INTEGER HOLDINGS CORP, 10-Q filed on 4/29/2021
Quarterly Report
v3.21.1
Cover - shares
 3 Months Ended
Apr. 02, 2021
Apr. 23, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Apr. 02, 2021  
Document Transition Report false  
Entity File Number 1-16137  
Entity Registrant Name INTEGER HOLDINGS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 16-1531026  
Entity Address, Address Line One 5830 Granite Parkway,  
Entity Address, Address Line Two Suite 1150  
Entity Address, City or Town Plano,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75024  
City Area Code 214  
Local Phone Number 618-5243  
Title of 12(b) Security Common Stock, $0.001 par value per share  
Trading Symbol ITGR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   32,975,085
Entity Central Index Key 0001114483  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.21.1
Condensed Consolidated Balance Sheets - Unaudited - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 28,402 $ 49,206
Accounts receivable, net of provision for credit losses of $0.2 million, respectively 165,826 156,207
Inventories 153,815 149,323
Refundable income taxes 2,461 2,087
Contract assets 44,686 40,218
Prepaid expenses and other current assets 14,047 15,896
Total current assets 409,237 412,937
Property, plant and equipment, net 248,993 253,964
Goodwill 852,243 859,442
Other intangible assets, net 739,334 757,224
Deferred income taxes 4,381 4,398
Operating lease assets 50,433 45,153
Other long-term assets 38,731 38,739
Total assets 2,343,352 2,371,857
Current liabilities:    
Current portion of long-term debt 37,500 37,500
Accounts payable 62,395 51,570
Income taxes payable 3,610 1,847
Operating lease liabilities 7,904 8,431
Accrued expenses and other current liabilities 50,142 56,843
Total current liabilities 161,551 156,191
Long-term debt 649,630 693,758
Deferred income taxes 180,779 182,304
Operating lease liabilities 45,150 37,861
Other long-term liabilities 28,518 30,688
Total liabilities 1,065,628 1,100,802
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 32,974,702 and 32,908,178 shares issued and outstanding, respectively 33 33
Additional paid-in capital 703,033 700,814
Retained earnings 539,036 517,516
Accumulated other comprehensive income 35,622 52,692
Total stockholders’ equity 1,277,724 1,271,055
Total liabilities and stockholders’ equity $ 2,343,352 $ 2,371,857
v3.21.1
Condensed Consolidated Balance Sheets - Unaudited (Parenthetical) - USD ($)
$ in Millions
Apr. 02, 2021
Dec. 31, 2020
Current assets:    
Allowance for doubtful accounts $ 0.2 $ 0.2
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) 32,974,702 32,908,178
Common stock, shares outstanding (in shares) 32,974,702 32,908,178
v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Income - (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Income Statement [Abstract]    
Sales $ 290,467 $ 328,426
Cost of sales 205,981 231,724
Gross profit 84,486 96,702
Operating expenses:    
Selling, general and administrative 35,502 36,457
Research, development and engineering 13,461 13,241
Other operating expenses 915 2,928
Total operating expenses 49,878 52,626
Operating income 34,608 44,076
Interest expense 8,532 10,361
(Gain) loss on equity investments 1,335 (1,925)
Other income, net (237) (999)
Income before taxes 24,978 36,639
Provision for income taxes 3,458 5,539
Net income $ 21,520 $ 31,100
Earnings per share:    
Basic (in dollars per share) $ 0.65 $ 0.95
Diluted (in dollars per share) $ 0.65 $ 0.94
Weighted average shares outstanding:    
Basic (in shares) 32,957 32,807
Diluted (in shares) 33,188 33,117
Comprehensive Income    
Net income $ 21,520 $ 31,100
Other comprehensive loss:    
Foreign currency translation loss (16,364) (12,032)
Change in fair value of cash flow hedges, net of tax (706) (8,629)
Other comprehensive loss, net of tax (17,070) (20,661)
Comprehensive income, net of tax $ 4,450 $ 10,439
v3.21.1
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Cash flows from operating activities:    
Net income $ 21,520 $ 31,100
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,294 19,494
Debt related charges included in interest expense 1,372 1,023
Stock-based compensation 4,704 1,738
Non-cash (gains) charges related to customer bankruptcy (24) 628
Non-cash lease expense 2,004 1,930
Non-cash (gain) loss on equity investments 1,335 (1,925)
Contingent consideration fair value adjustment 0 (500)
Other non-cash (gains) losses 69 (585)
Deferred income taxes (242) 61
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (9,373) (8,165)
Inventories (5,157) (4,365)
Prepaid expenses and other assets (189) 929
Contract assets (4,677) (14,279)
Accounts payable 11,434 18,458
Accrued expenses and other liabilities (7,887) (18,108)
Income taxes 1,246 4,963
Net cash provided by operating activities 36,429 32,397
Cash flows from investing activities:    
Acquisition of property, plant and equipment (7,660) (14,925)
Purchase of intangible asset 0 (3,500)
Proceeds from sale of property, plant and equipment 15 52
Acquisitions, net 0 (5,219)
Net cash used in investing activities (7,645) (23,592)
Cash flows from financing activities:    
Principal payments of long-term debt (45,375) (9,375)
Proceeds from senior secured revolving line of credit 0 25,000
Proceeds from the exercise of stock options 116 2,201
Payment of debt issuance costs (72) 0
Tax withholdings related to net share settlements of restricted stock unit awards (2,601) (2,664)
Contingent consideration payments (1,621) 0
Principal payments on finance leases (9) 0
Net cash provided by (used in) financing activities (49,562) 15,162
Effect of foreign currency exchange rates on cash and cash equivalents (26) (243)
Net increase (decrease) in cash and cash equivalents (20,804) 23,724
Cash and cash equivalents, beginning of period 49,206 13,535
Cash and cash equivalents, end of period $ 28,402 $ 37,259
v3.21.1
Condensed Consolidated Statements of Stockholders' Equity - Unaudited - USD ($)
$ in Thousands
Total
Additional Paid-in Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2019 $ 1,152,488 $ 701,051 $ (8,809) $ 440,258 $ 19,988
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (8,010)      
Stock-based compensation   1,738      
Treasury shares reissued     7,546    
Net income 31,100     31,100  
Other comprehensive loss (20,661)       (20,661)
Balance, ending balance at Apr. 03, 2020 1,164,201 694,779 (1,263) 471,358 (673)
Balance, beginning of period at Dec. 31, 2020 1,271,055 700,847 0 517,516 52,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (2,485)      
Stock-based compensation   4,704      
Treasury shares reissued     0    
Net income 21,520     21,520  
Other comprehensive loss (17,070)        
Balance, ending balance at Apr. 02, 2021 $ 1,277,724 $ 703,066 $ 0 $ 539,036 $ 35,622
v3.21.1
Basis of Presentation
 3 Months Ended
Apr. 02, 2021
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly-traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is one of the largest medical device outsource manufacturers in the world serving the cardiac, neuromodulation, vascular, orthopedics, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in the energy, military, and environmental markets. The Company’s reportable segments are: (1) Medical and (2) Non-Medical. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. Intercompany transactions and balances have been fully eliminated in consolidation.
Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
The first quarter of 2021 ended on April 2 and consisted of 92 days, and the first quarter of 2020 ended on April 3 and consisted of 94 days.
Risks and Uncertainties
Beginning in early March 2020, the global spread of the novel coronavirus (“COVID-19”) created significant uncertainty and worldwide economic disruption. Specific impacts to the Company’s business include delayed or reduced customer orders and sales, restrictions on its associates’ ability to travel or work, delays in shipments to and from certain countries, and disruptions in its supply chain. The extent to which COVID-19 impacts the Company’s operations will depend on future developments, which are highly uncertain and difficult to predict, including, among others, the duration of the outbreak, the effectiveness and utilization of vaccines for COVID-19 and its variants, new information that may emerge concerning the severity of COVID-19 and the actions, especially those taken by governmental authorities to contain the pandemic or treat its impact. As pandemic-related events continue to evolve, additional impacts may arise that the Company is not aware of currently. Any prolonged material disruption of the Company’s associates, suppliers, manufacturing, or customers could materially impact its consolidated financial position, results of operations or cash flows.
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, 2020, that are of significance, or potential significance, to the Company.
v3.21.1
Business Acquisition
 3 Months Ended
Apr. 02, 2021
Business Combinations [Abstract]  
BUSINESS ACQUISITION BUSINESS ACQUISITION
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. The acquisition enables the Company to create a research and development center in Israel, closer to the customer base in the region. The fair value of the consideration transferred was $7.0 million, which included an initial cash payment of $5.3 million and $1.7 million in estimated fair value of contingent consideration.
The contingent consideration represents the estimated fair value of the Company’s obligation, under the asset purchase agreement, to make additional payments of up to $3.5 million over the four years following the acquisition based on specified conditions being met. Based on the final purchase price allocation, the assets acquired principally comprise $2.0 million of intangible assets, $4.8 million of goodwill, $0.3 million of acquired property, plant and equipment, and a net liability for other working capital items of $0.1 million. Intangible assets included developed technology, customer relationships and non-compete provisions, which are being amortized over a weighted average period of 5.9 years from the date of acquisition.
The amount allocated to goodwill for this acquisition is deductible for income tax purposes. The fair value of the contingent consideration was estimated using the Monte Carlo valuation approach. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
For segment reporting purposes, the results of operations and assets from this acquisition have been included in the Company’s Medical segment since the acquisition date. Sales related to InoMec were $0.8 million and $0.4 million, respectively, for the three months ended April 2, 2021 and April 3, 2020. Earnings related to the operations consisting of the assets and liabilities acquired from InoMec for the three months ended April 2, 2021 and April 3, 2020 were not material. During the three months ended on April 3, 2020, direct costs of this acquisition of $0.7 million were expensed as incurred and included in Other operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.
Pro forma financial information has not been presented for this acquisition as the net effects were not significant or material to the Company’s results of operations or financial position.
v3.21.1
Supplemental Cash Flow Information
 3 Months Ended
Apr. 02, 2021
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):
Three Months Ended
April 2,
2021		April 3,
2020
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$2,981 $4,481 
Purchase of intangible asset included in accrued expenses— 1,000 
Supplemental lease disclosures:
Operating lease assets obtained in exchange for new or remeasured operating
   lease liabilities		7,414 7,427 
v3.21.1
Inventories
 3 Months Ended
Apr. 02, 2021
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
April 2,
2021		December 31,
2020
Raw materials$70,552 $72,477 
Work-in-process64,320 58,806 
Finished goods18,943 18,040 
Total$153,815 $149,323 
v3.21.1
Goodwill and Other Intangible Assets, Net
 3 Months Ended
Apr. 02, 2021
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 three months ended April 2, 2021 were as follows (in thousands):
MedicalNon- MedicalTotal
December 31, 2020$842,442 $17,000 $859,442 
Foreign currency translation(7,199)— (7,199)
April 2, 2021$835,243 $17,000 $852,243 
Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
April 2, 2021
Definite-lived:
Purchased technology and patents$255,606 $(155,278)$100,328 
Customer lists716,081 (167,620)548,461 
Other4,120 (3,863)257 
Total amortizing intangible assets$975,807 $(326,761)$649,046 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
Aggregate intangible asset amortization expense comprises the following (in thousands):
 Three Months Ended
 April 2,
2021		April 3,
2020
Cost of sales$3,268 $3,269 
Selling, general and administrative expenses7,182 7,175 
Total intangible asset amortization expense$10,450 $10,444 
Estimated future intangible asset amortization expense based on the carrying value as of April 2, 2021 is as follows (in thousands):
Remainder of 2021202220232024 2025After 2025
Amortization Expense$30,835 40,170 38,751 37,798 36,483 465,009 
v3.21.1
Debt
 3 Months Ended
Apr. 02, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt comprises the following (in thousands):
 April 2,
2021		December 31,
2020
Senior secured term loan A$220,312 $229,687 
Senior secured term loan B472,286 508,286 
Unamortized discount on term loan B and debt issuance costs(5,468)(6,715)
Total debt687,130 731,258 
Current portion of long-term debt(37,500)(37,500)
Total long-term debt$649,630 $693,758 
The Company has senior secured credit facilities (the “Senior Secured Credit Facilities”) as of April 2, 2021, consisting of (i) a $200 million revolving credit facility (the “Revolving Credit Facility”), (ii) a term loan A facility (the “TLA Facility”), and (iii) a term loan B facility (the “TLB Facility”). The TLA Facility and TLB Facility are collectively referred to as the “Term Loan Facilities.” The TLB Facility was issued at a 1% discount.
Revolving Credit Facility
The Revolving Credit Facility matures on October 27, 2022. The Revolving Credit Facility includes a $15 million sublimit for swingline loans and a $25 million sublimit for standby letters of credit. The Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.175% and 0.25%, depending on the Company’s Total Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement). As of April 2, 2021, the commitment fee on the unused portion of the Revolving Credit Facility was 0.25%. Interest rates on the Revolving Credit Facility, as well as the TLA Facility, are at the Company’s option, either at: (i) the prime rate plus the applicable margin, which will range between 0.50% and 2.00%, based on the Company’s Total Net Leverage Ratio, or (ii) the applicable London Interbank Offered Rate (“LIBOR”) plus the applicable margin, which will range between 1.50% and 3.00%, based on the Company’s Total Net Leverage Ratio. The Company also pays certain of its lenders a deferred amendment fee, payable in installments of 0.03125% of the outstanding Revolving Credit Facility and TLA Facility each quarter through maturity when the Company’s total net leverage ratio equals or exceeds 3.00 to 1.00.
As of April 2, 2021, the Company had no outstanding borrowings on the Revolving Credit Facility and an available borrowing capacity of $193.3 million after giving effect to $6.7 million of outstanding standby letters of credit.
Term Loan Facilities
The TLA Facility and TLB Facility mature on October 27, 2022. Interest rates on the TLB Facility are, at the Company’s option, either at: (i) the prime rate plus 1.50% or (ii) the applicable LIBOR rate plus 2.50%, with LIBOR subject to a 1.00% floor. As of April 2, 2021, the interest rates on the TLA Facility and TLB Facility were 2.36% and 3.50%, respectively.
Covenants
The Revolving Credit Facility and TLA Facility contain covenants requiring (A) a maximum Total Net Leverage Ratio of 4.75:1.00, subject to a step down to 4.50 to 1.00 for the third fiscal quarter of 2021, and reverting to and remaining at 4.00 to 1.00 beginning with the fourth quarter of 2021 through maturity, and (B) a minimum interest coverage ratio of adjusted EBITDA (as defined in the Senior Secured Credit Facilities) to interest expense of not less than 3.00:1.00. The TLB Facility does not contain any financial maintenance covenants. As of April 2, 2021, the Company was in compliance with these financial covenants.
Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2021 and through maturity, excluding any discounts or premiums, as of April 2, 2021 are as follows (in thousands):
20212022
Future minimum principal payments$28,125 664,473 
During the three months ended April 2, 2021, the Company prepaid $36.0 million of its TLB Facility and recognized a loss from extinguishment of debt of $0.3 million. The loss from extinguishment of debt represents the portion of the unamortized discount and debt issuance costs related to the portion of the TLB Facility that was prepaid and is included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
v3.21.1
Stock-Based Compensation
 3 Months Ended
Apr. 02, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company maintains certain stock-based compensation plans that were approved by the Company’s stockholders and are administered by the Board of Directors or the Compensation and Organization Committee of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.
The components and classification of stock-based compensation expense were as follows (in thousands):
 Three Months Ended
 April 2,
2021		April 3,
2020
Stock options$— $13 
RSUs4,704 1,725 
Total stock-based compensation expense$4,704 $1,738 
Cost of sales$1,114 $454 
Selling, general and administrative3,355 1,136 
Research, development and engineering235 148 
Total stock-based compensation expense$4,704 $1,738 
Stock Options
The following table summarizes the Company’s stock option activity for the three month period ended April 2, 2021:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life
(In Years)		Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2020281,873 $36.05 
Exercised(4,229)27.32 
Outstanding and exercisable at April 2, 2021277,644 $36.18 4.5$15.4 
Restricted Stock Units
During the three months ended April 2, 2021, the Company awarded grants of either time-based RSUs or a mix of time-based RSUs and performance-based RSUs (“PRSUs”) to certain members of its Board of Directors and management. Newly appointed members to the Board of Directors received a pro-rated portion of the their annual equity retainer in the form of time-based RSUs that vest in accordance with the regularly scheduled vesting schedule applicable to existing members of the Board of Directors. All other time-based RSUs granted during three months ended April 2, 2021 vest ratably, subject to the recipient’s continuous service to the Company over a period of three years from the grant date. For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of market-based conditions. The market-based conditions are based on the Company’s achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods.
The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with TSR-based performance conditions. The grant-date fair value of all other RSUs is equal to the closing market price of Integer common stock on the date of grant.
(7.)     STOCK-BASED COMPENSATION (Continued)
The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
 Three Months Ended
 April 2,
2021		April 3,
2020
Weighted average fair value$85.16 $107.42 
Risk-free interest rate0.19 %1.53 %
Expected volatility41 %30 %
Expected life (in years)3.02.9
Expected dividend yield— %— %
The valuation of the TSR portion of the PRSUs granted during 2021 and 2020 also reflects a weighted average illiquidity discount of 8.19% and 8.00%, 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.
The following table summarizes time-vested RSU activity for the three month period ended April 2, 2021:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2020207,923 $75.38 
Granted146,247 79.09 
Vested(59,143)63.94 
Forfeited(2,327)80.24 
Nonvested at April 2, 2021292,700 $79.51 
The following table summarizes PRSU activity for the three month period ended April 2, 2021:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2020219,391 $72.33 
Granted92,345 85.16 
Vested(38,882)37.75 
Forfeited(65,941)49.00 
Nonvested at April 2, 2021206,913 $91.98 
v3.21.1
Other Operating Expenses
 3 Months Ended
Apr. 02, 2021
Other Income and Expenses [Abstract]  
OTHER OPERATING EXPENSES OTHER OPERATING EXPENSES
Other operating expenses comprise the following (in thousands):
 Three Months Ended
 April 2,
2021		April 3,
2020
Operational excellence initiatives$654 $974 
Strategic reorganization and alignment— 548 
Manufacturing alignment to support growth— 128 
Acquisition and integration84 356 
Other general expenses177 922 
Total other operating expenses$915 $2,928 
Operational excellence initiatives
The Company’s operational excellence initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes.
2021 Initiatives - Costs related to the Company’s 2021 initiatives are primarily recorded within the Medical segment and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2021 realignment plan of between approximately $1 million to $2 million, the majority of which are expected to be cash expenditures. As of April 2, 2021, total restructuring and related charges incurred since inception was $0.4 million. These actions are expected to be substantially completed by the end of 2021.
2020 Initiatives - Costs related to the Company’s 2020 initiatives are primarily recorded within the Medical segment and mainly include termination benefits. As of April 2, 2021, total restructuring and related charges incurred since inception was $3.0 million. These actions were substantially complete at the end of 2020.
Strategic reorganization and alignment
These initiatives primarily included aligning resources with the Company’s strategic direction, improving profitability to invest in accelerated growth and the expansion of a facility. These actions began in 2017 and were completed during the second quarter of 2020. The Company recorded, primarily within the Medical segment, $23.0 million of restructuring and related charges since inception.
Manufacturing alignment to support growth
These initiatives were designed to reduce costs, increase manufacturing capacity to accommodate growth and improve operating efficiencies by relocating certain manufacturing operations and expanding certain facilities. These actions began in 2017 and were completed during the fourth quarter of 2020. The Company recorded, primarily within the Medical segment, $5.8 million of restructuring and related charges since inception.
The following table summarizes the change in accrued liabilities, presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets, related to the initiatives described above (in thousands):
Operational
excellence
initiatives
December 31, 2020$291 
Charges incurred, net of reversals654 
Cash payments(306)
April 2, 2021$639 
(8.)     OTHER OPERATING EXPENSES (Continued)
Acquisition and integration
Acquisition and integration costs primarily consist of professional fees and other costs related to business acquisitions. During the three months ended April 2, 2021 and April 3, 2020, acquisition and integration costs included $0.1 million and $0.9 million, respectively, of expenses related to the acquisition of certain assets and liabilities of InoMec and US BioDesign, LLC (“USB”), which was acquired in October 2019. Acquisition and integration costs for the three months ended April 3, 2020, also includes a $0.5 million adjustment to reduce the fair value of acquisition-related contingent consideration liability associated with the Company’s acquisition of USB. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
Other general expenses
During the three months ended April 2, 2021 and April 3, 2020, 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. The 2021 and 2020 amounts primarily include data archiving expenses, information technology systems conversion expenses, and expenses related to the restructuring of certain legal entities of the Company.
v3.21.1
Income Taxes
 3 Months Ended
Apr. 02, 2021
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 first quarter of 2021 was 13.8% on $25.0 million of income before taxes compared to 15.1% on $36.6 million of income before taxes for the same period in 2020. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the first quarter of 2021 and 2020 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 availability of tax credits, and certain discrete tax benefits. For the first quarter of 2021 and 2020, the Company recorded discrete tax benefits of $0.6 million and $1.0 million, respectively. The discrete tax benefits for both periods are predominately related to excess tax benefits recognized upon vesting of RSUs or exercise of stock options during those quarters.
As of April 2, 2021 and December 31, 2020, the Company had unrecognized tax benefits of approximately $5.5 million. It is reasonably possible that a reduction of up to $3.4 million of the balance of unrecognized tax benefits may occur within the next twelve months as a result of potential audit settlements. As of April 2, 2021 and December 31, 2020, approximately $5.5 million of the unrecognized tax benefits would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized.
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 provides for deferred payment of the employer portion of social security taxes through the end of 2020, with 50% of the deferred amount due January 3, 2022 and the remaining 50% due January 3, 2023. As of April 2, 2021 and December 31, 2020, the Company had deferred a total of $9.7 million of payroll taxes. The deferred payroll taxes are included within Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheets.
v3.21.1
Commitments and Contingencies
 3 Months Ended
Apr. 02, 2021
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):
December 31, 2020$163 
Additions to warranty reserve, net of reversals15 
Adjustments to pre-existing warranties (63)
April 2, 2021$115 
v3.21.1
Earnings Per Share (EPS)
 3 Months Ended
Apr. 02, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE (EPS) EARNINGS PER SHARE (“EPS”)
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 Three Months Ended
April 2,
2021		April 3,
2020
Numerator for basic and diluted EPS:
Net income$21,520 $31,100 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic32,957 32,807 
Dilutive effect of share-based awards231 310 
Weighted average shares outstanding - Diluted33,188 33,117 
Basic EPS$0.65 $0.95 
Diluted EPS$0.65 $0.94 
The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
 Three Months Ended
April 2,
2021		April 3,
2020
Time-vested RSUs10 101 
PRSUs64 24 
v3.21.1
Stockholders' Equity
 3 Months Ended
Apr. 02, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the three month periods ended April 2, 2021 and April 3, 2020:
IssuedTreasury StockOutstanding
Shares outstanding at December 31, 202032,908,178 — 32,908,178 
Stock options exercised4,229 — 4,229 
Vesting of RSUs, net of shares withheld to cover taxes62,295 — 62,295 
Shares outstanding at April 2, 202132,974,702 — 32,974,702 
Shares outstanding at December 31, 201932,847,017 (146,546)32,700,471 
Stock options exercised— 58,658 58,658 
Vesting of RSUs, net of shares withheld to cover taxes— 66,876 66,876 
Shares outstanding at April 3, 202032,847,017 (21,012)32,826,005 
Accumulated Other Comprehensive Income (Loss) (“AOCI”) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2020$(1,095)$(4,956)$57,546 $51,495 $1,197 $52,692 
Unrealized loss on cash flow hedges— (1,269)— (1,269)266 (1,003)
Realized gain on foreign currency hedges— (659)— (659)139 (520)
Realized loss on interest rate swap hedges— 1,034 — 1,034 (217)817 
Foreign currency translation loss— — (16,364)(16,364)— (16,364)
April 2, 2021$(1,095)$(5,850)$41,182 $34,237 $1,385 $35,622 
December 31, 2019$(912)$(2,358)$22,639 $19,369 $619 $19,988 
Unrealized loss on cash flow hedges— (11,474)— (11,474)2,410 (9,064)
Realized gain on foreign currency hedges— (197)— (197)41 (156)
Realized loss on interest rate swap hedges— 748 — 748 (157)591 
Foreign currency translation loss— — (12,032)(12,032)— (12,032)
April 3, 2020$(912)$(13,281)$10,607 $(3,586)$2,913 $(673)
v3.21.1
Financial Instruments and Fair Value Measurements
 3 Months Ended
Apr. 02, 2021
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):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
April 2, 2021
Assets: Foreign currency contracts$28 $— $28 $— 
Liabilities: Foreign currency contracts152 — 152 — 
Liabilities: Interest rate swap5,726 — 5,726 — 
Liabilities: Contingent consideration2,281 — — 2,281 
December 31, 2020
Assets: Foreign currency contracts$2,070 $— $2,070 $— 
Liabilities: Interest rate swap7,026 — 7,026 — 
Liabilities: Contingent consideration3,900 — — 3,900 
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 designated as cash flow hedges as of April 2, 2021 is as follows (dollars in thousands):
Notional AmountStart DateEnd
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$150,000 Jun 2020Jun 20232.1785 %0.1091 %$(5,726)Other long-term liabilities
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountStart DateEnd
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$200,000 Jun 2020Jun 20232.1785 %0.1480 %$(7,026)Other long-term liabilities
(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 April 2, 2021 is as follows (dollars in thousands):
Notional AmountStart
Date		End
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$1,553 Apr 2021Aug 20210.0232UYU Peso$30 Prepaid expenses and other current assets
3,270 Apr 2021Nov 20210.0227UYU Peso10 Prepaid expenses and other current assets
2,048 Jul 2021Dec 20210.0228UYU Peso(12)Prepaid expenses and other current assets
8,973 Apr 2021Sep 20211.1949Euro(133)Accrued expenses and other current liabilities
6,101 Apr 2021Sep 20210.0454MXN Peso480 Accrued expenses and other current liabilities
7,269 Apr 2021Dec 20210.0485MXN Peso(1)Accrued expenses and other current liabilities
10,985 Apr 2021Dec 20211.2206Euro(362)Accrued expenses and other current liabilities
9,069 Apr 2021Dec 20210.0490MXN Peso(136)Accrued expenses and other current liabilities
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountStart
Date		End
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$16,132 Nov 2020Sep 20211.1949Euro$399 Prepaid expenses and other current assets
10,224 Jan 2021Sep 20210.0454MXN Peso922 Prepaid expenses and other current assets
2,656 Jan 2021Mar 20210.0443MXN Peso341 Prepaid expenses and other current assets
7,269 Apr 2021Dec 20210.0485MXN Peso77 Prepaid expenses and other current assets
3,252 Jan 2021Aug 20210.0232UYU Peso165 Prepaid expenses and other current assets
3,966 Jan 2021Nov 20210.0227UYU Peso166 Prepaid expenses and other current assets
Derivative Instruments with Hedge Accounting Designation
The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”),
AOCI and the Company’s Condensed Consolidated Statements of Operations for the three months ended April 2, 2021 and April 3, 2020 (in thousands):
Three Months Ended
April 2, 2021April 3, 2020
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$290,467 $8 $328,426 $(128)
Cost of sales205,981 624 231,724 325 
Operating expenses49,878 27 52,626 — 
Interest expense8,532 (1,034)10,361 (748)
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three months ended,Location in Statements of Operations and Comprehensive IncomeThree months ended,
April 2,
2021		April 3,
2020		April 2,
2021		April 3,
2020
Interest rate swap$266 $(6,387)Interest expense$(1,034)$(748)
Foreign exchange forwards(886)(274)Sales8 (128)
Foreign exchange forwards(559)(4,813)Cost of sales624 325 
Foreign exchange forwards(90)— Operating expenses27 — 
The Company expects to reclassify net losses totaling $3.2 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended April 2, 2021 and April 3, 2020 (in thousands):
 Three Months Ended
April 2,
2021		April 3,
2020
Fair value measurement at beginning of period$3,900 $4,200 
Amount recorded for acquisitions
— 2,700 
Fair value measurement adjustment— (500)
Payments(1)
(1,621)— 
Foreign currency translation2 — 
Fair value measurement at end of period$2,281 $6,400 
__________
(1)Consists of payments associated with the Company’s acquisitions of InoMec and USB, 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.
On February 19, 2020, the Company acquired certain assets and liabilities of InoMec. See Note 2 “Business Acquisition” for additional information about the InoMec acquisition. On October 7, 2019, the Company acquired certain assets and liabilities of USB, a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. The contingent consideration at April 2, 2021 is the estimated fair value of the Company’s obligations, under the asset purchase agreements for InoMec and USB, to make additional payments if certain revenue goals are met.
As of April 2, 2021, the current portion of contingent consideration liabilities is $1.0 million and included in Accrued expenses and other current liabilities, and the non-current portion is $1.3 million and included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. As of December 31, 2020, the current portion of contingent consideration liabilities was $1.7 million and included in Accrued expenses and other current liabilities, and the non-current portion was $2.2 million and included in Other long-term liabilities on the Condensed Consolidated Balance Sheets.
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
April 2, 2021
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$6,750 $2,281 Monte CarloRevenue volatility35.0 %
Discount rate4.0 %
Projected year(s) of payment2022-2024
December 31, 2020
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$9,000 $3,900 Monte CarloRevenue volatility35.0 %
Discount rate4.0 %
Projected year(s) of payment2021-2024
During the first quarter of 2020, the Company acquired a set of similar identifiable intangible assets relating to a license to use technology within its Non-Medical segment. At the date of acquisition, the Company estimated the original fair value of the contingent consideration to be $1.0 million, which was paid during 2020 upon achievement of the applicable milestones.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items.
Borrowings under the Company’s Revolving Credit Facility, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets. Non-marketable equity securities are equity securities without readily determinable fair value. The Company has elected the practicability exception to use an alternative approach that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. If an impairment is recognized on the Company’s non-marketable equity securities during the period, these assets are classified as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.
Equity investments comprise the following (in thousands):
April 2,
2021		December 31,
2020
Equity method investment$20,135 $21,470 
Non-marketable equity securities5,723 5,723 
Total equity investments
$25,858 $27,193 
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
Three Months Ended
April 2,
2021		April 3,
2020
Equity method investment (gain) loss$1,335 $(1,925)
The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of April 2, 2021, the Company owned 6.6% of this fund.
v3.21.1
Segment Information
 3 Months Ended
Apr. 02, 2021
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 following table presents sales by product line (in thousands).
 Three Months Ended
April 2,
2021		April 3,
2020
Segment sales by product line:
Medical
Cardio & Vascular$149,165 $179,205 
Cardiac & Neuromodulation108,408 107,820 
Advanced Surgical, Orthopedics & Portable Medical25,392 31,237 
Total Medical282,965 318,262 
Non-Medical7,502 10,164 
Total sales$290,467 $328,426 
The following table presents income for the Company’s reportable segments (in thousands).
 Three Months Ended
April 2,
2021		April 3,
2020
Segment income:
Medical$55,525 $65,216 
Non-Medical2 1,213 
Total segment income55,527 66,429 
Unallocated operating expenses
(20,919)(22,353)
Operating income34,608 44,076 
Unallocated expenses, net(9,630)(7,437)
Income before taxes$24,978 $36,639 
v3.21.1
Revenue From Contracts With Customers
 3 Months Ended
Apr. 02, 2021
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 35% and 30%, respectively, of total revenue for the three months ended April 2, 2021 and April 3, 2020. All revenue recognized from products and services transferred to customers over time during the periods presented was within the Medical segment.
The following table presents revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
Three Months Ended
April 2, 2021April 3, 2020
CustomerMedical Non-Medical Medical Non-Medical
Customer A22%*20%*
Customer B13%*18%*
Customer C17%*16%*
Customer D*26%*19%
All other customers48%74%46%81%
__________
* Less than 10% of segment’s total revenues for the period.
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.
Three Months Ended
April 2, 2021April 3, 2020
Ship to LocationMedical Non-Medical Medical Non-Medical
United States53%69%55%44%
Puerto Rico**12%*
United Kingdom*10%*15%
Singapore***14%
Canada*11%*12%
All other countries47%10%33%15%
__________
* 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):
April 2,
2021		December 31,
2020
Contract assets$44,686 $40,218 
Contract liabilities2,379 2,498 
Contract assets at April 2, 2021, increased $4.5 million from December 31, 2020, due to a contract modification to add existing products and extend the contractual term. During the three months ended April 2, 2021, the Company recognized $0.9 million of revenue that was included in the contract liability balance as of December 31, 2020. During the three months ended April 3, 2020, the Company recognized $0.1 million of revenue that was included in the contract liability balance as of December 31, 2019.
v3.21.1
Basis of Presentation (Policies)
 3 Months Ended
Apr. 02, 2021
Accounting Policies [Abstract]  
Interim Basis of Accounting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. Intercompany transactions and balances have been fully eliminated in consolidation.Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.The first quarter of 2021 ended on April 2 and consisted of 92 days, and the first quarter of 2020 ended on April 3 and consisted of 94 days.
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates.
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, 2020, that are of significance, or potential significance, to the Company.
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.
Cost And Equity Method Investments The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets. Non-marketable equity securities are equity securities without readily determinable fair value. The Company has elected the practicability exception to use an alternative approach that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.
v3.21.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Apr. 02, 2021
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):
Three Months Ended
April 2,
2021		April 3,
2020
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$2,981 $4,481 
Purchase of intangible asset included in accrued expenses— 1,000 
Supplemental lease disclosures:
Operating lease assets obtained in exchange for new or remeasured operating
   lease liabilities		7,414 7,427 
v3.21.1
Inventories (Tables)
 3 Months Ended
Apr. 02, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories comprise the following (in thousands):
April 2,
2021		December 31,
2020
Raw materials$70,552 $72,477 
Work-in-process64,320 58,806 
Finished goods18,943 18,040 
Total$153,815 $149,323 
v3.21.1
Goodwill and Other Intangible Assets, Net (Tables)
 3 Months Ended
Apr. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill by reportable segment for the three months ended April 2, 2021 were as follows (in thousands):
MedicalNon- MedicalTotal
December 31, 2020$842,442 $17,000 $859,442 
Foreign currency translation(7,199)— (7,199)
April 2, 2021$835,243 $17,000 $852,243 
Schedule of Finite-Lived Intangible Assets, Major Class
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
April 2, 2021
Definite-lived:
Purchased technology and patents$255,606 $(155,278)$100,328 
Customer lists716,081 (167,620)548,461 
Other4,120 (3,863)257 
Total amortizing intangible assets$975,807 $(326,761)$649,046 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
April 2, 2021
Definite-lived:
Purchased technology and patents$255,606 $(155,278)$100,328 
Customer lists716,081 (167,620)548,461 
Other4,120 (3,863)257 
Total amortizing intangible assets$975,807 $(326,761)$649,046 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
Aggregate intangible asset amortization expense comprises the following (in thousands):
 Three Months Ended
 April 2,
2021		April 3,
2020
Cost of sales$3,268 $3,269 
Selling, general and administrative expenses7,182 7,175 
Total intangible asset amortization expense$10,450 $10,444 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based on the carrying value as of April 2, 2021 is as follows (in thousands):
Remainder of 2021202220232024 2025After 2025
Amortization Expense$30,835 40,170 38,751 37,798 36,483 465,009 
v3.21.1
Debt (Tables)
 3 Months Ended
Apr. 02, 2021
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt comprises the following (in thousands):
 April 2,
2021		December 31,
2020
Senior secured term loan A$220,312 $229,687 
Senior secured term loan B472,286 508,286 
Unamortized discount on term loan B and debt issuance costs(5,468)(6,715)
Total debt687,130 731,258 
Current portion of long-term debt(37,500)(37,500)
Total long-term debt$649,630 $693,758 
Schedule of Maturities of Long-term Debt
Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2021 and through maturity, excluding any discounts or premiums, as of April 2, 2021 are as follows (in thousands):
20212022
Future minimum principal payments$28,125 664,473 
v3.21.1
Stock-Based Compensation (Tables)
 3 Months Ended
Apr. 02, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The components and classification of stock-based compensation expense were as follows (in thousands):
 Three Months Ended
 April 2,
2021		April 3,
2020
Stock options$— $13 
RSUs4,704 1,725 
Total stock-based compensation expense$4,704 $1,738 
Cost of sales$1,114 $454 
Selling, general and administrative3,355 1,136 
Research, development and engineering235 148 
Total stock-based compensation expense$4,704 $1,738 
Schedule of Share-based Compensation, Stock Options Activity
The following table summarizes the Company’s stock option activity for the three month period ended April 2, 2021:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life
(In Years)		Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2020281,873 $36.05 
Exercised(4,229)27.32 
Outstanding and exercisable at April 2, 2021277,644 $36.18 4.5$15.4 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
 Three Months Ended
 April 2,
2021		April 3,
2020
Weighted average fair value$85.16 $107.42 
Risk-free interest rate0.19 %1.53 %
Expected volatility41 %30 %
Expected life (in years)3.02.9
Expected dividend yield— %— %
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes time-vested RSU activity for the three month period ended April 2, 2021:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2020207,923 $75.38 
Granted146,247 79.09 
Vested(59,143)63.94 
Forfeited(2,327)80.24 
Nonvested at April 2, 2021292,700 $79.51 
The following table summarizes PRSU activity for the three month period ended April 2, 2021:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2020219,391 $72.33 
Granted92,345 85.16 
Vested(38,882)37.75 
Forfeited(65,941)49.00 
Nonvested at April 2, 2021206,913 $91.98 
v3.21.1
Other Operating Expenses (Tables)
 3 Months Ended
Apr. 02, 2021
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense By Component
Other operating expenses comprise the following (in thousands):
 Three Months Ended
 April 2,
2021		April 3,
2020
Operational excellence initiatives$654 $974 
Strategic reorganization and alignment— 548 
Manufacturing alignment to support growth— 128 
Acquisition and integration84 356 
Other general expenses177 922 
Total other operating expenses$915 $2,928 
Schedule of Changes in Accrued Liabilities
The following table summarizes the change in accrued liabilities, presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets, related to the initiatives described above (in thousands):
Operational
excellence
initiatives
December 31, 2020$291 
Charges incurred, net of reversals654 
Cash payments(306)
April 2, 2021$639 
v3.21.1
Commitments and Contingencies (Tables)
 3 Months Ended
Apr. 02, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability The change in product warranty liability comprised the following (in thousands):
December 31, 2020$163 
Additions to warranty reserve, net of reversals15 
Adjustments to pre-existing warranties (63)
April 2, 2021$115 
v3.21.1
Earnings Per Share (EPS) (Tables)
 3 Months Ended
Apr. 02, 2021
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 Three Months Ended
April 2,
2021		April 3,
2020
Numerator for basic and diluted EPS:
Net income$21,520 $31,100 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic32,957 32,807 
Dilutive effect of share-based awards231 310 
Weighted average shares outstanding - Diluted33,188 33,117 
Basic EPS$0.65 $0.95 
Diluted EPS$0.65 $0.94 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
 Three Months Ended
April 2,
2021		April 3,
2020
Time-vested RSUs10 101 
PRSUs64 24 
v3.21.1
Stockholders' Equity (Tables)
 3 Months Ended
Apr. 02, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the three month periods ended April 2, 2021 and April 3, 2020:
IssuedTreasury StockOutstanding
Shares outstanding at December 31, 202032,908,178 — 32,908,178 
Stock options exercised4,229 — 4,229 
Vesting of RSUs, net of shares withheld to cover taxes62,295 — 62,295 
Shares outstanding at April 2, 202132,974,702 — 32,974,702 
Shares outstanding at December 31, 201932,847,017 (146,546)32,700,471 
Stock options exercised— 58,658 58,658 
Vesting of RSUs, net of shares withheld to cover taxes— 66,876 66,876 
Shares outstanding at April 3, 202032,847,017 (21,012)32,826,005 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (“AOCI”) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2020$(1,095)$(4,956)$57,546 $51,495 $1,197 $52,692 
Unrealized loss on cash flow hedges— (1,269)— (1,269)266 (1,003)
Realized gain on foreign currency hedges— (659)— (659)139 (520)
Realized loss on interest rate swap hedges— 1,034 — 1,034 (217)817 
Foreign currency translation loss— — (16,364)(16,364)— (16,364)
April 2, 2021$(1,095)$(5,850)$41,182 $34,237 $1,385 $35,622 
December 31, 2019$(912)$(2,358)$22,639 $19,369 $619 $19,988 
Unrealized loss on cash flow hedges— (11,474)— (11,474)2,410 (9,064)
Realized gain on foreign currency hedges— (197)— (197)41 (156)
Realized loss on interest rate swap hedges— 748 — 748 (157)591 
Foreign currency translation loss— — (12,032)(12,032)— (12,032)
April 3, 2020$(912)$(13,281)$10,607 $(3,586)$2,913 $(673)
v3.21.1
Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Apr. 02, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
April 2, 2021
Assets: Foreign currency contracts$28 $— $28 $— 
Liabilities: Foreign currency contracts152 — 152 — 
Liabilities: Interest rate swap5,726 — 5,726 — 
Liabilities: Contingent consideration2,281 — — 2,281 
December 31, 2020
Assets: Foreign currency contracts$2,070 $— $2,070 $— 
Liabilities: Interest rate swap7,026 — 7,026 — 
Liabilities: Contingent consideration3,900 — — 3,900 
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of April 2, 2021 is as follows (dollars in thousands):
Notional AmountStart DateEnd
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$150,000 Jun 2020Jun 20232.1785 %0.1091 %$(5,726)Other long-term liabilities
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountStart DateEnd
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$200,000 Jun 2020Jun 20232.1785 %0.1480 %$(7,026)Other long-term liabilities
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of April 2, 2021 is as follows (dollars in thousands):
Notional AmountStart
Date		End
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$1,553 Apr 2021Aug 20210.0232UYU Peso$30 Prepaid expenses and other current assets
3,270 Apr 2021Nov 20210.0227UYU Peso10 Prepaid expenses and other current assets
2,048 Jul 2021Dec 20210.0228UYU Peso(12)Prepaid expenses and other current assets
8,973 Apr 2021Sep 20211.1949Euro(133)Accrued expenses and other current liabilities
6,101 Apr 2021Sep 20210.0454MXN Peso480 Accrued expenses and other current liabilities
7,269 Apr 2021Dec 20210.0485MXN Peso(1)Accrued expenses and other current liabilities
10,985 Apr 2021Dec 20211.2206Euro(362)Accrued expenses and other current liabilities
9,069 Apr 2021Dec 20210.0490MXN Peso(136)Accrued expenses and other current liabilities
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountStart
Date		End
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$16,132 Nov 2020Sep 20211.1949Euro$399 Prepaid expenses and other current assets
10,224 Jan 2021Sep 20210.0454MXN Peso922 Prepaid expenses and other current assets
2,656 Jan 2021Mar 20210.0443MXN Peso341 Prepaid expenses and other current assets
7,269 Apr 2021Dec 20210.0485MXN Peso77 Prepaid expenses and other current assets
3,252 Jan 2021Aug 20210.0232UYU Peso165 Prepaid expenses and other current assets
3,966 Jan 2021Nov 20210.0227UYU Peso166 Prepaid expenses and other current assets
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 income (loss) (“OCI”),
AOCI and the Company’s Condensed Consolidated Statements of Operations for the three months ended April 2, 2021 and April 3, 2020 (in thousands):
Three Months Ended
April 2, 2021April 3, 2020
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$290,467 $8 $328,426 $(128)
Cost of sales205,981 624 231,724 325 
Operating expenses49,878 27 52,626 — 
Interest expense8,532 (1,034)10,361 (748)
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three months ended,Location in Statements of Operations and Comprehensive IncomeThree months ended,
April 2,
2021		April 3,
2020		April 2,
2021		April 3,
2020
Interest rate swap$266 $(6,387)Interest expense$(1,034)$(748)
Foreign exchange forwards(886)(274)Sales8 (128)
Foreign exchange forwards(559)(4,813)Cost of sales624 325 
Foreign exchange forwards(90)— Operating expenses27 — 
Schedule of Estimated Fair Values for Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended April 2, 2021 and April 3, 2020 (in thousands):
 Three Months Ended
April 2,
2021		April 3,
2020
Fair value measurement at beginning of period$3,900 $4,200 
Amount recorded for acquisitions
— 2,700 
Fair value measurement adjustment— (500)
Payments(1)
(1,621)— 
Foreign currency translation2 — 
Fair value measurement at end of period$2,281 $6,400 
__________
(1)Consists of payments associated with the Company’s acquisitions of InoMec and USB, 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.
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:
April 2, 2021
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$6,750 $2,281 Monte CarloRevenue volatility35.0 %
Discount rate4.0 %
Projected year(s) of payment2022-2024
December 31, 2020
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$9,000 $3,900 Monte CarloRevenue volatility35.0 %
Discount rate4.0 %
Projected year(s) of payment2021-2024
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
April 2,
2021		December 31,
2020
Equity method investment$20,135 $21,470 
Non-marketable equity securities5,723 5,723 
Total equity investments
$25,858 $27,193 
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
Three Months Ended
April 2,
2021		April 3,
2020
Equity method investment (gain) loss$1,335 $(1,925)
v3.21.1
Segment Information (Tables)
 3 Months Ended
Apr. 02, 2021
Segment Reconciliation [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following table presents sales by product line (in thousands).
 Three Months Ended
April 2,
2021		April 3,
2020
Segment sales by product line:
Medical
Cardio & Vascular$149,165 $179,205 
Cardiac & Neuromodulation108,408 107,820 
Advanced Surgical, Orthopedics & Portable Medical25,392 31,237 
Total Medical282,965 318,262 
Non-Medical7,502 10,164 
Total sales$290,467 $328,426 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table presents income for the Company’s reportable segments (in thousands).
 Three Months Ended
April 2,
2021		April 3,
2020
Segment income:
Medical$55,525 $65,216 
Non-Medical2 1,213 
Total segment income55,527 66,429 
Unallocated operating expenses
(20,919)(22,353)
Operating income34,608 44,076 
Unallocated expenses, net(9,630)(7,437)
Income before taxes$24,978 $36,639 
v3.21.1
Revenue From Contracts With Customers (Tables)
 3 Months Ended
Apr. 02, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following table presents revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
Three Months Ended
April 2, 2021April 3, 2020
CustomerMedical Non-Medical Medical Non-Medical
Customer A22%*20%*
Customer B13%*18%*
Customer C17%*16%*
Customer D*26%*19%
All other customers48%74%46%81%
__________
* Less than 10% of segment’s total revenues for the period.
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.
Three Months Ended
April 2, 2021April 3, 2020
Ship to LocationMedical Non-Medical Medical Non-Medical
United States53%69%55%44%
Puerto Rico**12%*
United Kingdom*10%*15%
Singapore***14%
Canada*11%*12%
All other countries47%10%33%15%
__________
* Less than 10% of segment’s total revenues for the period.
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):
April 2,
2021		December 31,
2020
Contract assets$44,686 $40,218 
Contract liabilities2,379 2,498 
v3.21.1
Business Acquisition (Acquisition of Assets from InoMec Narrative) (Details) - USD ($)
$ in Thousands
Feb. 19, 2020
Apr. 02, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Contingent consideration, range of outcomes, value, high   $ 6,750 $ 9,000
Goodwill   $ 852,243 $ 859,442
InoMec Ltd      
Business Acquisition [Line Items]      
Consideration transferred $ 7,000    
Payments to acquire business 5,300    
Fair value of contingent consideration recognized 1,700    
Contingent consideration, range of outcomes, value, high $ 3,500    
Contingent consideration payment period 4 years    
Intangible assets acquired $ 2,000    
Goodwill 4,800    
Property, plant and equipment acquired 300    
Other working capital items acquired $ 100    
Acquired finite-lived intangible assets, weighted average useful life 5 years 10 months 24 days    
v3.21.1
Business Acquisition (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Business Acquisition [Line Items]    
Sales $ 290,467 $ 328,426
InoMec Ltd    
Business Acquisition [Line Items]    
Sales $ 800 400
InoMec Ltd | Other operating expenses    
Business Acquisition [Line Items]    
Acquisition related costs   $ 700
v3.21.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Noncash investing and financing activities:    
Property, plant and equipment purchases included in accounts payable $ 2,981 $ 4,481
Purchase of intangible asset included in accrued expenses 0 1,000
Supplemental lease disclosures:    
ROU assets obtained in exchange for new operating lease liabilities $ 7,414 $ 7,427
v3.21.1
Inventories (Details) - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Raw materials $ 70,552 $ 72,477
Work-in-process 64,320 58,806
Finished goods 18,943 18,040
Total $ 153,815 $ 149,323
v3.21.1
Goodwill and Other Intangible Assets, Net (Schedule of Goodwill) (Details)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
USD ($)
Goodwill [Roll Forward]  
Opening goodwill $ 859,442
Foreign currency translation (7,199)
Closing goodwill 852,243
Medical  
Goodwill [Roll Forward]  
Opening goodwill 842,442
Foreign currency translation (7,199)
Closing goodwill 835,243
Non-Medical  
Goodwill [Roll Forward]  
Opening goodwill 17,000
Foreign currency translation 0
Closing goodwill $ 17,000
v3.21.1
Goodwill and Other Intangible Assets, Net (Schedule of Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 975,807 $ 985,386
Accumulated amortization (326,761) (318,450)
Total estimated amortization expense 649,046 666,936
Trademarks And Tradenames    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) 90,288 90,288
Purchased technology and patents    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 255,606 257,453
Accumulated amortization (155,278) (152,798)
Total estimated amortization expense 100,328 104,655
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 716,081 723,791
Accumulated amortization (167,620) (161,856)
Total estimated amortization expense 548,461 561,935
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 4,120 4,142
Accumulated amortization (3,863) (3,796)
Total estimated amortization expense $ 257 $ 346
v3.21.1
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Finite-Lived Intangible Assets [Line Items]    
Total intangible asset amortization expense $ 10,450 $ 10,444
Cost of sales    
Finite-Lived Intangible Assets [Line Items]    
Total intangible asset amortization expense 3,268 3,269
Selling, general and administrative expenses    
Finite-Lived Intangible Assets [Line Items]    
Total intangible asset amortization expense $ 7,182 $ 7,175
v3.21.1
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Apr. 02, 2021
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
Remainder of 2021 $ 30,835
2022 40,170
2023 38,751
2024 37,798
2025 36,483
After 2025 $ 465,009
v3.21.1
Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Unamortized discount on term loan B and debt issuance costs $ (5,468) $ (6,715)
Total debt 687,130 731,258
Current portion of long-term debt (37,500) (37,500)
Total long-term debt 649,630 693,758
Secured Debt | Loans Payable | Senior secured term loan A    
Debt Instrument [Line Items]    
Long-term debt, gross 220,312 229,687
Secured Debt | Loans Payable | Senior secured term loan B    
Debt Instrument [Line Items]    
Long-term debt, gross $ 472,286 $ 508,286
v3.21.1
Debt (Narrative) (Details)
 3 Months Ended 13 Months Ended
Oct. 01, 2021
Apr. 02, 2021
USD ($)
Apr. 03, 2020
USD ($)
Oct. 27, 2022
Dec. 31, 2020
USD ($)
Loans Payable | Senior secured term loan A          
Debt Instrument [Line Items]          
Loss on extinguishment of debt     $ 300,000    
Secured Debt | Revolving Credit Facility | Revolving line of credit          
Debt Instrument [Line Items]          
Credit facility maximum borrowing capacity   $ 200,000,000      
Outstanding borrowings   0      
Line of credit facility, remaining borrowing capacity   $ 193,300,000      
Secured Debt | Loans Payable | Senior secured term loan B          
Debt Instrument [Line Items]          
Debt instrument, discount, percentage   1.00%      
Outstanding borrowings   $ 472,286,000     $ 508,286,000
Debt weighted average interest rate   3.50%      
Debt prepayment   $ 36,000,000.0      
Secured Debt | Loans Payable | Senior secured term loan B | Prime Rate          
Debt Instrument [Line Items]          
Variable rate basis spread   1.50%      
Secured Debt | Loans Payable | Senior secured term loan B | London Interbank Offered Rate (LIBOR)          
Debt Instrument [Line Items]          
Variable rate basis spread   2.50%      
Debt instrument, interest rate, floor   1.00%      
Secured Debt | Loans Payable | Senior secured term loan A          
Debt Instrument [Line Items]          
Deferred amendment fee percentage   0.03125%      
Total net leverage ratio   3.00      
Outstanding borrowings   $ 220,312,000     $ 229,687,000
Debt weighted average interest rate   2.36%      
Net leverage ratio incremental increase option   4.75      
Debt instrument, covenant compliance, adjusted EBITDA to interest expense ratio   3.00      
Secured Debt | Loans Payable | Senior secured term loan A | Forecast          
Debt Instrument [Line Items]          
Net leverage ratio incremental increase option 4.50     4.00  
Secured Debt | Swingline Loans | Revolving line of credit          
Debt Instrument [Line Items]          
Credit facility maximum borrowing capacity   $ 15,000,000      
Secured Debt | Standby Letters of Credit | Revolving line of credit          
Debt Instrument [Line Items]          
Credit facility maximum borrowing capacity   $ 25,000,000      
Secured Debt | Minimum | Revolving Credit Facility | Revolving line of credit          
Debt Instrument [Line Items]          
Line of credit facility, unused capacity, commitment fee percentage   0.175%      
Secured Debt | Minimum | Loans Payable | Senior secured term loan A | Prime Rate          
Debt Instrument [Line Items]          
Variable rate basis spread   0.50%      
Secured Debt | Minimum | Loans Payable | Senior secured term loan A | London Interbank Offered Rate (LIBOR)          
Debt Instrument [Line Items]          
Variable rate basis spread   1.50%      
Secured Debt | Maximum | Revolving Credit Facility | Revolving line of credit          
Debt Instrument [Line Items]          
Line of credit facility, unused capacity, commitment fee percentage   0.25%      
Secured Debt | Maximum | Loans Payable | Senior secured term loan A | Prime Rate          
Debt Instrument [Line Items]          
Variable rate basis spread   2.00%      
Secured Debt | Maximum | Loans Payable | Senior secured term loan A | London Interbank Offered Rate (LIBOR)          
Debt Instrument [Line Items]          
Variable rate basis spread   3.00%      
Standby Letters of Credit | Revolving Credit Facility | Revolving line of credit          
Debt Instrument [Line Items]          
Letters of credit outstanding, amount   $ 6,700,000      
v3.21.1
Debt (Long-term Debt Maturity Schedule) (Details)
$ in Thousands
Apr. 02, 2021
USD ($)
Debt Disclosure [Abstract]  
2021 $ 28,125
2022 $ 664,473
v3.21.1
Stock-Based Compensation (Allocation of Recognized Period Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based payment arrangement, expense $ 4,704 $ 1,738
Cost of sales    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based payment arrangement, expense 1,114 454
Selling, general and administrative    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based payment arrangement, expense 3,355 1,136
Research, development and engineering    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based payment arrangement, expense 235 148
Stock options    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based payment arrangement, expense 0 13
RSUs    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based payment arrangement, expense $ 4,704 $ 1,725
v3.21.1
Stock-Based Compensation (Stock Options Activity) (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 02, 2021
USD ($)
$ / shares
shares
Stock Option Activity (in shares)  
Options outstanding, beginning balance (in shares) | shares 281,873
Exercised (in shares) | shares (4,229)
Options outstanding, ending balance (in shares) | shares 277,644
Options exercisable at period end (in shares) | shares 277,644
Weighted Average Exercise Price (in dollars per share)  
Options outstanding, beginning (in dollars per share) | $ / shares $ 36.05
Exercised (in dollars per share) | $ / shares 27.32
Options outstanding, ending (in dollars per share) | $ / shares 36.18
Options exercisable at period end (in dollars per share) | $ / shares $ 36.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options outstanding, weighted average remaining contractual term 4 years 6 months
Options exercisable, weighted average remaining contractual term 4 years 6 months
Options outstanding, intrinsic value | $ $ 15.4
Options exercisable, intrinsic value | $ $ 15.4
v3.21.1
Stock-Based Compensation (Narrative) (Details)
 3 Months Ended
Apr. 02, 2021
Restricted Stock And Restricted Stock Units Time Based  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Requisite service period 3 years
v3.21.1
Stock-Based Compensation (Valuation Assumptions) (Details) - Performance-based RSUs (PSUs) - $ / shares
 3 Months Ended 12 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value (in dollars per share) $ 85.16 $ 107.42  
Risk-free interest rate 0.19% 1.53%  
Expected volatility 41.00% 30.00%  
Expected life (in years) 3 years 2 years 10 months 24 days  
Expected dividend yield 0.00% 0.00%  
Weighted average illiquidity discount 8.19%   8.00%
v3.21.1
Stock-Based Compensation (Restricted Stock and Restricted Stock Units Activity) (Details)
 3 Months Ended
Apr. 02, 2021
$ / shares
shares
Restricted Stock And Restricted Stock Units Time Based  
Restricted Stock and Restricted Stock Unit Activity (in shares)  
Nonvested, beginning (in shares) | shares 207,923
Granted (in shares) | shares 146,247
Vested (in shares) | shares (59,143)
Forfeited (in shares) | shares (2,327)
Nonvested, ending (in shares) | shares 292,700
Restricted Stock and Restricted Stock Unit Weighted Average Fair Value (in dollars per share)  
Nonvested, beginning (in dollars per share) | $ / shares $ 75.38
Granted (in dollars per share) | $ / shares 79.09
Vested (in dollars per share) | $ / shares 63.94
Forfeited (in dollars per share) | $ / shares 80.24
Nonvested, ending (in dollars per share) | $ / shares $ 79.51
Performance-based RSUs (PSUs)  
Restricted Stock and Restricted Stock Unit Activity (in shares)  
Nonvested, beginning (in shares) | shares 219,391
Granted (in shares) | shares 92,345
Vested (in shares) | shares (38,882)
Forfeited (in shares) | shares (65,941)
Nonvested, ending (in shares) | shares 206,913
Restricted Stock and Restricted Stock Unit Weighted Average Fair Value (in dollars per share)  
Nonvested, beginning (in dollars per share) | $ / shares $ 72.33
Granted (in dollars per share) | $ / shares 85.16
Vested (in dollars per share) | $ / shares 37.75
Forfeited (in dollars per share) | $ / shares 49.00
Nonvested, ending (in dollars per share) | $ / shares $ 91.98
v3.21.1
Other Operating Expenses (Schedule of Other Operating Cost and Expense By Component) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Other Operating Income Expense Detail [Line Items]    
Total other operating expenses $ 915 $ 2,928
Operational excellence initiatives    
Other Operating Income Expense Detail [Line Items]    
Total other operating expenses 654 974
Strategic reorganization and alignment    
Other Operating Income Expense Detail [Line Items]    
Total other operating expenses 0 548
Manufacturing alignment to support growth    
Other Operating Income Expense Detail [Line Items]    
Total other operating expenses 0 128
Acquisition and integration    
Other Operating Income Expense Detail [Line Items]    
Total other operating expenses 84 356
Other general expenses    
Other Operating Income Expense Detail [Line Items]    
Total other operating expenses $ 177 $ 922
v3.21.1
Other Operating Expenses (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Minimum    
Restructuring Cost and Reserve [Line Items]    
Expected costs $ 1.0  
Maximum    
Restructuring Cost and Reserve [Line Items]    
Expected costs 2.0  
InoMec Ltd And US BioDesign LLC    
Restructuring Cost and Reserve [Line Items]    
Acquisition related costs 0.1 $ 0.9
US BioDesign LLC    
Restructuring Cost and Reserve [Line Items]    
Acquisition-related contingent consideration, fair value adjustment 0.5  
Operational Excellence Initiatives, 2021 Initiatives    
Restructuring Cost and Reserve [Line Items]    
Costs incurred since inception 0.4  
Operational Excellence Initiatives, 2020 Initiatives    
Restructuring Cost and Reserve [Line Items]    
Costs incurred since inception 3.0  
Strategic Reorganization And Alignment    
Restructuring Cost and Reserve [Line Items]    
Costs incurred since inception 23.0  
Manufacturing Alignment To Support Growth    
Restructuring Cost and Reserve [Line Items]    
Costs incurred since inception $ 5.8  
v3.21.1
Other Operating Expenses (Schedule of Restructuring Reserve By Type of Cost) (Details) - Operational excellence initiatives
$ in Thousands
 3 Months Ended
Apr. 02, 2021
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 291
Charges incurred, net of reversals 654
Cash payments (306)
Ending balance $ 639
v3.21.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Effective income tax rate 13.80% 15.10%  
Income (loss) before provision for income taxes $ 24,978 $ 36,639  
Discrete tax benefits 600 $ 1,000  
Unrecognized tax benefits 5,500    
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit 3,400    
Unrecognized tax benefits that would impact effective tax rate 5,500    
Accrued payroll taxes $ 9,700   $ 9,700
v3.21.1
Commitments and Contingencies (Schedule of Product Warranty Liability) (Details)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Balance at beginning of period $ 163
Additions to warranty reserve, net of reversals 15
Adjustments to pre-existing warranties (63)
Balance at end of period $ 115
v3.21.1
Earnings Per Share (EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Earnings Per Share [Abstract]    
Net income $ 21,520 $ 31,100
Denominator for basic and diluted EPS:    
Weighted average shares outstanding, basic (in shares) 32,957 32,807
Dilutive effect of share-based awards (in shares) 231 310
Weighted average shares outstanding - Diluted (in shares) 33,188 33,117
Earnings per share:    
Basic (in dollars per share) $ 0.65 $ 0.95
Diluted (in dollars per share) $ 0.65 $ 0.94
Anitdilutive Securities Excluded From Earnings Per Share [Abstract]    
Time-vested RSUs (in shares) 10 101
PRSUs (in shares) 64 24
v3.21.1
Stockholders' Equity (Shares Issued and Outstanding) (Details) - shares
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Class Of Stock [Roll Forward]    
Balance, beginning of period (in shares) 32,908,178  
Shares outstanding beginning balance (in shares) 32,908,178 32,700,471
Stock options exercised (in shares) 4,229 58,658
Balance, end of period (in shares) 32,974,702  
Shares outstanding ending balance (in shares) 32,974,702 32,826,005
Common Stock    
Class Of Stock [Roll Forward]    
Balance, beginning of period (in shares) 32,908,178 32,847,017
Stock options exercised (in shares) 4,229 0
Balance, end of period (in shares) 32,974,702 32,847,017
Treasury Stock, Common    
Class Of Stock [Roll Forward]    
Balance, beginning of period (in shares) 0 146,546
Stock options exercised (in shares) 0 58,658
Balance, end of period (in shares) 0 21,012
Restricted Stock    
Class Of Stock [Roll Forward]    
RSAs issued, net of forfeitures, and vesting of RSUs (in shares) 62,295 66,876
Restricted Stock | Common Stock    
Class Of Stock [Roll Forward]    
RSAs issued, net of forfeitures, and vesting of RSUs (in shares) 62,295 0
Restricted Stock | Treasury Stock, Common    
Class Of Stock [Roll Forward]    
RSAs issued, net of forfeitures, and vesting of RSUs (in shares) 0 66,876
v3.21.1
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period $ 1,271,055 $ 1,152,488
Unrealized loss on cash flow hedges, net of tax (1,003) (9,064)
Foreign currency translation loss (16,364) (12,032)
Balance, ending balance 1,277,724 1,164,201
Foreign exchange contracts    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Realized gain (loss) hedges, net of tax (520) (156)
Interest rate swap    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Realized gain (loss) hedges, net of tax 817 591
Defined Benefit Plan Liability    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period (1,095) (912)
Balance, ending balance (1,095) (912)
Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period (4,956) (2,358)
Unrealized loss on cash flow hedges, pretax (1,269) (11,474)
Unrealized loss on cash flow hedges, tax 266 2,410
Balance, ending balance (5,850) (13,281)
Cash Flow Hedges | Foreign exchange contracts    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Realized gain (loss) hedges, pretax (659) (197)
Realized gain (loss) hedges, tax 139 41
Cash Flow Hedges | Interest rate swap    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Realized gain (loss) hedges, pretax 1,034 748
Realized gain (loss) hedges, tax (217) (157)
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period 57,546 22,639
Foreign currency translation loss, pretax (16,364) (12,032)
Foreign currency translation loss, tax 0 0
Balance, ending balance 41,182 10,607
Total Pre-Tax Amount    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period 51,495 19,369
Balance, ending balance 34,237 (3,586)
Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period 1,197 619
Balance, ending balance 1,385 2,913
Net-of-Tax Amount    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of period 52,692 19,988
Balance, ending balance $ 35,622 $ (673)
v3.21.1
Financial Instruments and Fair Value Measurements (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency contracts $ 28 $ 2,070
Liabilities: Foreign currency contracts 152  
Liabilities: Interest rate swap 5,726 7,026
Liabilities: Contingent consideration 2,281 3,900
Quoted Prices in Active Markets (Level 1)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency contracts 0 0
Liabilities: Foreign currency contracts 0  
Liabilities: Interest rate swap 0 0
Liabilities: Contingent consideration 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency contracts 28 2,070
Liabilities: Foreign currency contracts 152  
Liabilities: Interest rate swap 5,726 7,026
Liabilities: Contingent consideration 0 0
Significant Unobservable Inputs (Level 3)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Foreign currency contracts 0 0
Liabilities: Foreign currency contracts 0  
Liabilities: Interest rate swap 0 0
Liabilities: Contingent consideration $ 2,281 $ 3,900
v3.21.1
Financial Instruments and Fair Value Measurements (Schedule of Interest Rate Swaps) (Details) - Interest Rate Swap Maturing June 2023 - Other long-term liabilities - Designated as Hedging Instrument - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Notional Amount $ 150,000 $ 200,000
Pay Fixed Rate 2.1785% 2.1785%
Receive Current Floating Rate 0.1091% 0.148%
Fair Value $ (5,726) $ (7,026)
v3.21.1
Financial Instruments and Fair Value Measurements (Schedule of Foreign Currency Contracts) (Details) - Designated as Hedging Instrument
$ in Thousands
Apr. 02, 2021
USD ($)
$ / €
$ / $
$ / $
Dec. 31, 2020
USD ($)
$ / $
$ / $
$ / €
Foreign Exchange Contract Maturing August 2021 | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 1,553 $ 3,252
$/Foreign currency (in dollars per foreign currency) 0.0232 0.0232
Fair Value $ 30 $ 165
Foreign Exchange Contract Maturing November 2021 | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 3,270 $ 3,966
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0227 0.0227
Fair Value $ 10 $ 166
Foreign Exchange Contract Maturing December 2021, Contract Two | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 2,048  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0228  
Fair Value $ (12)  
Foreign Exchange Contract Maturing September 2021, Contract One | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 16,132
$/Foreign currency (in dollars per foreign currency) | $ / €   1.1949
Fair Value   $ 399
Foreign Exchange Contract Maturing September 2021, Contract One | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 8,973  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.1949  
Fair Value $ (133)  
Foreign Exchange Contract Maturing September 2021, Contract Two | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 10,224
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0454
Fair Value   $ 922
Foreign Exchange Contract Maturing September 2021, Contract Two | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 6,101  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0454  
Fair Value $ 480  
Foreign Exchange Contract Maturing December 2021, Contract One | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 7,269
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0485
Fair Value   $ 77
Foreign Exchange Contract Maturing December 2021, Contract One | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 7,269  
$/Foreign currency (in dollars per foreign currency) | $ / € 0.0485  
Fair Value $ (1)  
Foreign Exchange Contract Maturing December 2021, Contract Three | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 10,985  
$/Foreign currency (in dollars per foreign currency) | $ / $ 1.2206  
Fair Value $ (362)  
Foreign Exchange Contract Maturing December 2021, Contract Four | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 9,069  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0490  
Fair Value $ (136)  
Foreign Exchange Contract Maturing March 2021 | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 2,656
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0443
Fair Value   $ 341
v3.21.1
Financial Instruments and Fair Value Measurements (Impact of Cash Flow Hedges on Other Comprehensive Income, AOCI and the Condensed Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total sales $ 290,467 $ 328,426
Cost of sales 205,981 231,724
Operating expenses 49,878 52,626
Interest expense 8,532 10,361
Sales    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) reclassified from AOCI 8 (128)
Sales | Foreign exchange forwards    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI (886) (274)
Cost of sales    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) reclassified from AOCI 624 325
Cost of sales | Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI (559) (4,813)
Operating expenses    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) reclassified from AOCI 27 0
Operating expenses | Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI (90) 0
Interest expense    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) reclassified from AOCI (1,034) (748)
Interest expense | Interest rate swap    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI $ 266 $ (6,387)
v3.21.1
Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 02, 2021
Dec. 31, 2020
Jul. 03, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative instruments net loss to be reclassified to net income during next twelve months $ 3.2    
Asset acquisition contingent consideration recognized     $ 1.0
Accrued expenses and other current liabilities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Contingent consideration liability, current 1.0 $ 1.7  
Other long-term liabilities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Contingent consideration liability, noncurrent $ 1.3 $ 2.2  
Chinese Venture Capital Fund      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity method investment ownership (percent) 6.60%    
v3.21.1
Financial Instruments and Fair Value Measurements (Contingent Consideration Measurement Inputs) (Details)
$ in Thousands
Apr. 02, 2021
USD ($)
Dec. 31, 2020
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High $ 6,750 $ 9,000
Fair Value, Recurring    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Liabilities: Contingent consideration $ 2,281 $ 3,900
Fair Value, Recurring | Revenue volatility | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.350 0.350
Fair Value, Recurring | Discount rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.040 0.040
v3.21.1
Financial Instruments and Fair Value Measurements (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 3,900 $ 4,200
Amount recorded for acquisitions 0 2,700
Fair value measurement adjustment 0 (500)
Payments(1) (1,621) 0
Foreign currency translation 2 0
Balance at end of period $ 2,281 $ 6,400
v3.21.1
Financial Instruments and Fair Value Measurements (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Dec. 31, 2020
Fair Value Disclosures [Abstract]      
Equity method investment $ 20,135   $ 21,470
Non-marketable equity securities 5,723   5,723
Total equity investments 25,858   $ 27,193
Equity method investment (gain) loss $ 1,335 $ (1,925)  
v3.21.1
Segment Information (Narrative) (Details)
 3 Months Ended
Apr. 02, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.21.1
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total sales $ 290,467 $ 328,426
Operating Segments | Medical    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total sales 282,965 318,262
Operating Segments | Medical | Cardio & Vascular    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total sales 149,165 179,205
Operating Segments | Medical | Cardiac & Neuromodulation    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total sales 108,408 107,820
Operating Segments | Medical | Advanced Surgical, Orthopedics & Portable Medical    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total sales 25,392 31,237
Operating Segments | Non-Medical    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total sales $ 7,502 $ 10,164
v3.21.1
Segment Information (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Segment Reporting Information [Line Items]    
Operating income $ 34,608 $ 44,076
Unallocated expenses, net (9,630) (7,437)
Income before taxes 24,978 36,639
Operating Segments    
Segment Reporting Information [Line Items]    
Operating income 55,527 66,429
Operating Segments | Medical    
Segment Reporting Information [Line Items]    
Operating income 55,525 65,216
Operating Segments | Non-Medical    
Segment Reporting Information [Line Items]    
Operating income 2 1,213
Segment Reconciling Items    
Segment Reporting Information [Line Items]    
Operating income $ (20,919) $ (22,353)
v3.21.1
Revenue From Contracts With Customers (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Revenue from Contract with Customer [Abstract]    
Percent of revenue from contract with customer compared to total revenue 35.00% 30.00%
Contract with customer, asset, cumulative catch-up adjustment to revenue, modification of contract $ 4.5  
Revenue recognized that was included in contract liability balance at beginning of period $ 0.9 $ 0.1
v3.21.1
Revenue From Contracts With Customers (Disaggregated Revenue) (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk
 3 Months Ended
Apr. 02, 2021
Apr. 03, 2020
Medical | Customer A    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 22.00% 20.00%
Medical | Customer B    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 13.00% 18.00%
Medical | Customer C    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 17.00% 16.00%
Medical | All other customers    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 48.00% 46.00%
Non-Medical | Customer D    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 26.00% 19.00%
Non-Medical | All other customers    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 74.00% 81.00%
v3.21.1
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
Apr. 02, 2021
Apr. 03, 2020
Medical Segment | United States    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 53.00% 55.00%
Medical Segment | Puerto Rico    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage   12.00%
Medical Segment | All other countries    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 47.00% 33.00%
Non-Medical Segment | United States    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 69.00% 44.00%
Non-Medical Segment | Singapore    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage   14.00%
Non-Medical Segment | United Kingdom    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 10.00% 15.00%
Non-Medical Segment | Canada    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 11.00% 12.00%
Non-Medical Segment | All other countries    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 10.00% 15.00%
v3.21.1
Revenue From Contracts With Customers Contract with Customer (Assets and Liability) (Details) - USD ($)
$ in Thousands
Apr. 02, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]    
Contract assets $ 44,686 $ 40,218
Contract liabilities $ 2,379 $ 2,498