CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
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Current assets: | ||
Allowance for doubtful accounts | $ 0.2 | $ 0.1 |
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) | 33,130,993 | 33,063,336 |
Common stock, shares outstanding (in shares) | 33,130,993 | 33,063,336 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
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Income Statement [Abstract] | ||||
Sales | $ 342,680 | $ 305,574 | $ 1,003,673 | $ 908,064 |
Cost of sales | 255,962 | 223,702 | 742,583 | 652,960 |
Gross profit | 86,718 | 81,872 | 261,090 | 255,104 |
Operating expenses: | ||||
Selling, general and administrative | 38,195 | 34,269 | 119,541 | 105,150 |
Research, development and engineering | 16,123 | 12,050 | 47,077 | 39,249 |
Restructuring and other charges | 3,142 | 2,463 | 10,010 | 3,657 |
Total operating expenses | 57,460 | 48,782 | 176,628 | 148,056 |
Operating income | 29,258 | 33,090 | 84,462 | 107,048 |
Interest expense | 10,676 | 10,053 | 24,417 | 26,117 |
(Gain) loss on equity investments | 2,887 | (152) | 5,611 | 1,867 |
Other (gain) loss, net | (1,300) | 10 | (932) | 129 |
Income before taxes | 16,995 | 23,179 | 55,366 | 78,935 |
Provision for income taxes | 938 | 1,113 | 7,106 | 5,916 |
Net income | $ 16,057 | $ 22,066 | $ 48,260 | $ 73,019 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.48 | $ 0.67 | $ 1.46 | $ 2.21 |
Diluted (in dollars per share) | $ 0.48 | $ 0.66 | $ 1.45 | $ 2.20 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 33,145 | 33,008 | 33,116 | 32,982 |
Diluted (in shares) | 33,336 | 33,309 | 33,329 | 33,250 |
Comprehensive Income (Loss) | ||||
Net income | $ 16,057 | $ 22,066 | $ 48,260 | $ 73,019 |
Other comprehensive loss: | ||||
Foreign currency translation loss | (29,364) | (7,836) | (64,525) | (21,716) |
Change in fair value of cash flow hedges, net of tax | 45 | 57 | 2,732 | 196 |
Other comprehensive loss, net of tax | (29,319) | (7,779) | (61,793) | (21,520) |
Comprehensive income (loss), net of tax | $ (13,262) | $ 14,287 | $ (13,533) | $ 51,499 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2022 | |
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 outsource manufacturer serving the cardiac, neuromodulation, vascular, orthopedics, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in the energy, military, and environmental markets. The 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 fiscal year ended December 31, 2021. 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 require 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 third quarter and first nine months of 2022 ended on September 30 and consisted of 91 days and 273 days, respectively. The third quarter and first nine months of 2021 ended on October 1 and consisted of 91 days and 274 days, respectively. Reclassifications Certain prior period amounts have been reclassified to conform to current year presentation. Refer to Note 5, “Goodwill and Other Intangibles, Net,” for a description of the changes made to the Company’s prior period definite-lived asset classification to reflect the current year presentation. Refer to Note 14, “Segment Information,” for a description of the changes made to the Company’s prior period product line sales classification to reflect the current year presentation. Risks and Uncertainties Global economic challenges, including the impact of the war in Ukraine, the COVID-19 pandemic, severe and sustained inflation, a rising interest rate environment, fluctuations in global currencies, and supply chain disruptions could cause economic uncertainty and volatility. The impact of these issues on the Company’s operations will vary by geographic market and product line, but specific impacts to our business include increased borrowing costs, labor shortages, disruptions in the supply chain, delayed or reduced customer orders and sales, restrictions on associates’ ability to travel or work, and delays in shipments to and from certain countries. The Company monitors economic conditions closely. In response to reductions in revenue, the Company can take actions to align its cost structure with changes in demand and manage its working capital. However, there can be no assurance as to the effectiveness of these efforts to mitigate any impact of the current and future adverse economic conditions and other developments. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that are of significance, or potential significance, to the Company.
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Business Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS 2022 Acquisition On April 6, 2022, the Company acquired 100% of the equity interests of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”), a recognized leader in proprietary medical textiles, high precision biomaterial coverings and coatings as well as advanced metal and polymer braiding. Aran delivers development and manufacturing solutions for implantable medical devices. Consistent with the Company’s strategy, the combination with Aran further increases Integer’s ability to offer complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets such as structural heart, neurovascular, peripheral vascular, and endovascular as well as general surgery. The Company funded the purchase price with borrowings under its Revolving Credit Facility. Aran is included in the Company’s Medical segment. The total consideration transferred was $141.3 million, which includes an initial cash payment of $133.9 million ($129.3 million net of cash acquired) and $7.4 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the purchase agreement, to make additional payments of up to €10 million ($10.9 million at the exchange rate as of April 6, 2022) based on Aran’s achievement of 2022 revenue growth milestones. The contingent consideration will be paid after completion of the earn-out period ending December 31, 2022, in accordance with the terms of the share purchase agreement. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration. The Company has preliminarily estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition. The determination of estimated fair value required management to make significant estimates and assumptions based on information that was available at the time the 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 price in areas such as property and equipment, intangible assets, liabilities and goodwill. As a result, the allocation of the preliminary purchase price may change in the future, which could be material. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
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 Aran acquisition was allocated to the Medical segment and is not deductible for tax purposes. The breakout of definite-lived intangible assets acquired was as follows (dollars in thousands):
(2.) BUSINESS ACQUISITIONS (Continued) To determine the acquisition date estimated fair value of intangible assets acquired, the Company applied the income approach, specifically the multi-period excess earnings method for customer lists and the relief-from-royalty method for technology and tradenames. The significant assumptions used in these approaches include revenue growth rates and profit margins, terminal values, weighted-average cost of capital used to discount future cash flows, and a customer attrition rate for customer relationships and royalty rates for technology and tradenames. For additional information, see the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for the methods and assumptions used to estimate the fair value of each class of net assets acquired. For segment reporting purposes, the results of operations from Aran have been included in the Company’s Medical segment since the acquisition date. Sales and earnings related to the operations of Aran for the three and nine months ended September 30, 2022 were not material. 2021 Acquisition On December 1, 2021, the Company acquired 100% of the equity interests of Oscor Inc., Oscor Caribe, LLC and Oscor Europe GmbH (collectively “Oscor”), privately-held companies with operations in Florida, the Dominican Republic and Germany that design, develop, manufacture and market a comprehensive portfolio of highly specialized medical devices, venous access systems and diagnostic catheters and implantable devices. Serving the Company’s current markets, Oscor broadens the Company’s product portfolio, expands its research and development capabilities, and adds low-cost manufacturing capacity. The preliminary purchase price of Oscor is $215.2 million, including working capital and other closing adjustments of $5.2 million, which were settled in the second quarter of 2022. The Company used proceeds from its Senior Secured Credit Facilities to fund the acquisition. Oscor is included in the Company’s Medical segment. The goodwill is primarily associated with future customer relationships and an acquired assembled work force. The Company preliminarily estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition. The determination of estimated fair value requires management to make significant estimates and assumptions based on information that is available at the time the consolidated financial statements are prepared. The Company recorded the preliminary purchase price allocation in the fourth quarter of 2021. During the first nine months of 2022, the Company recorded measurement period adjustments, inclusive of working capital and other closing adjustments, resulting in increases to goodwill and current liabilities of $0.4 million and $2.3 million, respectively, and decreases to current assets (excluding inventory) and inventory of $2.5 million and $0.8 million, respectively. The preliminary purchase price allocation remains subject to measurement period adjustments. As a result, the allocation of the preliminary purchase price may change in the future. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
(2.) BUSINESS ACQUISITIONS (Continued) Pro Forma (unaudited) disclosures The following table presents (in thousands) unaudited pro forma financial information as if Aran and Oscor had been included in the Company’s financial results as of the beginning of fiscal year 2021 and 2020, respectively, through the date of acquisition. The pro forma results include the historical results of operations of the Company, Aran and Oscor, as well as adjustments for additional amortization of the assets acquired, additional interest expense related to the financing of the transactions and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisition. These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future.
Acquisition costs During the three and nine months ended September 30, 2022, direct costs of these acquisitions of $0.1 million and $2.9 million, respectively, were expensed as incurred and included in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories comprise the following (in thousands):
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Goodwill and Other Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022 were as follows (in thousands):
Intangible Assets The Company reclassified purchased tradenames with a net carrying value of $16.2 million from Purchased technology and patents as of December 31, 2021 to Amortizing tradenames and other to conform to the current period presentation. The Company made this reclassification to better align with the classification of amortization expense for similar assets. See Note 2 “Business Acquisitions” for additional details regarding intangible assets acquired during 2022. Intangible assets comprise the following (in thousands):
Aggregate intangible asset amortization expense comprises the following (in thousands):
(5.) GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Continued) Estimated future intangible asset amortization expense based on the carrying value as of September 30, 2022 is as follows (in thousands):
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The Company has senior secured credit facilities (the “Senior Secured Credit Facilities”), which consist of a five-year $400 million revolving credit facility (the “Revolving Credit Facility”), a five-year “term A” loan (the “TLA Facility”) and a seven-year “term B” loan (the “TLB Facility” and, together with the TLA Facility, the “Term Loan Facilities”). The TLB Facility was issued at a 0.50% discount. Long-term debt related to the Senior Secured Credit Facilities as of September 30, 2022 and December 31, 2021, respectively, comprises the following (in thousands):
Revolving Credit Facility The Revolving Credit Facility matures on September 2, 2026 and includes a $40 million sublimit for swingline loans and standby letters of credit. As of September 30, 2022, the Company had available borrowing capacity on the Revolving Credit Facility of $254.2 million after giving effect to $140.3 million of outstanding borrowings and $5.5 million of outstanding standby letters of credit. Interest rates on the Revolving Credit Facility are at the Company’s option, either at: (i) the applicable LIBOR (or an applicable benchmark replacement) plus the applicable margin, which will range between 1.25% and 2.25%, based on the Company’s Total Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement), or (ii) the Base Rate (as defined below) plus the applicable margin, which will range between 0.25% and 1.25%, based on the Company’s Total Net Leverage Ratio. The Base Rate is defined, for any day, as the per annum rate equal to the highest of (i) the prime rate (as defined in the Senior Secured Credit Facilities agreement), (ii) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, and (iii) one-month LIBOR plus 1.00%. As of September 30, 2022, the interest rate on outstanding borrowings under the Revolving Credit Facility was 4.87%. The Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.15% and 0.25%, depending on the Company’s Total Net Leverage Ratio. As of September 30, 2022, the commitment fee on the unused portion of the Revolving Credit Facility was 0.20%. Term Loan Facilities The TLA Facility and TLB Facility mature on September 2, 2026 and September 2, 2028, respectively, and require quarterly installments. The quarterly principal installments under the TLA Facility increase over the term of the loan. The interest rate terms for the TLA Facility are the same as those outlined above for the Revolving Credit Facility. Interest rates on the TLB Facility are, at the Company’s option, either at: (i) the applicable LIBOR rate plus 2.50%, with LIBOR subject to a 0.50% floor, or (ii) the Base Rate plus 1.50%. As of September 30, 2022, the interest rates on the TLA Facility and TLB Facility were 4.87% and 5.62%, respectively. (6.) DEBT (Continued) Covenants The Senior Secured Credit Facilities 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 that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.50:1.00 (stepping down to 5.00:1.00 for the third fiscal quarter of 2023 through maturity and subject to increase in certain circumstances following qualified acquisitions, but shall not exceed 5.50:1.00) and (ii) the Company maintain an interest coverage ratio of at least 2.50:1.00. The TLB Facility does not contain any financial maintenance covenants. As of September 30, 2022, the Company was in compliance with these financial covenants. Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2022 and through maturity, excluding any discounts or premiums, as of September 30, 2022 are as follows (in thousands):
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Stock-Based Compensation |
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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 of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock 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 components and classification of stock-based compensation expense were as follows (in thousands):
Stock Options The following table summarizes the Company’s stock option activity for the nine month period ended September 30, 2022:
(7.) STOCK-BASED COMPENSATION (Continued) Restricted Stock Units During the nine months ended September 30, 2022, the Company awarded grants of either RSUs or a mix of RSUs and PRSUs to members of its Board of Directors and certain members of management. Most RSUs granted during the nine months ended September 30, 2022 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 one-year vesting term. The grant-date fair value of all RSUs is equal to the closing market price of Integer common stock on the date of grant. The following table summarizes RSU activity for the nine month period ended September 30, 2022:
For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of market-based performance conditions. The market-based performance conditions are based on the Company’s achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods, or contingent upon achieving specified stock price milestones over a five year performance period. The following table summarizes PRSU activity for the nine month period ended September 30, 2022:
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 Integer 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:
The valuation of the market-based PRSUs granted during 2022 and 2021 also reflects a weighted average illiquidity discount of 9.25% and 8.19%, respectively, related to the six-month period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.
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Restructuring and Other Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER CHARGES | RESTRUCTURING AND OTHER CHARGES The Company continuously evaluates the business and identifies opportunities to realign its resources to better serve its customers and markets, improve operational efficiency and capabilities, and lower its operating costs or improve profitability. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. The Company incurs costs associated with these activities, which primarily include exit and disposal costs and other costs directly related to the restructuring initiative. The Company records exit and disposal costs (“restructuring charges”) as incurred in accordance with ASC 420, Exit or Disposal Cost Obligations, and are classified within Restructuring and other charges, while other costs directly related to the restructuring initiatives (“restructuring-related charges”) are classified within Cost of sales, Selling, general and administrative, and Research, development and engineering expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, from time to time, the Company incurs costs associated with acquiring and integrating businesses, and certain other general expenses, including asset impairments. The Company classifies costs associated with these items within Restructuring and other charges in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Restructuring and other charges comprise the following (in thousands):
Restructuring programs The following table comprises restructuring and restructuring-related charges by income statement classification for the three and nine month periods ended September 30, 2022 (in thousands):
__________ (a) Restructuring-related expenses primarily include retention bonuses and consulting expenses. Restructuring related expenses for the three and nine months ended October 1, 2021 were not material. Operational excellence initiatives The Company’s operational excellence (“OE”) 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. 2022 OE Initiatives - Costs related to the Company’s 2022 OE initiatives are primarily recorded within the Medical segment or unallocated operating expenses and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2022 OE initiatives of between approximately $3 million to $5 million, the majority of which are expected to be cash expenditures. As of September 30, 2022, total restructuring and restructuring-related charges incurred since inception were $1.6 million. These actions are expected to be substantially complete by the end of 2025. (8.) RESTRUCTURING AND OTHER CHARGES (Continued) 2021 OE Initiatives - Costs related to the Company’s 2021 OE initiatives are primarily recorded within the Medical segment or unallocated operating expenses and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2021 OE initiatives of between approximately $4 million to $5 million, the majority of which are expected to be cash expenditures. As of September 30, 2022, total restructuring and restructuring-related charges incurred since inception were $4.9 million. These actions are expected to be substantially complete by the end of 2022. Strategic reorganization and alignment The Company’s strategic reorganization and alignment (“SRA”) 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. Cost Reduction Initiatives - During the third quarter of 2022, the Company recorded $1.1 million in restructuring charges related to cost reduction actions taken in response to higher manufacturing and direct labor costs. These charges consisted of employee termination benefits. The Company expects to incur aggregate pre-tax cash charges of up to $2.0 million through completion in the second quarter of 2023. 2021 SRA Initiatives - During the fourth quarter of 2021, the Company initiated plans to exit certain markets served in our Medical segment to enhance profitability and reallocate manufacturing capacity needed to support our overall growth plans. The Company estimates that it will incur a range of pre-tax charges in connection with the 2021 SRA initiatives of approximately $5 million and $8 million, the majority of which are expected to be cash expenditures. Costs related to the Company’s 2021 SRA Initiatives are primarily recorded within the Medical segment and mainly include termination benefits. As of September 30, 2022, total restructuring and restructuring-related charges incurred since inception were $2.8 million. These actions are expected to be completed by the end of 2025. The following table summarizes the activity for restructuring reserves (in thousands):
Acquisition and integration Acquisition and integration costs primarily consist of professional fees and other costs related to business acquisitions. During the nine months ended September 30, 2022, acquisition and integration costs included $5.9 million of expenses primarily related to the acquisitions of Oscor and Aran. Other general expenses During the nine months ended September 30, 2022 and October 1, 2021, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future costs and improve efficiencies.
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Income Taxes |
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Sep. 30, 2022 | |
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. The Company’s effective tax rate for the third quarter of 2022 was 5.5% on $17.0 million of income before taxes compared to 4.8% on $23.2 million of income before taxes for the same period in 2021. The Company’s effective tax rate for the nine months ended September 30, 2022 was 12.8% on $55.4 million of income before taxes compared to 7.5% on $78.9 million of income before taxes for the same period of 2021. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the third quarter and first nine months of 2022 and 2021 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 Company recorded a discrete tax benefit of $0.7 million and $0.2 million for the third quarter and first nine months of 2022, compared to discrete tax benefits of $1.6 million and $6.1 million, respectively, for the third quarter and first nine months of 2021. The discrete tax benefit for third quarter and the first nine months of 2022 is predominately related to favorable return to provision adjustments attributable to the 2021 tax year. The remainder of the discrete tax benefits relate predominately to excess tax benefits recognized upon vesting of RSUs during those periods and/or tax shortfalls recorded for the forfeiture of certain PRSUs. Approximately $3.5 million of the discrete tax benefits recognized for the first nine months of 2021 relate to the reversal of unrecognized tax benefits resulting from the effective settlement of tax audits during the second quarter of 2021. The remainder of the discrete tax benefits relate predominately to excess tax benefits recognized upon vesting of RSUs or exercise of stock options during those quarters and favorable return to provision adjustments related to the 2020 tax year. 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 September 30, 2022, the Company had unrecognized tax benefits of approximately $6.6 million, of which approximately $6.5 million would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of September 30, 2022, the Company believes the reasonably possible total amount of unrecognized tax benefits that could increase or decrease in the next 12 months as a result of various statute expirations, audit closures, and/or tax settlements would not be material to its consolidated financial statements. In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The CARES Act provided for deferred payment of the employer portion of social security taxes through the end of 2020. As of September 30, 2022 and December 31, 2021, the Company had a remaining deferred amount of $4.8 million, which is due to be paid on or before January 3, 2023. The deferred payroll taxes are included within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.
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Commitments and Contingencies |
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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 13 “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. Product Warranties The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The product warranty liability is presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The change in product warranty liability comprised the following (in thousands):
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Earnings Per Share (“EPS”) |
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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):
The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
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Stockholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Common Stock The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the nine month periods ended September 30, 2022 and October 1, 2021:
Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) comprises the following (in thousands):
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Financial Instruments and Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 uses derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets. The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Derivatives Designated as Hedging Instruments Interest Rate Swaps The Company periodically enters into interest rate swap agreements in order to reduce the cash flow risk caused by interest rate changes on its outstanding floating rate borrowings. Under these swap agreements, the Company pays a fixed rate of interest and receives a floating rate equal to one-month LIBOR. The variable rate received from the swap agreements and the variable rate paid on the outstanding debt will have the same rate of interest, excluding the credit spread, and will reset and pay interest on the same date. The Company has designated these swap agreements as cash flow hedges based on concluding the hedged forecasted transaction is probable of occurring within the period the cash flow hedge is anticipated to affect earnings. Information regarding the Company’s outstanding interest rate swap as of September 30, 2022 is as follows (dollars in thousands):
Information regarding the Company’s outstanding interest rate swap as of December 31, 2021 is as follows (dollars in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) 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 designated as cash flow hedges as of September 30, 2022 is as follows (dollars in thousands):
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2021 is as follows (dollars in thousands):
The following tables present the effect of cash flow hedge derivative instruments on other comprehensive loss (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and October 1, 2021 (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The Company expects to reclassify net gains totaling $1.2 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 September 30, 2022, the Company had two contracts outstanding, with a total notional amount of $16.4 million and a fair value of approximately $(0.1) million. At December 31, 2021, the Company had one contract outstanding, with a notional amount of $15.0 million and a fair value of $(0.1) million. The Company recorded a net gain on foreign currency contracts not designated as hedging instruments of $0.9 million and $1.6 million, respectively, for the three and nine months ended September 30, 2022, which is included in Other (gain) loss, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in Other loss, net. The Company did not have foreign currency contracts not designated as hedging instruments outstanding during the nine months ended October 1, 2021. 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 nine months ended September 30, 2022 and October 1, 2021 (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) On April 6, 2022, the Company acquired Aran. See Note 2 “Business Acquisitions” for additional information about the Aran acquisition and related contingent consideration. On February 19, 2020, the Company acquired certain assets and liabilities of InoMec Ltd. (“InoMec”), a privately-held company based in Israel that specializes in the research, development and manufacturing of medical devices, including minimally invasive tools, delivery systems, tubing and catheters, surgery tools, drug-device combination, laser combined devices, and tooling and production. On October 7, 2019, the Company acquired certain assets and liabilities of US BioDesign, LLC (“USB”), a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. The contingent consideration at September 30, 2022 is the estimated fair value of the Company’s obligations, under the asset purchase agreements for Aran, InoMec and USB, to make additional payments if certain revenue goals are met. During 2022, the Company made payments associated with the USB acquisition, resulting from achievement of revenue-based goals for the period from January 1, 2021 to December 31, 2021. During 2021, the Company made payments associated with the InoMec and USB acquisitions, resulting from achievement of revenue-based goals for the period from March 1, 2020 to February 28, 2021 for InoMec and January 1, 2020 to December 31, 2020 for USB. As of September 30, 2022 and December 31, 2021, the current portion of contingent consideration liabilities included in Accrued expenses and other current liabilities was $7.6 million and $0.7 million, respectively, and the non-current portion included in Other long-term liabilities on the Condensed Consolidated Balance Sheets was $0.7 million and $1.5 million, respectively. The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items. Borrowings under the Company’s Revolving Credit Facility, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments. Equity Investments The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets. Equity investments comprise the following (in thousands):
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of September 30, 2022, the Company owned 7.1% of this fund.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting. For purposes of segment reporting, intercompany sales between segments are not material. The Company has communicated to certain customers that it is exiting certain markets it serves in the Advanced Surgical, Orthopedics & Portable Medical product line. In order to align with the planned exit of those markets and better align to its end markets and product line strategies, the Company recast its product line sales within the Medical segment to reflect the reclassification of certain products from the historical product lines to the product lines associated with those revenues that will be utilized for future revenue reporting. The Company believes the revised presentation will provide improved reporting and better transparency into the operational results of its business and markets. The Company has reclassified the prior year information in the table below to conform to the current year presentation. For the three and nine months ended October 1, 2021, Cardio & Vascular sales of $8.6 million and $24.5 million, respectively, and Advanced Surgical, Orthopedics & Portable Medical sales of $6.3 million and $17.6 million, respectively, were reclassified to the Cardiac Rhythm Management & Neuromodulation product line. The following table presents sales by product line (in thousands):
The following table presents income for the Company’s reportable segments (in thousands):
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Revenue From Contracts With Customers |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. For a summary by disaggregated product line sales for each segment, refer to Note 14, “Segment Information.” Revenue recognized from products and services transferred to customers over time represented 28% and 30%, respectively, for the three and nine months ended September 30, 2022, compared to 33% and 34%, respectively, for the three and nine months ended October 1, 2021. Substantially all of the revenue recognized from products and services transferred to customers over time during the periods presented was within the Medical segment. The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
__________ * Less than 10% of segment’s total revenues for the period. (15.) REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued) The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped.
__________ * Less than 10% of segment’s total revenues for the period. Contract Balances The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
During the three and nine months ended September 30, 2022, the Company recognized $0.5 million and $2.2 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2021. During the three and nine months ended October 1, 2021, the Company recognized $0.3 million and $1.4 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2020.
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Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
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 require 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. |
Reclassifications | ReclassificationsCertain prior period amounts have been reclassified to conform to current year presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that are of significance, or potential significance, to the Company.
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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. |
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.
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Business Acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Final Allocation of Purchase Consideration | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
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Schedule of Definite-lived Intangible Assets Acquired | The breakout of definite-lived intangible assets acquired was as follows (dollars in thousands):
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Schedule of Business Acquisition, Pro Forma Information | These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future.
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Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories comprise the following (in thousands):
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Goodwill and Other Intangible Assets, Net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022 were as follows (in thousands):
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Schedule of Finite-Lived Intangible Assets, Major Class | Intangible assets comprise the following (in thousands):
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Schedule of Indefinite-Lived Intangible Assets | Intangible assets comprise the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Amortization Expense | Aggregate intangible asset amortization expense comprises the following (in thousands):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future intangible asset amortization expense based on the carrying value as of September 30, 2022 is as follows (in thousands):
|
Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt related to the Senior Secured Credit Facilities as of September 30, 2022 and December 31, 2021, respectively, comprises the following (in thousands):
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Schedule of Maturities of Long-term Debt | Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2022 and through maturity, excluding any discounts or premiums, as of September 30, 2022 are as follows (in thousands):
|
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The components and classification of stock-based compensation expense were as follows (in thousands):
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Schedule of Share-based Compensation, Stock Options Activity | The following table summarizes the Company’s stock option activity for the nine month period ended September 30, 2022:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes RSU activity for the nine month period ended September 30, 2022:
The following table summarizes PRSU activity for the nine month period ended September 30, 2022:
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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:
|
Restructuring and Other Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Charges | Restructuring and other charges comprise the following (in thousands):
The following table comprises restructuring and restructuring-related charges by income statement classification for the three and nine month periods ended September 30, 2022 (in thousands):
__________ (a) Restructuring-related expenses primarily include retention bonuses and consulting expenses. Restructuring related expenses for the three and nine months ended October 1, 2021 were not material.
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Schedule of Changes in Restructuring Reserves | The following table summarizes the activity for restructuring reserves (in thousands):
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | The change in product warranty liability comprised the following (in thousands):
|
Earnings Per Share (“EPS”) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward | The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the nine month periods ended September 30, 2022 and October 1, 2021:
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Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) comprises the following (in thousands):
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Financial Instruments and Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
Information regarding the Company’s outstanding interest rate swap as of September 30, 2022 is as follows (dollars in thousands):
Information regarding the Company’s outstanding interest rate swap as of December 31, 2021 is as follows (dollars in thousands):
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of September 30, 2022 is as follows (dollars in thousands):
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2021 is as follows (dollars in thousands):
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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 other comprehensive loss (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and October 1, 2021 (in thousands):
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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 nine months ended September 30, 2022 and October 1, 2021 (in thousands):
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Schedule of Contingent Consideration Measurement Inputs | The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
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Schedule of Equity Method Investments | Equity investments comprise the following (in thousands):
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Revenue from Segments to Consolidated | The following table presents sales by product line (in thousands):
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Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents income for the Company’s reportable segments (in thousands):
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Revenue From Contracts With Customers (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 a segment’s total revenues.
__________ * Less than 10% of segment’s total revenues for the period.
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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 a segment’s total revenues are shipped.
__________ * Less than 10% of segment’s total revenues for the period.
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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):
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Business Acquisitions (Narrative) (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 06, 2022
USD ($)
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Dec. 01, 2021
USD ($)
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Sep. 30, 2022
USD ($)
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Sep. 30, 2022
USD ($)
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Oct. 01, 2021
USD ($)
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Apr. 06, 2022
EUR (€)
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Business Acquisition [Line Items] | ||||||
Net of cash acquired | $ 126,636 | $ 0 | ||||
Goodwill accounting adjustment | 414 | |||||
Aran Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of voting interests acquired | 100.00% | 100.00% | ||||
Consideration transferred | $ 141,300 | |||||
Payments to acquire business | 133,900 | |||||
Net of cash acquired | 129,300 | |||||
Fair value of contingent consideration | 7,400 | |||||
Contingent consideration liability, current | $ 10,900 | € 10 | ||||
Oscor Inc | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of voting interests acquired | 100.00% | |||||
Consideration transferred | $ 215,200 | |||||
Goodwill accounting adjustment | $ 5,200 | 400 | ||||
Adjustment in current liabilities | 2,300 | |||||
Adjustment in current assets | 2,500 | |||||
Decrease in inventory | 800 | |||||
Acquisition related costs | $ 100 | $ 2,900 |
Business Acquisitions (Allocation Of The Provisional Purchase Price) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Apr. 06, 2022 |
Dec. 31, 2021 |
Dec. 01, 2021 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 965,118 | $ 924,704 | ||
Aran Acquisition | ||||
Business Acquisition [Line Items] | ||||
Current assets (excluding inventory) | $ 9,319 | |||
Property, plant and equipment | 4,151 | |||
Goodwill | 68,460 | |||
Definite-lived intangible assets | 71,485 | |||
Operating lease assets | 3,505 | |||
Other noncurrent assets | 1,354 | |||
Current liabilities | (4,370) | |||
Operating lease liabilities | (3,258) | |||
Other noncurrent liabilities | (9,377) | |||
Fair value of net assets acquired | $ 141,269 | |||
Oscor Inc | ||||
Business Acquisition [Line Items] | ||||
Current assets (excluding inventory) | $ 9,621 | |||
Inventory | 11,360 | |||
Property, plant and equipment | 17,977 | |||
Goodwill | 78,302 | |||
Definite-lived intangible assets | 105,300 | |||
Operating lease assets | 15,142 | |||
Other noncurrent assets | 695 | |||
Current liabilities | (11,143) | |||
Operating lease liabilities | (12,044) | |||
Fair value of net assets acquired | $ 215,210 |
Business Acquisitions (Definite-lived Intangible Assets Acquired) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
Fair Value Assigned | $ 71,485 |
Customer lists | |
Finite-Lived Intangible Assets [Line Items] | |
Fair Value Assigned | $ 53,395 |
Weighted Average Amortization Period (Years) | 26 years |
Weighted Average Discount Rate | 9.50% |
Technology | |
Finite-Lived Intangible Assets [Line Items] | |
Fair Value Assigned | $ 17,435 |
Weighted Average Amortization Period (Years) | 12 years |
Weighted Average Discount Rate | 9.50% |
Tradenames | |
Finite-Lived Intangible Assets [Line Items] | |
Fair Value Assigned | $ 655 |
Weighted Average Amortization Period (Years) | 1 year 6 months |
Weighted Average Discount Rate | 9.50% |
Business Acquisitions (Pro Forma Information) (Details) - Oscor Inc - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Business Combination, Separately Recognized Transactions [Line Items] | |||
Sales | $ 324,093 | $ 1,009,036 | $ 964,059 |
Net income | $ 20,176 | $ 50,285 | $ 64,628 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Noncash investing and financing activities: | ||
Property, plant and equipment purchases included in accounts payable | $ 4,992 | $ 4,311 |
Debt issuance costs incurred but not yet paid | 0 | 1,713 |
Supplemental lease disclosures: | ||
Assets acquired under operating leases | $ 11,817 | $ 7,772 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 98,215 | $ 70,956 |
Work-in-process | 99,191 | 74,152 |
Finished goods | 13,053 | 10,591 |
Total | $ 210,459 | $ 155,699 |
Goodwill and Other Intangible Assets, Net (Schedule of Goodwill) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Opening goodwill | $ 924,704 |
Acquisition (Note 2) | 68,460 |
Acquisition-related adjustments (Note 2) | 414 |
Foreign currency translation | (28,460) |
Closing goodwill | 965,118 |
Medical | |
Goodwill [Roll Forward] | |
Opening goodwill | 907,704 |
Acquisition (Note 2) | 68,460 |
Acquisition-related adjustments (Note 2) | 414 |
Foreign currency translation | (28,460) |
Closing goodwill | 948,118 |
Non-Medical | |
Goodwill [Roll Forward] | |
Opening goodwill | 17,000 |
Acquisition (Note 2) | 0 |
Acquisition-related adjustments (Note 2) | |
Foreign currency translation | 0 |
Closing goodwill | $ 17,000 |
Goodwill and Other Intangible Assets, Net (Intangible Assets Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset | $ 725,713 | $ 717,522 |
Purchased technology and patents | Revision of Prior Period, Adjustment | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset | (16,200) | |
Amortizing tradenames and other | Revision of Prior Period, Adjustment | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset | $ 16,200 |
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible asset amortization expense | $ 12,126 | $ 10,284 | $ 36,015 | $ 31,073 |
Cost of sales | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible asset amortization expense | 3,980 | 3,216 | 11,662 | 9,717 |
Selling, general and administrative | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible asset amortization expense | $ 8,146 | $ 7,068 | $ 24,353 | $ 21,356 |
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Amortization Expense | |
Remainder of 2022 | $ 12,184 |
2023 | 51,171 |
2024 | 50,539 |
2025 | 49,691 |
2026 | 47,841 |
After 2026 | $ 514,287 |
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Unamortized discount on term loan B and deferred debt issuance costs | $ (6,404) | $ (7,361) |
Total debt | 938,646 | 828,126 |
Current portion of long-term debt | (15,250) | (15,250) |
Total long-term debt | 923,396 | 812,876 |
Secured Debt | Senior secured term loan A | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 458,250 | 467,062 |
Secured Debt | Senior secured term loan B | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 346,500 | 349,125 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 140,300 | $ 19,300 |
Debt (Long-term Debt Maturity Schedule) (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Remainder of 2022 | $ 3,812 |
2023 | 18,187 |
2024 | 29,938 |
2025 | 38,750 |
2026 | 522,738 |
After 2026 | $ 331,625 |
Stock-Based Compensation (Stock Options Activity) (Details) $ / shares in Units, $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
$ / shares
shares
| |
Number of Stock Options | |
Options outstanding, beginning balance (in shares) | shares | 247,640 |
Options outstanding, ending balance (in shares) | shares | 247,640 |
Options exercisable at period end (in dollars per share) | shares | 247,640 |
Weighted Average Exercise Price | |
Options outstanding, beginning (in dollars per share) | $ / shares | $ 38.03 |
Options outstanding, ending (in dollars per share) | $ / shares | 38.03 |
Options exercisable at period end (in dollars per share) | $ / shares | $ 38.03 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 3 months 18 days |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 6.0 |
Stock-Based Compensation (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite service period | 3 years |
Award vesting period | 1 year |
PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite service period | 3 years |
Performance period | 5 years |
Stock-Based Compensation (Valuation Assumptions) (Details) - PRSUs - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value (in dollars per share) | $ 97.58 | $ 85.16 |
Risk-free interest rate | 1.58% | 0.19% |
Expected volatility | 42.00% | 41.00% |
Expected life (in years) | 3 years 10 months 24 days | 3 years |
Expected dividend yield | 0.00% | 0.00% |
Weighted average illiquidity discount | 9.25% | 8.19% |
Restriction period | 6 months | 6 months |
Restructuring and Other Charges (Schedule of Restructuring And Other Charges Components) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Restructuring and Related Activities [Abstract] | ||||
Restructuring charges | $ 1,919 | $ 1,727 | $ 3,017 | $ 2,572 |
Acquisition and integration costs | 597 | 182 | 5,866 | 292 |
Other general expenses | 626 | 554 | 1,127 | 793 |
Total restructuring and other charges | $ 3,142 | $ 2,463 | $ 10,010 | $ 3,657 |
Restructuring and Other Charges (Schedule of Restructuring Restructuring-Related Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Restructuring charges: | ||||
Restructuring and other charges | $ 1,919 | $ 1,727 | $ 3,017 | $ 2,572 |
Total restructuring and restructuring-related charges | 3,258 | 5,895 | ||
Cost of sales | ||||
Restructuring charges: | ||||
Total restructuring and restructuring-related charges | 455 | 789 | ||
Selling, general and administrative | ||||
Restructuring charges: | ||||
Total restructuring and restructuring-related charges | 563 | 1,265 | ||
Research, development and engineering | ||||
Restructuring charges: | ||||
Total restructuring and restructuring-related charges | $ 321 | $ 824 |
Restructuring and Other Charges (Schedule of Restructuring Reserve By Type of Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 432 | |||
Charges incurred, net of reversals | $ 1,919 | $ 1,727 | 3,017 | $ 2,572 |
Cash payments | (1,346) | |||
Ending balance | 2,103 | 2,103 | ||
Operational excellence initiatives | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 298 | |||
Charges incurred, net of reversals | 964 | |||
Cash payments | (1,194) | |||
Ending balance | 68 | 68 | ||
Strategic reorganization and alignment | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 134 | |||
Charges incurred, net of reversals | 1,100 | 2,053 | ||
Cash payments | (152) | |||
Ending balance | $ 2,035 | $ 2,035 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 5.50% | 4.80% | 12.80% | 7.50% | |
Income before provision for income taxes | $ 16,995 | $ 23,179 | $ 55,366 | $ 78,935 | |
Discrete tax benefits | 700 | 1,600 | 200 | 6,100 | |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 3,500 | $ 3,500 | |||
Unrecognized tax benefits | 6,600 | 6,600 | |||
Unrecognized tax benefits that would impact effective tax rate | 6,500 | 6,500 | |||
Accrued payroll taxes | $ 4,800 | $ 4,800 | $ 4,800 |
Commitments and Contingencies (Schedule of Product Warranty Liability) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance at beginning of period | $ 509 |
Additions to warranty reserve, net of reversals | (13) |
Adjustments to pre-existing warranties | (375) |
Balance at end of period | $ 121 |
Stockholders' Equity (Shares Issued and Outstanding) (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Class Of Stock [Roll Forward] | ||
Shares outstanding at beginning of period (in shares) | 33,063,336 | |
Shares outstanding at ending of period (in shares) | 33,130,993 | |
Common Stock | ||
Class Of Stock [Roll Forward] | ||
Shares outstanding at beginning of period (in shares) | 33,063,336 | 32,908,178 |
Stock options exercised (in shares) | 0 | 27,002 |
Shares outstanding at ending of period (in shares) | 33,130,993 | 33,016,984 |
Restricted Stock | Common Stock | ||
Class Of Stock [Roll Forward] | ||
Vesting of RSUs, net of shares withheld to cover taxes (in shares) | 67,657 | 81,804 |
Financial Instruments and Fair Value Measurements (Schedule of Interest Rate Swaps) (Details) - Interest Rate Swap Maturing June 2023 - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 100,000,000 | |
Pay Fixed Rate | 2.1785% | |
Receive Current Floating Rate | 3.08% | |
Fair Value | $ 1,515,000 | |
Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150,000,000 | |
Pay Fixed Rate | 2.1785% | |
Receive Current Floating Rate | 0.1013% | |
Fair Value | $ (2,978,000) |
Financial Instruments and Fair Value Measurements (Estimated Fair Values for Contingent Consideration) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value measurement at beginning of period | $ 9,072 | $ 2,281 | $ 2,415 | $ 3,900 |
Amount recorded for current year acquisitions | 0 | 0 | 7,375 | 0 |
Fair value measurement adjustment | (347) | 0 | (293) | 0 |
Payments | 0 | 0 | (493) | (1,621) |
Foreign currency translation | (453) | 1 | (732) | 3 |
Fair value measurement at end of period | $ 8,272 | $ 2,282 | $ 8,272 | $ 2,282 |
Financial Instruments and Fair Value Measurements (Equity Method Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
Dec. 31, 2021 |
|
Fair Value Disclosures [Abstract] | |||||
Equity method investment | $ 10,581 | $ 10,581 | $ 16,192 | ||
Non-marketable equity securities | 5,637 | 5,637 | 5,637 | ||
Total equity investments | 16,218 | 16,218 | $ 21,829 | ||
Equity method investment (gain) loss | $ 2,887 | $ (152) | $ 5,611 | $ 1,867 |
Segment Information (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Operating income | $ 29,258 | $ 33,090 | $ 84,462 | $ 107,048 |
Unallocated expenses, net | (12,263) | (9,911) | (29,096) | (28,113) |
Income before taxes | 16,995 | 23,179 | 55,366 | 78,935 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 50,994 | 54,363 | 152,012 | 169,685 |
Operating Segments | Medical | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 49,176 | 52,347 | 147,904 | 164,311 |
Operating Segments | Non-Medical | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 1,818 | 2,016 | 4,108 | 5,374 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ (21,736) | $ (21,273) | $ (67,550) | $ (62,637) |
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Concentration Risk [Line Items] | ||||
Revenue recognized that was included in contract liability balance at beginning of period | $ 0.5 | $ 0.3 | $ 2.2 | $ 1.4 |
Revenue Benchmark | Product Concentration Risk | Transferred over Time | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 28.00% | 33.00% | 30.00% | 34.00% |
Revenue From Contracts With Customers (Schedule of Revenue by Ship To Location) (Details) - Geographic Concentration Risk - Revenue from contract with customer benchmark |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Oct. 01, 2021 |
Sep. 30, 2022 |
Oct. 01, 2021 |
|
Medical | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 54.00% | 56.00% | 54.00% | 54.00% |
Medical | All other countries | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 46.00% | 44.00% | 46.00% | 46.00% |
Non-Medical | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 74.00% | 68.00% | 70.00% | 69.00% |
Non-Medical | All other countries | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 26.00% | 32.00% | 30.00% | 31.00% |
Revenue From Contracts With Customers Contract with Customer (Assets and Liability) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 71,427 | $ 64,743 |
Contract liabilities | $ 6,156 | $ 3,776 |