continuing operations       14,857    
Acquisition related costs       2,800    
Precision and VSi | Customer lists | Measurement Input, Annual Attrition Rate | Valuation, Income Approach            
Business Acquisition [Line Items]            
Measurement input rate | $ / € 0.050          
Precision and VSi | Technology | Measurement Input, Royalty Rate | Valuation, Income Approach | Minimum            
Business Acquisition [Line Items]            
Measurement input rate | $ / €   0.050        
Precision and VSi | Technology | Measurement Input, Royalty Rate | Valuation, Income Approach | Maximum            
Business Acquisition [Line Items]            
Measurement input rate | $ / €   0.080        
Precision            
Business Acquisition [Line Items]            
Consideration transferred   $ 153,500        
Liabilities: contingent consideration   1,400        
Revenue-based payments (up to)   5,000        
Operating lease assets   $ 4,200        
Income from continuing operations       13,300    
VSi            
Business Acquisition [Line Items]            
Consideration transferred $ 24,000          
Liabilities: contingent consideration 1,100          
Revenue-based payments (up to) 4,000          
Common stock with a fair value $ 4,000          
Income from continuing operations       0    
Pulse Technologies, Inc.            
Business Acquisition [Line Items]            
Consideration transferred     $ 142,300      
Liabilities: contingent consideration     3,600 $ 1,400    
Revenue-based payments (up to)     $ 20,000      
Percentage of voting interests acquired     100.00%      
Acquisition related costs         $ 5,500  
v3.25.1
BUSINESS ACQUISITIONS (Allocation Of The Provisional Purchase Price) (Details) - USD ($)
$ in Thousands
Mar. 28, 2025
Feb. 28, 2025
Jan. 07, 2025
Dec. 31, 2024
Jan. 05, 2024
Business Acquisition [Line Items]          
Goodwill $ 1,082,385     $ 1,017,729  
Acquisitions Two Thousand Twenty Five          
Business Acquisition [Line Items]          
Current assets (excluding inventory) 13,591        
Inventory 5,037        
Property, plant and equipment 15,665        
Goodwill 56,752        
Definite-lived intangible assets 86,300        
Operating lease assets 15,367        
Other noncurrent assets 43        
Current liabilities (including current operating lease liabilities) (5,078)        
Operating lease liabilities (noncurrent) (10,178)        
Fair value of net assets acquired $ 177,499        
Precision          
Business Acquisition [Line Items]          
Current assets (excluding inventory)     $ 11,609    
Inventory     4,019    
Property, plant and equipment     12,804    
Goodwill     51,657    
Definite-lived intangible assets     72,700    
Operating lease assets     13,862    
Other noncurrent assets     43    
Current liabilities (including current operating lease liabilities)     (4,305)    
Operating lease liabilities (noncurrent)     (8,922)    
Fair value of net assets acquired     $ 153,467    
VSi          
Business Acquisition [Line Items]          
Current assets (excluding inventory)   $ 1,982      
Inventory   1,018      
Property, plant and equipment   2,861      
Goodwill   5,095      
Definite-lived intangible assets   13,600      
Operating lease assets   1,505      
Other noncurrent assets   0      
Current liabilities (including current operating lease liabilities)   (773)      
Operating lease liabilities (noncurrent)   (1,256)      
Fair value of net assets acquired   $ 24,032      
Pulse Technologies, Inc.          
Business Acquisition [Line Items]          
Current assets (excluding inventory)         $ 7,456
Inventory         8,612
Property, plant and equipment         25,950
Goodwill         38,058
Definite-lived intangible assets         64,000
Finance lease assets         7,964
Current liabilities (including current operating lease liabilities)         (1,760)
Finance lease liabilities         7,936
Fair value of net assets acquired         $ 142,344
v3.25.1
BUSINESS ACQUISITIONS (Indefinite-Lived Intangible Assets) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Jan. 07, 2025
Jan. 05, 2024
Precision      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned   $ 72,700  
VSi      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned $ 13,600    
Pulse Technologies, Inc.      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned     $ 64,000
Customer lists | Precision      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned   $ 52,000  
Weighted Average Amortization Period (Years)   16 years  
Weighted Average Discount Rate   13.00%  
Customer lists | VSi      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned $ 7,700    
Weighted Average Amortization Period (Years) 16 years    
Weighted Average Discount Rate 12.00%    
Customer lists | Pulse Technologies, Inc.      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned     48,000
Technology | Precision      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned   $ 20,700  
Weighted Average Amortization Period (Years)   10 years 6 months  
Weighted Average Discount Rate   13.00%  
Technology | VSi      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned $ 5,900    
Weighted Average Amortization Period (Years) 17 years    
Weighted Average Discount Rate 12.00%    
Technology | Pulse Technologies, Inc.      
Acquired Finite-Lived Intangible Assets [Line Items]      
Fair Value Assigned     $ 16,000
v3.25.1
BUSINESS ACQUISITIONS (Pro Forma Information) (Details) - Precision and VSi
$ in Thousands
 3 Months Ended
Mar. 28, 2025
USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Sales $ 419,870
Income from continuing operations 14,857
Business Acquisition [Line Items]  
Pro forma sales 419,870
Income from continuing operations $ 14,857
v3.25.1
DISCONTINUED OPERATIONS (Narrative) (Details) - Discontinued Operations, Disposed of by Sale - Electrochem Solutions, Inc - USD ($)
$ in Millions
 5 Months Ended 12 Months Ended
Mar. 28, 2025
Dec. 31, 2024
Oct. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal group, including discontinued operation, consideration     $ 48.7
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax $ 0.9 $ 0.8  
v3.25.1
DISCONTINUED OPERATIONS (Income (Loss) from Discontinued Operations) (Details) - Electrochem Solutions, Inc - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Sales $ 0 $ 7,691
Cost of sales 68 6,124
Gross profit (68) 1,567
Selling, general and administrative expenses 0 494
Research, development and engineering costs 0 479
Restructuring and other charges 0 18
Interest expense 0 680
Gain on sale of discontinued operations (46) 0
Loss from discontinued operations before taxes (22) (104)
Income tax benefit 0 (21)
Loss from discontinued operations, net of tax $ (22) $ (83)
v3.25.1
DISCONTINUED OPERATIONS (Cash Flow Information From Discontinued Operations) (Details) - Discontinued Operations, Disposed of by Sale - Electrochem Solutions, Inc
$ in Thousands
 3 Months Ended
Mar. 29, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Cash used in operating activities $ 1,799
Cash used in investing activities (all capital expenditures) 162
Depreciation and amortization $ 313
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Noncash investing and financing activities:    
Property, plant and equipment purchases included in accounts payable $ 16,701 $ 12,792
Common stock received under capped call upon conversion of debt 26,858 0
Deferred Debt Issuance Cost, Writeoff 5,124 0
Issuance of common stock for acquisition 3,989 0
Debt issuance costs incurred but not yet paid 1,208 0
Supplemental lease disclosures:    
Assets acquired under operating leases 11,147 4,092
Assets acquired under finance leases $ 3,159 $ 1,349
v3.25.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Mar. 28, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 109,556 $ 104,620
Work-in-process 134,348 126,810
Finished goods 16,199 15,696
Total $ 260,103 $ 247,126
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Goodwill) (Details)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
USD ($)
Goodwill [Roll Forward]  
Opening goodwill $ 1,017,729
Precision and VSi acquisitions (Note 2) 56,752
Foreign currency translation 7,904
Closing goodwill $ 1,082,385
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Mar. 28, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,279,986 $ 1,183,858
Accumulated Amortization (514,066) (495,860)
Net Carrying Amount 765,920 687,998
Trademarks and tradenames    
Indefinite-Lived Intangible Assets [Line Items]    
Indefinite-lived 90,288 90,288
Purchased technology and patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 321,788 293,164
Accumulated Amortization (210,346) (204,591)
Net Carrying Amount 111,442 88,573
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 938,172 870,692
Accumulated Amortization (296,255) (284,104)
Net Carrying Amount 641,917 586,588
Amortizing tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 20,026 20,002
Accumulated Amortization (7,465) (7,165)
Net Carrying Amount $ 12,561 $ 12,837
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Finite-Lived Intangible Assets [Line Items]    
Total intangible asset amortization expense $ 14,851 $ 13,351
Cost of sales    
Finite-Lived Intangible Assets [Line Items]    
Total intangible asset amortization expense 4,574 4,263
Selling, general and administrative    
Finite-Lived Intangible Assets [Line Items]    
Total intangible asset amortization expense $ 10,277 $ 9,088
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Mar. 28, 2025
USD ($)
Amortization Expense  
Remainder of 2025 $ 48,787
2026 62,088
2027 59,143
2028 57,579
2029 55,329
After 2029 $ 482,994
v3.25.1
DEBT (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Mar. 28, 2025
Mar. 18, 2025
Dec. 31, 2024
Feb. 28, 2023
Debt Instrument [Line Items]        
Principal Amount $ 1,261,312   $ 1,000,994  
Unamortized Discounts and Issuance Costs (26,097)   (10,841)  
Net Carrying Amount 1,235,215   990,153  
Current portion of long-term debt (11)   (10,000)  
Long-term debt 1,235,204   980,153  
Term loan A | Term Loan A (TLA) Facility        
Debt Instrument [Line Items]        
Principal Amount 145,000   375,000  
Unamortized Discounts and Issuance Costs (465)   (1,302)  
Net Carrying Amount 144,535   373,698  
Convertible Debt | Common Stock issuable upon conversion of the 2028 Convertible Notes        
Debt Instrument [Line Items]        
Principal Amount 116,312   499,994  
Unamortized Discounts and Issuance Costs (2,056)   (9,539)  
Net Carrying Amount 114,256   490,455 $ 65,000
Convertible Debt | 2030 Convertible Senior Notes        
Debt Instrument [Line Items]        
Principal Amount 1,000,000   0  
Unamortized Discounts and Issuance Costs (23,576) $ (23,700) 0  
Net Carrying Amount 976,424   0  
Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Principal Amount 0   126,000  
Unamortized Discounts and Issuance Costs 0   0  
Net Carrying Amount $ 0   $ 126,000  
v3.25.1
DEBT (Narrative) (Details)
 1 Months Ended 3 Months Ended
Mar. 18, 2025
USD ($)
shares
Feb. 28, 2023
USD ($)
day
$ / shares
Mar. 28, 2025
USD ($)
installment
day
$ / shares
$ / €
Mar. 29, 2024
USD ($)
Mar. 12, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Proceeds from issuance of convertible notes, net of discount     $ 977,500,000 $ 0    
Debt discount and issuance costs     26,097,000     $ 10,841,000
Long-term debt     1,235,215,000     990,153,000
Outstanding borrowings     1,261,312,000     1,000,994,000
Standby Letters of Credit            
Debt Instrument [Line Items]            
Letters of credit outstanding amount     $ 5,300,000      
Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt instrument term     5 years      
Remaining borrowing capacity     $ 794,700,000      
Variable rate basis spread     0.10%      
Commitment fee on unused portion     0.18%      
Debt weighted average interest rate     5.93%      
Debt discount and issuance costs     $ 0     0
Long-term debt     0     126,000,000
Outstanding borrowings     $ 0     126,000,000
Line of Credit | Revolving Credit Facility | Minimum            
Debt Instrument [Line Items]            
Commitment fee on unused portion     0.15%      
Line of Credit | Revolving Credit Facility | Maximum            
Debt Instrument [Line Items]            
Commitment fee on unused portion     0.25%      
2030 Convertible Senior Notes | Capped Call Options            
Debt Instrument [Line Items]            
Conversion price (in dollars per share) | $ / shares   $ 189.44        
Net proceeds from offering of convertible notes     $ 71,000,000      
2030 Convertible Senior Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt principal payments $ 1,000,000,000   $ 1,000,000,000   $ 1,500,000,000  
Stated interest rate 1.875%   1.875%      
Accordion feature, increase limit $ 125,000,000          
Proceeds from issuance of convertible notes, net of discount     $ 976,300,000      
Debt discount and issuance costs 23,700,000   $ 23,576,000     0
Unamortized discount 22,500,000          
Debt issuance costs $ 1,200,000          
Effective interest rate     2.38%      
Conversion ratio 0.0066243          
Conversion price (in dollars per share) | $ / shares     $ 150.96      
Redemption price, percentage   100.00%        
Long-term debt     $ 976,424,000     0
Threshold conversion holding percentage trigger | $ / €     0.25      
Outstanding borrowings     $ 1,000,000,000     0
2030 Convertible Senior Notes | Convertible Debt | Calendar Quarter ended on June 30, 2025            
Debt Instrument [Line Items]            
Trading days | day     20      
Consecutive trading days | day     30      
Percentage of stock price     150.00%      
2030 Convertible Senior Notes | Convertible Debt | Measurement Period            
Debt Instrument [Line Items]            
Trading days | installment     5      
Consecutive trading days | installment     10      
Percentage of stock price     98.00%      
2030 Convertible Senior Notes | Convertible Debt | On or After March 20, 2028            
Debt Instrument [Line Items]            
Trading days | day     20      
Consecutive trading days | day     30      
Percentage of stock price     140.00%      
2028 Convertible Senior Notes | Capped Call Options            
Debt Instrument [Line Items]            
Conversion price (in dollars per share) | $ / shares   $ 108.59        
2028 Convertible Senior Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt principal payments   $ 500,000,000        
Stated interest rate   2.125%        
Debt instrument, repurchase amount $ 383,700,000          
Repayments of convertible debt $ 384,400,000          
Shares issued in conversion (in shares) | shares 1,553,806          
Loss on extinguishment of debt $ 46,700,000          
Debt discount and issuance costs     $ 2,056,000     9,539,000
Effective interest rate   2.76%        
Trading days | day   20        
Consecutive trading days | day   30        
Percentage of stock price   130.00%        
Conversion ratio   0.0114681        
Conversion price (in dollars per share) | $ / shares   $ 87.20        
Redemption price, percentage   100.00%        
Long-term debt   $ 65,000,000 114,256,000     490,455,000
Number of preceding days   2 days        
Outstanding borrowings     116,312,000     499,994,000
2028 Convertible Senior Notes | Convertible Debt | Measurement Period            
Debt Instrument [Line Items]            
Trading days | day   5        
Consecutive trading days | day   10        
Percentage of stock price   98.00%        
2028 Convertible Senior Notes | Convertible Debt | Capped Call Options            
Debt Instrument [Line Items]            
Number of common stock settled (in shares) | shares 436,963          
Term Loan A (TLA) Facility | Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity     $ 800,000,000      
Term Loan A (TLA) Facility | Term loan A            
Debt Instrument [Line Items]            
Debt instrument term     5 years      
Debt weighted average interest rate     5.93%      
Loss on extinguishment of debt     $ 700,000      
Debt discount and issuance costs     465,000     1,302,000
Long-term debt     144,535,000     373,698,000
Outstanding borrowings     $ 145,000,000     $ 375,000,000
v3.25.1
DEBT (Long-term Debt Maturity) (Details)
$ in Thousands
Mar. 28, 2025
USD ($)
Debt Disclosure [Abstract]  
Remainder of 2025 $ 0
2026 0
2027 0
2028 $ 145,000
v3.25.1
STOCK-BASED COMPENSATION (Allocation of Recognized Period Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense $ 6,880 $ 6,848
Discontinued Operations    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 0 102
RSUs and PRSUs    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 6,880 6,746
Cost of sales    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 1,423 1,259
Selling, general and administrative    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 5,048 5,101
Research, development and engineering    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 380 366
Restructuring and other charges    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense $ 29 $ 20
v3.25.1
STOCK-BASED COMPENSATION (Stock Options Activity) (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 28, 2025
USD ($)
$ / shares
shares
Number of Stock Options  
Options outstanding, beginning balance (in shares) | shares 130,083
Exercised (in shares) | shares (5,754)
Options outstanding, ending balance (in shares) | shares 124,329
Options exercisable at period end (in shares ) | shares 124,329
Weighted Average Exercise Price  
Options outstanding, beginning (in dollars per share) | $ / shares $ 39.63
Exercised (in dollars per share) | $ / shares 45.39
Options outstanding, ending (in dollars per share) | $ / shares 39.36
Options exercisable at period end (in dollars per share) | $ / shares $ 39.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options Outstanding, Weighted Average Remaining Contractual Life 1 year 9 months 18 days
Options Exercisable, Aggregate Intrinsic Value | $ $ 9.6
v3.25.1
STOCK-BASED COMPENSATION (Narrative) (Details)
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Requisite service period 3 years  
RSUs | Director    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Requisite service period 1 year  
PRSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Requisite service period 3 years  
Weighted average illiquidity discount 8.78% 8.00%
Restriction period 1 year 6 months
PRSUs | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting right, percentage 0.00%  
PRSUs | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting right, percentage 200.00%  
v3.25.1
STOCK-BASED COMPENSATION (Restricted Stock and Restricted Stock Units Activity) (Details)
 3 Months Ended
Mar. 28, 2025
$ / shares
shares
RSUs  
Time-Vested and Performance-Vested Activity  
Nonvested, beginning (in shares) | shares 313,404
Granted (in shares) | shares 108,989
Vested (in shares) | shares (110,244)
Forfeited (in shares) | shares (3,685)
Nonvested, ending (in shares) | shares 308,464
Weighted Average Grant Date Fair Value  
Nonvested, beginning (in dollars per share) | $ / shares $ 88.36
Granted (in dollars per share) | $ / shares 137.89
Vested (in dollars per share) | $ / shares 86.67
Forfeited (in dollars per share) | $ / shares 107.57
Nonvested, ending (in dollars per share) | $ / shares $ 106.23
PRSUs  
Time-Vested and Performance-Vested Activity  
Nonvested, beginning (in shares) | shares 237,898
Granted (in shares) | shares 65,089
Performance adjustment (in shares) | shares 76,520
Vested (in shares) | shares (153,040)
Nonvested, ending (in shares) | shares 226,467
Weighted Average Grant Date Fair Value  
Nonvested, beginning (in dollars per share) | $ / shares $ 88.95
Granted (in dollars per share) | $ / shares 150.49
Performance adjustment (in dollars per share) | $ / shares 83.36
Vested (in dollars per share) | $ / shares 83.36
Nonvested, ending (in dollars per share) | $ / shares $ 108.53
v3.25.1
STOCK-BASED COMPENSATION (Valuation Assumptions) (Details) - PRSUs - $ / shares
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value (in dollars per share) $ 162.62 $ 117.96
Risk-free interest rate 4.29% 4.13%
Expected volatility 33.00% 34.00%
Expected life (in years) 3 years 3 years
Expected dividend yield 0.00% 0.00%
v3.25.1
RESTRUCTURING AND OTHER CHARGES (Restructuring And Other Charges Components) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Restructuring and Related Activities [Abstract]    
Restructuring charges $ 664 $ 1,410
Acquisition and integration costs 4,742 6,335
Other general expenses (1) 118
Total restructuring and other charges $ 5,405 $ 7,863
v3.25.1
RESTRUCTURING AND OTHER CHARGES (Restructuring Restructuring-Related Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Restructuring charges:    
Restructuring and other charges $ 664 $ 1,410
Total restructuring and restructuring-related charges 1,102 1,887
Cost of sales    
Restructuring charges:    
Total restructuring and restructuring-related charges 401 339
Selling, general and administrative    
Restructuring charges:    
Total restructuring and restructuring-related charges 43 137
Research, development and engineering    
Restructuring charges:    
Total restructuring and restructuring-related charges $ (6) $ 1
v3.25.1
RESTRUCTURING AND OTHER CHARGES (Restructuring Reserve By Type of Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Restructuring Reserve [Roll Forward]    
Beginning balance $ 805  
Charges incurred, net of reversals 664 $ 1,410
Cash payments (1,050)  
Non-cash adjustments 0  
Ending balance 419  
Operational excellence    
Restructuring Reserve [Roll Forward]    
Beginning balance 690  
Charges incurred, net of reversals 183  
Cash payments (684)  
Non-cash adjustments 0  
Ending balance 189  
Strategic reorganization and alignment    
Restructuring Reserve [Roll Forward]    
Beginning balance 115  
Charges incurred, net of reversals 271  
Cash payments (156)  
Non-cash adjustments 0  
Ending balance 230  
Manufacturing alignment to support growth    
Restructuring Reserve [Roll Forward]    
Beginning balance 0  
Charges incurred, net of reversals 210  
Cash payments (210)  
Non-cash adjustments 0  
Ending balance $ 0  
v3.25.1
INCOME TAXES (Schedule of Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Income Tax Disclosure [Abstract]    
Income from continuing operations before taxes $ (12,999) $ 24,839
Provision for income taxes $ 9,466 $ 4,248
Effective tax rate (72.80%) 17.10%
v3.25.1
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Income Tax Disclosure [Abstract]    
Discrete tax benefits $ 1.5 $ 0.8
Unrecognized tax benefits 6.3  
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit $ 4.0  
v3.25.1
EARNINGS (LOSS) PER SHARE (“EPS”) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Numerator for basic and diluted EPS:    
Income (loss) from continuing operations $ (22,465) $ 20,591
Loss from discontinued operations (22) (83)
Net income (loss) $ (22,487) $ 20,508
Denominator for basic and diluted EPS:    
Weighted average shares outstanding - Basic (in shares) 33,916 33,478
Dilutive effect of share-based awards (in shares) 0 487
Dilutive impact of convertible notes (in shares) 0 1,028
Weighted average shares outstanding - Diluted (in shares) 33,916 34,993
Basic earnings (loss) per share:    
Income (loss) from continuing operations (in dollars per share) $ (0.66) $ 0.62
Income (loss) from discontinued operations (in dollars per share) 0 0
Basic earnings (loss) per share (in dollars per share) (0.66) 0.61
Diluted earnings (loss) per share:    
Income (loss) from continuing operations (in dollars per share) (0.66) 0.59
Income (loss) from discontinued operations (in dollars per share) 0 0
Diluted earnings per share (in dollars per share) $ (0.66) $ 0.59
v3.25.1
EARNINGS (LOSS) PER SHARE (“EPS”) - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of earnings per share (in shares) 124 0
RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of earnings per share (in shares) 308 0
PRSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of earnings per share (in shares) 226 42
Common Stock issuable upon conversion of the 2028 Convertible Notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of earnings per share (in shares) 1,649 0
v3.25.1
STOCKHOLDERS' EQUITY (Shares Issued and Outstanding) (Details) - shares
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Class Of Stock [Roll Forward]    
Shares outstanding at beginning of period (in shares) 33,546,256  
Treasury stock at beginning of period (in shares) 6  
Treasury stock at ending of period (in shares) 436,969  
Shares outstanding at ending of period (in shares) 34,889,876  
Issued    
Class Of Stock [Roll Forward]    
Shares outstanding at beginning of period (in shares) 33,546,262 33,329,648
Stock options exercised (in shares) 3,796 7,018
Stock issued upon conversion of convertible debt (in shares) 1,553,806  
Stock issued for acquisition (in shares) 32,393  
Shares outstanding at ending of period (in shares) 35,326,845 33,503,719
Issued | Restricted Stock    
Class Of Stock [Roll Forward]    
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares) 190,588 167,053
Treasury Stock    
Class Of Stock [Roll Forward]    
Treasury stock at beginning of period (in shares) 6 0
Exercise of capped call upon conversion of convertible debt (in shares) (436,963)  
Treasury stock at ending of period (in shares) 436,969 0
Outstanding    
Class Of Stock [Roll Forward]    
Shares outstanding at beginning of period (in shares) 33,546,256 33,329,648
Stock options exercised (in shares) 3,796 7,018
Stock issued upon conversion of convertible debt (in shares) 1,553,806  
Exercise of capped call upon conversion of convertible debt (in shares) (436,963)  
Stock issued for acquisition (in shares) 32,393  
Shares outstanding at ending of period (in shares) 34,889,876 33,503,719
Outstanding | Restricted Stock    
Class Of Stock [Roll Forward]    
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares) 190,588 167,053
v3.25.1
STOCKHOLDERS' EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period $ 1,619,215 $ 1,519,042
Unrealized gain (loss) on cash flow hedges 3,477 1,427
Balance, ending balance 1,606,704 1,525,011
Foreign exchange contracts    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Unrealized gain (loss) on cash flow hedges 1,021 (341)
Total Pre-Tax Amount    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period (15,400) 20,654
Balance, ending balance 10,584 8,591
Defined Benefit Plan Liability    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period 67 (28)
Balance, ending balance 67 (28)
Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period (6,482) 2,153
Reclassification from AOCI, before tax 4,400 1,806
Reclassification from AOCI, tax (923) (379)
Balance, ending balance (789) 3,528
Cash Flow Hedges | Foreign exchange contracts    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Reclassification from AOCI, before tax 1,293 (431)
Reclassification from AOCI, tax (272) 90
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period (8,985) 18,529
Reclassification from AOCI, before tax 20,291 (13,438)
Reclassification from AOCI, tax 0 0
Unrealized gain (loss) on cash flow hedges 20,291 (13,438)
Balance, ending balance 11,306 5,091
Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period 1,357 (431)
Balance, ending balance 162 (720)
Net-of-Tax Amount    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period (14,043) 20,223
Balance, ending balance $ 10,746 $ 7,871
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Mar. 28, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts $ 613  
Liabilities: Foreign currency hedging contracts 1,402 $ 6,482
Liabilities: Contingent consideration 3,445 904
Quoted Prices in Active Markets (Level 1)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts 0  
Liabilities: Foreign currency hedging contracts 0 0
Liabilities: Contingent consideration 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts 613  
Liabilities: Foreign currency hedging contracts 1,402 6,482
Liabilities: Contingent consideration 0 0
Significant Unobservable Inputs (Level 3)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts 0  
Liabilities: Foreign currency hedging contracts 0 0
Liabilities: Contingent consideration $ 3,445 $ 904
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Foreign Currency Contracts) (Details) - Designated as Hedging Instrument
$ in Thousands
Mar. 28, 2025
USD ($)
$ / RM
$ / $
$ / €
$ / $
Dec. 31, 2024
USD ($)
$ / $
$ / $
$ / €
Prepaid expenses and other current assets | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 43,280  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.0802  
Fair Value $ 441  
Prepaid expenses and other current assets | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 7,193  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0233 0.0248
Fair Value $ 139  
Prepaid expenses and other current assets | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 4,949  
$/Foreign currency (in dollars per foreign currency) | $ / RM 0.2260  
Fair Value $ 11  
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 60,589
$/Foreign currency (in dollars per foreign currency) | $ / €   1.0831
Fair Value   $ 1,950
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount   10,690
Fair Value   248
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 51,341
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0566
Fair Value   $ 3,893
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 43,951  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0506  
Fair Value $ (1,402)  
Other long-term assets | Forex Contract Maturing Jul 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 6,137 $ 10,322
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0465 0.0566
Fair Value $ 22 $ 391
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Impact of Cash Flow Hedges on Other Comprehensive Income (Loss), AOCI and the Condensed Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total sales $ 437,392 $ 407,796
Cost of sales 317,074 299,523
Operating expenses 70,766 69,572
Sales    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) on Cash Flow Hedge Activity (583) 10
Sales | Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Unrealized Gain (Loss) Recognized in OCI 1,808 (1,259)
Cost of sales    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) on Cash Flow Hedge Activity (693) 357
Cost of sales | Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Unrealized Gain (Loss) Recognized in OCI 2,419 2,716
Operating expenses    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) on Cash Flow Hedge Activity (17) 64
Operating expenses | Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Unrealized Gain (Loss) Recognized in OCI $ 349 $ 349
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Dec. 31, 2024
Jan. 05, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Derivative instruments net loss to be reclassified to net income during next twelve months $ 0.8      
Chinese Venture Capital Fund        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Equity method investment ownership 7.60%      
2028 Convertible Senior Notes | Significant Other Observable Inputs (Level 2) | Convertible Debt        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Fair value $ 170.0   $ 635.0  
2030 Convertible Senior Notes | Significant Other Observable Inputs (Level 2) | Convertible Debt        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Fair value 1,004.0      
Pulse Technologies, Inc.        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Contingent consideration liability 1.4     $ 3.6
InNeuroCo        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Contingent consideration liability 1.1      
Accrued expenses and other current liabilities        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Contingent consideration liability, current 3.4   0.9  
Foreign exchange contracts | Not Designated as Hedging Instrument        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
National amount 22.0   $ 33.0  
Contingent consideration liability loss $ 0.6 $ 0.9    
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value measurement at beginning of period $ 904 $ 876
Amount recorded for current year acquisitions 2,541 3,578
Fair value measurement at end of period $ 3,445 $ 4,454
v3.25.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Dec. 31, 2024
Fair Value Disclosures [Abstract]      
Equity method investment $ 7,418   $ 7,237
Non-marketable equity securities 180   180
Total equity investments 7,598   $ 7,417
Equity method investment gain $ (181) $ (1,136)  
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2025
USD ($)
segment
Mar. 29, 2024
USD ($)
Concentration Risk [Line Items]    
Number of operating segments | segment 1  
Revenue recognized that was included in contract liability balance at beginning of period | $ $ 1.2 $ 1.5
Revenue Benchmark | Product Concentration Risk | Transferred over Time    
Concentration Risk [Line Items]    
Concentration risk percentage 33.00%  
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Long lived Tangible Assets by Region) (Details) - USD ($)
$ in Thousands
Mar. 28, 2025
Mar. 29, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net $ 495,963 $ 465,798
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net 277,257 260,220
Ireland    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net 146,107 139,889
Mexico    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net 40,089 37,838
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net $ 32,510 $ 27,851
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Schedule of Sales by Product Line) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Disaggregation of Revenue [Line Items]    
Total sales $ 437,392 $ 407,796
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total sales 437,392 407,796
Operating Segments | Cardio & Vascular    
Disaggregation of Revenue [Line Items]    
Total sales 258,871 221,851
Operating Segments | Cardiac Rhythm Management & Neuromodulation    
Disaggregation of Revenue [Line Items]    
Total sales 160,345 156,931
Operating Segments | Other Markets    
Disaggregation of Revenue [Line Items]    
Total sales $ 18,176 $ 29,014
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Disaggregated Revenue) (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
All other customers    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 50.00% 55.00%
Customer A    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 21.00% 14.00%
Customer B    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 15.00% 17.00%
Customer C    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 14.00% 14.00%
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Revenue by Ship to Location) (Details) - Geographic Concentration Risk - Revenue from contract with customer benchmark
 3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
United States    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 52.00% 58.00%
All other countries    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 48.00% 42.00%
v3.25.1
SEGMENTS AND DISAGGREGATED REVENUE (Assets and Liability) (Details) - USD ($)
$ in Thousands
Mar. 28, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 102,930 $ 103,772
Contract liabilities (included in Accrued expenses and other current liabilities) 3,585 4,440
Contract liabilities (included in Other long-term liabilities) $ 4,064 $ 4,398