INTEGER HOLDINGS CORP, 10-Q filed on 7/24/2025
Quarterly Report
v3.25.2
COVER - shares
 6 Months Ended
Jun. 27, 2025
Jul. 18, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 27, 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, $0.001 par value per share  
Trading Symbol ITGR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   35,034,817
Entity Central Index Key 0001114483  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 27, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 23,135 $ 46,543
Accounts receivable, net of provision for credit losses of $0.5 million and $0.3 million, respectively 302,262 245,269
Inventories 266,437 247,126
Contract assets 103,224 103,772
Prepaid expenses and other current assets 42,372 28,409
Total current assets 737,430 671,119
Property, plant and equipment, net 511,784 465,798
Goodwill 1,100,371 1,017,729
Other intangible assets, net 854,545 778,286
Deferred income taxes 8,517 8,309
Operating lease assets 100,912 86,082
Financing lease assets 31,717 27,689
Other long-term assets 25,659 22,959
Total assets 3,370,935 3,077,971
Current liabilities:    
Current portion of long-term debt 0 10,000
Accounts payable 117,367 101,498
Operating lease liabilities 8,922 7,352
Accrued expenses and other current liabilities 89,741 108,323
Total current liabilities 216,030 227,173
Long-term debt 1,202,495 980,153
Deferred income taxes 114,735 124,608
Operating lease liabilities 83,897 77,702
Financing lease liabilities 25,796 23,760
Other long-term liabilities 24,445 25,360
Total liabilities 1,667,398 1,458,756
Stockholders’ equity:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 35,471,803 and 33,546,262 shares issued, respectively; 35,034,817 and 33,546,256 shares outstanding, respectively 35 34
Additional paid-in capital 760,741 741,977
Treasury stock, at cost; 436,986 shares and 6 shares, respectively (26,858) 0
Retained earnings 905,769 891,247
Accumulated other comprehensive income (loss) 63,850 (14,043)
Total stockholders’ equity 1,703,537 1,619,215
Total liabilities and stockholders’ equity $ 3,370,935 $ 3,077,971
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jun. 27, 2025
Dec. 31, 2024
Current assets:    
Allowance for doubtful accounts $ 0.5 $ 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) 35,471,803 33,546,262
Common stock, shares outstanding (in shares) 35,034,817 33,546,256
Treasury stock (in shares) 436,986 6
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Income Statement [Abstract]        
Sales $ 476,494 $ 427,886 $ 913,886 $ 835,682
Cost of sales 347,342 310,509 664,416 610,032
Gross profit 129,152 117,377 249,470 225,650
Operating expenses:        
Selling, general and administrative 52,923 46,479 104,083 92,914
Research, development and engineering 14,240 15,614 28,441 30,888
Restructuring and other charges 2,651 790 8,056 8,653
Total operating expenses 69,814 62,883 140,580 132,455
Operating income 59,338 54,494 108,890 93,195
Interest expense 9,754 14,572 24,559 28,563
(Gain) loss on equity investments 8 7 (173) (1,129)
Other (income) loss, net 3,980 (127) 51,907 880
Income from continuing operations before taxes 45,596 40,042 32,597 64,881
Provision for income taxes 8,587 8,835 18,053 13,083
Income from continuing operations 37,009 31,207 14,544 51,798
Income (loss) from discontinued operations, net of tax 0 39 (22) (44)
Net income $ 37,009 $ 31,246 $ 14,522 $ 51,754
Basic earnings per share:        
Income from continuing operations (in dollars per share) $ 1.06 $ 0.93 $ 0.42 $ 1.54
Income (loss) from discontinued operations (in dollars per share) 0 0 0 0
Basic earnings per share (in dollars per share) 1.06 0.93 0.42 1.54
Diluted earnings per share:        
Income from continuing operations (in dollars per share) 1.04 0.88 0.41 1.47
Income (loss) from discontinued operations (in dollars per share) 0 0 0 0
Diluted earnings per share (in dollars per share) $ 1.04 $ 0.88 $ 0.41 $ 1.47
Weighted average shares outstanding:        
Basic (in shares) 35,035 33,600 34,488 33,540
Diluted (in shares) 35,713 35,529 35,830 35,264
Comprehensive Income        
Net income $ 37,009 $ 31,246 $ 14,522 $ 51,754
Other comprehensive income (loss):        
Foreign currency translation gain (loss) 47,356 (3,911) 67,647 (17,349)
Change in fair value of cash flow hedges, net of tax 5,748 (3,346) 10,246 (2,260)
Other comprehensive income (loss) 53,104 (7,257) 77,893 (19,609)
Comprehensive income $ 90,113 $ 23,989 $ 92,415 $ 32,145
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Cash flows from operating activities:    
Net income $ 14,522 $ 51,754
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 62,118 53,410
Debt related charges included in interest expense 3,627 1,869
Debt conversion inducement expense 46,681 0
Inventory step-up amortization 0 1,056
Stock-based compensation 12,536 12,614
Non-cash lease expense 5,000 4,622
Non-cash gain on equity investments (173) (1,129)
Contingent consideration fair value adjustment (309) 0
Other non-cash losses 3,143 1,408
Deferred income taxes 3,942 0
Gain on sale of discontinued operations (46) 0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (41,014) 3,465
Inventories (14,509) (27,235)
Prepaid expenses and other assets 71 (744)
Contract assets 1,800 (11,666)
Accounts payable 11,561 7,069
Accrued expenses and other liabilities (23,312) (16,155)
Income taxes (10,500) (9,864)
Net cash provided by operating activities 75,138 70,474
Cash flows from investing activities:    
Acquisition of property, plant and equipment (44,219) (60,252)
Acquisitions, net of cash acquired (170,872) (138,544)
Other investing activities 97 0
Net cash used in investing activities (214,994) (198,796)
Cash flows from financing activities:    
Principal payments of long-term debt (657,693) 0
Proceeds from issuance of convertible notes, net of discount 977,500 0
Proceeds from revolving credit facility 257,000 208,500
Payments of revolving credit facility (373,000) (51,500)
Purchase of capped calls (71,000) 0
Payment of debt issuance costs (1,266) 0
Proceeds from the exercise of stock options 3,644 742
Tax withholdings related to net share settlements of restricted stock unit awards (16,707) (10,625)
Principal payments on finance leases (2,596) (8,956)
Other financing activities 107 607
Net cash provided by financing activities 115,989 138,768
Effect of foreign currency exchange rates on cash and cash equivalents 459 17
Net increase (decrease) in cash and cash equivalents (23,408) 10,463
Cash and cash equivalents, beginning of period 46,543 23,674
Cash and cash equivalents, end of period $ 23,135 $ 34,137
v3.25.2
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   (9,891)      
Stock-based compensation   12,614      
Capped calls related to the issuance of 2030 Convertible Notes, net of tax   0      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax 0 0      
Issuance of common stock for acquisition 0 0      
Treasury shares purchased     0    
Net income 51,754     51,754  
Other comprehensive income (loss) (19,609)       (19,609)
Balance, ending balance at Jun. 28, 2024 1,553,910 730,191 0 823,105 614
Balance, beginning of period at Mar. 29, 2024 1,525,011 725,281 0 791,859 7,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (856)      
Stock-based compensation   5,766      
Capped calls related to the issuance of 2030 Convertible Notes, net of tax   0      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax   0      
Issuance of common stock for acquisition   0      
Treasury shares purchased     0    
Net income 31,246     31,246  
Other comprehensive income (loss) (7,257)       (7,257)
Balance, ending balance at Jun. 28, 2024 1,553,910 730,191 0 823,105 614
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   (13,043)      
Stock-based compensation   12,536      
Capped calls related to the issuance of 2030 Convertible Notes, net of tax   (53,130)      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax 183,972 68,413      
Issuance of common stock for acquisition 3,989 3,989      
Treasury shares purchased     (26,858)    
Net income 14,522     14,522  
Other comprehensive income (loss) 77,893       77,893
Balance, ending balance at Jun. 27, 2025 1,703,537 760,776 (26,858) 905,769 63,850
Balance, beginning of period at Mar. 28, 2025 1,606,704 754,056 (26,858) 868,760 10,746
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   1,064      
Stock-based compensation   5,656      
Capped calls related to the issuance of 2030 Convertible Notes, net of tax   0      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax   0      
Issuance of common stock for acquisition   0      
Treasury shares purchased     0    
Net income 37,009     37,009  
Other comprehensive income (loss) 53,104       53,104
Balance, ending balance at Jun. 27, 2025 $ 1,703,537 $ 760,776 $ (26,858) $ 905,769 $ 63,850
v3.25.2
BASIS OF PRESENTATION
 6 Months Ended
Jun. 27, 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 second quarter and first six months of 2025 ended on June 27 and consisted of 91 days and 178 days, respectively. The second quarter and first six months of 2024 ended on June 28 and consisted of 91 days and 180 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 six months ended June 27, 2025 and June 28, 2024, the Company sold accounts receivable of $131.1 million and $116.8 million, respectively. The Company recorded factoring fees of $0.5 million and $0.9 million, respectively, for the three and six months ended June 27, 2025, compared to $0.4 million and $0.8 million, respectively, for the three and six months ended June 28, 2024.
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 six months ended June 27, 2025 and June 28, 2024, the Company sold and de-recognized accounts receivable of $83.5 million and $76.2 million, respectively. The Company recorded costs associated with the supplier financing arrangements of $0.5 million and $1.0 million, respectively, for the three and six months ended June 27, 2025, compared to $0.6 million and $1.1 million, respectively, for the three and six months ended June 28, 2024.
(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 November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its condensed consolidated financial statements and related disclosures.
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.
v3.25.2
BUSINESS ACQUISITIONS
 6 Months Ended
Jun. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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.
(2.)    BUSINESS ACQUISITIONS (Continued)
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.
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.
During the first six months of 2025, the Company recorded measurement period adjustments, inclusive of working capital and other closing adjustments, resulting in increases to property, plant and equipment and current liabilities and a net decrease to goodwill. The measurement period adjustments recorded during the first six months of 2025 were not 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 equipment12,949 2,732 15,681 
Goodwill51,548 5,155 56,703 
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)(4,341)(773)(5,114)
Operating lease liabilities (noncurrent)(8,922)(1,256)(10,178)
Fair value of net assets acquired$153,467 $23,963 $177,430 
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.
(2.)    BUSINESS ACQUISITIONS (Continued)
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 right-of-use 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.
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.
(2.)    BUSINESS ACQUISITIONS (Continued)
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.
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 and six months ended June 28, 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):
Three Months Ended
June 28, 2024
Six Months Ended
June 28, 2024
Sales$442,550 $862,420 
Income from continuing operations28,525 43,382 
(2.)    BUSINESS ACQUISITIONS (Continued)
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.
Sales related to Precision and VSi from the date of acquisition through the three and six months ended June 27, 2025 were $14.0 million and $27.2 million, respectively, 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 and six months ended June 27, 2025, direct costs of the Precision and VSi acquisitions were $0.7 million and $3.5 million, respectively. Direct costs of the Pulse acquisition during the three and six months ended June 28, 2024 were $0.1 million and $5.6 million, respectively.
v3.25.2
DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 27, 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 $0.8 million was recorded during the year ended December 31, 2024. The Company is in the process of finalizing the net working capital adjustment with the purchaser as provided for in the stock purchase agreement. The final net working capital adjustment, as determined through the established process outlined in the stock purchase agreement, may be different from the Company’s estimates. The impact of any changes in the net working capital adjustment and associated income taxes will be recorded as an adjustment to the gain on sale from discontinued operations in the period such change occurs and may be materially different from the Company’s estimates.
Selected financial information of the Electrochem business included in discontinued operations is below.
Income (loss) from discontinued operations, net of tax, were as follows (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Sales$— $8,739 $— $16,430 
Cost of sales— 6,723 68 12,847 
Gross profit— 2,016 (68)3,583 
Selling, general and administrative expenses— 638 — 1,132 
Research, development and engineering costs— 490 — 969 
Restructuring and other charges— 196 — 214 
Interest expense— 706 — 1,386 
Gain on sale of discontinued operations— — (46)— 
Loss from discontinued operations before taxes— (14)(22)(118)
Income tax benefit— (53)— (74)
Income (loss) from discontinued operations, net of tax$— $39 $(22)$(44)
Cash flow information from discontinued operations for the six months ended June 28, 2024 was as follows (in thousands):
Cash used in operating activities$551 
Cash used in investing activities (all capital expenditures)522 
Depreciation and amortization636 
v3.25.2
SUPPLEMENTAL CASH FLOW INFORMATION
 6 Months Ended
Jun. 27, 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):
Six Months Ended
June 27,
2025		June 28,
2024
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$19,568 $11,791 
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 paid120 — 
Supplemental lease disclosures:
Assets acquired under operating leases11,147 4,104 
Assets acquired under finance leases5,764 5,862 
v3.25.2
INVENTORIES
 6 Months Ended
Jun. 27, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
June 27,
2025		December 31,
2024
Raw materials$107,843 $104,620 
Work-in-process144,157 126,810 
Finished goods14,437 15,696 
Total$266,437 $247,126 
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 27, 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 six months ended June 27, 2025 were as follows (in thousands):
Medical
December 31, 2024$1,017,729 
Precision and VSi acquisitions (Note 2)56,752 
Acquisition-related adjustments (Note 2)(49)
Foreign currency translation25,939 
June 27, 2025$1,100,371 
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
June 27, 2025
Definite-lived:
Purchased technology and patents$326,365 $(218,066)$108,299 
Customer lists955,854 (312,167)643,687 
Amortizing tradenames and other20,080 (7,809)12,271 
Total amortizing intangible assets$1,302,299 $(538,042)$764,257 
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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Cost of sales$4,942 $3,618 $9,516 $7,881 
Selling, general and administrative expenses11,178 9,991 21,455 19,079 
Total intangible asset amortization expense$16,120 $13,609 $30,971 $26,960 
Estimated future intangible asset amortization expense based on the carrying value as of June 27, 2025 is as follows (in thousands):
Remainder of 20252026202720282029After 2029
Amortization Expense$33,402 $63,250 $60,257 $58,647 $56,339 $492,362 
v3.25.2
DEBT
 6 Months Ended
Jun. 27, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt comprises the following (in thousands):
 June 27, 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$10,000 $— $10,000 $126,000 $— $126,000 
Term loan A101,000 (298)100,702 375,000 (1,302)373,698 
2028 Convertible Notes116,301 (1,886)114,415 499,994 (9,539)490,455 
2030 Convertible Notes1,000,000 (22,622)977,378 — — — 
Total$1,227,301 $(24,806)$1,202,495 $1,000,994 $(10,841)$990,153 
Current portion of long-term debt— (10,000)
Long-term debt$1,202,495 $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 June 27, 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”). A portion of the Revolving Credit Facility is available for swingline loans of up to a sublimit of $40 million and for the issuance of standby letters of credit of up to a sublimit of $40 million.
Revolving Credit Facility
The Revolving Credit Facility matures on February 15, 2028. As of June 27, 2025, the Company had available borrowing capacity on the Revolving Credit Facility of $784.7 million after giving effect to $10.0 million of swingline loans and $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). Swingline loans bear interest at a rate based on the prime rate plus a margin based on the Company’s Secured Net Leverage Ratio. 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 June 27, 2025, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 7.75% and the commitment fee on the unused portion of the Revolving Credit Facility was 0.15%.
(7.)     DEBT (Continued)
TLA Facility
The TLA Facility matures on February 15, 2028. During the first six months of 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 repayments of the TLA Facility, the Company incurred a $0.9 million loss on extinguishment of debt from the write-off of a portion of the remaining deferred debt issuance costs and original issue discount, which were expensed and included in Interest expense during the first six months of 2025. As of June 27, 2025, the interest rate on the TLA Facility was 5.67%.
Covenants
The 2021 Credit Agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require the Company not to exceed a specified maximum Total Net Leverage Ratio (as defined in the 2021 Credit Agreement) and an interest coverage ratio as of the end of each fiscal quarter. As of June 27, 2025, the Company was in compliance with these financial covenants.
Contractual principal maturities under the Senior Secured Credit Facilities as of June 27, 2025, are as follows (in thousands):
Remainder of 2025202620272028
Future minimum principal payments$— $— $— $111,000 
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 (income) 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.
(7.)     DEBT (Continued)
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 June 27, 2025.
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.
As of June 27, 2025, the conditions allowing holders of the 2030 Convertible Notes to convert had not been met and, therefore, the 2030 Convertible Notes are classified as a long-term liability on the Condensed Consolidated Balance Sheets at June 27, 2025.
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).
(7.)     DEBT (Continued)
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.
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 June 27, 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 April 1, 2025 and ending at the close of business on June 30, 2025. Subsequent to June 27, 2025, the sale price of the Common Stock for conversion was satisfied as of July 1, 2025 and as a result, the 2028 Convertible Notes will continue to be eligible for optional conversion during the third calendar 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 June 27, 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 June 27, 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.
v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
RSUs and PRSUs$5,656 $5,745 $12,536 $12,491 
Discontinued operations— 21 — 123 
Total stock-based compensation expense$5,656 $5,766 $12,536 $12,614 
Cost of sales$1,083 $821 $2,506 $2,080 
Selling, general and administrative4,360 4,679 9,408 9,780 
Research, development and engineering267 230 647 596 
Restructuring and other charges(54)15 (25)35 
Discontinued operations— 21 — 123 
Total stock-based compensation expense$5,656 $5,766 $12,536 $12,614 
Stock Options
The following table summarizes the Company’s stock option activity for the six month period ended June 27, 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(106,971)39.80 
Outstanding and exercisable at June 27, 202523,112 $38.84 1.6$1.8 
Time-Based Restricted Stock Units
Most RSUs granted to employees during the six months ended June 27, 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 six month period ended June 27, 2025:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024313,404 $88.36 
Granted139,512 133.58 
Vested(133,772)88.23 
Forfeited(12,935)103.38 
Nonvested at June 27, 2025306,209 $108.38 
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 six month period ended June 27, 2025:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024237,898 $88.95 
Granted65,974 149.99 
Performance adjustment(a)
76,520 83.36 
Vested(153,040)83.36 
Forfeited(11,074)94.99 
Nonvested at June 27, 2025216,278 $109.24 
__________
(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:
 Six Months Ended
 June 27,
2025		June 28,
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.
v3.25.2
RESTRUCTURING AND OTHER CHARGES
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Restructuring charges$637 $907 $1,301 $2,317 
Acquisition and integration costs
2,007 1,056 6,749 7,391 
Other general expenses7 (1,173)6 (1,055)
Total restructuring and other charges
$2,651 $790 $8,056 $8,653 
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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Restructuring charges:
Restructuring and other charges
$637 $907 $1,301 $2,317 
Restructuring-related expenses(a):
Cost of sales1,439 391 1,840 730 
Selling, general and administrative499 469 542 606 
Research, development and engineering— 168 (6)169 
Total restructuring and restructuring-related charges
$2,575 $1,935 $3,677 $3,822 
__________
(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 reversals559 441 301 1,301 
Cash payments(1,083)(532)(301)(1,916)
June 27, 2025$166 $24 $— $190 
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 six months ended June 27, 2025, acquisition and integration costs primarily related to the Precision and VSi acquisitions. During the six months ended June 28, 2024, acquisition and integration costs primarily related to the Pulse and InNeuroCo acquisitions. In addition, acquisition and integration costs for the six months ended June 27, 2025, included a benefit of $0.3 million to adjust the fair value of acquisition-related contingent consideration liabilities. See Note 14 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
Other general expenses
During the six months ended June 27, 2025 and June 28, 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. In addition, during the second quarter of 2024 the Company recorded $1.2 million of loss recoveries relating to property damage which occurred in the fourth quarter of 2023 at one of its manufacturing facilities.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Income from continuing operations before taxes$45,596 $40,042 $32,597 $64,881 
Provision for income taxes8,587 8,835 18,053 13,083 
Effective tax rate18.8 %22.1 %55.4 %20.2 %
(10.)    INCOME TAXES (Continued)
The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the second quarter of 2025 is due principally to 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. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the first six months 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 second quarter and first six months 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 second quarter and first six months of 2025, the Company recorded discrete tax benefits of $0.7 million and $2.2 million, respectively. The discrete tax benefits for the second quarter and first six months of 2025 are predominately related to excess tax benefits from stock-based compensation, net of deductibility limitations. For the second quarter and first six months of 2024, the Company recorded discrete tax expense of $0.5 million and a discrete tax benefit of $0.3 million, respectively. The discrete tax expense for the second quarter of 2024 relates predominately to unfavorable return to provision adjustments attributable to certain foreign tax returns filed during the quarter. The net discrete tax benefit recorded for the six months of 2024 includes discrete tax amounts for the first quarter of 2024 predominately related to excess tax benefits, net of deductibility limitations, recognized upon vesting of RSUs.
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. 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 June 27, 2025, the Company had unrecognized tax benefits of approximately $6.4 million, substantially all of which would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of June 27, 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.
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA”) enacting a broad range of tax reform provisions, including extending and modifying certain key domestic and international Tax Cuts & Jobs Act provisions. Only certain provisions will have current-year financial reporting implications due to varying effective dates and discretionary elections. The Company is currently evaluating the OBBBA and does not anticipate a material impact to the condensed consolidated financial statements.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 27, 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.
v3.25.2
EARNINGS PER SHARE (“EPS”)
 6 Months Ended
Jun. 27, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE (“EPS”) EARNINGS 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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Numerator for basic and diluted EPS:
Income from continuing operations$37,009 $31,207 $14,544 $51,798 
Income (loss) from discontinued operations— 39 (22)(44)
Net income$37,009 $31,246 $14,522 $51,754 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic35,035 33,600 34,488 33,540 
Dilutive effect of share-based awards319 476 352 481 
Dilutive impact of Convertible Notes359 1,453 990 1,243 
Weighted average shares outstanding - Diluted35,713 35,529 35,830 35,264 
Basic earnings per share:
Income from continuing operations$1.06 $0.93 $0.42 $1.54 
Income (loss) from discontinued operations— — — — 
Basic earnings per share$1.06 $0.93 $0.42 $1.54 
Diluted earnings per share:
Income from continuing operations$1.04 $0.88 $0.41 $1.47 
Income (loss) from discontinued operations$— $— $— $— 
Diluted earnings per share$1.04 $0.88 $0.41 $1.47 
The following table sets forth potential shares of Common Stock that are not included in the diluted earnings per share calculation above because to do so would be anti-dilutive for the periods indicated (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
RSUs85 3 259 2 
PRSUs36 41 131 41 
Common Stock issuable upon conversion of the
  2028 Convertible Notes		— — 825 — 
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 and six months ended June 27, 2025, the potential conversion of the 2030 Convertible Notes was not included in the diluted earnings per share calculation because the average closing price of the Company's common stock for the applicable periods, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $150.96.
v3.25.2
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 27, 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 six month periods ended June 27, 2025 and June 28, 2024:
IssuedTreasury StockOutstanding
Beginning balance at December 31, 202433,546,262 (6)33,546,256 
Stock options exercised102,179 — 102,179 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes237,131 — 237,131 
Stock issued upon conversion of convertible debt1,553,838 — 1,553,838 
Exercise of capped call upon conversion of convertible debt— (436,980)(436,980)
Stock issued for acquisition32,393 — 32,393 
Ending balance at June 27, 202535,471,803 (436,986)35,034,817 
Beginning balance at December 31, 202333,329,648 — 33,329,648 
Stock options exercised16,621 — 16,621 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes184,910 — 184,910 
Ending balance at June 28, 202433,531,179 — 33,531,179 
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
March 28, 2025$67 $(789)$11,306 $10,584 $162 $10,746 
Unrealized gain on cash flow hedges— 8,278 — 8,278 (1,739)6,539 
Realized gain on foreign currency hedges— (1,001)— (1,001)210 (791)
Foreign currency translation gain— — 47,356 47,356 — 47,356 
June 27, 2025$67 $6,488 $58,662 $65,217 $(1,367)$63,850 
December 31, 2024$67 $(6,482)$(8,985)$(15,400)$1,357 $(14,043)
Unrealized gain on cash flow hedges— 12,678 — 12,678 (2,662)10,016 
Realized loss on foreign currency hedges— 292 — 292 (62)230 
Foreign currency translation gain— — 67,647 67,647 — 67,647 
June 27, 2025$67 $6,488 $58,662 $65,217 $(1,367)$63,850 
The foreign currency translation gains for the three and six month periods ended June 27, 2025, were due to the strengthening in value of the Euro against the U.S. Dollar.
(13.)     STOCKHOLDERS’ EQUITY (Continued)
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
March 29, 2024$(28)$3,528 $5,091 $8,591 $(720)$7,871 
Unrealized loss on cash flow hedges— (3,797)— (3,797)797 (3,000)
Realized gain on foreign currency hedges— (439)— (439)93 (346)
Foreign currency translation loss— — (3,911)(3,911)— (3,911)
June 28, 2024$(28)$(708)$1,180 $444 $170 $614 
December 31, 2023$(28)$2,153 $18,529 $20,654 $(431)$20,223 
Unrealized loss on cash flow hedges— (1,991)— (1,991)418 (1,573)
Realized gain on foreign currency hedges— (870)— (870)183 (687)
Foreign currency translation loss— — (17,349)(17,349)— (17,349)
June 28, 2024$(28)$(708)$1,180 $444 $170 $614 
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 27, 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)
June 27, 2025
Assets: Foreign currency hedging contracts$6,488 $— $6,488 $— 
Liabilities: Contingent consideration3,136 — — 3,136 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Derivatives Designated as Hedging Instruments
Foreign Currency Contracts
The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges.
Information regarding outstanding foreign currency forward contracts as of June 27, 2025 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$31,756 Apr 20261.0874Euro$2,654 Prepaid expenses and other current assets
7,266 Apr 20260.0232UYU Peso509 Prepaid expenses and other current assets
3,094 Apr 20260.2275MYR Ringgit137 Prepaid expenses and other current assets
48,004 May 20260.0494MXN Peso2,851 Prepaid expenses and other current assets
6,687 Oct 20260.0481MXN Peso337 Other long-term assets
Information regarding outstanding foreign currency forward contracts as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity Date$/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
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 six months ended June 27, 2025 and June 28, 2024 (in thousands):
Three Months Ended
June 27, 2025June 28, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$476,494 $725 $427,886 $(76)
Cost of sales347,342 277 310,509 449 
Operating expenses69,814 (1)62,883 66 
Six Months Ended
June 27, 2025June 28, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$913,886 $142 $835,682 $(66)
Cost of sales664,416 (416)610,032 806 
Operating expenses140,580 (18)132,455 130 
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
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
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Foreign exchange contracts$2,938 $(295)Sales$725 $(76)
Foreign exchange contracts5,214 (3,209)Cost of sales277 449 
Foreign exchange contracts126 (293)Operating expenses(1)66 
Six Months Ended
Location in Statements of Operations and Comprehensive
 Income
Six Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Foreign exchange contracts$4,746 $(1,554)Sales$142 $(66)
Foreign exchange contracts7,633 (493)Cost of sales(416)806 
Foreign exchange contracts299 56 Operating expenses(18)130 
The Company expects to reclassify net gains totaling $6.2 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 June 27, 2025 and December 31, 2024, the Company had total notional amounts of $68.8 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 (income) loss, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. The Company recorded losses of $2.6 million and $2.2 million, respectively, for the three and six months ended June 27, 2025, compared to net losses of $0.3 million and $1.2 million, respectively, for the three and six months ended June 28, 2024.
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 and six months ended June 27, 2025 and June 28, 2024 (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Fair value measurement at beginning of period$3,445 $4,454 $904 $876 
Amount recorded for current year acquisitions
— — 2,541 3,578 
Fair value measurement adjustment(309)— (309)— 
Fair value measurement at end of period$3,136 $4,454 $3,136 $4,454 
As of June 27, 2025, the current and non-current portions of the contingent consideration liability were $1.8 million and $1.3 million, respectively, and included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2024, the contingent consideration liability was non-current and included in Other long-term liabilities.
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The contingent consideration at June 27, 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. During the three months ended June 27, 2025, the Company assessed the probability of meeting the required revenue thresholds on certain acquisitions as unlikely and recorded fair value measurement adjustments totaling $0.3 million in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income. 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 June 27, 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 June 27, 2025 and December 31, 2024, the estimated fair value of the 2028 Convertible Notes was approximately $176 million and $800 million, respectively. As of June 27, 2025, the estimated fair value of the 2030 Convertible Notes was approximately $1.036 billion.
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):
June 27,
2025		December 31,
2024
Equity method investment$7,332 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,512 $7,417 
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Equity method investment (gain) loss$8 $7 $(173)$(1,129)
During the six months ended June 27, 2025, the Company received a cash distribution representing a return of capital on its equity method investment of $0.1 million. The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of June 27, 2025, the Company owned 7.6% of this fund.
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE
 6 Months Ended
Jun. 27, 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):
June 27,
2025		December 31,
2024
Long-lived tangible assets by geographic area:
United States$283,119 $260,220 
Ireland158,028 139,889 
Mexico41,190 37,838 
Rest of world29,447 27,851 
Total$511,784 $465,798 
The following table presents sales by product line (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Cardio & Vascular$286,855 $231,418 $545,726 $453,269 
Cardiac Rhythm Management & Neuromodulation
171,998 168,061 332,343 324,992 
Other Markets17,641 28,407 35,817 57,421 
Total sales$476,494 $427,886 $913,886 $835,682 
Revenue recognized from products and services transferred to customers over time represented 32% and 33%, respectively, of total revenue for the three and six months ended June 27, 2025, compared to 32% and 33%, respectively, for the three and six months ended June 28, 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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Customer A21%16%21%15%
Customer B16%17%16%17%
Customer C14%14%14%14%
All other customers49%53%49%54%
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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
United States52%56%52%57%
All other countries48%44%48%43%
(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):
June 27,
2025		December 31,
2024
Contract assets$103,224 $103,772 
Contract liabilities (included in Accrued expenses and other current liabilities)2,774 4,440 
Contract liabilities (included in Other long-term liabilities)4,228 4,398 
During the three and six months ended June 27, 2025, the Company recognized $0.6 million and $1.8 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2024. During the three and six months ended June 28, 2024, the Company recognized $1.3 million and $2.8 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2023.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Pay vs Performance Disclosure        
Net income $ 37,009 $ 31,246 $ 14,522 $ 51,754
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 27, 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
v3.25.2
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 27, 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 November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its condensed consolidated financial statements and related disclosures.
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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Income from continuing operations before taxes$45,596 $40,042 $32,597 $64,881 
Provision for income taxes8,587 8,835 18,053 13,083 
Effective tax rate18.8 %22.1 %55.4 %20.2 %
(10.)    INCOME TAXES (Continued)
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.
v3.25.2
BUSINESS ACQUISITIONS (Tables)
 6 Months Ended
Jun. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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 equipment12,949 2,732 15,681 
Goodwill51,548 5,155 56,703 
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)(4,341)(773)(5,114)
Operating lease liabilities (noncurrent)(8,922)(1,256)(10,178)
Fair value of net assets acquired$153,467 $23,963 $177,430 
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 
Business Combination, Intangible Asset, Acquired, Finite-Lived
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):
Three Months Ended
June 28, 2024
Six Months Ended
June 28, 2024
Sales$442,550 $862,420 
Income from continuing operations28,525 43,382 
v3.25.2
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 27, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
Income (loss) from discontinued operations, net of tax, were as follows (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Sales$— $8,739 $— $16,430 
Cost of sales— 6,723 68 12,847 
Gross profit— 2,016 (68)3,583 
Selling, general and administrative expenses— 638 — 1,132 
Research, development and engineering costs— 490 — 969 
Restructuring and other charges— 196 — 214 
Interest expense— 706 — 1,386 
Gain on sale of discontinued operations— — (46)— 
Loss from discontinued operations before taxes— (14)(22)(118)
Income tax benefit— (53)— (74)
Income (loss) from discontinued operations, net of tax$— $39 $(22)$(44)
Cash flow information from discontinued operations for the six months ended June 28, 2024 was as follows (in thousands):
Cash used in operating activities$551 
Cash used in investing activities (all capital expenditures)522 
Depreciation and amortization636 
v3.25.2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 6 Months Ended
Jun. 27, 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):
Six Months Ended
June 27,
2025		June 28,
2024
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$19,568 $11,791 
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 paid120 — 
Supplemental lease disclosures:
Assets acquired under operating leases11,147 4,104 
Assets acquired under finance leases5,764 5,862 
v3.25.2
INVENTORIES (Tables)
 6 Months Ended
Jun. 27, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories comprise the following (in thousands):
June 27,
2025		December 31,
2024
Raw materials$107,843 $104,620 
Work-in-process144,157 126,810 
Finished goods14,437 15,696 
Total$266,437 $247,126 
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 6 Months Ended
Jun. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the six months ended June 27, 2025 were as follows (in thousands):
Medical
December 31, 2024$1,017,729 
Precision and VSi acquisitions (Note 2)56,752 
Acquisition-related adjustments (Note 2)(49)
Foreign currency translation25,939 
June 27, 2025$1,100,371 
Schedule of Finite-Lived Intangible Assets, Major Class Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
June 27, 2025
Definite-lived:
Purchased technology and patents$326,365 $(218,066)$108,299 
Customer lists955,854 (312,167)643,687 
Amortizing tradenames and other20,080 (7,809)12,271 
Total amortizing intangible assets$1,302,299 $(538,042)$764,257 
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
June 27, 2025
Definite-lived:
Purchased technology and patents$326,365 $(218,066)$108,299 
Customer lists955,854 (312,167)643,687 
Amortizing tradenames and other20,080 (7,809)12,271 
Total amortizing intangible assets$1,302,299 $(538,042)$764,257 
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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Cost of sales$4,942 $3,618 $9,516 $7,881 
Selling, general and administrative expenses11,178 9,991 21,455 19,079 
Total intangible asset amortization expense$16,120 $13,609 $30,971 $26,960 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based on the carrying value as of June 27, 2025 is as follows (in thousands):
Remainder of 20252026202720282029After 2029
Amortization Expense$33,402 $63,250 $60,257 $58,647 $56,339 $492,362 
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt comprises the following (in thousands):
 June 27, 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$10,000 $— $10,000 $126,000 $— $126,000 
Term loan A101,000 (298)100,702 375,000 (1,302)373,698 
2028 Convertible Notes116,301 (1,886)114,415 499,994 (9,539)490,455 
2030 Convertible Notes1,000,000 (22,622)977,378 — — — 
Total$1,227,301 $(24,806)$1,202,495 $1,000,994 $(10,841)$990,153 
Current portion of long-term debt— (10,000)
Long-term debt$1,202,495 $980,153 
Schedule of Maturities of Long-term Debt
Contractual principal maturities under the Senior Secured Credit Facilities as of June 27, 2025, are as follows (in thousands):
Remainder of 2025202620272028
Future minimum principal payments$— $— $— $111,000 
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
RSUs and PRSUs$5,656 $5,745 $12,536 $12,491 
Discontinued operations— 21 — 123 
Total stock-based compensation expense$5,656 $5,766 $12,536 $12,614 
Cost of sales$1,083 $821 $2,506 $2,080 
Selling, general and administrative4,360 4,679 9,408 9,780 
Research, development and engineering267 230 647 596 
Restructuring and other charges(54)15 (25)35 
Discontinued operations— 21 — 123 
Total stock-based compensation expense$5,656 $5,766 $12,536 $12,614 
Schedule of Share-Based Compensation, Stock Options Activity
The following table summarizes the Company’s stock option activity for the six month period ended June 27, 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(106,971)39.80 
Outstanding and exercisable at June 27, 202523,112 $38.84 1.6$1.8 
Schedule of Share-Based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSU activity for the six month period ended June 27, 2025:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024313,404 $88.36 
Granted139,512 133.58 
Vested(133,772)88.23 
Forfeited(12,935)103.38 
Nonvested at June 27, 2025306,209 $108.38 
The following table summarizes PRSU activity for the six month period ended June 27, 2025:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2024237,898 $88.95 
Granted65,974 149.99 
Performance adjustment(a)
76,520 83.36 
Vested(153,040)83.36 
Forfeited(11,074)94.99 
Nonvested at June 27, 2025216,278 $109.24 
__________
(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:
 Six Months Ended
 June 27,
2025		June 28,
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— %— %
v3.25.2
RESTRUCTURING AND OTHER CHARGES (Tables)
 6 Months Ended
Jun. 27, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Charges
Restructuring and other charges comprise the following (in thousands):
 Three Months EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Restructuring charges$637 $907 $1,301 $2,317 
Acquisition and integration costs
2,007 1,056 6,749 7,391 
Other general expenses7 (1,173)6 (1,055)
Total restructuring and other charges
$2,651 $790 $8,056 $8,653 
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 EndedSix Months Ended
 June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Restructuring charges:
Restructuring and other charges
$637 $907 $1,301 $2,317 
Restructuring-related expenses(a):
Cost of sales1,439 391 1,840 730 
Selling, general and administrative499 469 542 606 
Research, development and engineering— 168 (6)169 
Total restructuring and restructuring-related charges
$2,575 $1,935 $3,677 $3,822 
__________
(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 reversals559 441 301 1,301 
Cash payments(1,083)(532)(301)(1,916)
June 27, 2025$166 $24 $— $190 
v3.25.2
INCOME TAXES (Tables)
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Income from continuing operations before taxes$45,596 $40,042 $32,597 $64,881 
Provision for income taxes8,587 8,835 18,053 13,083 
Effective tax rate18.8 %22.1 %55.4 %20.2 %
v3.25.2
EARNINGS PER SHARE (“EPS”) (Tables)
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Numerator for basic and diluted EPS:
Income from continuing operations$37,009 $31,207 $14,544 $51,798 
Income (loss) from discontinued operations— 39 (22)(44)
Net income$37,009 $31,246 $14,522 $51,754 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic35,035 33,600 34,488 33,540 
Dilutive effect of share-based awards319 476 352 481 
Dilutive impact of Convertible Notes359 1,453 990 1,243 
Weighted average shares outstanding - Diluted35,713 35,529 35,830 35,264 
Basic earnings per share:
Income from continuing operations$1.06 $0.93 $0.42 $1.54 
Income (loss) from discontinued operations— — — — 
Basic earnings per share$1.06 $0.93 $0.42 $1.54 
Diluted earnings per share:
Income from continuing operations$1.04 $0.88 $0.41 $1.47 
Income (loss) from discontinued operations$— $— $— $— 
Diluted earnings per share$1.04 $0.88 $0.41 $1.47 
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 per share calculation above because to do so would be anti-dilutive for the periods indicated (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
RSUs85 3 259 2 
PRSUs36 41 131 41 
Common Stock issuable upon conversion of the
  2028 Convertible Notes		— — 825 — 
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 27, 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 six month periods ended June 27, 2025 and June 28, 2024:
IssuedTreasury StockOutstanding
Beginning balance at December 31, 202433,546,262 (6)33,546,256 
Stock options exercised102,179 — 102,179 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes237,131 — 237,131 
Stock issued upon conversion of convertible debt1,553,838 — 1,553,838 
Exercise of capped call upon conversion of convertible debt— (436,980)(436,980)
Stock issued for acquisition32,393 — 32,393 
Ending balance at June 27, 202535,471,803 (436,986)35,034,817 
Beginning balance at December 31, 202333,329,648 — 33,329,648 
Stock options exercised16,621 — 16,621 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes184,910 — 184,910 
Ending balance at June 28, 202433,531,179 — 33,531,179 
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
March 28, 2025$67 $(789)$11,306 $10,584 $162 $10,746 
Unrealized gain on cash flow hedges— 8,278 — 8,278 (1,739)6,539 
Realized gain on foreign currency hedges— (1,001)— (1,001)210 (791)
Foreign currency translation gain— — 47,356 47,356 — 47,356 
June 27, 2025$67 $6,488 $58,662 $65,217 $(1,367)$63,850 
December 31, 2024$67 $(6,482)$(8,985)$(15,400)$1,357 $(14,043)
Unrealized gain on cash flow hedges— 12,678 — 12,678 (2,662)10,016 
Realized loss on foreign currency hedges— 292 — 292 (62)230 
Foreign currency translation gain— — 67,647 67,647 — 67,647 
June 27, 2025$67 $6,488 $58,662 $65,217 $(1,367)$63,850 
The foreign currency translation gains for the three and six month periods ended June 27, 2025, were due to the strengthening in value of the Euro against the U.S. Dollar.
(13.)     STOCKHOLDERS’ EQUITY (Continued)
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
March 29, 2024$(28)$3,528 $5,091 $8,591 $(720)$7,871 
Unrealized loss on cash flow hedges— (3,797)— (3,797)797 (3,000)
Realized gain on foreign currency hedges— (439)— (439)93 (346)
Foreign currency translation loss— — (3,911)(3,911)— (3,911)
June 28, 2024$(28)$(708)$1,180 $444 $170 $614 
December 31, 2023$(28)$2,153 $18,529 $20,654 $(431)$20,223 
Unrealized loss on cash flow hedges— (1,991)— (1,991)418 (1,573)
Realized gain on foreign currency hedges— (870)— (870)183 (687)
Foreign currency translation loss— — (17,349)(17,349)— (17,349)
June 28, 2024$(28)$(708)$1,180 $444 $170 $614 
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 27, 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)
June 27, 2025
Assets: Foreign currency hedging contracts$6,488 $— $6,488 $— 
Liabilities: Contingent consideration3,136 — — 3,136 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
Information regarding outstanding foreign currency forward contracts as of June 27, 2025 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$31,756 Apr 20261.0874Euro$2,654 Prepaid expenses and other current assets
7,266 Apr 20260.0232UYU Peso509 Prepaid expenses and other current assets
3,094 Apr 20260.2275MYR Ringgit137 Prepaid expenses and other current assets
48,004 May 20260.0494MXN Peso2,851 Prepaid expenses and other current assets
6,687 Oct 20260.0481MXN Peso337 Other long-term assets
Information regarding outstanding foreign currency forward contracts as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity Date$/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 six months ended June 27, 2025 and June 28, 2024 (in thousands):
Three Months Ended
June 27, 2025June 28, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$476,494 $725 $427,886 $(76)
Cost of sales347,342 277 310,509 449 
Operating expenses69,814 (1)62,883 66 
Six Months Ended
June 27, 2025June 28, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$913,886 $142 $835,682 $(66)
Cost of sales664,416 (416)610,032 806 
Operating expenses140,580 (18)132,455 130 
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
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
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Foreign exchange contracts$2,938 $(295)Sales$725 $(76)
Foreign exchange contracts5,214 (3,209)Cost of sales277 449 
Foreign exchange contracts126 (293)Operating expenses(1)66 
Six Months Ended
Location in Statements of Operations and Comprehensive
 Income
Six Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Foreign exchange contracts$4,746 $(1,554)Sales$142 $(66)
Foreign exchange contracts7,633 (493)Cost of sales(416)806 
Foreign exchange contracts299 56 Operating expenses(18)130 
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 and six months ended June 27, 2025 and June 28, 2024 (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Fair value measurement at beginning of period$3,445 $4,454 $904 $876 
Amount recorded for current year acquisitions
— — 2,541 3,578 
Fair value measurement adjustment(309)— (309)— 
Fair value measurement at end of period$3,136 $4,454 $3,136 $4,454 
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
June 27,
2025		December 31,
2024
Equity method investment$7,332 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,512 $7,417 
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Equity method investment (gain) loss$8 $7 $(173)$(1,129)
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Tables)
 6 Months Ended
Jun. 27, 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):
June 27,
2025		December 31,
2024
Long-lived tangible assets by geographic area:
United States$283,119 $260,220 
Ireland158,028 139,889 
Mexico41,190 37,838 
Rest of world29,447 27,851 
Total$511,784 $465,798 
Schedule of Disaggregation of Revenue
The following table presents sales by product line (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Cardio & Vascular$286,855 $231,418 $545,726 $453,269 
Cardiac Rhythm Management & Neuromodulation
171,998 168,061 332,343 324,992 
Other Markets17,641 28,407 35,817 57,421 
Total sales$476,494 $427,886 $913,886 $835,682 
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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Customer A21%16%21%15%
Customer B16%17%16%17%
Customer C14%14%14%14%
All other customers49%53%49%54%
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 EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
United States52%56%52%57%
All other countries48%44%48%43%
(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):
June 27,
2025		December 31,
2024
Contract assets$103,224 $103,772 
Contract liabilities (included in Accrued expenses and other current liabilities)2,774 4,440 
Contract liabilities (included in Other long-term liabilities)4,228 4,398 
v3.25.2
BASIS OF PRESENTATION (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Accounting Policies [Abstract]        
Accounts receivable sold     $ 131.1 $ 116.8
Factoring fee $ 0.5 $ 0.4 0.9 0.8
Accounts receivable derecognized 83.5 76.2 83.5 76.2
Costs associated with supplier financing arrangements $ 0.5 $ 0.6 $ 1.0 $ 1.1
v3.25.2
BUSINESS ACQUISITIONS (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Feb. 28, 2025
USD ($)
$ / €
Jan. 07, 2025
USD ($)
$ / €
Jan. 05, 2024
USD ($)
Jun. 27, 2025
USD ($)
Jun. 28, 2024
USD ($)
Jun. 27, 2025
USD ($)
Jun. 28, 2024
USD ($)
Dec. 31, 2024
USD ($)
Business Combination [Line Items]                
Operating lease assets       $ 100,912   $ 100,912   $ 86,082
Precision and VSi                
Business Combination [Line Items]                
Sales       14,000 $ 442,550 27,200 $ 862,420  
Income from continuing operations       0 28,525 0 43,382  
Acquisition related costs       700   3,500    
Precision and VSi | Customer lists | Measurement Input, Annual Attrition Rate | Valuation, Income Approach                
Business Combination [Line Items]                
Measurement input rate | $ / € 0.050              
Precision and VSi | Technology | Measurement Input, Royalty Rate | Valuation, Income Approach | Minimum                
Business Combination [Line Items]                
Measurement input rate | $ / €   0.050            
Precision and VSi | Technology | Measurement Input, Royalty Rate | Valuation, Income Approach | Maximum                
Business Combination [Line Items]                
Measurement input rate | $ / €   0.080            
Precision                
Business Combination [Line Items]                
Consideration transferred   $ 153,500            
Liabilities: contingent consideration   1,400            
Revenue-based payments (up to)   5,000            
Operating lease assets   $ 4,200            
VSi                
Business Combination [Line Items]                
Consideration transferred $ 24,000              
Liabilities: contingent consideration 1,100     1,100   1,100    
Revenue-based payments (up to) 4,000              
Common stock with a fair value $ 4,000              
Pulse Technologies, Inc.                
Business Combination [Line Items]                
Consideration transferred     $ 142,300          
Liabilities: contingent consideration     3,600 $ 1,400   $ 1,400    
Revenue-based payments (up to)     $ 20,000          
Percentage of voting interests acquired     100.00%          
Acquisition related costs         $ 100   $ 5,600  
v3.25.2
BUSINESS ACQUISITIONS (Allocation Of The Provisional Purchase Price) (Details) - USD ($)
$ in Thousands
Jun. 27, 2025
Feb. 28, 2025
Jan. 07, 2025
Dec. 31, 2024
Jan. 05, 2024
Business Combination [Line Items]          
Goodwill $ 1,100,371     $ 1,017,729  
Acquisitions Two Thousand Twenty Five          
Business Combination [Line Items]          
Current assets (excluding inventory) 13,591        
Inventory 5,037        
Property, plant and equipment 15,681        
Goodwill 56,703        
Definite-lived intangible assets 86,300        
Operating lease assets 15,367        
Other noncurrent assets 43        
Current liabilities (including current operating lease liabilities) (5,114)        
Operating lease liabilities (noncurrent) (10,178)        
Fair value of net assets acquired $ 177,430        
Precision          
Business Combination [Line Items]          
Current assets (excluding inventory)     $ 11,609    
Inventory     4,019    
Property, plant and equipment     12,949    
Goodwill     51,548    
Definite-lived intangible assets     72,700    
Operating lease assets     13,862    
Other noncurrent assets     43    
Current liabilities (including current operating lease liabilities)     (4,341)    
Operating lease liabilities (noncurrent)     (8,922)    
Fair value of net assets acquired     $ 153,467    
VSi          
Business Combination [Line Items]          
Current assets (excluding inventory)   $ 1,982      
Inventory   1,018      
Property, plant and equipment   2,732      
Goodwill   5,155      
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   $ 23,963      
Pulse Technologies, Inc.          
Business Combination [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
v3.25.2
BUSINESS ACQUISITIONS (Indefinite-Lived Intangible Assets) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Jan. 07, 2025
Jan. 05, 2024
Precision      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned   $ 72,700  
VSi      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned $ 13,600    
Pulse Technologies, Inc.      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned     $ 64,000
Customer lists | Precision      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned   $ 52,000  
Weighted Average Amortization Period (Years)   16 years  
Weighted Average Discount Rate   13.00%  
Customer lists | VSi      
Intangible Asset, Acquired, Finite-Lived [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.      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned     48,000
Technology | Precision      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned   $ 20,700  
Weighted Average Amortization Period (Years)   10 years 6 months  
Weighted Average Discount Rate   13.00%  
Technology | VSi      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned $ 5,900    
Weighted Average Amortization Period (Years) 17 years    
Weighted Average Discount Rate 12.00%    
Technology | Pulse Technologies, Inc.      
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Fair Value Assigned     $ 16,000
v3.25.2
BUSINESS ACQUISITIONS (Pro Forma Information) (Details) - Precision and VSi - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Business Combination [Line Items]        
Sales $ 14,000 $ 442,550 $ 27,200 $ 862,420
Income from continuing operations $ 0 $ 28,525 $ 0 $ 43,382
v3.25.2
DISCONTINUED OPERATIONS (Narrative) (Details) - Discontinued Operations, Disposed of by Sale - Electrochem Solutions, Inc - USD ($)
$ in Millions
 8 Months Ended 12 Months Ended
Jun. 27, 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  
v3.25.2
DISCONTINUED OPERATIONS (Income (Loss) from Discontinued Operations) (Details) - Electrochem Solutions, Inc - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales $ 0 $ 8,739 $ 0 $ 16,430
Cost of sales 0 6,723 68 12,847
Gross profit 0 2,016 (68) 3,583
Selling, general and administrative expenses 0 638 0 1,132
Research, development and engineering costs 0 490 0 969
Restructuring and other charges 0 196 0 214
Interest expense 0 706 0 1,386
Gain on sale of discontinued operations 0 0 (46) 0
Loss from discontinued operations before taxes 0 (14) (22) (118)
Income tax benefit 0 (53) 0 (74)
Income (loss) from discontinued operations, net of tax $ 0 $ 39 $ (22) $ (44)
v3.25.2
DISCONTINUED OPERATIONS (Cash Flow Information From Discontinued Operations) (Details) - Discontinued Operations, Disposed of by Sale - Electrochem Solutions, Inc
$ in Thousands
 6 Months Ended
Jun. 28, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Cash used in operating activities $ 551
Cash used in investing activities (all capital expenditures) 522
Depreciation and amortization $ 636
v3.25.2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Noncash investing and financing activities:    
Property, plant and equipment purchases included in accounts payable $ 19,568 $ 11,791
Common stock issued for conversion of debt 183,972 0
Common stock received under capped call upon conversion of debt 26,858 0
Write-off of unamortized deferred costs and original issued discount upon conversion of debt included in Additional paid in capital 5,124 0
Common stock issued for acquisition 3,989 0
Debt issuance costs incurred but not yet paid 120 0
Supplemental lease disclosures:    
Assets acquired under operating leases 11,147 4,104
Assets acquired under finance leases $ 5,764 $ 5,862
v3.25.2
INVENTORIES (Details) - USD ($)
$ in Thousands
Jun. 27, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 107,843 $ 104,620
Work-in-process 144,157 126,810
Finished goods 14,437 15,696
Total $ 266,437 $ 247,126
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Goodwill) (Details)
$ in Thousands
 6 Months Ended
Jun. 27, 2025
USD ($)
Goodwill [Roll Forward]  
Opening goodwill $ 1,017,729
Acquisition-related adjustments 56,752
Acquisition-related adjustments (49)
Foreign currency translation 25,939
Closing goodwill $ 1,100,371
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Jun. 27, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,302,299 $ 1,183,858
Accumulated Amortization (538,042) (495,860)
Net Carrying Amount 764,257 687,998
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 326,365 293,164
Accumulated Amortization (218,066) (204,591)
Net Carrying Amount 108,299 88,573
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 955,854 870,692
Accumulated Amortization (312,167) (284,104)
Net Carrying Amount 643,687 586,588
Amortizing tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 20,080 20,002
Accumulated Amortization (7,809) (7,165)
Net Carrying Amount $ 12,271 $ 12,837
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense $ 16,120 $ 13,609 $ 30,971 $ 26,960
Cost of sales        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense 4,942 3,618 9,516 7,881
Selling, general and administrative        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense $ 11,178 $ 9,991 $ 21,455 $ 19,079
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Jun. 27, 2025
USD ($)
Amortization Expense  
Remainder of 2025 $ 33,402
2026 63,250
2027 60,257
2028 58,647
2029 56,339
After 2029 $ 492,362
v3.25.2
DEBT (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Jun. 27, 2025
Mar. 18, 2025
Dec. 31, 2024
Feb. 28, 2023
Debt Instrument [Line Items]        
Principal Amount $ 1,227,301   $ 1,000,994  
Unamortized Discounts and Issuance Costs (24,806)   (10,841)  
Net Carrying Amount 1,202,495   990,153  
Current portion of long-term debt 0   (10,000)  
Long-term debt 1,202,495   980,153  
Term loan A | Term Loan A (TLA) Facility        
Debt Instrument [Line Items]        
Principal Amount 101,000   375,000  
Unamortized Discounts and Issuance Costs (298)   (1,302)  
Net Carrying Amount 100,702   373,698  
Convertible Debt | 2028 Convertible Notes        
Debt Instrument [Line Items]        
Principal Amount 116,301   499,994  
Unamortized Discounts and Issuance Costs (1,886)   (9,539)  
Net Carrying Amount 114,415   490,455 $ 65,000
Convertible Debt | 2030 Convertible Notes        
Debt Instrument [Line Items]        
Principal Amount 1,000,000   0  
Unamortized Discounts and Issuance Costs (22,622) $ (23,700) 0  
Net Carrying Amount 977,378   0  
Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Principal Amount 10,000   126,000  
Unamortized Discounts and Issuance Costs 0   0  
Net Carrying Amount $ 10,000   $ 126,000  
v3.25.2
DEBT (Narrative) (Details)
 1 Months Ended 6 Months Ended
Mar. 18, 2025
USD ($)
shares
Feb. 28, 2023
USD ($)
day
$ / shares
Jun. 27, 2025
USD ($)
day
installment
$ / shares
$ / €
Jun. 28, 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     24,806,000     $ 10,841,000
Long-term debt     1,202,495,000     990,153,000
Outstanding borrowings     1,227,301,000     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     $ 784,700,000      
Outstanding borrowings     $ 10,000,000      
Variable rate basis spread     0.10%      
Commitment fee on unused portion     0.15%      
Debt weighted average interest rate     7.75%      
Debt discount and issuance costs     $ 0     0
Long-term debt     10,000,000     126,000,000
Outstanding borrowings     $ 10,000,000     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%      
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%        
Loss on extinguishment of debt $ 46,700,000          
Debt instrument, repurchase amount 383,700,000          
Repayments of convertible debt $ 384,400,000          
Shares issued in conversion (in shares) | shares 1,553,806          
Debt discount and issuance costs     $ 1,886,000     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 $ 150.96      
Redemption price, percentage   100.00%        
Long-term debt   $ 65,000,000 $ 114,415,000     490,455,000
Outstanding borrowings     116,301,000     499,994,000
Number of preceding days   2 days        
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          
2030 Convertible 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 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   $ 22,622,000     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%        
Threshold conversion holding percentage trigger | $ / €     0.25      
Long-term debt     $ 977,378,000     0
Outstanding borrowings     $ 1,000,000,000     0
2030 Convertible 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 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 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%      
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 | Line of Credit | Letter of Credit            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity     40,000,000      
Term Loan A (TLA) Facility | Line of Credit | Standby Letters of Credit            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity     $ 40,000,000      
Term Loan A (TLA) Facility | Term loan A            
Debt Instrument [Line Items]            
Debt instrument term     5 years      
Debt weighted average interest rate     5.67%      
Loss on extinguishment of debt     $ 900,000      
Debt discount and issuance costs     298,000     1,302,000
Long-term debt     100,702,000     373,698,000
Outstanding borrowings     $ 101,000,000     $ 375,000,000
v3.25.2
DEBT (Long-term Debt Maturity) (Details)
$ in Thousands
Jun. 27, 2025
USD ($)
Debt Disclosure [Abstract]  
Remainder of 2025 $ 0
2026 0
2027 0
2028 $ 111,000
v3.25.2
STOCK-BASED COMPENSATION (Allocation of Recognized Period Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense $ 5,656 $ 5,766 $ 12,536 $ 12,614
Discontinued operations        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 0 21 0 123
RSUs and PRSUs        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 5,656 5,745 12,536 12,491
Cost of sales        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 1,083 821 2,506 2,080
Selling, general and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 4,360 4,679 9,408 9,780
Research, development and engineering        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 267 230 647 596
Restructuring and other charges        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total stock-based compensation expense $ (54) $ 15 $ (25) $ 35
v3.25.2
STOCK-BASED COMPENSATION (Stock Options Activity) (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 27, 2025
USD ($)
$ / shares
shares
Number of Stock Options  
Options outstanding, beginning balance (in shares) | shares 130,083
Exercised (in shares) | shares (106,971)
Options outstanding, ending balance (in shares) | shares 23,112
Options exercisable at period end (in shares ) | shares 23,112
Weighted Average Exercise Price  
Options outstanding, beginning (in dollars per share) | $ / shares $ 39.63
Exercised (in dollars per share) | $ / shares 39.80
Options outstanding, ending (in dollars per share) | $ / shares 38.84
Options exercisable at period end (in dollars per share) | $ / shares $ 38.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options Outstanding, Weighted Average Remaining Contractual Life 1 year 7 months 6 days
Options Exercisable, Aggregate Intrinsic Value | $ $ 1.8
v3.25.2
STOCK-BASED COMPENSATION (Narrative) (Details)
 6 Months Ended
Jun. 27, 2025
Jun. 28, 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%  
v3.25.2
STOCK-BASED COMPENSATION (Restricted Stock and Restricted Stock Units Activity) (Details)
 6 Months Ended
Jun. 27, 2025
$ / shares
shares
RSUs  
Time-Vested and Performance-Vested Activity  
Nonvested, beginning (in shares) | shares 313,404
Granted (in shares) | shares 139,512
Vested (in shares) | shares (133,772)
Forfeited (in shares) | shares (12,935)
Nonvested, ending (in shares) | shares 306,209
Weighted Average Grant Date Fair Value  
Nonvested, beginning (in dollars per share) | $ / shares $ 88.36
Granted (in dollars per share) | $ / shares 133.58
Vested (in dollars per share) | $ / shares 88.23
Forfeited (in dollars per share) | $ / shares 103.38
Nonvested, ending (in dollars per share) | $ / shares $ 108.38
PRSUs  
Time-Vested and Performance-Vested Activity  
Nonvested, beginning (in shares) | shares 237,898
Granted (in shares) | shares 65,974
Performance adjustment (in shares) | shares 76,520
Vested (in shares) | shares (153,040)
Forfeited (in shares) | shares (11,074)
Nonvested, ending (in shares) | shares 216,278
Weighted Average Grant Date Fair Value  
Nonvested, beginning (in dollars per share) | $ / shares $ 88.95
Granted (in dollars per share) | $ / shares 149.99
Performance adjustment (in dollars per share) | $ / shares 83.36
Vested (in dollars per share) | $ / shares 83.36
Forfeited (in dollars per share) | $ / shares 94.99
Nonvested, ending (in dollars per share) | $ / shares $ 109.24
v3.25.2
STOCK-BASED COMPENSATION (Valuation Assumptions) (Details) - PRSUs - $ / shares
 6 Months Ended
Jun. 27, 2025
Jun. 28, 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%
v3.25.2
RESTRUCTURING AND OTHER CHARGES (Restructuring And Other Charges Components) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Restructuring and Related Activities [Abstract]        
Restructuring charges $ 637 $ 907 $ 1,301 $ 2,317
Acquisition and integration costs 2,007 1,056 6,749 7,391
Other general expenses 7 (1,173) 6 (1,055)
Total restructuring and other charges $ 2,651 $ 790 $ 8,056 $ 8,653
v3.25.2
RESTRUCTURING AND OTHER CHARGES (Restructuring Restructuring-Related Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Restructuring charges:        
Restructuring and other charges $ 637 $ 907 $ 1,301 $ 2,317
Total restructuring and restructuring-related charges 2,575 1,935 3,677 3,822
Cost of sales        
Restructuring charges:        
Total restructuring and restructuring-related charges 1,439 391 1,840 730
Selling, general and administrative        
Restructuring charges:        
Total restructuring and restructuring-related charges 499 469 542 606
Research, development and engineering        
Restructuring charges:        
Total restructuring and restructuring-related charges $ 0 $ 168 $ (6) $ 169
v3.25.2
RESTRUCTURING AND OTHER CHARGES (Restructuring Reserve By Type of Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Restructuring Reserve [Roll Forward]        
Beginning balance     $ 805  
Charges incurred, net of reversals $ 637 $ 907 1,301 $ 2,317
Cash payments     (1,916)  
Ending balance 190   190  
Operational excellence        
Restructuring Reserve [Roll Forward]        
Beginning balance     690  
Charges incurred, net of reversals     559  
Cash payments     (1,083)  
Ending balance 166   166  
Strategic reorganization and alignment        
Restructuring Reserve [Roll Forward]        
Beginning balance     115  
Charges incurred, net of reversals     441  
Cash payments     (532)  
Ending balance 24   24  
Manufacturing alignment to support growth        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Charges incurred, net of reversals     301  
Cash payments     (301)  
Ending balance $ 0   $ 0  
v3.25.2
RESTRUCTURING AND OTHER CHARGES (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Restructuring Cost and Reserve [Line Items]      
Loss recoveries   $ 1.2  
Precision and VSi      
Restructuring Cost and Reserve [Line Items]      
Benefit to adjust the fair value of acquisition related contingent consideration $ (0.3)   $ 0.3
v3.25.2
INCOME TAXES (Schedule of Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Income Tax Disclosure [Abstract]        
Income from continuing operations before taxes $ 45,596 $ 40,042 $ 32,597 $ 64,881
Provision for income taxes $ 8,587 $ 8,835 $ 18,053 $ 13,083
Effective tax rate 18.80% 22.10% 55.40% 20.20%
v3.25.2
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Income Tax Disclosure [Abstract]        
Discrete tax benefits $ 0.7 $ 0.5 $ 2.2 $ 0.3
Unrecognized tax benefits 6.4   6.4  
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit $ 4.0   $ 4.0  
v3.25.2
EARNINGS PER SHARE (“EPS”) (Schedule of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Numerator for basic and diluted EPS:        
Income from continuing operations $ 37,009 $ 31,207 $ 14,544 $ 51,798
Income (loss) from discontinued operations 0 39 (22) (44)
Net income $ 37,009 $ 31,246 $ 14,522 $ 51,754
Denominator for basic and diluted EPS:        
Weighted average shares outstanding - Basic (in shares) 35,035 33,600 34,488 33,540
Dilutive effect of share-based awards (in shares) 319 476 352 481
Dilutive impact of Convertible Notes (in shares) 359 1,453 990 1,243
Weighted average shares outstanding - Diluted (in shares) 35,713 35,529 35,830 35,264
Basic earnings per share:        
Income from continuing operations (in dollars per share) $ 1.06 $ 0.93 $ 0.42 $ 1.54
Income (loss) from discontinued operations (in dollars per share) 0 0 0 0
Basic earnings per share (in dollars per share) 1.06 0.93 0.42 1.54
Diluted earnings per share:        
Income from continuing operations (in dollars per share) 1.04 0.88 0.41 1.47
Income (loss) from discontinued operations (in dollars per share) 0 0 0 0
Diluted earnings per share (in dollars per share) $ 1.04 $ 0.88 $ 0.41 $ 1.47
v3.25.2
EARNINGS PER SHARE (“EPS”) (Schedule of Antidilutive Securities) (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Securities excluded from calculation of earnings per share (in shares) 85 3 259 2
PRSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Securities excluded from calculation of earnings per share (in shares) 36 41 131 41
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) 0 0 825 0
v3.25.2
EARNINGS PER SHARE (“EPS”) (Narrative) (Details) - $ / shares
Jun. 27, 2025
Feb. 28, 2023
2028 Convertible Notes | Convertible Debt    
Short-Term Debt [Line Items]    
Conversion price (in dollars per share) $ 150.96 $ 87.20
v3.25.2
STOCKHOLDERS' EQUITY (Shares Issued and Outstanding) (Details) - shares
 6 Months Ended
Jun. 27, 2025
Jun. 28, 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) 436,986  
Shares outstanding at ending of period (in shares) 35,034,817  
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) 102,179 16,621
Stock issued upon conversion of convertible debt (in shares) 1,553,838  
Stock issued for acquisition (in shares) 32,393  
Shares outstanding at ending of period (in shares) 35,471,803 33,531,179
Issued | Restricted Stock    
Class Of Stock [Roll Forward]    
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares) 237,131 184,910
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) (436,980)  
Treasury stock at ending of period (in shares) 436,986 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) 102,179 16,621
Stock issued upon conversion of convertible debt (in shares) 1,553,838  
Exercise of capped call upon conversion of convertible debt (in shares) (436,980)  
Stock issued for acquisition (in shares) 32,393  
Shares outstanding at ending of period (in shares) 35,034,817 33,531,179
Outstanding | Restricted Stock    
Class Of Stock [Roll Forward]    
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares) 237,131 184,910
v3.25.2
STOCKHOLDERS' EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period $ 1,606,704 $ 1,525,011 $ 1,619,215 $ 1,519,042
Unrealized gain (loss) on cash flow hedges 6,539 (3,000) 10,016 (1,573)
Balance, ending balance 1,703,537 1,553,910 1,703,537 1,553,910
Foreign exchange contracts        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Unrealized gain (loss) on cash flow hedges (791) (346) 230 (687)
Total Pre-Tax Amount        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 10,584 8,591 (15,400) 20,654
Balance, ending balance 65,217 444 65,217 444
Defined Benefit Plan Liability        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 67 (28) 67 (28)
Balance, ending balance 67 (28) 67 (28)
Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period (789) 3,528 (6,482) 2,153
Reclassification from AOCI, before tax 8,278 (3,797) 12,678 (1,991)
Reclassification from AOCI, tax (1,739) 797 (2,662) 418
Balance, ending balance 6,488 (708) 6,488 (708)
Cash Flow Hedges | Foreign exchange contracts        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification from AOCI, before tax (1,001) (439) 292 (870)
Reclassification from AOCI, tax 210 93 (62) 183
Foreign Currency Translation Adjustment        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 11,306 5,091 (8,985) 18,529
Reclassification from AOCI, before tax 47,356 (3,911) 67,647 (17,349)
Reclassification from AOCI, tax 0 0 0 0
Unrealized gain (loss) on cash flow hedges 47,356 (3,911) 67,647 (17,349)
Balance, ending balance 58,662 1,180 58,662 1,180
Tax        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 162 (720) 1,357 (431)
Balance, ending balance (1,367) 170 (1,367) 170
Net-of-Tax Amount        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 10,746 7,871 (14,043) 20,223
Balance, ending balance $ 63,850 $ 614 $ 63,850 $ 614
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Jun. 27, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts $ 6,488  
Liabilities: Contingent consideration 3,136 $ 904
Liabilities: Foreign currency hedging contracts   6,482
Quoted Prices in Active Markets (Level 1)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts 0  
Liabilities: Contingent consideration 0 0
Liabilities: Foreign currency hedging contracts   0
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts 6,488  
Liabilities: Contingent consideration 0 0
Liabilities: Foreign currency hedging contracts   6,482
Significant Unobservable Inputs (Level 3)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency hedging contracts 0  
Liabilities: Contingent consideration $ 3,136 904
Liabilities: Foreign currency hedging contracts   $ 0
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Foreign Currency Contracts) (Details) - Designated as Hedging Instrument
$ in Thousands
Jun. 27, 2025
USD ($)
$ / RM
$ / $
$ / $
$ / €
Dec. 31, 2024
USD ($)
$ / $
$ / €
$ / $
Prepaid expenses and other current assets | Forex Contract Maturing April 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 31,756  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.0874  
Fair Value $ 2,654  
Prepaid expenses and other current assets | Forex Contract Maturing April 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 7,266  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0232  
Fair Value $ 509  
Prepaid expenses and other current assets | Forex Contract Maturing April 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 3,094  
$/Foreign currency (in dollars per foreign currency) | $ / RM 0.2275  
Fair Value $ 137  
Prepaid expenses and other current assets | Forex Contract Maturing May 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 48,004  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0494  
Fair Value $ 2,851  
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
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0248
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
Other long-term assets | Forex Contract Maturing October 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 6,687  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0481  
Fair Value $ 337  
Other long-term assets | Forex Contract Maturing Jul 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 10,322
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0566
Fair Value   $ 391
v3.25.2
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 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total sales $ 476,494 $ 427,886 $ 913,886 $ 835,682
Cost of sales 347,342 310,509 664,416 610,032
Operating expenses 69,814 62,883 140,580 132,455
Sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity 725 (76) 142 (66)
Sales | Foreign exchange contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI 2,938 (295) 4,746 (1,554)
Cost of sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity 277 449 (416) 806
Cost of sales | Foreign exchange contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI 5,214 (3,209) 7,633 (493)
Operating expenses        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (1) 66 (18) 130
Operating expenses | Foreign exchange contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI $ 126 $ (293) $ 299 $ 56
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Feb. 28, 2025
Dec. 31, 2024
Jan. 05, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
Derivative instruments net gain (loss) to be reclassified to net income during next twelve months     $ 6.2        
Proceeds from equity method investment, distribution     $ 0.1        
Chinese Venture Capital Fund              
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
Equity method investment ownership 7.60%   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 $ 176.0   $ 176.0     $ 800.0  
2030 Convertible Notes | Significant Other Observable Inputs (Level 2) | Convertible Debt              
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
Fair value 1,036.0   1,036.0        
Precision and VSi              
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
Contingent consideration liability, current 1.8   1.8        
Contingent consideration liability, noncurrent 1.3   1.3        
Benefit to adjust the fair value of acquisition related contingent consideration 0.3   (0.3)        
Pulse Technologies, Inc.              
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
Contingent consideration liability 1.4   1.4       $ 3.6
VSi              
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
Contingent consideration liability 1.1   1.1   $ 1.1    
Foreign exchange contracts | Not Designated as Hedging Instrument              
Fair Value Measurement Inputs and Valuation Techniques [Line Items]              
National amount 68.8   68.8     $ 33.0  
Contingent consideration liability loss $ 2.6 $ 0.3 $ 2.2 $ 1.2      
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value measurement at beginning of period $ 3,445 $ 4,454 $ 904 $ 876
Amount recorded for current year acquisitions 0 0 2,541 3,578
Fair value measurement adjustment (309) 0 (309) 0
Fair value measurement at end of period $ 3,136 $ 4,454 $ 3,136 $ 4,454
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Dec. 31, 2024
Fair Value Disclosures [Abstract]          
Equity method investment $ 7,332   $ 7,332   $ 7,237
Non-marketable equity securities 180   180   180
Total equity investments 7,512   7,512   $ 7,417
Equity method investment (gain) loss $ 8 $ 7 $ (173) $ (1,129)  
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Narrative) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 27, 2025
USD ($)
Jun. 28, 2024
USD ($)
Jun. 27, 2025
USD ($)
segment
Jun. 28, 2024
USD ($)
Concentration Risk [Line Items]        
Number of operating segments | segment     1  
Revenue recognized that was included in contract liability balance at beginning of period | $ $ 0.6 $ 1.3 $ 1.8 $ 2.8
Revenue Benchmark | Product Concentration Risk | Transferred over Time        
Concentration Risk [Line Items]        
Concentration risk percentage 32.00% 32.00% 33.00% 33.00%
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Long lived Tangible Assets by Region) (Details) - USD ($)
$ in Thousands
Jun. 27, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net $ 511,784 $ 465,798
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net 283,119 260,220
Ireland    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net 158,028 139,889
Mexico    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net 41,190 37,838
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Property, plant and equipment, net $ 29,447 $ 27,851
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Schedule of Sales by Product Line) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Disaggregation of Revenue [Line Items]        
Total sales $ 476,494 $ 427,886 $ 913,886 $ 835,682
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total sales 476,494 427,886 913,886 835,682
Operating Segments | Cardio & Vascular        
Disaggregation of Revenue [Line Items]        
Total sales 286,855 231,418 545,726 453,269
Operating Segments | Cardiac Rhythm Management & Neuromodulation        
Disaggregation of Revenue [Line Items]        
Total sales 171,998 168,061 332,343 324,992
Operating Segments | Other Markets        
Disaggregation of Revenue [Line Items]        
Total sales $ 17,641 $ 28,407 $ 35,817 $ 57,421
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Disaggregated Revenue) (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
All other customers        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 49.00% 53.00% 49.00% 54.00%
Customer A        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 21.00% 16.00% 21.00% 15.00%
Customer B        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 16.00% 17.00% 16.00% 17.00%
Customer C        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 14.00% 14.00% 14.00% 14.00%
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Revenue by Ship to Location) (Details) - Geographic Concentration Risk - Revenue from contract with customer benchmark
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
United States        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 52.00% 56.00% 52.00% 57.00%
All other countries        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 48.00% 44.00% 48.00% 43.00%
v3.25.2
SEGMENTS AND DISAGGREGATED REVENUE (Assets and Liability) (Details) - USD ($)
$ in Thousands
Jun. 27, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 103,224 $ 103,772
Contract liabilities (included in Accrued expenses and other current liabilities) 2,774 4,440
Contract liabilities (included in Other long-term liabilities) $ 4,228 $ 4,398