INTEGER HOLDINGS CORP, 10-K filed on 2/23/2026
Annual Report
v3.25.4
COVER - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 18, 2026
Jun. 27, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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, Par Value $0.001 Per Share    
Trading Symbol ITGR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4,261
Entity Common Stock, Shares Outstanding   34,407,347  
Documents Incorporated by Reference
Portions of the following document are specifically incorporated by reference into the indicated parts of this report:
 
DocumentPart
Proxy Statement for the 2026 Annual Meeting of Stockholders (which shall be filed with the U.S. Securities
and Exchange Commission within 120 days after the end of
the fiscal year to which this report relates)
Part III, Item 10
“Directors, Executive Officers and Corporate Governance”
Part III, Item 11
“Executive Compensation”
Part III, Item 12
“Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”
Part III, Item 13
“Certain Relationships and Related Transactions, and Director Independence”
Part III, Item 14
“Principal Accountant Fees and Services”
    
Entity Central Index Key 0001114483    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.4
AUDIT INFORMATION
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Williamsville, New York
Auditor Firm ID 34
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 17,161 $ 46,543
Accounts receivable, net of provision for credit losses of $0.6 million and $0.3 million, respectively 346,079 245,269
Inventories 253,739 247,126
Contract assets 112,546 103,772
Prepaid expenses and other current assets 40,572 28,409
Total current assets 770,097 671,119
Property, plant and equipment, net 536,427 465,798
Goodwill 1,110,908 1,017,729
Other intangible assets, net 825,435 778,286
Deferred income taxes 8,994 8,309
Operating lease assets 98,437 86,082
Financing lease assets 37,109 27,689
Other long-term assets 23,170 22,959
Total assets 3,410,577 3,077,971
Current liabilities:    
Current portion of long-term debt 0 10,000
Accounts payable 113,130 101,498
Operating lease liabilities 9,099 7,352
Accrued expenses and other current liabilities 109,812 108,323
Total current liabilities 232,041 227,173
Long-term debt 1,185,179 980,153
Deferred income taxes 116,327 124,608
Operating lease liabilities 81,899 77,702
Financing lease liabilities 28,578 23,760
Other long-term liabilities 19,910 25,360
Total liabilities 1,663,934 1,458,756
Commitments and contingencies (Note 14)
Stockholders’ equity:    
Preferred stock, $0.001 par value, authorized 100,000,000 shares; no shares issued or outstanding 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized; 35,481,805 and 33,546,262 shares issued, respectively, and 34,346,450 and 33,546,256 outstanding, respectively 35 34
Additional paid-in capital 771,223 741,977
Treasury stock, at cost, 1,135,355 shares and 6 shares, respectively (76,872) 0
Retained earnings 994,055 891,247
Accumulated other comprehensive income (loss) 58,202 (14,043)
Total stockholders’ equity 1,746,643 1,619,215
Total liabilities and stockholders’ equity $ 3,410,577 $ 3,077,971
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Allowance for doubtful accounts $ 0.6 $ 0.3
Stockholders’ equity:    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 35,481,805 33,546,262
Common stock, shares outstanding (in shares) 34,346,450 33,546,256
Treasury stock, shares (in shares) 1,135,355 6
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Sales $ 1,853,637 $ 1,716,596 $ 1,555,656
Cost of sales 1,353,251 1,257,582 1,145,767
Gross profit 500,386 459,014 409,889
Operating expenses:      
Selling, general and administrative 211,748 185,202 173,171
Research, development and engineering 49,499 53,425 61,967
Restructuring and other charges 17,875 12,149 11,428
Total operating expenses 279,122 250,776 246,566
Operating income 221,264 208,238 163,323
Interest expense 43,206 56,374 51,275
(Gain) loss on equity investments, net (550) 780 5,691
Other loss, net 53,212 3,521 975
Income from continuing operations before income taxes 125,396 147,563 105,382
Provision for income taxes 22,566 26,510 16,239
Income from continuing operations 102,830 121,053 89,143
Income (loss) from discontinued operations, net of tax (22) (1,157) 1,507
Net income $ 102,808 $ 119,896 $ 90,650
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 2.96 $ 3.60 $ 2.68
Income from discontinued operations (in dollars per share) 0 (0.03) 0.05
Basic earnings per share (in dollars per share) 2.96 3.57 2.72
Diluted earnings per share:      
Income from continuing operations (in dollars per share) 2.89 3.40 2.64
Income (loss) from discontinued operations (in dollars per share) 0 (0.03) 0.04
Diluted earnings per share (in dollars per share) $ 2.89 $ 3.36 $ 2.69
Weighted average shares outstanding:      
Basic (in shares) 34,735 33,601 33,320
Diluted (in shares) 35,594 35,649 33,758
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Comprehensive Income      
Net income $ 102,808 $ 119,896 $ 90,650
Other comprehensive income (loss):      
Foreign currency translation gain (loss) 63,129 (27,514) 14,379
Net change in cash flow hedges, net of tax 9,245 (6,821) 310
Defined benefit plan liability adjustment, net of tax (129) 69 205
Other comprehensive income (loss), net 72,245 (34,266) 14,894
Comprehensive income $ 175,053 $ 85,630 $ 105,544
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 102,808 $ 119,896 $ 90,650
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 130,667 111,031 98,841
Debt related charges included in interest expense 6,882 4,057 8,054
Debt conversion inducement expense 46,681 0 0
Inventory step-up amortization 0 1,056 590
Stock-based compensation 23,224 24,767 23,283
Non-cash lease expense 10,160 9,125 11,248
Non-cash (gain) loss on equity investments (550) 780 5,691
Contingent consideration fair value adjustment (2,266) (3,550) (736)
Other non-cash losses 1,693 6,954 4,379
Deferred income taxes (2,687) (14,110) (9,490)
Gain on sale of discontinued operations (46) (177) 0
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (82,382) (6,532) (7,437)
Inventories (2,576) (18,079) (30,178)
Contract assets (7,277) (18,447) (13,646)
Prepaid expenses and other assets (2,495) (229) (930)
Accounts payable (566) (16,620) (520)
Accrued expenses and other liabilities (20,269) 4,472 7,908
Income taxes payable (4,853) 811 (7,494)
Net cash provided by operating activities 196,148 205,205 180,213
Cash flows from investing activities:      
Acquisition of property, plant and equipment (91,032) (105,357) (119,938)
Acquisitions, net of cash acquired (178,872) (138,544) (43,602)
Proceeds (settlement of working capital) from sale of discontinued operations, net (950) 48,698 0
Other investing activities 123 (211) 173
Net cash used in investing activities (270,731) (195,414) (163,367)
Cash flows from financing activities:      
Principal payments of long-term debt (667,710) (6) (415,938)
Proceeds from issuance of convertible notes, net of discount 977,500 0 486,250
Proceeds from revolving credit facility 307,000 274,500 383,103
Payments of revolving credit facility (433,000) (247,500) (424,801)
Purchase of capped calls (71,000) 0 (35,000)
Payment of debt issuance costs (1,386) (2,075) (2,181)
Repurchases of common stock (50,014) 0 0
Proceeds from the exercise of stock options 3,644 742 2,303
Tax withholdings related to net share settlements of restricted stock units (16,918) (10,938) (3,098)
Payment of contingent consideration 0 0 (7,660)
Principal payments on finance leases (5,924) (10,723) (1,182)
Other financing activities 1,366 9,321 190
Net cash provided by (used in) financing activities 43,558 13,321 (18,014)
Effect of foreign currency exchange rates on cash and cash equivalents 1,643 (243) 570
Net increase (decrease) in cash and cash equivalents (29,382) 22,869 (598)
Cash and cash equivalents, beginning of year 46,543 23,674 24,272
Cash and cash equivalents, end of year $ 17,161 $ 46,543 $ 23,674
v3.25.4
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital
Treasury stock
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders’ equity, beginning balance at Dec. 31, 2022 $ 1,417,456 $ 731,426 $ 0 $ 680,701 $ 5,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (991)      
Stock-based compensation   23,283      
Capped calls related to the issuance of convertible notes, net of tax   (26,250)      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax 0 0      
Issuance of common stock for acquisition 0 0      
Treasury shares purchased     0    
Net income 90,650     90,650  
Other comprehensive income (loss)         14,894
Total stockholders’ equity, ending balance at Dec. 31, 2023 1,519,042 727,468 0 771,351 20,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (10,224)      
Stock-based compensation   24,767      
Capped calls related to the issuance of convertible notes, net of tax   0      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax 0 0      
Issuance of common stock for acquisition 0 0      
Treasury shares purchased     0    
Net income 119,896     119,896  
Other comprehensive income (loss)         (34,266)
Total stockholders’ equity, ending balance at Dec. 31, 2024 1,619,215 742,011 0 891,247 (14,043)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock awards exercised or vested   (13,249)      
Stock-based compensation   23,224      
Capped calls related to the issuance of convertible notes, net of tax   (53,130)      
Partial conversion of convertible notes due 2028 and partial unwind of related capped calls, net of tax 183,972 68,413      
Issuance of common stock for acquisition 3,989 3,989      
Treasury shares purchased     (76,872)    
Net income 102,808     102,808  
Other comprehensive income (loss)         72,245
Total stockholders’ equity, ending balance at Dec. 31, 2025 $ 1,746,643 $ 771,258 $ (76,872) $ 994,055 $ 58,202
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 world’s largest medical device contract development and manufacturing organizations, primarily serving the cardio and vascular, neuromodulation, and cardiac rhythm management markets. The Company’s primary customers include large, multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries.
Basis of Presentation and Principles of Consolidation
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Integer Holdings Corporation and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations.
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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting periods. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable. A significant portion of the Company’s sales and accounts receivable are to three customers, all in the medical device industry, and, as such, the Company is directly affected by the condition of those customers and that industry. However, the credit risk associated with trade receivables is partially mitigated due to the stability of those customers. The Company performs on-going credit evaluations of its customers. Note 20, “Revenue from Contracts with Customers,” contains information on sales and accounts receivable for these customers. The Company maintains cash deposits with major banks, which from time to time may exceed insured limits. The Company performs on-going credit evaluations of its banks.
Trade Accounts Receivable and Provision for Current Expected Credit Losses
The Company provides credit, in the normal course of business, to its customers in the form of trade receivables. Credit is extended based on evaluation of a customer’s financial condition and collateral is not required. The Company maintains a provision for those customer receivables that it does not expect to collect. In accordance with Accounting Standards Codification (“ASC”) Topic 326, the Company accrues its estimated losses from uncollectable accounts receivable to the provision based upon recent historical experience, the length of time the receivable has been outstanding, other specific information as it becomes available, and reasonable and supportable forecasts not already reflected in the historical loss information. Provisions for current expected credit losses are charged to current operating expenses. Actual losses are charged against the provision when incurred.
Factoring Arrangements
The Company has receivable factoring arrangements, pursuant to which certain receivables may be sold on a non-recourse basis to financial institutions. Transactions under the receivables factoring arrangements are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s Consolidated Balance Sheets. Under these arrangements, the Company does not maintain any beneficial interest in the receivables sold. Once sold, the receivables are no longer available to satisfy creditors in the event of bankruptcy. Sale proceeds are reflected in Cash flows from operating activities on the Consolidated Statements of Cash Flows. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Consolidated Statements of Operations. During the years ended December 31, 2025 and December 31, 2024, the Company sold accounts receivable of $228.7 million and $231.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recorded factoring fees of $1.5 million, $1.7 million, and $1.1 million, respectively.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Supplier Financing Arrangements
The Company utilizes supplier financing arrangements with financial institutions to sell certain accounts receivable on a non-recourse basis. These transactions are treated as a sale of, and are accounted for as a reduction to, accounts receivable. The agreements transfer control and risk related to the receivables to the financial institutions. The Company has no continuing involvement in the transferred receivables subsequent to the sale. Fees for supplier financing arrangements are recorded in Selling, general, and administrative expenses in the Company’s Consolidated Statements of Operations. During the years ended December 31, 2025, 2024 and 2023, the Company sold and de-recognized accounts receivable of $173.7 million, $156.6 million and $139.4 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recorded costs associated with the supplier financing arrangements of $2.0 million, $2.2 million, and $1.8 million, respectively.
Inventories
Inventories are stated at the lower of cost, determined using the first-in first-out method, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Write-downs for excess, obsolete or expired inventory are based primarily on how long the inventory has been held, historical sales volume, and estimates of forecasted net sales of that product. A significant change in the timing or level of demand for products may result in recording additional write-downs for excess, obsolete or expired inventory in the future. Note 5, “Inventories,” contains additional information on the Company’s inventory.
Leases
The Company determines if an arrangement is, or contains, a lease at inception and classifies it at as finance or operating.  The Company has operating and finance leases for office and manufacturing facilities, machinery, computer hardware, office equipment, and vehicles. Short-term finance lease liabilities are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
Lease right-of-use (“ROU”) assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. When discount rates implicit in leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments.  The incremental borrowing rate is determined based on the Company’s recent debt issuances, the Company’s specific credit rating, lease term and the currency in which lease payments are made.
Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. Costs associated with operating leases are recognized within operating expenses on a straight-line basis over the lease term. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or, in the instance where title does not transfer at the end of the lease term, the lease term. The interest component of a finance lease is included in Interest expense and recognized using the effective interest method over the lease term. The Company combines lease and non-lease components for all asset classes. For certain leases where rent escalates based upon a change in a financial index, such as the Consumer Price Index, the difference between the rate at lease inception and the subsequent fluctuations in that rate are included in variable lease costs.  Additionally, because the Company does not separate lease and non-lease components, variable costs also include payments to the landlord for common area maintenance, real estate taxes, insurance and other operating expenses.  The Company does not apply the recognition requirements to leases with lease terms of 12 months or less. Note 15, “Leases,” contains additional information on the Company’s leases.
Property, Plant and Equipment (“PP&E”)
PP&E is carried at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: buildings and building improvements 12-30 years; machinery and equipment 3-10 years; office equipment 3-10 years; and leasehold improvements over the remaining lives of the improvements or the lease term, whichever is shorter. The costs of repairs and maintenance are expensed as incurred; renewals and betterments are capitalized. Upon retirement or sale of an asset, its cost and related accumulated depreciation or amortization is removed from the accounts and any gain or loss is recorded in operating income or expense. The Company also reviews its PP&E for impairment when impairment indicators exist. When impairment indicators exist, the Company determines if the carrying value of its fixed assets exceeds the related undiscounted future cash flows. In cases where the carrying value of the Company's long-lived assets or asset groups (excluding goodwill and indefinite-lived intangible assets) exceeds the related undiscounted cash flows, the carrying value is written down to fair value. Fair value is generally determined using a discounted cash flow analysis. Note 6, “Property, Plant and Equipment, Net,” contains additional information on the Company’s PP&E.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurements, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 valuations do not entail a significant degree of judgment.
Level 2 – Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market.
Level 3 – Valuation is based on unobservable inputs that are significant to the overall fair value measurement. The degree of judgment in determining fair value is greatest for Level 3 valuations.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. Note 18, “Financial Instruments and Fair Value Measurements,” contains additional information on assets and liabilities recorded at fair value in the consolidated financial statements.
Acquisitions
The Company accounts for acquisitions under the acquisition method of accounting for business combinations. Results of operations of acquired companies are included in the Company’s results of operations as of the respective acquisition dates. The purchase price of each acquisition is allocated to the net assets acquired based on estimates of their fair values at the date of the acquisition. Any purchase price in excess of these net assets is recorded as goodwill.
All direct acquisition-related costs are expensed as incurred and are recognized as a component of Restructuring and other charges. The allocation of purchase price in certain cases may be subject to revision based on the final determination of fair values during the measurement period, which may be up to one year from the acquisition date.
Assets Held for Sale and Discontinued Operations
An asset, group of assets, or qualifying business are considered held for sale when they meet all the applicable criteria, including: (i) having the authority to sell, (ii) being available to sell in their present condition, (iii) having an active program to locate buyers, (iv) being actively marketed at current fair value, and (v) considered probable of selling within one year.
Assets and liabilities of a qualifying business are excluded from the net assets of continuing operations, separated in a disposal group and classified as held for sale in the period in which the held for sale criteria was met. Corporate debt is not included as a component of the disposal group, regardless of repayment provisions, and only debt directly attributable to the divested operations may be included as held for sale. Assets and liabilities held for sale are recorded at the lower of its carrying amount or estimated fair value less expected cost to sell and any unrecognized other comprehensive loss. The fair value of the assets and liabilities held for sale are based on significant inputs that are unobservable and thus represent Level 3 measurements. Assets held for sale do not experience any subsequent depreciation or amortization after being classified as held for sale. Assets held for sale are reviewed for impairment at least quarterly, and if the carrying amount of the disposal group exceeds the estimated fair value less cost to sell, a loss is recognized.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the business is sold and meets the criteria for being classified as held for sale. Assets and liabilities of a disposal group classified as held for sale and related to discontinued operations are presented as held for sale for all current and prior periods presented within the Consolidated Balance Sheets. The results of discontinued operations are reported in Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for the current and prior periods commencing in the period in which the business meets the held for sale criteria, and includes any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell while being held for sale. Income (loss) from discontinued operations, net of tax includes only direct costs attributable to the divested business and excludes any indirect cost allocation associated with any shared or corporate led functions unless otherwise dedicated to the divested business. Transactions between the businesses held for sale and businesses held for use that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held for sale. Interest costs from corporate debt, excluding loss on extinguishment of debt, may be included as a component of Income (loss) from discontinued operations, net of tax specifically attributable to interest from corporate debt that is obligated to be repaid following the completion of a divestiture; plus the allocation of interest cost from corporate debt not directly attributable to or related to other operations based on the ratio of net assets of the disposal group held for sale to the consolidated net assets plus consolidated debt, excluding debt assumed in transaction, required to be repaid, or directly attributable to other operations of the Company. See Note 3, “Discontinued Operations,” for further details.
Contingent Consideration
In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments it expects to make as of the acquisition date. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing, amount of, or the likelihood of achieving the applicable performance target. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.
The contingent consideration fair value measurement is based on significant inputs not observable in the market and therefore constitute Level 3 inputs within the fair value hierarchy. The Company determines the initial fair value of contingent consideration liabilities using a Monte Carlo (“Monte Carlo”) valuation model, which involves a simulation of future revenues during the earn out-period using management’s best estimates, or a probability-weighted discounted cash flow analysis.
In periods subsequent to the initial measurement, contingent consideration liabilities are remeasured to fair value each reporting period until the contingent consideration is settled using various assumptions including estimated revenues (based on internal operational budgets and long-range strategic plans), discount rates, revenue volatility and projected payment dates. The current portion of contingent consideration liabilities is included in Accrued expenses and other current liabilities and the non-current portion is included in Other long-term liabilities on the Consolidated Balance Sheets. Adjustments to the fair value of contingent consideration liabilities are included in Restructuring and other charges in the Consolidated Statements of Operations, and cash flows from operating activities in the Consolidated Statements of Cash Flows. Note 18, “Financial Instruments and Fair Value Measurements,” contains additional information on contingent consideration recorded at fair value in the consolidated financial statements.
Goodwill
Goodwill represents the excess of cost over the fair value of identifiable net assets of a business acquired and is assigned to one or more reporting units. The Company’s reporting unit is the same as its reportable segment. The Company tests the reporting unit’s goodwill for impairment at least annually as of the last day of the fiscal year and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the reporting unit below its carrying amount. In conducting its goodwill test, the Company either performs a qualitative assessment or a quantitative assessment. A qualitative assessment requires that the Company consider events or circumstances including, but not limited to, macro-economic conditions, market and industry conditions, cost factors, competitive environment, changes in strategy, changes in customers, changes in the Company’s stock price, results of the last impairment test, and the operational stability and the overall financial performance of the reporting unit. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of its reporting unit is greater than the carrying amount, then the quantitative goodwill impairment test is not performed. The Company may elect to bypass the qualitative analysis and perform a quantitative analysis.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
If the qualitative assessment indicates that the quantitative analysis should be performed or if management elects to bypass a qualitative analysis to perform a quantitative analysis, the Company then evaluates goodwill for impairment by comparing the fair value of its reporting unit to its carrying value, including the associated goodwill. To determine the fair value, the Company uses a combination of the income approach based on estimated discounted future cash flows and the market approach based on comparable publicly traded companies. The cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors.
The Company completed its annual goodwill impairment test as of December 31, 2025 and determined, after performing a quantitative analysis of its reporting unit, that the fair value of the reporting unit exceeds its carrying amount.
Other Intangible Assets
Other intangible assets consist of purchased technology and patents, customer relationships and trademarks. Definite-lived intangible assets are amortized on an accelerated or straight-line basis, which approximates the projected cash flows used to determine the fair value of those definite-lived intangible assets at the time of acquisition, as follows: purchased technology and patents 5-20 years; customer relationships 7-20 years and other intangible assets 1-20 years. Certain trademark assets are considered indefinite-lived intangible assets and are not amortized. The Company expenses the costs incurred to renew or extend the term of intangible assets.
The Company reviews its definite-lived intangible assets for impairment when impairment indicators exist. When impairment indicators exist, the Company determines if the carrying value of its definite-lived intangible assets or asset groups exceeds the related undiscounted future cash flows. In cases where the carrying value exceeds the undiscounted future cash flows, the carrying value is written down to fair value. Fair value is generally determined using a discounted cash flow analysis.
The Company assesses its indefinite-lived intangible assets for impairment periodically to determine if any adverse conditions exist that would indicate impairment or when impairment indicators exist. The Company assesses its indefinite-lived intangible assets for impairment at least annually by comparing the fair value of the indefinite-lived intangible asset to its carrying value. The fair value is determined using the relief from royalty method, which is based on unobservable, Level 3, inputs.
Refer to Note 7, “Goodwill and Other Intangible Assets, Net,” for further details of the Company’s goodwill and other intangible assets.
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 Consolidated Balance Sheets. Equity investments are measured and recorded as follows:
•Non-marketable equity securities are equity securities without readily determinable fair value that are measured and recorded at fair value with changes in fair value recognized within net income. The Company 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 method investments are equity securities in investees the Company does not control but over which it has the ability to exercise influence. Equity method investments are recorded at cost and are adjusted to recognize (1) the Company’s share, based on percentage ownership or other contractual basis, of the investee’s income or loss, (2) additional contributions made and dividends or other distributions received, and (3) impairments resulting from other-than-temporary declines in fair value.
Realized and unrealized gains and losses resulting from changes in fair value or the sale of these equity investments are recorded through (Gain) loss on equity investments, net. For some investments, the Company records its share of the investee’s income or loss one quarter in arrears due to the timing of its receipt of such information. The carrying value of the Company’s non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities by the same issuer. Determining whether an observed transaction is similar to a security within the Company’s portfolio requires judgment based on the rights and preferences of the securities. Recording upward and downward adjustments to the carrying value of the Company’s equity securities as a result of observable price changes requires quantitative assessments of the fair value of these securities using various valuation methodologies and involves the use of estimates.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. The Company’s quarterly impairment analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative factors considered include the investee’s financial condition and business outlook, market for technology, operational and financing cash flow activities, technology and regulatory approval progress, and other relevant events and factors affecting the investee. When indicators of impairment exist, quantitative assessments of the fair value of the Company’s non-marketable equity investments are prepared.
To determine the fair value of these investments, the Company uses all pertinent financial information available related to the investees, including financial statements, market participant valuations from recent and proposed equity offerings, and other third-party data. Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and long-lived assets. Upon determining that an impairment may exist, the security’s fair value is calculated and compared to its carrying value and an impairment is recognized immediately if the carrying value exceeds the fair value. Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and the Company’s ability and intent to hold the investment for a sufficient period of time to allow for recovery.
The Company has determined that its investments are not considered variable interest entities. The Company’s exposure related to these entities is limited to its recorded investment. These investments are in start-up research and development companies whose fair value is highly subjective in nature and subject to future fluctuations, which could be significant. Refer to Note 18, “Financial Instruments and Fair Value Measurements,” for additional information on the Company’s equity investments.
Debt Issuance Costs and Discounts
Debt issuance costs and discounts associated with the issuance of debt by the Company are deferred and amortized over the lives of the related debt. Debt issuance costs incurred in connection with the Company’s issuance of its revolving credit facility are classified within Other long-term assets and amortized to Interest expense on a straight-line basis over the contractual term of the revolving credit facility. Debt issuance costs and discounts related to the Company’s term-debt are recorded as a reduction of the carrying value of the related debt and are amortized to Interest expense using the effective interest method over the period from the date of issuance to the maturity date. Upon prepayment of the related debt, the Company also recognizes a proportionate amount of the costs as extinguishment of debt. Costs treated as extinguishment of debt are expensed and included in Interest expense in the accompanying Consolidated Statements of Operations. The amortization of debt issuance costs and discounts, and debt extinguishment charges are included in Debt related charges included in interest expense in the Consolidated Statements of Cash Flows. Note 9, “Debt,” contains additional information on the Company’s debt issuance costs and discounts.
Income Taxes
The consolidated financial statements of the Company have been prepared using the asset and liability approach to account for income taxes, which requires the recognition of deferred income taxes for the expected future tax consequences of net operating losses, credits, and temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided on deferred tax assets if it is determined, within each taxing jurisdiction, that it is more likely than not that the asset will not be realized.
The Company accounts for uncertain tax positions using a more likely than not recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. The Company recognizes interest expense related to uncertain tax positions as Provision for income taxes. Penalties, if incurred, are recognized as a component of Selling, general and administrative (“SG&A”) expenses.
The Company and its subsidiaries file a consolidated United States (“U.S.”) federal income tax return. State tax returns are filed on a combined or separate basis depending on the applicable laws in the jurisdictions where the tax returns are filed. The Company also files foreign tax returns on a separate company basis in the countries in which it operates.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Derivative Financial Instruments
The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments is generally limited to cash flow hedges to minimize foreign currency exposure on foreign currency transactions, which are typically designated in hedging relationships, and intercompany balances, which are not designated as hedging instruments. Under master agreements with the respective counterparties to the Company’s derivative contracts, subject to applicable requirements, it has the right of set-off and is allowed to net settle transactions of the same type with a single net amount payable by one party to the other. Foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and the related gains or losses are deferred as a component of Accumulated other comprehensive income (loss) (“AOCI”) in the Consolidated Balance Sheets until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from AOCI to the Consolidated Statement of Operations on the same line item as the underlying transaction. In the event the forecasted transactions do not occur, or it becomes probable that they will not occur, the Company reclassifies any gain or loss on the related cash flow hedge to earnings in the respective period. Cash flows related to these derivative financial instruments are included in cash flows from operating activities. Foreign currency contracts not designated as hedging relationships are recorded in the Consolidated Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Statement of Operations.
Revenue Recognition
The majority of the Company’s revenues consist of sales of various medical devices and products to large, multinational OEMs and their affiliated subsidiaries. The Company considers the customer’s purchase order, which in some cases is governed by a long-term agreement, and the Company’s corresponding sales order acknowledgment as the contract with the customer. The majority of customers’ purchase orders and the Company’s corresponding sales order acknowledgments have an original expected duration of one year or less. Consideration payable to customers is included in the transaction price. In accordance with ASC 340-40-25-4, the Company expenses incremental costs of obtaining a contract when incurred because the amortization period is less than one year.
The Company recognizes revenue from contracts with customers as performance obligations are satisfied when the customer obtains control of the products. Control is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the products. The customer obtains control of the products when title and risk of ownership transfers to them, which is primarily based upon shipping terms. Most of the Company’s revenues are recognized at the point in time when the products are shipped to customers. When a contract with a customer relates to products with no alternative use and the Company has an enforceable right to payment, including reasonable profit, for performance completed to date throughout the duration of the contract, revenue is recognized over time as control is transferred to the customer. When revenue is recognized over time, the Company uses an input measure to determine progress towards completion and total estimated costs at completion. Under this method, sales and gross profit are recognized generally as actual costs are incurred. Revenue is recognized net of sales tax, value-added taxes and other taxes.
Performance Obligations
The Company assesses whether promises are separate and distinct in the context of the contract. If promises are not separate and distinct, they are aggregated with other promises until they are separate and distinct, resulting in a performance obligation. The Company considers each shipment of an individual product included on a purchase order to be a separate performance obligation because the customer obtains economic benefit as each shipment occurs. Standard payment terms range from 30 to 90 days and may include a discount for early payment.
The Company does not offer its customers a right of return. Rather, the Company warrants that each unit received by the customer will meet the agreed upon technical and quality specifications and requirements. If the units do not meet these requirements, the customer can return the non-compliant units as a corrective action under the warranty. The remedy offered to the customer is repair of the returned units or replacement if repair is not viable. Accordingly, the Company records a warranty reserve and any warranty activities are not considered to be a separate performance obligation.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable and less frequently, contract liabilities. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities are recorded when customers pay or are billed in advance of the Company’s satisfaction of its performance obligations. The current portion of contract liabilities is included in Accrued expenses and other current liabilities and the non-current portion is included in Other long-term liabilities on the Consolidated Balance Sheets. For contracts with customers where revenue is recognized over time, the Company records a contract asset when revenue is earned but not yet billed associated with non-cancellable customer orders. Contract assets are presented as a current asset on the Consolidated Balance Sheets.
Transaction Price
Generally, the transaction price of the Company’s contracts consists of a unit price for each individual product included in the contract. The unit price can be fixed or variable based on the number of units ordered. In some instances, the transaction price also includes a rebate for meeting certain volume-based targets over a specified period of time. The transaction price of a contract is determined based on the unit price and the number of units ordered, reduced by the rebate expected to be earned on those units. Rebates are estimated based on the expected achievement of volume-based targets using the most likely amount method and are updated quarterly. Adjustments to these estimates are recognized in the period in which they are identified. When contracts with customers include consideration payable at the beginning of the contract, the transaction price is reduced at the later of when the Company recognizes revenue for the transfer of the related goods to the customer or when the Company pays or promises to pay the consideration. Volume discounts and rebates and other pricing reductions earned by customers are offset against their receivable balances.
The transaction price is allocated to each performance obligation on a relative standalone selling price basis. As the majority of products sold to customers are manufactured to meet the specific requirements and technical specifications of that customer, the products are considered unique to that customer and the unit price stated in the contract is considered the standalone selling price.
Contract Modifications
Contract modifications, which can include a change in scope, price, or both, most often occur related to contracts that are governed by a long-term arrangement. Contract modifications typically relate to the same products already governed by the long-term arrangement, and therefore, are accounted for as part of the existing contract. If a contract modification adds additional products, it is accounted for as a separate contract.
Environmental Costs
Environmental expenditures that relate to an existing condition caused by past operations and that do not provide future benefits are expensed as incurred. Liabilities are recorded when environmental assessments are made, the requirement for remedial efforts is probable and the amount of the liability can be reasonably estimated. Liabilities are recorded generally no later than the completion of feasibility studies. The Company has a process in place to monitor, identify, and assess how the current activities for known exposures are progressing against the recorded liabilities. The process is also designed to identify other potential remediation sites that are not presently known.
Restructuring and Other Charges
The Company continuously evaluates the business and identifies opportunities to realign its resources to better serve its customers and markets, improve operational efficiency and capabilities, and lower its operating costs or improve profitability. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. The Company incurs costs associated with these activities, which primarily include exit and disposal costs and other costs directly related to the restructuring initiative. These actions may result in voluntary or involuntary employee termination benefits. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. All other exit costs are expensed as incurred. The Company records exit and disposal costs (“restructuring charges”) as incurred in accordance with ASC 420, Exit or Disposal Cost Obligations, and are classified within Restructuring and other charges, while other costs directly related to the restructuring initiatives (“restructuring-related charges”) are classified within Cost of sales, Selling, general and administrative, and Research, development and engineering expenses in the Consolidated Statements of Operations.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In addition, from time to time, the Company incurs costs associated with acquiring and integrating businesses, and certain other general expenses, including asset impairments. The Company classifies costs associated with these items within Restructuring and other charges in the Consolidated Statements of Operations. Refer to Note 12, “Restructuring and Other Charges,” for additional information.
Research, Development and Engineering (“RD&E”)
RD&E costs are expensed as incurred. The primary costs are salary and benefits for personnel, material costs used in development projects and subcontracting costs.
Product Warranties
The Company allows customers to return defective or damaged products for credit, replacement, or repair. The Company warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The Company accrues its estimated exposure to warranty claims, through Cost of Sales, based upon experience and other specific information as it becomes available. The product warranty liability is classified as Accrued expenses and other current liabilities on the Consolidated Balance Sheets. Adjustments to pre-existing estimated exposure for warranties are made as changes to the obligations become reasonably estimable. The Company’s product warranty liability totaled $0.7 million and $1.4 million as of December 31, 2025 and December 31, 2024, respectively.
Stock-Based Compensation
The Company recognizes stock-based compensation expense for its compensation plans. These plans include stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”). For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of targets based on market conditions, such as total shareholder return, or performance conditions based on the Company’s operating results. The Company records forfeitures of equity awards in the period in which they occur.
The fair value of the stock-based compensation is determined at the grant date. The Company uses the Black-Scholes standard option pricing model (“Black-Scholes model”) to determine the fair value of stock options. The fair value of each RSU is determined based on the Company’s closing stock price on the date of grant. The fair value of each PRSU is determined based on either the Company’s closing stock price on the date of grant or through a Monte Carlo valuation model for those awards that include a market-based condition. The Black-Scholes and Monte Carlo valuation models incorporate assumptions as to stock price volatility, the expected life of stock option or PRSU awards, a risk-free interest rate, illiquidity discount and dividend yield.
The Company recognizes compensation expense over the required service or vesting period based on the fair value of the award on the date of grant. Certain executive stock-based awards contain market, performance and service conditions. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Compensation expense for awards with performance conditions is reassessed each reporting period and recognized based upon the probability that the performance targets will be achieved.
All stock option awards granted under the Company’s compensation plans have an exercise price equal to the closing stock price on the date of grant, a ten-year contractual life and generally vest annually over a three-year vesting term. RSUs typically vest in equal annual installments over a 3 year period. RSUs issued to members of the Company’s Board of Directors as a portion of their annual retainer vest quarterly over a one-year vesting term. Earned PRSUs typically vest three years from the date of grant.
The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based on the amount of stock-based compensation expense recognized and the statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded as a component of Provision for income taxes in the Consolidated Statements of Operations. Note 11, “Stock-Based Compensation,” contains additional information on the Company’s stock-based compensation.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Defined Benefit Plans
The Company recognizes on its Consolidated Balance Sheets as an asset or liability the overfunded or underfunded status of its defined benefit plans provided to its employees located in Mexico and Switzerland. This asset or liability is measured as the difference between the fair value of plan assets, if any, and the benefit obligation of those plans. For these plans, the benefit obligation is the projected benefit obligation, which is calculated based on actuarial computations of current and future benefits for employees. Actuarial gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit expense, are recognized as a component of AOCI on the Consolidated Balance Sheets. The Company records the service cost component of net benefit costs in Cost of sales and SG&A expenses. The interest cost component of net benefit costs is recorded in Interest expense and the remaining components of net benefit costs, amortization of net losses and expected return on plan assets, are recorded in Other loss, net.
Foreign Currency Translation and Remeasurement
The Company translates all assets and liabilities of its foreign subsidiaries, where the U.S. dollar is not the functional currency, at the period-end exchange rate and translates income and expenses at the average exchange rates in effect during the period. The net effect of this translation is recorded in the consolidated financial statements as a component of AOCI. Translation adjustments are not adjusted for income taxes as they relate to permanent investments in the Company’s foreign subsidiaries.
The Company has foreign operations in the Dominican Republic, Ireland, Malaysia, Mexico, Switzerland, and Uruguay, which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in Dominican pesos, Euros, Malaysian ringgits, Mexican pesos, Swiss francs, and Uruguayan pesos. To the extent that monetary assets and liabilities, including short-term and long-term intercompany loans, are recorded in a currency other than the functional currency of the subsidiary, these amounts are remeasured each period at the period-end exchange rate, with the resulting gain or loss being recorded in Other loss, net in the Consolidated Statements of Operations. Net foreign currency transaction losses included in Other loss, net amounted to $6.1 million, $3.2 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and primarily related to the fluctuation of the U.S. dollar relative to the Euro and the remeasurement of certain intercompany loans.
Earnings Per Share (“EPS”)
Basic EPS is calculated using the weighted average number of shares outstanding during the period. Diluted EPS is calculated using the weighted average number of shares outstanding during the period plus, if dilutive, common stock equivalents outstanding during the period and stock issuable upon conversion of convertible debt instruments. The Company's common stock equivalents consist of shares issuable upon the release of RSUs and PRSUs and the incremental shares of common stock issuable upon the exercise of stock options. The dilutive effect of these common stock equivalents is reflected in diluted EPS by application of the treasury stock method. The dilutive effect of shares issuable upon conversion of convertible debt instruments are included in the calculation of diluted EPS under the if-converted method. The Company is required to settle the principal amount of its convertible debt instruments in cash and may elect to settle the remaining conversion obligation (the in-the-money portion) in cash, shares of the Common Stock, or a combination thereof. Therefore, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the convertible debt instrument. Note 16, “Earnings Per Share,” contains additional information on the computation of the Company’s EPS.
Comprehensive Income
The Company’s comprehensive income as reported in the Consolidated Statements of Comprehensive Income includes net income, foreign currency translation adjustments, the net change in cash flow hedges, net of tax, and defined benefit plan liability adjustments, net of tax. The Consolidated Statements of Comprehensive Income and Note 17, “Stockholders’ Equity,” contain additional information on the computation of the Company’s comprehensive income.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Recent Accounting Pronouncements
In the normal course of business, management evaluates all new Accounting Standards Updates (“ASU”) and other accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”), or other authoritative accounting bodies to determine the potential impact they may have on the Company’s Consolidated Financial Statements. Other than those discussed below, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s Consolidated Financial Statements.
Accounting Guidance Adopted During the Period
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The ASU clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted this ASU as of January 1, 2025. At adoption, there were no impacts to the condensed consolidated financial statements. See Note 9, “Debt,” for further detail.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively to the all periods presented. Prior period disclosures have been adjusted to reflect the new disclosure requirements. See Note 13, “Income Taxes,” for further detail.
Accounting Guidance to be Adopted in Future Periods
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU improves GAAP by establishing authoritative guidance on the accounting for government grants received by business entities. This ASU is effective for fiscal years beginning after December 15, 2028, with early adoption permitted. The Company is evaluating the impact this ASU will have on its Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU will affect only the Company’s disclosures and will not impact its results of operations or financial condition. The Company is currently evaluating the timing of its adoption.
v3.25.4
BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
2025 Acquisitions
Precision Coating LLC Acquisition
On January 7, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of certain subsidiaries of Katahdin Industries, Inc., including its main operating subsidiary, Precision Coating LLC (collectively “Precision”). Prior to the acquisition, Precision was a privately-held manufacturer specializing in high value surface coating technology platforms, including fluoropolymer, anodic coatings, ion treatment solutions and laser processing. Based in Massachusetts, Precision has additional locations in the New England area and an additional facility in Costa Rica.
The total consideration transferred was $153.5 million, including contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $1.4 million, representing the Company’s obligation, under the purchase agreement, to make an additional payment of up to $5.0 million based on a specified revenue growth milestone being met in 2025. The Company funded the cash portion of the purchase price with borrowings under its Revolving Credit Facility.
VSi Parylene Acquisition
On February 28, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Vertical Solutions, Inc., d/b/a VSi Parylene (“VSi”). Headquartered in Colorado, prior to the acquisition VSi was a privately-held full-service provider of parylene coating solutions, primarily focused on complex medical device applications.
The total consideration transferred was $24.0 million, including shares of Integer’s common stock (“Common Stock”) with a fair value of $4.0 million, contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $1.1 million, representing the Company’s obligation, under the purchase agreement, to make additional payments of up to $4.0 million, in the aggregate, based on specified annual revenue growth milestones being met through 2028. The Company funded the cash portion of the purchase price with borrowings under its Revolving Credit Facility.
Biocoat Incorporated
On December 4, 2025, the Company acquired certain assets of Biocoat Incorporated (“Biocoat”). Prior to the acquisition, Biocoat was a privately-held manufacturer specializing in high value surface coating technology platforms, including UV and thermal cure hydrophilic coatings. The Company is based in Pennsylvania.
The total consideration transferred was $15.0 million, including contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $7.0 million, representing the Company’s obligation, under the purchase agreement, to make an additional payment of up to $7.0 million based on specified operational milestones being met after close. The Company funded the cash portion of the purchase price with borrowings under its Revolving Credit Facility (as defined below).
Consistent with the Company’s tuck-in acquisition strategy, the acquisitions of Precision, VSi and Biocoat further increase the Company’s service offerings to include differentiated and proprietary coatings capabilities that position the Company to better meet customers’ evolving needs.
The Company has finalized the purchase price allocation for Precision and has preliminarily estimated fair values for the assets purchased and liabilities assumed as of the date of the VSi and Biocoat acquisitions. The determination of estimated fair value required management to make significant estimates and assumptions based on information that was available at the time that the condensed consolidated financial statements were prepared. The amounts reported are considered preliminary as the Company is completing the valuations that are required to allocate the purchase prices in areas such as property and equipment, intangible assets, liabilities and goodwill. As a result, the preliminary allocation of the purchase price may change in the future, including in ways which could be material.
During 2025, the Company recorded measurement period adjustments for Precision related to revisions of the preliminary fair value estimates of certain acquired property, plant and equipment, resulting in an increase of $0.7 million to property, plant and equipment and a corresponding decrease to goodwill. Other measurement period adjustments recorded during 2025 were not material. The changes to the preliminary fair value estimates resulting from the measurement period adjustments recorded during 2025 did not have a material impact to the Company’s Consolidated Statements of Operations.
(2.)    BUSINESS ACQUISITIONS (Continued)
In connection with the Precision, VSi and Biocoat acquisitions, during the year ended December 31, 2025, the Company incurred direct acquisition-related costs of $2.7 million, which includes an aggregate net benefit of $1.4 million recorded during 2025 to adjust the fair value of acquisition-related contingent consideration liabilities related to the those acquisitions. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
The following table summarizes the final purchase price for Precision and preliminary purchase price allocations for VSi and Biocoat (in thousands):
PrecisionVSiBiocoatTotal
Fair value of net assets acquired
Current assets (excluding inventory)$11,609 $1,982 $— $13,591 
Inventory4,019 1,018 — 5,037 
Property, plant and equipment13,674 2,732 1,043 17,449 
Goodwill50,823 5,265 10,344 66,432 
Intangible assets:
Customer relationships52,000 7,700 520 60,220 
Technology20,700 5,900 3,100 29,700 
Operating lease assets13,862 1,505 128 15,495 
Other noncurrent assets43 — — 43 
Current liabilities(4,341)(883)(87)(5,311)
Operating lease liabilities (noncurrent)(8,922)(1,256)(47)(10,225)
Fair value of net assets acquired$153,467 $23,963 $15,001 $192,431 
Intangible Assets
The preliminary fair values of the assets acquired were determined using one of three valuation approaches: market, income or cost. The selection of a particular method for a given asset depended on the reliability of available data and the nature of the asset, among other considerations.
Current Assets and Liabilities
The fair value of current assets and liabilities was assumed to approximate their carrying value as of the acquisition date due to the short-term nature of these assets and liabilities.
Property, Plant and Equipment
The fair value of Property, Plant and Equipment acquired was estimated by applying the cost approach for personal property and leasehold improvements. The cost approach was applied by developing a replacement cost and adjusting for economic depreciation and obsolescence.
Leases
The Company recognized operating lease liabilities and right-of-use assets for manufacturing facilities and equipment in accordance with ASC 842, Leases. Additionally, the Company recorded favorable lease terms associated with Precision for operating leases in the U.S. in the amount of $4.2 million. The favorable lease terms were recorded as an increase to the right-of-use lease assets.
Goodwill
The excess of the purchase price over the fair value of net tangible and intangible assets acquired and liabilities assumed was allocated to goodwill. The goodwill resulting from the transaction is primarily attributable to future customer relationships and the assembled workforce of the acquired business. The goodwill acquired in connection with the Precision and VSi acquisitions is deductible for tax purposes
(2.)    BUSINESS ACQUISITIONS (Continued)
Intangible Assets
The purchase price allocated to definite-lived intangible assets for all 2025 acquisitions was follows (dollars in thousands):
Fair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Customer relationships$60,220 1612.9%
Technology29,700 12.112.7%
Customer Relationships - Customer relationships represent the estimated fair value of contractual and non-contractual customer relationships Precision, VSi and Biocoat each had as of the acquisition date. These relationships were valued separately from goodwill at the amount that an independent third party would be willing to pay for these relationships. The fair value of customer relationships was determined using the multi-period excess-earnings method, a form of the income approach. For both acquisitions, the estimated useful life of the existing customer base was based upon the historical customer annual attrition rate of 5.0%, as well as management’s understanding of the industry and product life cycles.
Technology - Technology consists of technical processes, patented and unpatented technology, manufacturing know-how, trade secrets and the understanding with respect to products or processes that have been developed by Precision, VSi and Biocoat and that will be leveraged in current and future products. The fair value of technology acquired was determined utilizing the relief from royalty method, a form of the income approach, with royalty rates ranging from 5.0% to 8.0%. The estimated useful life of the technology is based upon management’s estimate of the product life cycle associated with the technology before it will be replaced by new technologies.
Contingent Consideration (Earnouts) - As part of the Precision, VSi and Biocoat acquisitions, the Company may be required to pay additional consideration based on a specified milestones. For Precision, the Company would have been required to pay up to an additional $5.0 million of consideration based on a specified revenue growth milestone being met in 2025. The revenue growth milestone for Precision was not met for 2025 and the Company determined that no additional consideration was required to be paid. For VSi, the Company may be required to pay up to additional $4.0 million of consideration, in the aggregate, based on specified annual revenue growth milestones being met through 2028. For Biocoat, the Company may be required to pay $7.0 million of consideration based upon specified operational milestones being met after close. Any amounts earned under the earnouts will be paid in cash following the conclusion of each respective period. The contingent consideration is classified as Level 3 in the fair value hierarchy. The fair value the Precision and VSi contingent consideration is measured based on a probability-weighted discounted cash flow analysis. The fair value of the Biocoat contingent consideration is equal to its undiscounted cash flow due to the probability and expected completion of the operational milestone within the first twelve months. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
2024 Acquisition
On January 5, 2024, the Company acquired 100% of the outstanding capital stock of Pulse Technologies, Inc. (“Pulse”), a privately-held technology, engineering and contract manufacturing company focused on complex micro machining of medical device components for high growth structural heart, heart pump, electrophysiology, leadless pacing, and neuromodulation markets. Based in Pennsylvania, Pulse also provides proprietary advanced technologies, including hierarchical surface restructuring (HSRTM), scratch-free surface finishes, and titanium nitride coatings. Consistent with the Company’s tuck-in acquisition strategy, the acquisition of Pulse further increases the Company’s end-to-end development capabilities and manufacturing footprint in targeted growth markets and provides customers with expanded capabilities, capacity and resources to accelerate the time to market for customer products. The Company funded the purchase price with borrowings under its Revolving Credit Facility. During the year ended December 31, 2024, the Company incurred direct acquisition-related costs of $2.5 million related to the Pulse acquisition.
The total consideration transferred was $142.3 million, including contingent consideration, working capital and other purchase price adjustments. The Company recorded contingent consideration with an estimated acquisition date fair value of $3.6 million, representing the Company’s obligation, under the purchase agreement, to make an additional payment of up to $20.0 million based on a specified revenue growth milestone being met in 2025. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
(2.)    BUSINESS ACQUISITIONS (Continued)
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$7,456 
Inventory8,612 
Property, plant and equipment25,950 
Goodwill38,058 
Intangible assets:
Customer relationships48,000 
Technology16,000 
Finance lease assets7,964 
Current liabilities(1,760)
Finance lease liabilities(7,936)
Fair value of net assets acquired$142,344 
2023 Acquisition
Effective as of October 1, 2023, the Company acquired substantially all of the assets and assumed certain liabilities of InNeuroCo, Inc. (“InNeuroCo”), a privately-held company based in Florida. InNeuroCo was a recognized leader in neurovascular catheter innovation with strong development and manufacturing capabilities. InNeuroCo’s expertise and highly differentiated neurovascular catheter innovation complements the Company’s existing capabilities and market focus. Consistent with the Company’s strategy, the addition of InNeuroCo further increases Integer’s ability to provide enhanced solutions to its customers in the neurovascular catheter space. The Company funded the purchase price with borrowings under its Revolving Credit Facility. During the year ended December 31, 2023, the Company incurred direct acquisition-related costs of $0.8 million related to the InNeuroCo acquisition.
The total consideration transferred was $44.5 million, consisting of an initial cash payment of $43.6 million and $0.9 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the purchase agreement, to make additional payments of up to $13.5 million based on specified annual revenue growth milestones being met through 2027, and a one-time contingent payment to be made based on cumulative revenue amounts through 2027 exceeding a specified revenue target. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$8,471 
Inventory5,376 
Property, plant and equipment3,436 
Goodwill19,442 
Intangible assets:
Customer relationships4,000 
Technology5,200 
Operating lease assets2,072 
Current liabilities(2,331)
Operating lease liabilities(1,157)
Fair value of net assets acquired$44,509 
(2.)    BUSINESS ACQUISITIONS (Continued)
Actual and Pro Forma (unaudited) disclosures
The following table presents (in thousands) unaudited pro forma financial information for the years ended December 31, 2024 and 2023, as if Precision, Pulse, and InNeuroCo had been included in the Company’s financial results as of the beginning of fiscal year 2024, 2023 and 2022, respectively, through the date of acquisition. Pro forma results for VSi and Biocoat have not been presented as their results are not material in relation to the consolidated financial statements of the Company. Actual results for each acquired business are included in the Company’s consolidated results subsequent to the date of acquisition (in thousands):
 20242023
Sales$1,773,860 $1,616,952 
Income from continuing operations109,963 78,050 
The unaudited pro forma results are presented for illustrative purposes only and do not reflect the realization of potential cost savings, and any related integration costs. Certain costs savings may result from the acquisition; however, there can be no assurance that these cost savings will be achieved. These unaudited pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, the increases to interest expense reflecting the amount borrowed in connection with the acquisition, acquisition related costs and the impact of income taxes on the pro forma adjustments. The impact of discontinued operations have been removed from pro forma sales for each of the periods presented.
From the date of acquisition through the year ended December 31, 2025, sales related to Precision, VSi and Biocoat were $58.7 million, and earnings were not material. As of the closing date, the Company began to immediately integrate the 2025 acquisitions into existing operations and management structure, making it impracticable to determine the post-acquisition earnings on a standalone basis. From the date of acquisition through the year ended December 31, 2024, sales related to Pulse were $41.7 million. From the date of acquisition through the year ended December 31, 2023, sales related to InNeuroCo were $5.2 million, and earnings were not material.
v3.25.4
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On October 31, 2024, the Company completed the sale of 100% of the issued and outstanding shares of common stock of Electrochem Solutions, Inc. (“Electrochem”), a wholly owned subsidiary of the Company, collecting cash proceeds of $48.7 million, which is net of transaction costs and adjustments set forth in the stock purchase agreement. The Electrochem business focused on non-medical applications for the energy, military and environmental sectors. Upon the signing of the stock purchase agreement on September 27, 2024, the Electrochem business qualified as a discontinued operation.
In connection with the closing of the transaction, the Company recognized a pre-tax gain on sale of discontinued operations of $0.9 million, of which $0.8 million was recorded during the year ended December 31, 2024. During 2025, the Company paid $1.0 million to the purchaser related to a final working capital adjustment.
Income (loss) from discontinued operations, net of tax, were as follows (in thousands):
202520242023
Sales$— $27,227 $41,017 
Cost of sales68 22,123 32,617 
Gross profit(68)5,104 8,400 
SG&A expenses— 2,239 2,448 
Research, development and engineering costs— 1,485 1,804 
Restructuring and other charges— 678 141 
Interest expense— 2,340 2,095 
Gain on sale of discontinued operations(46)(822)— 
Income (loss) from discontinued operations before taxes(22)(816)1,912 
Provision for income taxes— 341 405 
Income (loss) from discontinued operations, net of tax$(22)$(1,157)$1,507 
The Company elected to allocate interest expense to discontinued operations for the Company's debt that is not directly attributed to the Electrochem business based on a ratio of net assets of discontinued operations to the sum of consolidated net assets and consolidated debt.
Cash flow information from discontinued operations was as follows (in thousands):
20242023
Cash provided by operating activities$3,138 $6,993 
Cash used in investing activities (all capital expenditures)(783)(514)
Depreciation and amortization974 1,211 
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
The following represents supplemental cash flow information, including supplemental information related to discontinued operations, for the years ended December 31, 2025, 2024 and 2023 (in thousands):
 202520242023
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable and non-cash leases incurred$25,789 $15,345 $21,044 
Common stock issued for conversion of debt183,972 — — 
Common stock received under capped call upon conversion of debt26,858 — — 
Write-off of unamortized deferred costs and original issued discount
 upon conversion of debt included in Additional paid in capital		5,124 — — 
Common stock issued for acquisition3,989 — — 
Cash paid for interest(a)
32,407 54,167 37,701 
__________
(a)Excludes cash paid for interest on finance leases. See Note 15, “Leases,” for cash paid for interest on finance leases.
v3.25.4
INVENTORIES
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
December 31,
20252024
Raw materials$94,131 $104,620 
Work-in-process143,467 126,810 
Finished goods16,141 15,696 
Total$253,739 $247,126 
v3.25.4
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
PP&E comprises the following (in thousands):
December 31,
20252024
Manufacturing machinery and equipment$580,863 $508,869 
Buildings and building improvements183,504 159,974 
Information technology hardware and software86,513 80,994 
Leasehold improvements115,669 102,988 
Furniture and fixtures18,323 16,902 
Land and land improvements12,499 11,809 
Construction work in process106,465 84,891 
Other1,628 1,552 
1,105,464 967,979 
Accumulated depreciation(569,037)(502,181)
Total$536,427 $465,798 
Depreciation expense for PP&E was as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Cost of sales$53,880 $44,927 $35,569 
SG&A4,570 4,611 4,415 
RD&E3,152 2,981 3,450 
Restructuring and other charges— 349 — 
Total depreciation expense$61,602 $52,868 $43,434 
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
See Note 2, “Business Acquisitions,” for a further description of the goodwill and intangible assets resulting from the Company’s acquisitions.
Goodwill
The changes in the carrying amount of goodwill during the years ended December 31, 2025 and 2024 was as follows (in thousands):
Total
December 31, 2023$994,007 
Pulse acquisition (Note 2)38,094 
Pulse acquisition-related adjustments (Note 2)(36)
InNeuroCo acquisition-related adjustments (Note 2)(1,547)
Foreign currency translation(12,789)
December 31, 20241,017,729 
2025 acquisitions (Note 2)67,096 
Precision and VSi acquisition-related adjustments (Note 2)(664)
Foreign currency translation26,747 
December 31, 2025$1,110,908 
As of December 31, 2025, no accumulated impairment loss has been recognized for the Company’s goodwill.
Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2025
Definite-lived:
Purchased technology and patents$329,690 $(228,469)$101,221 
Customer relationships957,239 (334,989)622,250 
Amortizing tradenames and other20,083 (8,407)11,676 
Total amortizing intangible assets$1,307,012 $(571,865)$735,147 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer relationships870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
Included in the Company’s indefinite-lived intangible assets are the Lake Region Medical and Greatbatch Medical tradenames with carrying values of $70.0 million and $20.3 million, respectively.
(7.)     GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Continued)
Aggregate intangible asset amortization expense comprises the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Cost of sales$19,764 $17,451 $15,921 
SG&A44,584 37,163 36,270 
Restructuring and other charges— — 638 
Total intangible asset amortization expense$64,348 $54,614 $52,829 
Estimated future intangible asset amortization expense based upon the carrying value as of December 31, 2025 is as follows (in thousands):
20262027202820292030After 2030
Amortization expense$63,500 $60,573 $59,049 $56,780 $53,265 $441,980 
v3.25.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2025
Accounts Payable and Accrued Liabilities [Abstract]  
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities comprise the following (in thousands):
December 31,
20252024
Salaries and benefits$38,875 $34,921 
Profit sharing and bonuses26,599 36,795 
Short-term finance lease liabilities7,843 4,561 
Contingent consideration7,000 — 
Accrued interest6,442 4,201 
Contract liabilities5,213 4,440 
Financing agreements5,163 3,748 
Income taxes payable3,248 2,978 
Product warranties716 1,410 
Cash flow hedges77 6,091 
Other8,636 9,178 
Total$109,812 $108,323 
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt comprises the following (in thousands):
 December 31, 2025December 31, 2024
Principal AmountDiscounts and Deferred Issuance CostsNet Carrying AmountPrincipal AmountDiscounts and Deferred Issuance CostsNet Carrying Amount
Senior Secured Credit Facilities:
Revolving credit facilities$— $— $— $126,000 $— $126,000 
Term loan A91,000 (221)90,779 375,000 (1,302)373,698 
2028 Convertible Notes116,284 (1,542)114,742 499,994 (9,539)490,455 
2030 Convertible Notes1,000,000 (20,342)979,658 — — — 
Total$1,207,284 $(22,105)$1,185,179 $1,000,994 $(10,841)$990,153 
Current portion of long-term debt— (10,000)
Long-term debt$1,185,179 $980,153 
In September 2021, the Company entered into a credit agreement (the “2021 Credit Agreement”), governing the Company’s senior secured credit facilities (the “Senior Secured Credit Facilities”). As of December 31, 2025, the Senior Secured Credit Facilities consists of a revolving credit facility (the “Revolving Credit Facility”) and a “term A” loan (the “TLA Facility”). In February 2023, the Company issued $500 million aggregate principal amount of 2.125% Convertible Senior Notes due in 2028 (the “2028 Convertible Notes”). In March 2025, the Company issued $1.0 billion aggregate principal amount of 1.875% Convertible Senior Notes due in 2030 (the “2030 Convertible Notes”).
Senior Secured Credit Facilities
Revolving Credit Facility
The Revolving Credit Facility matures on February 15, 2028. As of December 31, 2025, the Company had available borrowing capacity on the Revolving Credit Facility of $794.7 million after giving effect to $5.3 million of outstanding standby letters of credit. Borrowings under the Revolving Credit Facility bear interest at a rate based on the secured overnight financing rate for the applicable interest period plus an adjustment of 0.10% per annum, in relation to any loan in U.S. dollars, and the Euro Interbank Offered Rate, in relation to any loan in Euros, plus a margin based on the Company’s Secured Net Leverage Ratio (as defined in the 2021 Credit Agreement). In addition, the Company is required to pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility, which ranges between 0.15% and 0.25%, depending on the Company’s Secured Net Leverage Ratio. As of December 31, 2025, the commitment fee on the unused portion of the Revolving Credit Facility was 0.15%.
Term Loan Facilities
The TLA Facility matures on February 15, 2028, and requires quarterly installments. The quarterly principal installments under the TLA Facility increase over the term of the loan. The interest rate terms for the TLA Facility are the same as those described above for the Revolving Credit Facility borrowings in U.S. dollars. During 2025, the Company prepaid the required quarterly principal installments under the TLA Facility through maturity. In connection with the partial repayments of the TLA Facility, the Company incurred a $0.9 million loss on extinguishment of debt from the write-off of a portion of the remaining deferred debt issuance costs, which were expensed and included in Interest expense during 2025. As of December 31, 2025, the interest rate on the TLA Facility was 5.07%.
Covenants
The Senior Secured Credit Facilities agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.00:1.00, subject to increase in certain circumstances following qualified acquisitions, but shall not exceed 5.50:1.00 and (ii) the Company maintain an interest coverage ratio of at least 2.50:1.00. As of December 31, 2025, the Company was in compliance with these financial covenants.
(9.)     DEBT (Continued)
Contractual maturities under the Senior Secured Credit Facilities as of December 31, 2025 are as follows (in thousands):
202620272028
Future minimum principal payments$— $— $91,000 
2030 Convertible Notes Issuance and 2028 Convertible Notes Exchange Transactions
On March 18, 2025, the Company issued $1.0 billion in aggregate principal amount of 2030 Convertible Notes due 2030 that bear interest at a fixed rate of 1.875% per annum by private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), which included the exercise in full of the initial purchasers’ option to purchase up to an additional $125.0 million principal amount of the 2030 Convertible Notes. The 2030 Convertible Notes were issued pursuant to an indenture dated as of March 18, 2025, by and between the Company and Wilmington Trust, National Association, as trustee (the “2030 Convertible Notes Indenture”). The 2030 Convertible Notes are senior unsecured obligations of the Company. The Company used a portion of the proceeds from the issuance of the 2030 Convertible Notes to exchange $383.7 million in aggregate principal amount of the 2028 Convertible Notes in privately-negotiated transactions for an aggregate cash exchange consideration of $384.4 million in cash and 1,553,806 shares of Common Stock (the “Note Exchange Transactions”).
The Company determined that the exchange of the 2028 Convertible Notes in the Note Exchange Transactions met the criteria to be accounted as an induced conversion in accordance with Accounting Standards Codification 470-20, Debt with Conversion and Other Options (ASC 470-20). As a result of the induced conversion, the Company recorded $46.7 million in induced conversion expense within Other loss, net in the Consolidated Statements of Operations. The induced conversion expense represents the fair value of the consideration issued in the Note Exchange Transactions upon conversion in excess of the fair value of the securities issuable under the original terms of the 2028 Convertible Notes.
Contemporaneously with the Note Exchange Transactions, the Company and the financial institutions party to the 2028 Capped Calls agreed to terminate a portion of the 2028 Capped Calls (as defined below) in a notional amount corresponding to the amount of 2028 Convertible Notes exchanged in the Note Exchange Transactions. In connection herewith, the Company received 436,963 shares of Common Stock, the fair value of the terminated portion of the 2028 Capped Calls, upon settlement. As these transactions met certain accounting criteria, the partial redemption of the 2028 Capped Calls was recorded as an adjustment to additional paid-in capital (see Capped Call Transactions below). The terms of the remaining 2028 Capped Calls remain unchanged.
2030 Convertible Notes
The issuance of the 2030 Convertible Notes resulted in $976.1 million in net proceeds to the Company after deducting initial purchasers’ discounts and issuance costs.
The 2030 Convertible Notes bear interest at a fixed rate of 1.875% per annum, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2025. The 2030 Convertible Notes will mature on March 15, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms.
Debt discount and issuance costs related to the 2030 Convertible Notes were $23.9 million, including $22.5 million of discount and $1.4 million of new debt issuance costs related to the 2030 Convertible Notes. The debt discount and issuance costs are amortized as interest expense using the effective interest method over the term of the 2030 Convertible Notes. The effective interest rate of the 2030 Convertible Notes was 2.38% as of December 31, 2025.
Holders of the 2030 Convertible Notes may convert all or a portion of their 2030 Convertible Notes at their option prior to December 15, 2029, in multiples of $1,000 principal amounts, only under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ended on June 30, 2025 (and only during such calendar quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 150% of the conversion price on each applicable trading day;
•during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the 2030 Convertible Notes Indenture) per $1,000 principal amount of the 2030 Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate in effect on each such trading day;
•if the Company calls any or all of the 2030 Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
(9.)     DEBT (Continued)
As of December 31, 2025, the conditions allowing holders of the 2030 Convertible Notes to convert had not been met and, therefore, the 2030 Convertible Notes are classified as a long-term liability on the Consolidated Balance Sheets at December 31, 2025.
On or after December 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2030 Convertible Notes may convert all or any portion of the 2030 Convertible Notes at their option at the conversion rate then in effect, irrespective of these conditions. The Company will settle conversions of the 2030 Convertible Notes by paying cash up to the aggregate principal amount of the 2030 Convertible Notes to be converted and cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2030 Convertible Notes being converted. The conversion rate will initially be 6.6243 shares of Common Stock per $1,000 principal amount of 2030 Convertible Notes (equivalent to an initial conversion price of approximately $150.96 per share of Common Stock). The conversion rate is subject to customary adjustments upon the occurrence of certain events. If the Company undergoes a fundamental change (as defined in the 2030 Convertible Notes Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2030 Convertible Note in connection with such corporate event or during the relevant redemption period.
The Company may not redeem the 2030 Convertible Notes prior to March 20, 2028. The Company may redeem for cash all or part of the 2030 Convertible Notes, at its option, on or after March 20, 2028, if the last reported sale price of its Common Stock has been at least 140% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (as defined in the 2030 Convertible Notes Indenture).
The 2030 Convertible Notes Indenture provides for customary events of default, which include (subject in certain cases to grace and cure periods), among others: nonpayment of principal or interest; failure by the Company to comply with its conversion obligations upon exercise of a holder’s conversion right under the 2030 Convertible Notes Indenture; breach of covenants or other agreements in the 2030 Convertible Notes Indenture; defaults by the Company or any significant subsidiary (as defined in the 2030 Convertible Notes Indenture) with respect to other indebtedness in excess of a threshold amount; failure by the Company or any significant subsidiary to pay final judgments in excess of a threshold amount; and the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to the Company or any significant subsidiary. Generally, if an event of default occurs and is continuing under the 2030 Convertible Notes Indenture, either the trustee or the holders of at least 25% in aggregate principal amount of the 2030 Convertible Notes then outstanding may declare the principal amount plus accrued and unpaid interest on the 2030 Convertible Notes to be immediately due and payable.
2028 Convertible Notes
In February 2023, the Company issued the 2028 Convertible Notes with an aggregate principal amount of $500 million in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $65 million principal amount of the 2028 Convertible Notes. The 2028 Convertible Notes were issued pursuant to an indenture dated as of February 3, 2023, by and between the Company and Wilmington Trust, National Association, as trustee. On March 18, 2025, in connection with the issuance of the 2030 Convertible Notes, the Company used part of the net proceeds therefrom to exchange $383.7 million in aggregate principal amount of the 2028 Convertible Notes in privately-negotiated transactions. Subsequent to exchange, the remaining aggregate principal amount of the 2028 Convertible Notes was $116.3 million. For additional information, refer to “2030 Convertible Notes Issuance and 2028 Convertible Notes Exchange Transactions” above.
(9.)     DEBT (Continued)
The 2028 Convertible Notes are senior unsecured obligations of the Company, which bear interest at a fixed rate of 2.125% per annum, payable semiannually in arrears on February 15 and August 15 of each year. The 2028 Convertible Notes will mature on February 15, 2028 unless repurchased, redeemed, or converted in accordance with their terms prior to such date and do not contain financial maintenance covenants. The 2028 Convertible Notes are convertible at an initial conversion rate of 11.4681 shares of the Company’s common stock per $1,000 principal amount of the 2028 Convertible Notes, which is equivalent to an initial conversion price of approximately $87.20 per share of common stock. The conversion rate is subject to standard anti-dilutive adjustments and adjustments upon the occurrence of specified events.
The Company may not redeem the 2028 Convertible Notes prior to February 20, 2026. The Company may redeem for cash all or any portion of the 2028 Convertible Notes, at its option, on or after February 20, 2026 and prior to February 15, 2028, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Holders of the 2028 Convertible Notes may convert all or a portion of their 2028 Convertible Notes at their option prior to November 15, 2027, in multiples of $1,000 principal amounts, only under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ended on March 31, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the indenture governing the 2028 Convertible Notes) per $1,000 principal amount of the 2028 Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day;
•if the Company calls any or all of the 2028 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
As of December 31, 2025, the conditions allowing holders of the 2028 Convertible Notes to convert had not been met and, therefore, the 2030 Convertible Notes are classified as a long-term liability on the Consolidated Balance Sheets at December 31, 2025.
On or after November 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2028 Convertible Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.
Upon conversion, the 2028 Convertible Notes will be settled in cash up to the aggregate principal amount of the 2028 Convertible Notes to be converted, and in cash, shares of the Company’s common stock or a combination thereof, at the Company’s option, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2028 Convertible Notes being converted. If the Company undergoes a fundamental change (as defined in the indenture governing the 2028 Convertible Notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2028 Convertible Notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2028 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, the Company will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2028 Convertible Note in connection with such corporate event or during the relevant redemption period.
The 2028 Convertible Notes are accounted for as a single liability measured at amortized cost. The discount and issuance costs related to the 2028 Convertible Notes are being amortized to interest expense over the contractual term of the 2028 Convertible Notes at an effective interest rate of 2.76%.
(9.)     DEBT (Continued)
Capped Call Transactions
Capped Calls
In connection with the issuance of the 2028 Convertible Notes and 2030 Convertible Notes, the Company entered into privately negotiated capped calls (the “2028 Capped Calls” and “2030 Capped Calls”) (collectively, the “Capped Calls”) with certain financial institutions. The Capped Calls are expected generally to reduce the potential dilution to the Common Stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.
The initial strike price and cap price of the 2030 Capped Calls is $150.96 per share and $189.44 per share, respectively, of common stock, and are subject to customary anti-dilution adjustments under the terms of the 2030 Capped Calls. The initial strike price and cap price of the 2028 Capped Calls is $87.20 per share and $108.59 per share, respectively, of common stock, and are subject to customary anti-dilution adjustments under the terms of the 2028 Capped Calls.
For accounting purposes, the Capped Calls are separate transactions, and not integrated with the issuance of the Convertible Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The Convertible Notes and the Capped Calls will be integrated for tax purposes. The accounting impact of this tax treatment results in the Capped Calls being deductible as original issue discount for tax purposes over the term of the Convertible Notes, generating a deferred tax asset which is recognized through equity. The cost to the Company of the 2030 Capped Calls was $71.0 million, which was recorded, net of a deferred tax asset of $17.9 million, as a reduction to additional paid-in capital.
As noted above, a portion of the 2028 Capped Calls were terminated in conjunction with the Note Exchange Transactions. The fair value of the terminated portion of the 2028 Capped Calls was $26.9 million, which was recorded as an increase to additional paid-in capital. The Company also recorded income tax expense of $4.1 million and a corresponding reduction to the deferred tax asset associated with the terminated portion of the 2028 Capped Calls.
Deferred Debt Issuance Costs and Discounts
The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility during the year ended December 31, 2025 was as follows (in thousands):
December 31, 20243,418 
Amortization during the period(1,109)
December 31, 2025$2,309 
The change in debt discount and deferred debt issuance costs related to the TLA Facility and Convertible Notes during the year ended December 31, 2025 was as follows (in thousands):
Deferred Debt Issuance CostsDebt DiscountTotal
December 31, 20242,055 8,786 10,841 
Financing costs incurred1,386 22,500 23,886 
Write-off of deferred debt issuance costs and unamortized discount(a)
(1,433)(6,308)(7,741)
Amortization during the period(487)(4,394)(4,881)
December 31, 2025$1,521 $20,584 $22,105 
__________
(a) Includes deferred debt issuance costs and unamortized discount of $0.5 million and $6.3 million, respectively, which were written off upon conversion of the 2028 Convertible Notes and recognized, net of a deferred tax asset of $1.7 million, as a reduction of additional paid-in capital.
v3.25.4
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS
Savings Plan
The Company sponsors a defined contribution 401(k) plan (the “Plan”) for its U.S. based employees. The Plan provides for the deferral of employee compensation under Internal Revenue Code §401(k) and a Company match. The Company matches $0.50 per dollar of each participant’s deferral made to the Plan up to 6% of their compensation, subject to Internal Revenue Service guidelines. Contributions from employees, as well as those matched by the Company, vest immediately. Net costs related to defined contribution plans for 2025, 2024 and 2023 were $12.0 million, $10.8 million and $9.5 million, respectively.
Defined Benefit Plans
The Company is required to provide its employees located in Switzerland and Mexico certain statutorily mandated defined benefits. Under these plans, benefits accrue to employees based upon years of service, position, age and compensation. The defined benefit pension plan provided to the Company’s employees located in Switzerland is a funded contributory plan, while the plans that provide benefits to the Company’s employees located in Mexico are unfunded and noncontributory. The assets of the Switzerland plan are held at an AA- rated insurance carrier who bears the pension risk and longevity risk, and will be used to cover the pension liability for the remaining retirees of the Swiss plan, as well as the remaining employees at that location. The liability and corresponding expense related to these benefit plans is based on actuarial computations of current and future benefits for employees. The aggregated projected benefit obligation for these plans was $3.6 million and $2.9 million as of December 31, 2025 and December 31, 2024, respectively. Net periodic pension cost for 2025, 2024 and 2023 was $0.9 million, $0.6 million and $0.6 million, respectively. Over the next ten years, the Company expects gross benefit payments to be $1.8 million in total for the years 2026 through 2030, and $3.1 million in total for the years 2031 through 2035.
Non-qualified Deferred Compensation Plan
The Company maintains an unfunded, nonqualified deferred compensation plan (the “Restoration Plan”) for the benefit of certain members of management and other highly compensated employees. The deferred compensation liability for the Restoration Plan was $2.6 million and $1.8 million at December 31, 2025 and December 31, 2024, respectively, and is included in Other long-term liabilities on the Consolidated Balance Sheets. Net costs related to the Restoration Plan for 2025, 2024 and 2023 were $0.5 million, $0.4 million and $0.2 million, respectively.
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based Compensation Plans
The Company maintains certain stock-based compensation plans that were approved by the Company’s stockholders and are administered by the Board of Directors (the “Board”) or the Compensation and Organization Committee of the Board (the “Compensation Committee”). The stock-based compensation plans provide for the granting of stock options, restricted stock awards, RSUs, performance awards, stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.
As of December 31, 2025, the Company’s outstanding stock-based compensation plans and agreements include the 2021 Omnibus Incentive Plan (the “2021 Plan”), 2016 Stock Incentive Plan (the “2016 Plan”), 2011 Stock Incentive Plan (the “2011 Plan”), the 2009 Stock Incentive Plan (the “2009 Plan”). The 2021 Plan replaced the 2016 Plan and the Company ceased granting any new awards under the 2016 Plan. The number of shares initially reserved for issuance under the 2021 Plan was (i) 1,450,000 plus (ii) the total number of shares of common stock available for issuance under the 2016 Plan, plus (iii) any shares of common stock that are subject to awards forfeited, cancelled, expired, terminated or otherwise lapsed or settled in cash, in whole or in part, without the delivery of shares under the 2016 Plan. The 2011 Plan and 2009 Plan have expired and no awards are available for issuance under these expired plans. As of December 31, 2025, there were 772,585 shares available for future grants under the 2021 Plan.
(11.)     STOCK-BASED COMPENSATION (Continued)
Stock-based Compensation Expense
The classification of stock-based compensation expense in the accompanying Consolidated Statements of Operations was as follows (in thousands):
Year Ended December 31,
202520242023
RSUs and PRSUs$23,224 $24,515 $23,108 
Discontinued operations— 252 175 
Total stock-based compensation expense$23,224 $24,767 $23,283 
Cost of sales$4,230 $3,881 $3,694 
SG&A17,856 19,415 18,189 
RD&E1,160 1,153 1,152 
Restructuring and other charges(22)66 73 
Discontinued operations— 252 175 
Total stock-based compensation expense$23,224 $24,767 $23,283 
Income tax benefit recognized for stock-based compensation arrangements$7,429 $5,096 $3,667 
Stock Options
There were no stock options granted during 2025, 2024 or 2023. The following table summarizes stock option activity during the year ended December 31, 2025:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2024130,083 $39.63 
Exercised(109,854)40.02 
Outstanding at December 31, 202520,229 $37.48 1.2$0.8 
Vested and exercisable at December 31, 202520,229 $37.48 1.2$0.8 
Intrinsic value is calculated for in-the-money options (exercise price less than market price) as the difference between the market price of $78.43, which was the closing price of the Company’s common stock as of December 31, 2025, and the weighted average exercise price of the underlying stock options, multiplied by the number of options outstanding and/or exercisable. Shares are distributed from the Company’s authorized but unissued reserve upon the exercise of stock options. As of December 31, 2025, there was no unrecognized compensation cost related to stock options.
The following table provides certain information relating to the exercise of stock options during 2025, 2024 and 2023 (in thousands):
202520242023
Intrinsic value$9,183 $2,007 $3,670 
Cash received3,644 742 2,303 
Actual tax benefit for the tax deductions from the exercise of options2,204 482 881 
(11.)     STOCK-BASED COMPENSATION (Continued)
Restricted Stock Units
The following table summarizes RSU activity during the year ended December 31, 2025:
Time-Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2024313,404 $88.36 
Granted155,508 128.71 
Vested(148,496)89.59 
Forfeited(24,032)108.63 
Nonvested at December 31, 2025296,384 $107.27 
As of December 31, 2025, there was $16.0 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 years. The fair value of RSU shares that vested during 2025, 2024 and 2023 was $19.6 million, $17.3 million and $9.1 million, respectively. The weighted average grant date fair value of RSUs granted during 2025, 2024 and 2023 was $128.71, $81.39 and $79.03, respectively.
Performance Restricted Stock Units
The following table summarizes PRSU activity during the year ended December 31, 2025:
Performance-
Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2024237,898 $88.95 
Granted65,974 149.99 
Performance adjustment(a)
76,520 83.36 
Vested(153,040)83.36 
Forfeited(11,967)96.31 
Nonvested at December 31, 2025215,385 $109.23 
__________
(a)Represents additional PRSUs earned related to above-target achievement of performance conditions, the achievement of which was based upon predefined performance targets established by the Compensation Committee at the initial grant date.
For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares earned depends on the achievement of financial or market-based performance conditions. The financial performance condition is based on the Company’s sales. The market conditions are based on the Company’s achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods.
At December 31, 2025, there was $9.4 million of total unrecognized compensation cost related to unvested PRSUs, which is expected to be recognized over a weighted-average period of approximately 1.7 years. The fair value of PRSU shares vested during 2025 and 2024 was $21.9 million and $19.8 million, respectively. The weighted average grant date fair value of PRSUs granted during 2025, 2024 and 2023 was $149.99, $110.54 and $74.32, respectively.
(11.)     STOCK-BASED COMPENSATION (Continued)
The grant-date fair values of the market-based portion of the PRSUs granted during 2025, 2024 and 2023 were determined using the Monte Carlo valuation model on the date of grant. The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
 202520242023
Weighted average fair value$162.62 $117.96 $74.29 
Risk-free interest rate4.29 %4.13 %3.79 %
Expected volatility33 %34 %46 %
Expected life (in years)3.03.03.0
Expected dividend yield— %— %— %
The valuation of the TSR portion of the PRSUs granted during 2025, 2024 and 2023 also reflects a weighted average illiquidity discount of 8.78%, 8.00% and 11.23%, respectively, related to the period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.
v3.25.4
RESTRUCTURING AND OTHER CHARGES
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges comprise the following (in thousands):
202520242023
Restructuring charges$2,284 $4,013 $5,874 
Acquisition and integration costs8,165 8,941 3,444 
Other general expenses (gains)7,426 (805)2,110 
Total restructuring and other charges$17,875 $12,149 $11,428 
Restructuring programs
Operational excellence
The Company’s operational excellence (“OE”) initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes.
2022 OE Initiatives - Costs related to the Company’s 2022 OE initiatives primarily included termination benefits. As of December 31, 2025, total restructuring and restructuring-related charges incurred since inception were $11.9 million. These actions were substantially complete at the end of 2025.
Strategic reorganization and alignment
The Company’s strategic reorganization and alignment (“SRA”) initiatives primarily include those that align resources with market conditions and the Company’s strategic direction in order to enhance the profitability of its portfolio of products.
2021 SRA Initiatives - During the fourth quarter of 2021, the Company initiated plans to exit certain markets to enhance profitability and reallocate manufacturing capacity needed to support the Company’s overall growth plans. Costs related to the Company’s 2021 SRA Initiatives primarily included termination benefits. As of December 31, 2025, total charges incurred since inception were $6.2 million. These actions were completed at the end of 2025.
Manufacturing alignment to support growth
The Company’s manufacturing alignment to support growth (“MASG”) initiatives are designed to reduce costs, improve operating efficiencies or increase capacity to accommodate growth, which may involve relocation or consolidation of manufacturing operations.
(12.)     RESTRUCTURING AND OTHER CHARGES (Continued)
Global Manufacturing Alignment - In 2025, the Company commenced an initiative designed to leverage its global footprint and scale to consolidate certain operations with the purpose of improving operating efficiency, expanding capacity to enable sustained long-term growth, and to more efficiently meet customer needs. The Company estimates that it will incur aggregate pre-tax charges in connection with this initiative of between approximately $25 million and $30 million, the majority of which are expected to be cash expenditures. Costs related to this initiative will primarily comprise costs to relocate equipment and inventory, termination benefits, professional fees, and compensation and benefits for associates dedicated to the initiative. As of December 31, 2025, total restructuring and restructuring-related charges incurred since inception were $3.0 million. These actions are expected to be substantially complete by the end of 2035.
Research and Product Development Alignment – In 2023, the Company commenced an initiative to consolidate certain research and product development operations to more efficiently meet customer needs. The Company will be consolidating existing facilities in Israel and Ireland primarily to a new facility in Ireland. The Company estimates that it will incur aggregate pre-tax charges in connection with this initiative of between approximately $7 million and $8 million, the majority of which are expected to be cash expenditures. Costs related to the Company’s Research and Product Development Alignment initiative primarily include asset disposal and impairment charges and termination benefits. As of December 31, 2025, total restructuring and restructuring-related charges incurred since inception were $6.8 million. These actions are expected to be substantially complete by the end of 2026.
2022 MASG - In 2022, the Company initiated plans to relocate manufacturing of certain products. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2022 MASG initiatives of between approximately $6 million and $7 million, the majority of which are expected to be cash expenditures. Costs related to the Company’s 2022 MASG initiative primarily include non-labor costs to relocate equipment and inventory, as well as other costs related to the closure and relocation of certain manufacturing operations. As of December 31, 2025, total restructuring and restructuring-related charges incurred since inception were $5.8 million. These actions are expected to be substantially complete by the end of 2026.
The following table comprises restructuring and restructuring-related charges by classification in the accompanying Consolidated Statements of Operations (in thousands):
202520242023
Restructuring charges:
Restructuring and other charges$2,284 $4,013 $5,874 
Restructuring-related expenses(a):
Cost of sales7,328 2,170 1,633 
Selling, general and administrative513 942 1,775 
Research, development and engineering68 130 667 
Total restructuring and restructuring-related charges$10,193 $7,255 $9,949 
__________
(a) Restructuring-related expenses primarily include non-labor costs to relocate equipment and inventory, retention bonuses, consulting expenses and professional fees.
Restructuring reserves are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. The following table summarizes the activity for restructuring reserves for the year ended December 31, 2025 (in thousands):
Operational
excellence
initiatives		Strategic reorganization and alignmentManufacturing alignment to support growthTotal
December 31, 2024$690 $115 $— $805 
Charges incurred, net of reversals756 677 851 2,284 
Cash payments(1,324)(782)(824)(2,930)
December 31, 2025$122 $10 $27 $159 
(12.)     RESTRUCTURING AND OTHER CHARGES (Continued)
Acquisition and integration costs
Acquisition and integration costs primarily consist of professional fees directly related to completed and contemplated business acquisitions and costs to integrate the systems, processes and organizations acquired. During 2025, 2024 and 2023, acquisition and integration costs included incremental benefits of $2.3 million, $3.6 million and $0.7 million, respectively, related to adjustments to the fair value of acquisition-related contingent consideration liabilities. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
Acquisition and integration costs comprise the following (in thousands):
202520242023
Acquisition costs$1,825 $5,502 $693 
Integration costs6,340 3,439 2,751 
Acquisition and integration costs$8,165 $8,941 $3,444 
Fair value adjustments included in acquisition costs$(2,266)$(3,550)$(736)
Other general expenses
During 2025, the Company incurred $6.9 million of expense related to termination benefits from actions to align labor with manufacturing volumes. In addition, during 2024 and 2023 the Company recorded $(1.2) million and $2.0 million, respectively, of property loss (recoveries) relating to property damage which occurred in the fourth quarter of 2023 at one of its manufacturing facilities. Other general expenses for 2025, 2024 and 2023 also include gains and losses in connection with the disposal of property, plant and equipment.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income from continuing operations before income taxes consisted of the following (in thousands):
202520242023
U.S.$35,980 $55,571 $29,089 
Foreign89,416 91,992 76,293 
Total income from continuing operations before income taxes$125,396 $147,563 $105,382 
The provision for income taxes from continuing operations comprises the following (in thousands):
202520242023
Current:
Federal$5,876 $18,309 $11,072 
State1,901 1,655 1,292 
Foreign17,476 19,476 13,140 
25,253 39,440 25,504 
Deferred:
Federal(2,448)(9,456)(7,262)
State(290)(245)(132)
Foreign51 (3,229)(1,871)
(2,687)(12,930)(9,265)
Total provision for income taxes$22,566 $26,510 $16,239 
(13.)     INCOME TAXES (Continued)
The provision for income taxes from continuing operations differs from the U.S. statutory rate due to the following:
202520242023
US federal statutory tax rate$26,333 21.0 %$30,988 21.0 %$22,130 21.0 %
Domestic federal
Tax credits
R&D tax credits(7,523)(6.0)%(5,380)(3.6)%(4,465)(4.2)%
Foreign tax credit(558)(0.4)%(463)(0.3)%(572)(0.5)%
Nontaxable or nondeductible items
Tax benefits on share-based payments(5,843)(4.7)%(2,519)(1.7)%(375)(0.4)%
Nondeductible covered employee compensation5,637 4.5 %4,025 2.7 %2,222 2.1 %
Nondeductible convertible debt inducement expense9,277 7.4 %— — %— — %
Other219 0.2 %(446)(0.3)%205 0.2 %
Effect of cross-border tax laws
GILTI, net of GILTI FTC1,879 1.5 %2,614 1.8 %2,224 2.1 %
Foreign-derived intangible income(3,316)(2.6)%(2,763)(1.9)%(3,087)(2.9)%
Foreign royalty income1,365 1.1 %1,418 1.0 %1,349 1.3 %
Other494 0.4 %299 0.2 %354 0.3 %
Changes in valuation allowances(1,100)(0.9)%86 0.1 %817 0.8 %
Enactment of new tax laws or rates— — %— — %— — %
Other adjustments(455)(0.4)%(180)(0.1)%119 0.1 %
Domestic state and local income taxes, net of federal income tax effect (a)
1,299 1.0 %1,375 0.9 %1,078 1.0 %
Foreign tax effects
SwitzerlandStatutory income tax rate differential(4,333)(3.5)%(4,149)(2.8)%(3,245)(3.1)%
Federal income exemption(2,691)(2.1)%(2,605)(1.8)%(2,030)(1.9)%
Cantonal taxes, net539 0.4 %455 0.3 %373 0.4 %
Other(127)(0.1)%20 — %(332)(0.3)%
IrelandStatutory income tax rate differential(1,427)(1.1)%(2,120)(1.4)%(2,157)(2.0)%
OECD Pillar II: Global minimum tax472 0.4 %409 0.3 %— — %
Other(674)(0.5)%(108)(0.1)%229 0.2 %
NetherlandsOECD Pillar II: Global minimum tax2,718 2.2 %1,780 1.2 %— — %
Other36 — %17 — %22 — %
MalaysiaHoliday— — %— — %(1,664)(1.6)%
Other839 0.7 %930 0.6 %784 0.7 %
Mexico2,323 1.9 %1,298 0.9 %1,744 1.7 %
Uruguay1,732 1.4 %1,320 0.9 %877 0.8 %
IsraelChange in valuation allowances— — %— — %1,345 1.3 %
Other69 0.1 %152 0.1 %(117)(0.1)%
Other foreign jurisdictions(436)(0.3)%(270)(0.2)%(449)(0.4)%
Worldwide changes in unrecognized tax benefits(4,182)(3.3)%327 0.2 %(1,140)(1.1)%
Effective tax rate$22,566 18.0 %$26,510 18.0 %$16,239 15.4 %
__________
(a)     State taxes in California and Massachusetts make up the majority, greater than 50 percent, of the tax effect in this category for each year presented.
(13.)     INCOME TAXES (Continued)
The difference between the Company’s effective tax rate and the U.S. federal statutory income tax rate in the current year is primarily attributable to the impact of the net nondeductible induced conversion expenditures incurred as a result of the induced conversion from the exchange of the 2028 Convertible Notes, the impact of deductible stock based compensation, net of limitations, the availability of Foreign Tax Credits and R&D Credits, the impact of the Company’s earnings realized in foreign jurisdictions with statutory rates that are different than the U.S. federal statutory rate, the impact of the Organization for Economic Co-operation and Development (“OECD”) Pillar II Global Minimum Tax enacted on January 1, 2024, and the provision for Global Intangible Low Taxed income (“GILTI”), net of the statutory deduction of 50% of the GILTI inclusion and the Foreign Derived Intangible Income (“FDII”) deduction (collectively “Section 250 deduction”). The Company’s foreign earnings are primarily derived from Switzerland, Mexico, Uruguay, Ireland and Malaysia. The Company has previously operated under a tax holiday in Malaysia, which expired in accordance with its original terms on April 30, 2023. The Company’s operations in Costa Rica and the Dominican Republic operate under a free trade zone agreement through April 2031 and March 2034, respectively.
Difference Attributable to Foreign Investment: Certain foreign subsidiary earnings are subject to U.S. taxation under the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”) . The Company intends to permanently reinvest substantially all of its foreign subsidiary earnings, as well as its capital in those foreign subsidiaries, with the exception of planned distributions made out of current year earnings and profits (“E&P”) and E&P previously taxed as of and for the year ended December 29, 2017, including E&P subject to the toll charge under the Tax Reform Act. The Company accrues for withholding taxes on distributions in the year associated with earnings that are intended to be distributed.
As of December 31, 2025 and December 31, 2024, the Company had a net deferred tax liability consisting of the following (in thousands):
December 31,
2025		December 31,
2024
Research and development$49,042 $37,201 
Lease liabilities32,443 28,772 
Original issue discount from capped calls16,400 5,733 
Net operating loss carryforwards8,276 8,093 
Accrued expenses5,823 7,122 
Stock-based compensation5,226 5,438 
Tax credit carryforwards4,567 5,749 
Other2,576 5,578 
Gross deferred tax assets124,353 103,686 
Less valuation allowance(11,427)(13,387)
Net deferred tax assets112,926 90,299 
Intangible assets(164,269)(167,514)
Lease assets(33,146)(28,802)
Property, plant and equipment(12,425)(10,282)
Other(10,419)— 
Gross deferred tax liabilities(220,259)(206,598)
Net deferred tax liability$(107,333)$(116,299)
Presented as follows:
Noncurrent deferred tax asset$8,994 $8,309 
Noncurrent deferred tax liability(116,327)(124,608)
Net deferred tax liability$(107,333)$(116,299)
(13.)     INCOME TAXES (Continued)
As of December 31, 2025, the Company has the following carryforwards available (in millions):
JurisdictionTax
Attribute		Gross AmountDeferred Tax AssetValuation AllowanceBegin to Expire
U.S. State
Net operating losses(a)(b)
$61.7 $2.4 $(2.3)2026
Foreign
Net operating losses(a)
$24.9 $5.9 $(5.9)2026
U.S. State
State tax credits(b)
$3.6 $2.8 $(2.8)2026
U.S. FederalForeign tax credits$1.0 $1.0 $(0.4)2033
U.S. State
R&D tax credits(b)
$0.9 $0.7 $— 2037
__________
(a)     Net operating losses are presented as pre-tax amounts.
(b)     U.S. State deferred tax assets and valuation allowance are presented net of federal benefit.
In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the consideration of the weight of both positive and negative evidence, management has determined it is more likely than not that a portion of the deferred tax assets as of December 31, 2025 and December 31, 2024 related to certain foreign tax credits, state investment tax credits, and foreign and state net operating losses will not be realized.
The Company files annual income tax returns in the U.S., various state and local jurisdictions, and in various foreign jurisdictions. A number of years may elapse before an uncertain tax position, for which the Company has unrecognized tax benefits, is examined and finally settled. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, the Company believes that its unrecognized tax benefits reflect the most probable outcome. The Company adjusts these unrecognized tax benefits, as well as the related interest, in light of changing facts and circumstances. The resolution of an uncertain tax position, if recognized, would be recorded as an adjustment to the provision for income taxes and the effective tax rate in the period of resolution.
Below is a summary of changes to the unrecognized tax benefit (in thousands):
202520242023
Balance, beginning of year$6,201 $6,470 $7,739 
Additions based upon tax positions related to the current year406 353 356 
Additions (reductions) related to prior period tax returns144 (6)(18)
Reductions related to settlements (amounts paid)— (166)— 
Reductions as a result of a lapse of applicable statute of limitations(3,975)(450)(1,607)
Balance, end of year$2,776 $6,201 $6,470 
As of December 31, 2025, approximately $2.7 million of the unrecognized tax benefits would favorably impact the effective tax rate (net of federal impact on state issues), if recognized.
The tax years that remain open and subject to tax audits vary depending on the tax jurisdiction. The Company is no longer subject to tax authority examinations in the U.S. for tax years prior to 2022 and is generally no longer subject to tax authority examinations in other major foreign, or state tax jurisdictions for years prior to fiscal year 2021.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of Provision for income taxes on the Consolidated Statements of Operations. As of December 31, 2025, 2024 and 2023, interest and penalties accrued for unrecognized tax benefits were $0.5 million, $1.4 million and $0.8 million. Expenses related to interest and penalties during 2025, 2024, and 2023 were not material.
(13.)     INCOME TAXES (Continued)
On December 15, 2022, the European Union (“EU”) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development (“OECD”) Pillar Two Framework. The effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. The Company is continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by additional individual countries. The Company’s 2025 provision for income taxes includes the impact of the Pillar Two 15% Global Minimum Tax.
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA”) enacting a broad range of tax reform provisions, including extending and modifying certain key domestic and international Tax Cuts & Jobs Act provisions. Only certain provisions will have current-year financial reporting implications due to varying effective dates and discretionary elections. The Company’s 2025 provision for income taxes includes the impact of the OBBBA enacted provisions. The Company continues to evaluate the potential impact on future periods of the OBBBA provisions with delayed enactment dates beginning after December 31, 2025.
The amounts of cash income taxes paid, net of refunds received, by the Company were as follows (in thousands):
202520242023
U.S. federal$11,527 $22,596 $18,800 
U.S. state and local2,931 2,797 1,809 
Foreign
Ireland2,884 2,499 3,774 
Malaysia5,789 3,298 3,292 
Mexico4,053 5,160 2,614 
Other1,036 122 62 
Total$28,220 $36,472 $30,351 
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingent Consideration Arrangements
The Company records contingent consideration liabilities related to the earn-out provisions for certain acquisitions. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information.
Litigation
On December 10, 2025, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York against Integer and certain of its executives, captioned West Palm Beach Firefighters’ Pension Fund v. Integer Holdings Corporation, et al. (the “Securities Action”). The complaint in the lawsuit alleges violations of the securities laws in the company’s public disclosures. The complaint seeks monetary damages, costs and attorney’s fees, and other unspecified relief. Defendants’ deadline to respond to the complaint is currently stayed pending the appointment of a lead plaintiff and lead counsel. Integer denies any wrongdoing and intends to vigorously defend itself against the claims in the Securities Action.
In addition, 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 will not become material in the future.
Environmental Matters
The Company acquired Lake Region Medical Holdings, Inc. (“LRM”) in 2015. At the direction of the New Jersey Department of Environmental Protection (“NJDEP”), LRM has been performing, and has agreed to fund approximately $0.3 million for, environmental investigations of a manufacturing facility LRM owned in South Plainfield, New Jersey from 1971 to 2004, and where it conducted operations from 1971 to 2007. NJDEP required LRM to perform and fund these environmental investigations due to concerns that prior investigations by LRM at the property were inadequate and because NJDEP concluded that the property was a source of local ground water contamination during LRM’s operations, including the Franklin Street Regional Groundwater Contamination Area, which has been designated as an immediate environmental concern by NJDEP. LRM funded the environmental investigation undertaken by NJDEP’s contractor by placing approximately $0.3 million in escrow for the environmental investigation. As of December 31, 2025, approximately $0.2 million had been drawn down from the escrow account by NJDEP to pay for the environmental investigation, and approximately $0.1 million remains in escrow for anticipated future costs associated with the environmental investigation. These environmental investigations may conclude that remediation of the property by LRM, and the reimbursement of costs and damages, including natural resource damages, associated with the groundwater immediate environmental concern, are necessary. Further, the current owner of the property claims to have been financially impacted by LRM’s inadequate environmental investigations. While the Company does not expect this environmental matter will have a material effect on its consolidated results of operations, financial position or cash flows, there can be no assurance that this environmental matter will not become material in the future. As of December 31, 2025 and December 31, 2024, there was $0.1 million recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets in connection with this environmental matter.
License Agreements
The Company is a party to various license agreements for technology that is utilized in certain of its products. The most significant of these agreements are licenses for basic technology used in the production of filtered feedthroughs and stylets and guidewires. Expenses related to license agreements were $1.5 million, $1.2 million, and $1.7 million, for 2025, 2024 and 2023, respectively, and are primarily included in Cost of Sales.
Self-Insurance Liabilities
As of December 31, 2025, and at various times in the past, the Company self-funded certain of its workers’ compensation and employee medical and dental expenses. The Company has established reserves to cover these self-insured liabilities and also maintains stop-loss insurance to limit its exposures under these programs. Claims reserves represent accruals for the estimated uninsured portion of reported claims, including adverse development of reported claims, as well as estimates of incurred but not reported claims. Claims incurred but not reported are estimated based on the Company’s historical experience, which is continually monitored, and accruals are adjusted when warranted by changes in facts and circumstances. The Company’s actual experience may be different than its estimates, sometimes significantly. Changes in assumptions, as well as changes in actual experience could cause these estimates to change. Insurance and claims expense will vary from period to period based on the severity and frequency of claims incurred in a given period.  The Company’s self-insurance reserves totaled $5.9 million and $6.2 million as of December 31, 2025 and December 31, 2024, respectively. These accruals are recorded in Accrued expenses and other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The components and classification of lease cost for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Finance lease cost:
Amortization of lease assets$4,717 $2,575 $1,367 
Interest on lease liabilities1,827 845 321 
Finance lease cost6,544 3,420 1,688 
Operating lease cost15,760 14,076 13,920 
Short-term lease cost (leases with initial term of 12 months or less)421 257 305 
Variable lease cost4,594 3,071 2,994 
Sublease income(1,431)(929)(904)
Total lease cost$25,888 $19,895 $18,003 
Cost of sales$19,976 $15,566 $13,339 
SG&A3,514 2,991 3,028 
RD&E186 403 929 
Restructuring and other charges385 90 386 
Interest expense$1,827 $845 $321 
Total lease cost$25,888 $19,895 $18,003 
The Company’s sublease income is derived primarily from certain real estate leases to several non-affiliated tenants under operating sublease arrangements.
Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
202520242023
Cash paid for operating leases$14,167 $12,557 $13,751 
Cash paid for interest on finance leases1,827 845 320 
Assets acquired under operating leases13,564 13,384 17,526 
Assets acquired under finance leases13,860 18,300 4,085 
At December 31, 2025, the maturities of operating and finance lease liabilities were as follows (in thousands):
Operating Leases Finance Leases
2026$14,055 $9,434 
202714,060 9,123 
202813,589 7,879 
202913,686 4,236 
203012,634 2,005 
Thereafter53,454 10,648 
Gross lease liabilities121,478 43,325 
Less: imputed interest(30,480)(6,904)
Present value of lease liabilities90,998 36,421 
Less: current portion of lease liabilities(9,099)(7,843)
Total long-term lease liabilities$81,899 $28,578 
As of December 31, 2025, the Company did not have any leases that have not yet commenced.
(15.)     LEASES (Continued)
The following table presents the weighted average remaining lease term and discount rate.
December 31,
2025		December 31,
2024
Weighted-average remaining lease term - operating leases (in years)9.210.0
Weighted-average remaining lease term - finance leases (in years)6.28.0
Weighted-average discount rate - operating leases6.3 %6.3 %
Weighted-average discount rate - finance leases5.5 %5.7 %
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
202520242023
Numerator for basic and diluted EPS:
Income from continuing operations$102,830 $121,053 $89,143 
Income (loss) from discontinued operations, net of tax(22)(1,157)1,507 
Net income$102,808 $119,896 $90,650 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic34,735 33,601 33,320 
Dilutive effect of share-based awards309 514 438 
Dilutive impact of convertible notes550 1,534 — 
Denominator for diluted EPS35,594 35,649 33,758 
Basic earnings per share:
Income from continuing operations$2.96 $3.60 $2.68 
Income (loss) from discontinued operations— (0.03)0.05 
Basic earnings per share2.96 3.57 2.72 
Diluted earnings per share:
Income from continuing operations$2.89 $3.40 $2.64 
Income (loss) from discontinued operations— (0.03)0.04 
Diluted earnings per share2.89 3.36 2.69 
The diluted weighted average share calculations do not include the following securities for the years ended December 31, 2025, 2024 and 2023, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
202520242023
Time-vested stock options, restricted stock and restricted stock units184 1 1 
Performance-vested restricted stock units80 31 84 
Common Stock issuable upon conversion of convertible notes412 — — 
During the year ended December 31, 2025 and December 31, 2023, the potential conversion of the 2030 Convertible Notes and 2028 Convertible Notes, respectively, were not included in the diluted earnings per share calculation because the average closing price of the Company's common stock for the applicable periods, which is used as the basis for determining the dilutive effect on earnings per share, was less than the applicable conversion prices.
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Common Stock
The following is a summary of the number of shares of common stock issued and outstanding for the years ended December 31, 2025 and December 31, 2024:
IssuedTreasury StockOutstanding
December 31, 202333,329,648 — 33,329,648 
Stock options exercised23,981 — 23,981 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes192,615 — 192,615 
Stock issued upon conversion of convertible debt18 — 18 
Exercise of capped call upon conversion of convertible debt— (6)(6)
December 31, 202433,546,262 (6)33,546,256 
Stock options exercised103,148 — 103,148 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes246,144 — 246,144 
Stock issued upon conversion of convertible debt1,553,858 — 1,553,858 
Repurchases of common stock— (698,356)(698,356)
Exercise of capped call upon conversion of convertible debt— (436,993)(436,993)
Stock issued for acquisition32,393 32,393 
December 31, 202535,481,805 (1,135,355)34,346,450 
Share Repurchase Program
On November 4, 2025, the Company announced that it’s Board of Directors had approved a share repurchase program whereby the Company may from time to time repurchase on the open market, in privately-negotiated purchases, including accelerated repurchases, or otherwise, up to $200.0 million of its common stock (the “Share Repurchase Program”). The Share Repurchase Program has no expiration date and will continue until otherwise suspended or terminated. The Share Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares and may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Shares of our common stock repurchased under the Share Repurchase Program are classified as treasury stock and recorded at cost on the Consolidated Balance Sheets. During 2025, the Company repurchased 698,356 shares of its common stock for a total of $50.0 million, including commissions paid on repurchases.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2023$(28)$2,153 $18,529 $20,654 $(431)$20,223 
Unrealized loss on cash flow hedges— (10,065)— (10,065)2,114 (7,951)
Realized loss on foreign currency hedges— 1,430 — 1,430 (300)1,130 
Net defined benefit plan adjustments95 — — 95 (26)69 
Foreign currency translation loss— — (27,514)(27,514)— (27,514)
December 31, 2024$67 $(6,482)$(8,985)$(15,400)$1,357 $(14,043)
Unrealized gain on cash flow hedges— 17,075 — 17,075 (3,586)13,489 
Realized gain on foreign currency hedges— (5,372)— (5,372)1,128 (4,244)
Net defined benefit plan adjustments(180)— — (180)51 (129)
Foreign currency translation gain— — 63,129 63,129 — 63,129 
December 31, 2025$(113)$5,221 $54,144 $59,252 $(1,050)$58,202 
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.
The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and 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 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)
December 31, 2025
Assets: Foreign currency hedging contracts$5,221 $— $5,221 $— 
Liabilities: Contingent consideration8,179 — — 8,179 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
Derivatives Designated as Hedging Instruments
Foreign Currency Contracts
The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges.
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2025 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$15,906 Oct 20261.1610Euro$266 Prepaid expenses and other current assets
7,649 Oct 20260.0244UYU Peso383 Prepaid expenses and other current assets
51,699 Dec 20260.0501MXN Peso4,491 Prepaid expenses and other current assets
2,959 Oct 20260.2401MYR Ringgit82 Prepaid expenses and other current assets
3,842 Apr 20270.0519MXN Peso76 Other long-term assets
8,923 Jul 20261.1898Euro(77)Accrued expenses and other current liabilities
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$60,589 Dec 20251.0831Euro$1,950 Accrued expenses and other current liabilities
10,690 Dec 20250.0248UYU Peso248 Accrued expenses and other current liabilities
51,341 Dec 20250.0566MXN Peso3,893 Accrued expenses and other current liabilities
10,322 Jul 20260.0566MXN Peso391 Other long-term liabilities
(18.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The following table presents the impact of cash flow hedge derivative instruments on the Company’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income for fiscal years 2025, 2024 and 2023 (in thousands):
Gain (Loss) Recognized in OCIGain (Loss) Reclassified from AOCI
Derivative202520242023Location in Statement of Operations 202520242023
Interest rate swaps$— $— $— Interest expense$— $— $1,262 
Foreign exchange contracts4,655 (3,296)1,171 Sales2,516 43 (241)
Foreign exchange contracts12,224 (6,473)5,666 Cost of sales2,874 (1,494)5,611 
Foreign exchange contracts196 (296)171 Operating expenses(18)21 (17)
The Company expects to reclassify net gains totaling $5.1 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
Derivatives Not Designated as Hedging Instruments
The Company also has foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. To minimize foreign currency exposure, the Company enters into foreign currency contracts with a one month maturity. At December 31, 2025 and December 31, 2024, the Company had total gross notional amounts of $73.4 million and $33.0 million, respectively, of foreign currency contracts outstanding that were not designated as hedges. The fair value of derivatives not designated as hedges was not material for any period presented. The Company recorded net gains (losses) on foreign currency contracts not designated as hedging instruments of $(1.7) million, $2.6 million and $0.4 million for 2025, 2024 and 2023, respectively, which are included in Other loss, net. Each of the foreign currency contracts not designated as hedging instruments will have approximately offsetting effects from the underlying intercompany loans subject to foreign exchange remeasurement.
Contingent Consideration Liabilities
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 fiscal years 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Contingent consideration, beginning of year$904 $876 $11,756 
Amount recorded for current year acquisitions
9,541 3,578 876 
Fair value measurement adjustments(2,266)(3,550)(736)
Payments
— — (11,177)
Foreign currency translation— — 157 
Contingent consideration, end of year$8,179 $904 $876 
Current portion of contingent consideration, end of year$7,000 $— $— 
Non-current portion of contingent consideration, end of year1,179 904 876 
The Company will make earnout payments in 2026 of up to $7.0 million based on the achievement of specified milestones being met in 2026. The significant unobservable inputs used to calculate the fair value of the contingent consideration for all acquisitions other than Biocoat are projected revenue for the remaining earnout periods. The payment related to the Biocoat acquisition is contingent upon specified operational milestones being met after close. Actual results will differ from the projected results and could have a significant impact on the estimated fair value of the contingent considerations.
(18.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The following table provides information on unpaid contingent consideration as of December 31, 2025 (in thousands):
As of December 31, 2025
Maximum Remaining Payout (undiscounted)
AcquisitionAcquisition DateRemainingMilestone Years2026202720282029TotalFair Value
Biocoat
12/04/252026$7,000 $— $— $— $7,000 $7,000 
VSi02/28/252026 - 2028— 1,000 1,000 1,000 3,000 1,179 
InNeuroCo10/01/232026 - 2027— 2,700 2,700 — 5,400 — 
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, contract assets, accounts payable and accrued expenses approximate fair value due to the short-term nature of these items.
Borrowings under the Company’s Revolving Credit Facility and TLA Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.
As of December 31, 2025, the estimated fair value of the 2028 Convertible Notes and 2030 Convertible Notes was approximately $131.5 million and $930.0 million, respectively. The estimated fair value of the Convertible Notes is generally determined through consideration of quoted market prices. To the extent quoted prices are not available, fair values are generally derived using bid/ask spreads. The fair value of the Convertible Notes are categorized in Level 2 of the fair value hierarchy.
Equity Investments
Equity investments comprise the following (in thousands):
December 31,
2025		December 31,
2024
Equity method investment$7,709 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,889 $7,417 
The components of (Gain) loss on equity investments, net for each period were as follows (in thousands):
202520242023
Equity method investment (gain) loss$(550)$533 $481 
Impairment charges— 247 5,210 
(Gain) loss on equity investments, net$(550)$780 $5,691 
During 2025, the Company received a cash distribution representing a return of capital on our equity method investment of $0.1 million. During 2024 and 2023, the Company recorded charges of $0.2 million and $5.2 million, respectively, after determining that certain investments in its non-marketable equity securities were impaired. These assessments were based on qualitative indications of impairment which are considered to be a Level 3 fair value measurement, as the fair values were determined to be zero based on significant inputs not observable in the market. Factors that significantly influenced the determination of the impairment losses included the investee’s financial condition, operational and financing cash flow activities, and priority claims to the equity security, distributions rights and preferences. The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of December 31, 2025, the Company owned 7.6% of this fund.
v3.25.4
SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated income from continuing operations to make key operating decisions, including resource allocations and performance assessments.
Selected financial information with respect to the Company’s single operating segment was as follows (in thousands).
202520242023
Sales$1,853,637 $1,716,596 $1,555,656 
Cost of sales1,353,251 1,257,582 1,145,767 
Gross profit500,386 459,014 409,889 
Operating expenses:
Selling, general and administrative211,748 185,202 173,171 
Research, development and engineering49,499 53,425 61,967 
Restructuring and other charges17,875 12,149 11,428 
Total operating expenses279,122 250,776 246,566 
Operating income221,264 208,238 163,323 
Interest expense43,206 56,374 51,275 
(Gain) loss on equity investments, net(550)780 5,691 
Other loss, net53,212 3,521 975 
Income from continuing operations before income taxes 125,396 147,563 105,382 
Provision for income taxes22,566 26,510 16,239 
Income from continuing operations$102,830 $121,053 $89,143 
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Sales, allocated based on where the products are shipped, by significant country were as follows (in thousands):
202520242023
Sales by geographic area:
United States$979,807 $938,675 $872,926 
Non-Domestic locations:
Costa Rica173,524 124,694 108,421 
Puerto Rico131,261 137,057 121,487 
Ireland99,160 84,407 69,092 
Rest of world469,885 431,763 383,730 
Total sales$1,853,637 $1,716,596 $1,555,656 
PP&E, aggregated based on the physical location of the tangible long-lived assets, by geographic area were as follows (in thousands):
December 31,
2025		December 31,
2024
Long-lived tangible assets by geographic area:
United States$297,441 $260,220 
Ireland160,511 139,889 
Mexico45,922 37,838 
Rest of world32,553 27,851 
Total$536,427 $465,798 
v3.25.4
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenue
The Company operates as one segment, which is separated into three distinct product lines. Sales by product line were as follows (in thousands):
202520242023
Cardio & Vascular $1,107,084 $949,576 $836,343 
Cardiac Rhythm Management & Neuromodulation668,803 660,610 612,891 
Other Markets77,750 106,410 106,422 
Total sales$1,853,637 $1,716,596 $1,555,656 
A significant portion of the Company’s sales for the years ended December 31, 2025, 2024 and 2023 and accounts receivable at December 31, 2025 and December 31, 2024 were to three customers as follows:
 SalesAccounts Receivable
202520242023December 31,
2025		December 31,
2024
Customer A20%18%16%19%10%
Customer B15%16%17%9%9%
Customer C14%13%13%10%14%
49%47%46%38%33%
Revenue recognized from products and services transferred to customers over time during 2025 and 2024 represented 33% and 32%, respectively, of total revenue.
Contract Balances
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
December 31,
2025		December 31,
2024
Contract assets$112,546 $103,772 
Contract liabilities (included in Accrued expenses and other current liabilities)5,213 4,440 
Contract liabilities (included in Other long-term liabilities)3,265 4,398 
Contract assets at December 31, 2025 increased $8.8 million from December 31, 2024 primarily due to changes in the mix of inventory and associated conversions costs. During 2025 and 2024, the Company recognized $3.4 million and $4.4 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2024 and December 31, 2023, respectively.
v3.25.4
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
Schedule II—Valuation and Qualifying Accounts
 Col. C—Additions    
Column A
Description		Col. B Balance at Beginning
of Period		Charged to Costs &
Expenses		Charged to Other Accounts- Describe Col. D Deductions
- Describe		 Col. E Balance at End of
Period
December 31, 2025
Provision for credit losses
$310 $164 $117 
(1)
$— $591 
Valuation allowance for deferred tax assets$13,387 $93 
(2)
$559 
(3)
$(2,612)
(2)
$11,427 
December 31, 2024
Provision for credit losses
$371 $163 $— $(224)
(4)
$310 
Valuation allowance for deferred tax assets$15,741 $1,534 
(2)
$(28)
(3)
$(3,860)
(2)
$13,387 
December 31, 2023
Provision for credit losses
$338 $74 $1 $(42)
(4)
$371 
Valuation allowance for deferred tax assets$16,649 $3,267 
(2)
$(14)
(3)
$(4,161)
(2)
$15,741 
(1)Amount relates to 2025 acquisitions.
(2)Valuation allowance recorded in the provision for income taxes for certain net operating losses and tax credits. Deductions include the expiration of certain net operating losses and tax credits. The 2024 amount includes a deduction of $0.6 million from the divestiture of Electrochem.
(3)Includes foreign currency translation effect.
(4)Accounts written off and reductions to allowances existing at the beginning of the year.
Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.
(3)See exhibits listed under Part (b) below.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Accelerated Share Repurchase
On February 19, 2026, we entered into an accelerated share repurchase agreement (“ASR Agreement”) to repurchase approximately $50.0 million of common stock under our previously authorized Share Repurchase Program. Pursuant to the ASR Agreement, shares of common stock are repurchased based on the volume-weighted average price of the Company’s common stock during the repurchase period, less a discount and subject to adjustments. Upon entry into the ASR Agreement, the Company received an initial delivery of 462,535 shares, representing approximately 80% of the shares to be repurchased. At the termination of the ASR Agreement, the Company may receive additional shares of common stock or may be required to pay additional cash or shares of common stock (at the Company’s election). The final settlement of the transactions under the ASR Agreement is scheduled to occur in the Company’s first fiscal quarter ending April 3, 2026, subject to earlier termination under certain limited circumstances, as set forth in the ASR Agreement. The Company used available cash and borrowings under our credit facility to fund the repurchase of the common shares under the ASR Agreement. After giving effect to the ASR Agreement, the Company will have approximately $100.0 million of capacity remaining under the Share Repurchase Program.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We recognize the critical importance of developing, implementing, and maintaining cybersecurity measures to safeguard our information systems and protecting the confidentiality, integrity, and availability of our data and other information located on our information systems. Below is a discussion of how we assess, identify and manage material risks from cybersecurity threats.
Managing Material Cybersecurity Risks Within Our Overall Risk Management Framework
We have strategically and deliberately integrated cybersecurity risk management into our broader risk management framework to promote a Company-wide culture of cybersecurity risk management. This integration seeks to ensure that cybersecurity considerations are an integral part of our decision-making processes at every level. Our management-level Security, Privacy and Compliance Committee (the “SPCC”) was established to help ensure that the Company’s information security strategy supports our business operations and that the Company complies with applicable laws and regulations with respect to privacy and other cybersecurity matters. The SPCC is also primarily responsible for monitoring and responding to cybersecurity threats as they arise. The SPCC meets quarterly and as necessary. The SPCC is a cross-functional committee, and its members include Company officers and associates involved in various aspects of the Company’s governance and operations, including our General Counsel, Corporate Controller, Chief Information Officer, Head of Environmental, Health, Safety and Security and others, and is chaired by our Chief Information Security Officer (“CISO”). In addition, we have established a management-level Cyber Disclosure Escalation Committee (the “CDEC”) to assist in the evaluation of cybersecurity incidents that may arise from time to time and the potential need for public disclosure of any such incident. The CDEC meets quarterly and on an ad hoc basis as necessary, and it reports to our CEO and other members of the Company’s senior management.
Third-Party Engagement in Cybersecurity Risk Management
Recognizing the complexity and evolving nature of cybersecurity threats, we engage with a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing our cybersecurity risk management systems. These partnerships enable us to leverage specialized knowledge and insights, seeking to ensure that our cybersecurity strategies and processes remain at the forefront of industry best practices. Our collaboration with these third parties includes threat assessments, consultations on security enhancements and cybersecurity strategies and trends and penetration testing designed to simulate an external cyberattack on the Company. We also periodically retain a third-party advisor to perform a cybersecurity materiality assessment of the Company using the NIST CSF framework. Finally, we also engage a third party to evaluate the cybersecurity strengths of our vendors as part of our third-party risk oversight, as described below under “Oversight of Third-Party Risks.”
Oversight of Third-Party Risks
We have sought to implement stringent processes to oversee and manage cybersecurity risks resulting from our day-to-day business interactions with third parties. Our third-party risk oversight is primarily handled internally at the Company and consists of four fundamental pillars. First, we require each third-party information technology vendor that we engage with to complete a cybersecurity questionnaire detailing their cybersecurity standards and practices. These questionnaires are completed at the beginning of the relationship and thereafter periodically throughout the relationship based upon our risk level assessment. Second, we use a third-party consultant to monitor and assess cybersecurity matters relating to our vendors based on publicly available information. This monitoring is ongoing and, if an issue is identified, we will proactively seek to engage with our vendors to remediate the issue. Third, we seek to strictly limit access to our internal infrastructure and, for those vendors that have a need to access to our infrastructure, we use methods and processes to limit their access. Finally, we require our contracts with third-party vendors to include contractual obligations with respect to cybersecurity matters that are applicable those vendors, including data breach notifications.
Risks from Cybersecurity Threats
Based upon the information that we have as of the end of the year covered by this report, we do not believe that any risks from any cybersecurity threat or from any previous cybersecurity incident have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. However, the risks from cybersecurity threats and incidents continue to increase, and the preventative actions we have taken and continue to take to reduce the risk of cybersecurity threats and incidents may not successfully protect against all such threats and incidents, and, as a result, there can be no assurance that we or the third parties we interact with will not experience a cybersecurity event in the future that will materially affect us. For more information on risks to us from cybersecurity threats see Item 1A, “Risk Factors,” under the heading “Our operations are subject to cyber-attacks and other information technology disruptions that could have a material adverse effect on our business, results of operations and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have strategically and deliberately integrated cybersecurity risk management into our broader risk management framework to promote a Company-wide culture of cybersecurity risk management.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board understands the critical nature of managing risks associated with cybersecurity threats. Our Board has established oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats because we recognize the significance of these threats to our operational integrity and in maintaining stockholder confidence.
Board of Directors’ Oversight Role and Management’s Role in Managing Cybersecurity Risk
Our Board has direct oversight responsibility for the Company’s strategic risks. The Audit Committee has been made primarily responsible for the Board’s oversight of cybersecurity risks, but the Board has discretion to delegate this oversight responsibility to any committee or sub-committee as it deems appropriate. The Audit Committee is composed of directors with diverse expertise including risk management, operations, technology and finance and accounting, equipping them to oversee cybersecurity risks effectively.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our CISO is responsible for updating the Audit Committee on cybersecurity risks and the processes and procedures that Company management has put in place to seek to mitigate these risks. At least twice each year, our CISO provides updates to the Audit Committee on cybersecurity risks, incidents and incident resolution. The Audit Committee also discusses at least annually with the CISO regarding the status of the Company’s IT policies, procedures, disaster recovery plans and other security issues. In addition, reports describing known cybersecurity threats are delivered to our executive leadership team on a monthly basis and general updates relating to our cybersecurity systems are delivered to our executive leadership team on a bi-monthly basis. Monthly cybersecurity reviews are also undertaken with our IT leadership team to discuss actionable cybersecurity issues.
In addition to our scheduled meetings, the Audit Committee, CISO and other senior members of management maintain an ongoing and active dialogue regarding emerging or potential cybersecurity risks. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering oversight and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of the Company. This oversight review by our Audit Committee helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework. In addition, we require all Company associates to complete mandatory cybersecurity awareness and information handling training at the time of hiring and on an annual basis.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our CISO is responsible for updating the Audit Committee on cybersecurity risks and the processes and procedures that Company management has put in place to seek to mitigate these risks. At least twice each year, our CISO provides updates to the Audit Committee on cybersecurity risks, incidents and incident resolution. The Audit Committee also discusses at least annually with the CISO regarding the status of the Company’s IT policies, procedures, disaster recovery plans and other security issues. In addition, reports describing known cybersecurity threats are delivered to our executive leadership team on a monthly basis and general updates relating to our cybersecurity systems are delivered to our executive leadership team on a bi-monthly basis. Monthly cybersecurity reviews are also undertaken with our IT leadership team to discuss actionable cybersecurity issues.
In addition to our scheduled meetings, the Audit Committee, CISO and other senior members of management maintain an ongoing and active dialogue regarding emerging or potential cybersecurity risks. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering oversight and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of the Company. This oversight review by our Audit Committee helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework. In addition, we require all Company associates to complete mandatory cybersecurity awareness and information handling training at the time of hiring and on an annual basis.
Risk Management Personnel
Our CISO is primarily responsible for assessing, monitoring and managing our cybersecurity risks and has worked in the cybersecurity field since 1996. His background includes both the public and private sectors. Our CISO has served in his position with the Company since 2020 and has built out a comprehensive security program for the Company by adding cybersecurity capabilities and aligning our cybersecurity systems to leading industry standards, including the National Institute of Standards and Technology Cybersecurity Framework. In addition, our CISO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our cybersecurity training program for associates
Cybersecurity Risk Role of Management [Text Block]
Our CISO is responsible for updating the Audit Committee on cybersecurity risks and the processes and procedures that Company management has put in place to seek to mitigate these risks. At least twice each year, our CISO provides updates to the Audit Committee on cybersecurity risks, incidents and incident resolution. The Audit Committee also discusses at least annually with the CISO regarding the status of the Company’s IT policies, procedures, disaster recovery plans and other security issues. In addition, reports describing known cybersecurity threats are delivered to our executive leadership team on a monthly basis and general updates relating to our cybersecurity systems are delivered to our executive leadership team on a bi-monthly basis. Monthly cybersecurity reviews are also undertaken with our IT leadership team to discuss actionable cybersecurity issues.
In addition to our scheduled meetings, the Audit Committee, CISO and other senior members of management maintain an ongoing and active dialogue regarding emerging or potential cybersecurity risks. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering oversight and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of the Company. This oversight review by our Audit Committee helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework. In addition, we require all Company associates to complete mandatory cybersecurity awareness and information handling training at the time of hiring and on an annual basis.
Risk Management Personnel
Our CISO is primarily responsible for assessing, monitoring and managing our cybersecurity risks and has worked in the cybersecurity field since 1996. His background includes both the public and private sectors. Our CISO has served in his position with the Company since 2020 and has built out a comprehensive security program for the Company by adding cybersecurity capabilities and aligning our cybersecurity systems to leading industry standards, including the National Institute of Standards and Technology Cybersecurity Framework. In addition, our CISO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our cybersecurity training program for associates.
Company Processes for Monitoring Cybersecurity Incidents
The CISO is regularly informed about developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. The CISO works with the SPCC to implement and oversee processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to seek to identify potential vulnerabilities. If a cybersecurity event involving the Company were to occur, the CDEC would be engaged to initially evaluate the potential materiality of the event and the potential need for public disclosure, and the SPCC and other members of senior management would be engaged to determine the timing and extent of the response and to consider whether any future vulnerabilities are expected. As part of this evaluation, the Company, through the SPCC, would also work to identify actions to seek to mitigate the impact and long-term strategies for remediation and prevention of future incidents. After an initial evaluation by the CDEC, the relevant information regarding the cybersecurity event and its potential materiality would also be promptly raised to the Company’s Disclosure Committee for further review and evaluation as to whether public disclosure would be required.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO is responsible for updating the Audit Committee on cybersecurity risks and the processes and procedures that Company management has put in place to seek to mitigate these risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] has worked in the cybersecurity field since 1996. His background includes both the public and private sectors. Our CISO has served in his position with the Company since 2020 and has built out a comprehensive security program for the Company by adding cybersecurity capabilities and aligning our cybersecurity systems to leading industry standards, including the National Institute of Standards and Technology Cybersecurity Framework.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our CISO is responsible for updating the Audit Committee on cybersecurity risks and the processes and procedures that Company management has put in place to seek to mitigate these risks. At least twice each year, our CISO provides updates to the Audit Committee on cybersecurity risks, incidents and incident resolution. The Audit Committee also discusses at least annually with the CISO regarding the status of the Company’s IT policies, procedures, disaster recovery plans and other security issues. In addition, reports describing known cybersecurity threats are delivered to our executive leadership team on a monthly basis and general updates relating to our cybersecurity systems are delivered to our executive leadership team on a bi-monthly basis. Monthly cybersecurity reviews are also undertaken with our IT leadership team to discuss actionable cybersecurity issues.
In addition to our scheduled meetings, the Audit Committee, CISO and other senior members of management maintain an ongoing and active dialogue regarding emerging or potential cybersecurity risks. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering oversight and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of the Company. This oversight review by our Audit Committee helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework. In addition, we require all Company associates to complete mandatory cybersecurity awareness and information handling training at the time of hiring and on an annual basis.
Risk Management Personnel
Our CISO is primarily responsible for assessing, monitoring and managing our cybersecurity risks and has worked in the cybersecurity field since 1996. His background includes both the public and private sectors. Our CISO has served in his position with the Company since 2020 and has built out a comprehensive security program for the Company by adding cybersecurity capabilities and aligning our cybersecurity systems to leading industry standards, including the National Institute of Standards and Technology Cybersecurity Framework. In addition, our CISO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our cybersecurity training program for associates.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Integer Holdings Corporation and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations.
Use of Estimates
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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting periods. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable. A significant portion of the Company’s sales and accounts receivable are to three customers, all in the medical device industry, and, as such, the Company is directly affected by the condition of those customers and that industry. However, the credit risk associated with trade receivables is partially mitigated due to the stability of those customers. The Company performs on-going credit evaluations of its customers. Note 20, “Revenue from Contracts with Customers,” contains information on sales and accounts receivable for these customers. The Company maintains cash deposits with major banks, which from time to time may exceed insured limits. The Company performs on-going credit evaluations of its banks.
Trade Accounts Receivable and Provision for Current Expected Credit Losses
Trade Accounts Receivable and Provision for Current Expected Credit Losses
The Company provides credit, in the normal course of business, to its customers in the form of trade receivables. Credit is extended based on evaluation of a customer’s financial condition and collateral is not required. The Company maintains a provision for those customer receivables that it does not expect to collect. In accordance with Accounting Standards Codification (“ASC”) Topic 326, the Company accrues its estimated losses from uncollectable accounts receivable to the provision based upon recent historical experience, the length of time the receivable has been outstanding, other specific information as it becomes available, and reasonable and supportable forecasts not already reflected in the historical loss information. Provisions for current expected credit losses are charged to current operating expenses. Actual losses are charged against the provision when incurred.
Factoring Arrangements
Factoring Arrangements
The Company has receivable factoring arrangements, pursuant to which certain receivables may be sold on a non-recourse basis to financial institutions. Transactions under the receivables factoring arrangements are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s Consolidated Balance Sheets. Under these arrangements, the Company does not maintain any beneficial interest in the receivables sold. Once sold, the receivables are no longer available to satisfy creditors in the event of bankruptcy. Sale proceeds are reflected in Cash flows from operating activities on the Consolidated Statements of Cash Flows. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Consolidated Statements of Operations.
Supplier Financing Arrangements
Supplier Financing Arrangements
The Company utilizes supplier financing arrangements with financial institutions to sell certain accounts receivable on a non-recourse basis. These transactions are treated as a sale of, and are accounted for as a reduction to, accounts receivable. The agreements transfer control and risk related to the receivables to the financial institutions. The Company has no continuing involvement in the transferred receivables subsequent to the sale.
Inventories
Inventories
Inventories are stated at the lower of cost, determined using the first-in first-out method, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Write-downs for excess, obsolete or expired inventory are based primarily on how long the inventory has been held, historical sales volume, and estimates of forecasted net sales of that product. A significant change in the timing or level of demand for products may result in recording additional write-downs for excess, obsolete or expired inventory in the future. Note 5, “Inventories,” contains additional information on the Company’s inventory.
Leases
Leases
The Company determines if an arrangement is, or contains, a lease at inception and classifies it at as finance or operating.  The Company has operating and finance leases for office and manufacturing facilities, machinery, computer hardware, office equipment, and vehicles. Short-term finance lease liabilities are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
Lease right-of-use (“ROU”) assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. When discount rates implicit in leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments.  The incremental borrowing rate is determined based on the Company’s recent debt issuances, the Company’s specific credit rating, lease term and the currency in which lease payments are made.
Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. Costs associated with operating leases are recognized within operating expenses on a straight-line basis over the lease term. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or, in the instance where title does not transfer at the end of the lease term, the lease term. The interest component of a finance lease is included in Interest expense and recognized using the effective interest method over the lease term. The Company combines lease and non-lease components for all asset classes. For certain leases where rent escalates based upon a change in a financial index, such as the Consumer Price Index, the difference between the rate at lease inception and the subsequent fluctuations in that rate are included in variable lease costs.  Additionally, because the Company does not separate lease and non-lease components, variable costs also include payments to the landlord for common area maintenance, real estate taxes, insurance and other operating expenses.  The Company does not apply the recognition requirements to leases with lease terms of 12 months or less. Note 15, “Leases,” contains additional information on the Company’s leases.
Property, Plant and Equipment (PP&E)
Property, Plant and Equipment (“PP&E”)
PP&E is carried at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: buildings and building improvements 12-30 years; machinery and equipment 3-10 years; office equipment 3-10 years; and leasehold improvements over the remaining lives of the improvements or the lease term, whichever is shorter. The costs of repairs and maintenance are expensed as incurred; renewals and betterments are capitalized. Upon retirement or sale of an asset, its cost and related accumulated depreciation or amortization is removed from the accounts and any gain or loss is recorded in operating income or expense. The Company also reviews its PP&E for impairment when impairment indicators exist. When impairment indicators exist, the Company determines if the carrying value of its fixed assets exceeds the related undiscounted future cash flows. In cases where the carrying value of the Company's long-lived assets or asset groups (excluding goodwill and indefinite-lived intangible assets) exceeds the related undiscounted cash flows, the carrying value is written down to fair value. Fair value is generally determined using a discounted cash flow analysis. Note 6, “Property, Plant and Equipment, Net,” contains additional information on the Company’s PP&E.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurements, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 valuations do not entail a significant degree of judgment.
Level 2 – Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market.
Level 3 – Valuation is based on unobservable inputs that are significant to the overall fair value measurement. The degree of judgment in determining fair value is greatest for Level 3 valuations.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. Note 18, “Financial Instruments and Fair Value Measurements,” contains additional information on assets and liabilities recorded at fair value in the consolidated financial statements.
Acquisitions and Contingent Consideration
Acquisitions
The Company accounts for acquisitions under the acquisition method of accounting for business combinations. Results of operations of acquired companies are included in the Company’s results of operations as of the respective acquisition dates. The purchase price of each acquisition is allocated to the net assets acquired based on estimates of their fair values at the date of the acquisition. Any purchase price in excess of these net assets is recorded as goodwill.
All direct acquisition-related costs are expensed as incurred and are recognized as a component of Restructuring and other charges. The allocation of purchase price in certain cases may be subject to revision based on the final determination of fair values during the measurement period, which may be up to one year from the acquisition date.
Contingent Consideration
In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments it expects to make as of the acquisition date. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing, amount of, or the likelihood of achieving the applicable performance target. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.
The contingent consideration fair value measurement is based on significant inputs not observable in the market and therefore constitute Level 3 inputs within the fair value hierarchy. The Company determines the initial fair value of contingent consideration liabilities using a Monte Carlo (“Monte Carlo”) valuation model, which involves a simulation of future revenues during the earn out-period using management’s best estimates, or a probability-weighted discounted cash flow analysis.
In periods subsequent to the initial measurement, contingent consideration liabilities are remeasured to fair value each reporting period until the contingent consideration is settled using various assumptions including estimated revenues (based on internal operational budgets and long-range strategic plans), discount rates, revenue volatility and projected payment dates. The current portion of contingent consideration liabilities is included in Accrued expenses and other current liabilities and the non-current portion is included in Other long-term liabilities on the Consolidated Balance Sheets. Adjustments to the fair value of contingent consideration liabilities are included in Restructuring and other charges in the Consolidated Statements of Operations, and cash flows from operating activities in the Consolidated Statements of Cash Flows. Note 18, “Financial Instruments and Fair Value Measurements,” contains additional information on contingent consideration recorded at fair value in the consolidated financial statements.
Assets Held for Sale and Discontinued Operations
Assets Held for Sale and Discontinued Operations
An asset, group of assets, or qualifying business are considered held for sale when they meet all the applicable criteria, including: (i) having the authority to sell, (ii) being available to sell in their present condition, (iii) having an active program to locate buyers, (iv) being actively marketed at current fair value, and (v) considered probable of selling within one year.
Assets and liabilities of a qualifying business are excluded from the net assets of continuing operations, separated in a disposal group and classified as held for sale in the period in which the held for sale criteria was met. Corporate debt is not included as a component of the disposal group, regardless of repayment provisions, and only debt directly attributable to the divested operations may be included as held for sale. Assets and liabilities held for sale are recorded at the lower of its carrying amount or estimated fair value less expected cost to sell and any unrecognized other comprehensive loss. The fair value of the assets and liabilities held for sale are based on significant inputs that are unobservable and thus represent Level 3 measurements. Assets held for sale do not experience any subsequent depreciation or amortization after being classified as held for sale. Assets held for sale are reviewed for impairment at least quarterly, and if the carrying amount of the disposal group exceeds the estimated fair value less cost to sell, a loss is recognized.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the business is sold and meets the criteria for being classified as held for sale. Assets and liabilities of a disposal group classified as held for sale and related to discontinued operations are presented as held for sale for all current and prior periods presented within the Consolidated Balance Sheets. The results of discontinued operations are reported in Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for the current and prior periods commencing in the period in which the business meets the held for sale criteria, and includes any gain or loss recognized on closing, or adjustment of the carrying amount to fair value less cost to sell while being held for sale. Income (loss) from discontinued operations, net of tax includes only direct costs attributable to the divested business and excludes any indirect cost allocation associated with any shared or corporate led functions unless otherwise dedicated to the divested business. Transactions between the businesses held for sale and businesses held for use that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held for sale. Interest costs from corporate debt, excluding loss on extinguishment of debt, may be included as a component of Income (loss) from discontinued operations, net of tax specifically attributable to interest from corporate debt that is obligated to be repaid following the completion of a divestiture; plus the allocation of interest cost from corporate debt not directly attributable to or related to other operations based on the ratio of net assets of the disposal group held for sale to the consolidated net assets plus consolidated debt, excluding debt assumed in transaction, required to be repaid, or directly attributable to other operations of the Company. See Note 3, “Discontinued Operations,” for further details.
Goodwill
Goodwill
Goodwill represents the excess of cost over the fair value of identifiable net assets of a business acquired and is assigned to one or more reporting units. The Company’s reporting unit is the same as its reportable segment. The Company tests the reporting unit’s goodwill for impairment at least annually as of the last day of the fiscal year and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the reporting unit below its carrying amount. In conducting its goodwill test, the Company either performs a qualitative assessment or a quantitative assessment. A qualitative assessment requires that the Company consider events or circumstances including, but not limited to, macro-economic conditions, market and industry conditions, cost factors, competitive environment, changes in strategy, changes in customers, changes in the Company’s stock price, results of the last impairment test, and the operational stability and the overall financial performance of the reporting unit. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of its reporting unit is greater than the carrying amount, then the quantitative goodwill impairment test is not performed. The Company may elect to bypass the qualitative analysis and perform a quantitative analysis.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
If the qualitative assessment indicates that the quantitative analysis should be performed or if management elects to bypass a qualitative analysis to perform a quantitative analysis, the Company then evaluates goodwill for impairment by comparing the fair value of its reporting unit to its carrying value, including the associated goodwill. To determine the fair value, the Company uses a combination of the income approach based on estimated discounted future cash flows and the market approach based on comparable publicly traded companies. The cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors.
The Company completed its annual goodwill impairment test as of December 31, 2025 and determined, after performing a quantitative analysis of its reporting unit, that the fair value of the reporting unit exceeds its carrying amount.
Other Intangible Assets
Other Intangible Assets
Other intangible assets consist of purchased technology and patents, customer relationships and trademarks. Definite-lived intangible assets are amortized on an accelerated or straight-line basis, which approximates the projected cash flows used to determine the fair value of those definite-lived intangible assets at the time of acquisition, as follows: purchased technology and patents 5-20 years; customer relationships 7-20 years and other intangible assets 1-20 years. Certain trademark assets are considered indefinite-lived intangible assets and are not amortized. The Company expenses the costs incurred to renew or extend the term of intangible assets.
The Company reviews its definite-lived intangible assets for impairment when impairment indicators exist. When impairment indicators exist, the Company determines if the carrying value of its definite-lived intangible assets or asset groups exceeds the related undiscounted future cash flows. In cases where the carrying value exceeds the undiscounted future cash flows, the carrying value is written down to fair value. Fair value is generally determined using a discounted cash flow analysis.
The Company assesses its indefinite-lived intangible assets for impairment periodically to determine if any adverse conditions exist that would indicate impairment or when impairment indicators exist. The Company assesses its indefinite-lived intangible assets for impairment at least annually by comparing the fair value of the indefinite-lived intangible asset to its carrying value. The fair value is determined using the relief from royalty method, which is based on unobservable, Level 3, inputs.
Refer to Note 7, “Goodwill and Other Intangible Assets, Net,” for further details of the Company’s goodwill and other intangible assets.
Equity Investments
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Consolidated Balance Sheets. Equity investments are measured and recorded as follows:
•Non-marketable equity securities are equity securities without readily determinable fair value that are measured and recorded at fair value with changes in fair value recognized within net income. The Company 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 method investments are equity securities in investees the Company does not control but over which it has the ability to exercise influence. Equity method investments are recorded at cost and are adjusted to recognize (1) the Company’s share, based on percentage ownership or other contractual basis, of the investee’s income or loss, (2) additional contributions made and dividends or other distributions received, and (3) impairments resulting from other-than-temporary declines in fair value.
Realized and unrealized gains and losses resulting from changes in fair value or the sale of these equity investments are recorded through (Gain) loss on equity investments, net. For some investments, the Company records its share of the investee’s income or loss one quarter in arrears due to the timing of its receipt of such information. The carrying value of the Company’s non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities by the same issuer. Determining whether an observed transaction is similar to a security within the Company’s portfolio requires judgment based on the rights and preferences of the securities. Recording upward and downward adjustments to the carrying value of the Company’s equity securities as a result of observable price changes requires quantitative assessments of the fair value of these securities using various valuation methodologies and involves the use of estimates.
Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. The Company’s quarterly impairment analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative factors considered include the investee’s financial condition and business outlook, market for technology, operational and financing cash flow activities, technology and regulatory approval progress, and other relevant events and factors affecting the investee. When indicators of impairment exist, quantitative assessments of the fair value of the Company’s non-marketable equity investments are prepared.
To determine the fair value of these investments, the Company uses all pertinent financial information available related to the investees, including financial statements, market participant valuations from recent and proposed equity offerings, and other third-party data. Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and long-lived assets. Upon determining that an impairment may exist, the security’s fair value is calculated and compared to its carrying value and an impairment is recognized immediately if the carrying value exceeds the fair value. Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and the Company’s ability and intent to hold the investment for a sufficient period of time to allow for recovery.
The Company has determined that its investments are not considered variable interest entities. The Company’s exposure related to these entities is limited to its recorded investment. These investments are in start-up research and development companies whose fair value is highly subjective in nature and subject to future fluctuations, which could be significant. Refer to Note 18, “Financial Instruments and Fair Value Measurements,” for additional information on the Company’s equity investments.
Debt Issuance Costs and Discounts
Debt Issuance Costs and Discounts
Debt issuance costs and discounts associated with the issuance of debt by the Company are deferred and amortized over the lives of the related debt. Debt issuance costs incurred in connection with the Company’s issuance of its revolving credit facility are classified within Other long-term assets and amortized to Interest expense on a straight-line basis over the contractual term of the revolving credit facility. Debt issuance costs and discounts related to the Company’s term-debt are recorded as a reduction of the carrying value of the related debt and are amortized to Interest expense using the effective interest method over the period from the date of issuance to the maturity date. Upon prepayment of the related debt, the Company also recognizes a proportionate amount of the costs as extinguishment of debt. Costs treated as extinguishment of debt are expensed and included in Interest expense in the accompanying Consolidated Statements of Operations. The amortization of debt issuance costs and discounts, and debt extinguishment charges are included in Debt related charges included in interest expense in the Consolidated Statements of Cash Flows. Note 9, “Debt,” contains additional information on the Company’s debt issuance costs and discounts.
Income Taxes
Income Taxes
The consolidated financial statements of the Company have been prepared using the asset and liability approach to account for income taxes, which requires the recognition of deferred income taxes for the expected future tax consequences of net operating losses, credits, and temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided on deferred tax assets if it is determined, within each taxing jurisdiction, that it is more likely than not that the asset will not be realized.
The Company accounts for uncertain tax positions using a more likely than not recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. The Company recognizes interest expense related to uncertain tax positions as Provision for income taxes. Penalties, if incurred, are recognized as a component of Selling, general and administrative (“SG&A”) expenses.
The Company and its subsidiaries file a consolidated United States (“U.S.”) federal income tax return. State tax returns are filed on a combined or separate basis depending on the applicable laws in the jurisdictions where the tax returns are filed. The Company also files foreign tax returns on a separate company basis in the countries in which it operates.
Derivative Financial Instruments
Derivative Financial Instruments
The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments is generally limited to cash flow hedges to minimize foreign currency exposure on foreign currency transactions, which are typically designated in hedging relationships, and intercompany balances, which are not designated as hedging instruments. Under master agreements with the respective counterparties to the Company’s derivative contracts, subject to applicable requirements, it has the right of set-off and is allowed to net settle transactions of the same type with a single net amount payable by one party to the other. Foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and the related gains or losses are deferred as a component of Accumulated other comprehensive income (loss) (“AOCI”) in the Consolidated Balance Sheets until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from AOCI to the Consolidated Statement of Operations on the same line item as the underlying transaction. In the event the forecasted transactions do not occur, or it becomes probable that they will not occur, the Company reclassifies any gain or loss on the related cash flow hedge to earnings in the respective period. Cash flows related to these derivative financial instruments are included in cash flows from operating activities. Foreign currency contracts not designated as hedging relationships are recorded in the Consolidated Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Statement of Operations.
Revenue Recognition
Revenue Recognition
The majority of the Company’s revenues consist of sales of various medical devices and products to large, multinational OEMs and their affiliated subsidiaries. The Company considers the customer’s purchase order, which in some cases is governed by a long-term agreement, and the Company’s corresponding sales order acknowledgment as the contract with the customer. The majority of customers’ purchase orders and the Company’s corresponding sales order acknowledgments have an original expected duration of one year or less. Consideration payable to customers is included in the transaction price. In accordance with ASC 340-40-25-4, the Company expenses incremental costs of obtaining a contract when incurred because the amortization period is less than one year.
The Company recognizes revenue from contracts with customers as performance obligations are satisfied when the customer obtains control of the products. Control is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the products. The customer obtains control of the products when title and risk of ownership transfers to them, which is primarily based upon shipping terms. Most of the Company’s revenues are recognized at the point in time when the products are shipped to customers. When a contract with a customer relates to products with no alternative use and the Company has an enforceable right to payment, including reasonable profit, for performance completed to date throughout the duration of the contract, revenue is recognized over time as control is transferred to the customer. When revenue is recognized over time, the Company uses an input measure to determine progress towards completion and total estimated costs at completion. Under this method, sales and gross profit are recognized generally as actual costs are incurred. Revenue is recognized net of sales tax, value-added taxes and other taxes.
Performance Obligations
The Company assesses whether promises are separate and distinct in the context of the contract. If promises are not separate and distinct, they are aggregated with other promises until they are separate and distinct, resulting in a performance obligation. The Company considers each shipment of an individual product included on a purchase order to be a separate performance obligation because the customer obtains economic benefit as each shipment occurs. Standard payment terms range from 30 to 90 days and may include a discount for early payment.
The Company does not offer its customers a right of return. Rather, the Company warrants that each unit received by the customer will meet the agreed upon technical and quality specifications and requirements. If the units do not meet these requirements, the customer can return the non-compliant units as a corrective action under the warranty. The remedy offered to the customer is repair of the returned units or replacement if repair is not viable. Accordingly, the Company records a warranty reserve and any warranty activities are not considered to be a separate performance obligation.
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable and less frequently, contract liabilities. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities are recorded when customers pay or are billed in advance of the Company’s satisfaction of its performance obligations. The current portion of contract liabilities is included in Accrued expenses and other current liabilities and the non-current portion is included in Other long-term liabilities on the Consolidated Balance Sheets. For contracts with customers where revenue is recognized over time, the Company records a contract asset when revenue is earned but not yet billed associated with non-cancellable customer orders. Contract assets are presented as a current asset on the Consolidated Balance Sheets.
Transaction Price
Generally, the transaction price of the Company’s contracts consists of a unit price for each individual product included in the contract. The unit price can be fixed or variable based on the number of units ordered. In some instances, the transaction price also includes a rebate for meeting certain volume-based targets over a specified period of time. The transaction price of a contract is determined based on the unit price and the number of units ordered, reduced by the rebate expected to be earned on those units. Rebates are estimated based on the expected achievement of volume-based targets using the most likely amount method and are updated quarterly. Adjustments to these estimates are recognized in the period in which they are identified. When contracts with customers include consideration payable at the beginning of the contract, the transaction price is reduced at the later of when the Company recognizes revenue for the transfer of the related goods to the customer or when the Company pays or promises to pay the consideration. Volume discounts and rebates and other pricing reductions earned by customers are offset against their receivable balances.
The transaction price is allocated to each performance obligation on a relative standalone selling price basis. As the majority of products sold to customers are manufactured to meet the specific requirements and technical specifications of that customer, the products are considered unique to that customer and the unit price stated in the contract is considered the standalone selling price.
Contract Modifications
Contract modifications, which can include a change in scope, price, or both, most often occur related to contracts that are governed by a long-term arrangement. Contract modifications typically relate to the same products already governed by the long-term arrangement, and therefore, are accounted for as part of the existing contract. If a contract modification adds additional products, it is accounted for as a separate contract.
Environmental Costs
Environmental Costs
Environmental expenditures that relate to an existing condition caused by past operations and that do not provide future benefits are expensed as incurred. Liabilities are recorded when environmental assessments are made, the requirement for remedial efforts is probable and the amount of the liability can be reasonably estimated. Liabilities are recorded generally no later than the completion of feasibility studies. The Company has a process in place to monitor, identify, and assess how the current activities for known exposures are progressing against the recorded liabilities. The process is also designed to identify other potential remediation sites that are not presently known.
Restructuring and Other Charges
Restructuring and Other Charges
The Company continuously evaluates the business and identifies opportunities to realign its resources to better serve its customers and markets, improve operational efficiency and capabilities, and lower its operating costs or improve profitability. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. The Company incurs costs associated with these activities, which primarily include exit and disposal costs and other costs directly related to the restructuring initiative. These actions may result in voluntary or involuntary employee termination benefits. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. All other exit costs are expensed as incurred. The Company records exit and disposal costs (“restructuring charges”) as incurred in accordance with ASC 420, Exit or Disposal Cost Obligations, and are classified within Restructuring and other charges, while other costs directly related to the restructuring initiatives (“restructuring-related charges”) are classified within Cost of sales, Selling, general and administrative, and Research, development and engineering expenses in the Consolidated Statements of Operations.
In addition, from time to time, the Company incurs costs associated with acquiring and integrating businesses, and certain other general expenses, including asset impairments. The Company classifies costs associated with these items within Restructuring and other charges in the Consolidated Statements of Operations. Refer to Note 12, “Restructuring and Other Charges,” for additional information.
Research, Development and Engineering (RD&E)
Research, Development and Engineering (“RD&E”)
RD&E costs are expensed as incurred. The primary costs are salary and benefits for personnel, material costs used in development projects and subcontracting costs.
Product Warranties
Product Warranties
The Company allows customers to return defective or damaged products for credit, replacement, or repair. The Company warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The Company accrues its estimated exposure to warranty claims, through Cost of Sales, based upon experience and other specific information as it becomes available. The product warranty liability is classified as Accrued expenses and other current liabilities on the Consolidated Balance Sheets. Adjustments to pre-existing estimated exposure for warranties are made as changes to the obligations become reasonably estimable. The Company’s product warranty liability totaled $0.7 million and $1.4 million as of December 31, 2025 and December 31, 2024, respectively.
Stock-Based Compensation
Stock-Based Compensation
The Company recognizes stock-based compensation expense for its compensation plans. These plans include stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”). For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of targets based on market conditions, such as total shareholder return, or performance conditions based on the Company’s operating results. The Company records forfeitures of equity awards in the period in which they occur.
The fair value of the stock-based compensation is determined at the grant date. The Company uses the Black-Scholes standard option pricing model (“Black-Scholes model”) to determine the fair value of stock options. The fair value of each RSU is determined based on the Company’s closing stock price on the date of grant. The fair value of each PRSU is determined based on either the Company’s closing stock price on the date of grant or through a Monte Carlo valuation model for those awards that include a market-based condition. The Black-Scholes and Monte Carlo valuation models incorporate assumptions as to stock price volatility, the expected life of stock option or PRSU awards, a risk-free interest rate, illiquidity discount and dividend yield.
The Company recognizes compensation expense over the required service or vesting period based on the fair value of the award on the date of grant. Certain executive stock-based awards contain market, performance and service conditions. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Compensation expense for awards with performance conditions is reassessed each reporting period and recognized based upon the probability that the performance targets will be achieved.
All stock option awards granted under the Company’s compensation plans have an exercise price equal to the closing stock price on the date of grant, a ten-year contractual life and generally vest annually over a three-year vesting term. RSUs typically vest in equal annual installments over a 3 year period. RSUs issued to members of the Company’s Board of Directors as a portion of their annual retainer vest quarterly over a one-year vesting term. Earned PRSUs typically vest three years from the date of grant.
The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based on the amount of stock-based compensation expense recognized and the statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded as a component of Provision for income taxes in the Consolidated Statements of Operations. Note 11, “Stock-Based Compensation,” contains additional information on the Company’s stock-based compensation.
Defined Benefit Plans
Defined Benefit Plans
The Company recognizes on its Consolidated Balance Sheets as an asset or liability the overfunded or underfunded status of its defined benefit plans provided to its employees located in Mexico and Switzerland. This asset or liability is measured as the difference between the fair value of plan assets, if any, and the benefit obligation of those plans. For these plans, the benefit obligation is the projected benefit obligation, which is calculated based on actuarial computations of current and future benefits for employees. Actuarial gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit expense, are recognized as a component of AOCI on the Consolidated Balance Sheets. The Company records the service cost component of net benefit costs in Cost of sales and SG&A expenses. The interest cost component of net benefit costs is recorded in Interest expense and the remaining components of net benefit costs, amortization of net losses and expected return on plan assets, are recorded in Other loss, net.
Foreign Currency Translation and Remeasurement
Foreign Currency Translation and Remeasurement
The Company translates all assets and liabilities of its foreign subsidiaries, where the U.S. dollar is not the functional currency, at the period-end exchange rate and translates income and expenses at the average exchange rates in effect during the period. The net effect of this translation is recorded in the consolidated financial statements as a component of AOCI. Translation adjustments are not adjusted for income taxes as they relate to permanent investments in the Company’s foreign subsidiaries.
The Company has foreign operations in the Dominican Republic, Ireland, Malaysia, Mexico, Switzerland, and Uruguay, which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in Dominican pesos, Euros, Malaysian ringgits, Mexican pesos, Swiss francs, and Uruguayan pesos. To the extent that monetary assets and liabilities, including short-term and long-term intercompany loans, are recorded in a currency other than the functional currency of the subsidiary, these amounts are remeasured each period at the period-end exchange rate, with the resulting gain or loss being recorded in Other loss, net in the Consolidated Statements of Operations.
Earnings Per Share (EPS)
Earnings Per Share (“EPS”)
Basic EPS is calculated using the weighted average number of shares outstanding during the period. Diluted EPS is calculated using the weighted average number of shares outstanding during the period plus, if dilutive, common stock equivalents outstanding during the period and stock issuable upon conversion of convertible debt instruments. The Company's common stock equivalents consist of shares issuable upon the release of RSUs and PRSUs and the incremental shares of common stock issuable upon the exercise of stock options. The dilutive effect of these common stock equivalents is reflected in diluted EPS by application of the treasury stock method. The dilutive effect of shares issuable upon conversion of convertible debt instruments are included in the calculation of diluted EPS under the if-converted method. The Company is required to settle the principal amount of its convertible debt instruments in cash and may elect to settle the remaining conversion obligation (the in-the-money portion) in cash, shares of the Common Stock, or a combination thereof. Therefore, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the convertible debt instrument. Note 16, “Earnings Per Share,” contains additional information on the computation of the Company’s EPS.
Comprehensive Income
Comprehensive Income
The Company’s comprehensive income as reported in the Consolidated Statements of Comprehensive Income includes net income, foreign currency translation adjustments, the net change in cash flow hedges, net of tax, and defined benefit plan liability adjustments, net of tax. The Consolidated Statements of Comprehensive Income and Note 17, “Stockholders’ Equity,” contain additional information on the computation of the Company’s comprehensive income.
Recently Accounting Pronouncements
Recent Accounting Pronouncements
In the normal course of business, management evaluates all new Accounting Standards Updates (“ASU”) and other accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”), or other authoritative accounting bodies to determine the potential impact they may have on the Company’s Consolidated Financial Statements. Other than those discussed below, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s Consolidated Financial Statements.
Accounting Guidance Adopted During the Period
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The ASU clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted this ASU as of January 1, 2025. At adoption, there were no impacts to the condensed consolidated financial statements. See Note 9, “Debt,” for further detail.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively to the all periods presented. Prior period disclosures have been adjusted to reflect the new disclosure requirements. See Note 13, “Income Taxes,” for further detail.
Accounting Guidance to be Adopted in Future Periods
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU improves GAAP by establishing authoritative guidance on the accounting for government grants received by business entities. This ASU is effective for fiscal years beginning after December 15, 2028, with early adoption permitted. The Company is evaluating the impact this ASU will have on its Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU will affect only the Company’s disclosures and will not impact its results of operations or financial condition. The Company is currently evaluating the timing of its adoption.
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BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Summary of Final Allocation of Purchase Consideration
The following table summarizes the final purchase price for Precision and preliminary purchase price allocations for VSi and Biocoat (in thousands):
PrecisionVSiBiocoatTotal
Fair value of net assets acquired
Current assets (excluding inventory)$11,609 $1,982 $— $13,591 
Inventory4,019 1,018 — 5,037 
Property, plant and equipment13,674 2,732 1,043 17,449 
Goodwill50,823 5,265 10,344 66,432 
Intangible assets:
Customer relationships52,000 7,700 520 60,220 
Technology20,700 5,900 3,100 29,700 
Operating lease assets13,862 1,505 128 15,495 
Other noncurrent assets43 — — 43 
Current liabilities(4,341)(883)(87)(5,311)
Operating lease liabilities (noncurrent)(8,922)(1,256)(47)(10,225)
Fair value of net assets acquired$153,467 $23,963 $15,001 $192,431 
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$7,456 
Inventory8,612 
Property, plant and equipment25,950 
Goodwill38,058 
Intangible assets:
Customer relationships48,000 
Technology16,000 
Finance lease assets7,964 
Current liabilities(1,760)
Finance lease liabilities(7,936)
Fair value of net assets acquired$142,344 
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$8,471 
Inventory5,376 
Property, plant and equipment3,436 
Goodwill19,442 
Intangible assets:
Customer relationships4,000 
Technology5,200 
Operating lease assets2,072 
Current liabilities(2,331)
Operating lease liabilities(1,157)
Fair value of net assets acquired$44,509 
Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived
The purchase price allocated to definite-lived intangible assets for all 2025 acquisitions was follows (dollars in thousands):
Fair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Customer relationships$60,220 1612.9%
Technology29,700 12.112.7%
Schedule of Business Acquisition, Pro Forma Information Actual results for each acquired business are included in the Company’s consolidated results subsequent to the date of acquisition (in thousands):
 20242023
Sales$1,773,860 $1,616,952 
Income from continuing operations109,963 78,050 
v3.25.4
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
Income (loss) from discontinued operations, net of tax, were as follows (in thousands):
202520242023
Sales$— $27,227 $41,017 
Cost of sales68 22,123 32,617 
Gross profit(68)5,104 8,400 
SG&A expenses— 2,239 2,448 
Research, development and engineering costs— 1,485 1,804 
Restructuring and other charges— 678 141 
Interest expense— 2,340 2,095 
Gain on sale of discontinued operations(46)(822)— 
Income (loss) from discontinued operations before taxes(22)(816)1,912 
Provision for income taxes— 341 405 
Income (loss) from discontinued operations, net of tax$(22)$(1,157)$1,507 
Cash flow information from discontinued operations was as follows (in thousands):
20242023
Cash provided by operating activities$3,138 $6,993 
Cash used in investing activities (all capital expenditures)(783)(514)
Depreciation and amortization974 1,211 
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
The following represents supplemental cash flow information, including supplemental information related to discontinued operations, for the years ended December 31, 2025, 2024 and 2023 (in thousands):
 202520242023
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable and non-cash leases incurred$25,789 $15,345 $21,044 
Common stock issued for conversion of debt183,972 — — 
Common stock received under capped call upon conversion of debt26,858 — — 
Write-off of unamortized deferred costs and original issued discount
 upon conversion of debt included in Additional paid in capital		5,124 — — 
Common stock issued for acquisition3,989 — — 
Cash paid for interest(a)
32,407 54,167 37,701 
__________
(a)Excludes cash paid for interest on finance leases. See Note 15, “Leases,” for cash paid for interest on finance leases.
The amounts of cash income taxes paid, net of refunds received, by the Company were as follows (in thousands):
202520242023
U.S. federal$11,527 $22,596 $18,800 
U.S. state and local2,931 2,797 1,809 
Foreign
Ireland2,884 2,499 3,774 
Malaysia5,789 3,298 3,292 
Mexico4,053 5,160 2,614 
Other1,036 122 62 
Total$28,220 $36,472 $30,351 
v3.25.4
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories comprise the following (in thousands):
December 31,
20252024
Raw materials$94,131 $104,620 
Work-in-process143,467 126,810 
Finished goods16,141 15,696 
Total$253,739 $247,126 
v3.25.4
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
PP&E comprises the following (in thousands):
December 31,
20252024
Manufacturing machinery and equipment$580,863 $508,869 
Buildings and building improvements183,504 159,974 
Information technology hardware and software86,513 80,994 
Leasehold improvements115,669 102,988 
Furniture and fixtures18,323 16,902 
Land and land improvements12,499 11,809 
Construction work in process106,465 84,891 
Other1,628 1,552 
1,105,464 967,979 
Accumulated depreciation(569,037)(502,181)
Total$536,427 $465,798 
Schedule of Depreciation Expense
Depreciation expense for PP&E was as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Cost of sales$53,880 $44,927 $35,569 
SG&A4,570 4,611 4,415 
RD&E3,152 2,981 3,450 
Restructuring and other charges— 349 — 
Total depreciation expense$61,602 $52,868 $43,434 
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill during the years ended December 31, 2025 and 2024 was as follows (in thousands):
Total
December 31, 2023$994,007 
Pulse acquisition (Note 2)38,094 
Pulse acquisition-related adjustments (Note 2)(36)
InNeuroCo acquisition-related adjustments (Note 2)(1,547)
Foreign currency translation(12,789)
December 31, 20241,017,729 
2025 acquisitions (Note 2)67,096 
Precision and VSi acquisition-related adjustments (Note 2)(664)
Foreign currency translation26,747 
December 31, 2025$1,110,908 
Schedule of Finite-Lived Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2025
Definite-lived:
Purchased technology and patents$329,690 $(228,469)$101,221 
Customer relationships957,239 (334,989)622,250 
Amortizing tradenames and other20,083 (8,407)11,676 
Total amortizing intangible assets$1,307,012 $(571,865)$735,147 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer relationships870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2025
Definite-lived:
Purchased technology and patents$329,690 $(228,469)$101,221 
Customer relationships957,239 (334,989)622,250 
Amortizing tradenames and other20,083 (8,407)11,676 
Total amortizing intangible assets$1,307,012 $(571,865)$735,147 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer relationships870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
Aggregate intangible asset amortization expense comprises the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Cost of sales$19,764 $17,451 $15,921 
SG&A44,584 37,163 36,270 
Restructuring and other charges— — 638 
Total intangible asset amortization expense$64,348 $54,614 $52,829 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based upon the carrying value as of December 31, 2025 is as follows (in thousands):
20262027202820292030After 2030
Amortization expense$63,500 $60,573 $59,049 $56,780 $53,265 $441,980 
v3.25.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounts Payable and Accrued Liabilities [Abstract]  
Schedule of Accrued Liabilities and Other Current Liabilities
Accrued expenses and other current liabilities comprise the following (in thousands):
December 31,
20252024
Salaries and benefits$38,875 $34,921 
Profit sharing and bonuses26,599 36,795 
Short-term finance lease liabilities7,843 4,561 
Contingent consideration7,000 — 
Accrued interest6,442 4,201 
Contract liabilities5,213 4,440 
Financing agreements5,163 3,748 
Income taxes payable3,248 2,978 
Product warranties716 1,410 
Cash flow hedges77 6,091 
Other8,636 9,178 
Total$109,812 $108,323 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt comprises the following (in thousands):
 December 31, 2025December 31, 2024
Principal AmountDiscounts and Deferred Issuance CostsNet Carrying AmountPrincipal AmountDiscounts and Deferred Issuance CostsNet Carrying Amount
Senior Secured Credit Facilities:
Revolving credit facilities$— $— $— $126,000 $— $126,000 
Term loan A91,000 (221)90,779 375,000 (1,302)373,698 
2028 Convertible Notes116,284 (1,542)114,742 499,994 (9,539)490,455 
2030 Convertible Notes1,000,000 (20,342)979,658 — — — 
Total$1,207,284 $(22,105)$1,185,179 $1,000,994 $(10,841)$990,153 
Current portion of long-term debt— (10,000)
Long-term debt$1,185,179 $980,153 
Schedule of Maturities of Long-term Debt
Contractual maturities under the Senior Secured Credit Facilities as of December 31, 2025 are as follows (in thousands):
202620272028
Future minimum principal payments$— $— $91,000 
Schedule of Deferred Financing Costs
The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility during the year ended December 31, 2025 was as follows (in thousands):
December 31, 20243,418 
Amortization during the period(1,109)
December 31, 2025$2,309 
The change in debt discount and deferred debt issuance costs related to the TLA Facility and Convertible Notes during the year ended December 31, 2025 was as follows (in thousands):
Deferred Debt Issuance CostsDebt DiscountTotal
December 31, 20242,055 8,786 10,841 
Financing costs incurred1,386 22,500 23,886 
Write-off of deferred debt issuance costs and unamortized discount(a)
(1,433)(6,308)(7,741)
Amortization during the period(487)(4,394)(4,881)
December 31, 2025$1,521 $20,584 $22,105 
__________
(a) Includes deferred debt issuance costs and unamortized discount of $0.5 million and $6.3 million, respectively, which were written off upon conversion of the 2028 Convertible Notes and recognized, net of a deferred tax asset of $1.7 million, as a reduction of additional paid-in capital.
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The classification of stock-based compensation expense in the accompanying Consolidated Statements of Operations was as follows (in thousands):
Year Ended December 31,
202520242023
RSUs and PRSUs$23,224 $24,515 $23,108 
Discontinued operations— 252 175 
Total stock-based compensation expense$23,224 $24,767 $23,283 
Cost of sales$4,230 $3,881 $3,694 
SG&A17,856 19,415 18,189 
RD&E1,160 1,153 1,152 
Restructuring and other charges(22)66 73 
Discontinued operations— 252 175 
Total stock-based compensation expense$23,224 $24,767 $23,283 
Income tax benefit recognized for stock-based compensation arrangements$7,429 $5,096 $3,667 
Schedule of Share-based Compensation, Stock Options, Activity The following table summarizes stock option activity during the year ended December 31, 2025:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2024130,083 $39.63 
Exercised(109,854)40.02 
Outstanding at December 31, 202520,229 $37.48 1.2$0.8 
Vested and exercisable at December 31, 202520,229 $37.48 1.2$0.8 
Schedule of Stock Option Exercise Information
The following table provides certain information relating to the exercise of stock options during 2025, 2024 and 2023 (in thousands):
202520242023
Intrinsic value$9,183 $2,007 $3,670 
Cash received3,644 742 2,303 
Actual tax benefit for the tax deductions from the exercise of options2,204 482 881 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSU activity during the year ended December 31, 2025:
Time-Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2024313,404 $88.36 
Granted155,508 128.71 
Vested(148,496)89.59 
Forfeited(24,032)108.63 
Nonvested at December 31, 2025296,384 $107.27 
The following table summarizes PRSU activity during the year ended December 31, 2025:
Performance-
Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2024237,898 $88.95 
Granted65,974 149.99 
Performance adjustment(a)
76,520 83.36 
Vested(153,040)83.36 
Forfeited(11,967)96.31 
Nonvested at December 31, 2025215,385 $109.23 
__________
(a)Represents additional PRSUs earned related to above-target achievement of performance conditions, the achievement of which was based upon predefined performance targets established by the Compensation Committee at the initial grant date.
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
 202520242023
Weighted average fair value$162.62 $117.96 $74.29 
Risk-free interest rate4.29 %4.13 %3.79 %
Expected volatility33 %34 %46 %
Expected life (in years)3.03.03.0
Expected dividend yield— %— %— %
v3.25.4
RESTRUCTURING AND OTHER CHARGES (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Charges
Restructuring and other charges comprise the following (in thousands):
202520242023
Restructuring charges$2,284 $4,013 $5,874 
Acquisition and integration costs8,165 8,941 3,444 
Other general expenses (gains)7,426 (805)2,110 
Total restructuring and other charges$17,875 $12,149 $11,428 
The following table comprises restructuring and restructuring-related charges by classification in the accompanying Consolidated Statements of Operations (in thousands):
202520242023
Restructuring charges:
Restructuring and other charges$2,284 $4,013 $5,874 
Restructuring-related expenses(a):
Cost of sales7,328 2,170 1,633 
Selling, general and administrative513 942 1,775 
Research, development and engineering68 130 667 
Total restructuring and restructuring-related charges$10,193 $7,255 $9,949 
__________
(a) Restructuring-related expenses primarily include non-labor costs to relocate equipment and inventory, retention bonuses, consulting expenses and professional fees.
Schedule of Changes in Restructuring Reserve The following table summarizes the activity for restructuring reserves for the year ended December 31, 2025 (in thousands):
Operational
excellence
initiatives		Strategic reorganization and alignmentManufacturing alignment to support growthTotal
December 31, 2024$690 $115 $— $805 
Charges incurred, net of reversals756 677 851 2,284 
Cash payments(1,324)(782)(824)(2,930)
December 31, 2025$122 $10 $27 $159 
Schedule of Business Combination, Acquisition And Integration Costs
Acquisition and integration costs comprise the following (in thousands):
202520242023
Acquisition costs$1,825 $5,502 $693 
Integration costs6,340 3,439 2,751 
Acquisition and integration costs$8,165 $8,941 $3,444 
Fair value adjustments included in acquisition costs$(2,266)$(3,550)$(736)
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income from continuing operations before income taxes consisted of the following (in thousands):
202520242023
U.S.$35,980 $55,571 $29,089 
Foreign89,416 91,992 76,293 
Total income from continuing operations before income taxes$125,396 $147,563 $105,382 
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes from continuing operations comprises the following (in thousands):
202520242023
Current:
Federal$5,876 $18,309 $11,072 
State1,901 1,655 1,292 
Foreign17,476 19,476 13,140 
25,253 39,440 25,504 
Deferred:
Federal(2,448)(9,456)(7,262)
State(290)(245)(132)
Foreign51 (3,229)(1,871)
(2,687)(12,930)(9,265)
Total provision for income taxes$22,566 $26,510 $16,239 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes from continuing operations differs from the U.S. statutory rate due to the following:
202520242023
US federal statutory tax rate$26,333 21.0 %$30,988 21.0 %$22,130 21.0 %
Domestic federal
Tax credits
R&D tax credits(7,523)(6.0)%(5,380)(3.6)%(4,465)(4.2)%
Foreign tax credit(558)(0.4)%(463)(0.3)%(572)(0.5)%
Nontaxable or nondeductible items
Tax benefits on share-based payments(5,843)(4.7)%(2,519)(1.7)%(375)(0.4)%
Nondeductible covered employee compensation5,637 4.5 %4,025 2.7 %2,222 2.1 %
Nondeductible convertible debt inducement expense9,277 7.4 %— — %— — %
Other219 0.2 %(446)(0.3)%205 0.2 %
Effect of cross-border tax laws
GILTI, net of GILTI FTC1,879 1.5 %2,614 1.8 %2,224 2.1 %
Foreign-derived intangible income(3,316)(2.6)%(2,763)(1.9)%(3,087)(2.9)%
Foreign royalty income1,365 1.1 %1,418 1.0 %1,349 1.3 %
Other494 0.4 %299 0.2 %354 0.3 %
Changes in valuation allowances(1,100)(0.9)%86 0.1 %817 0.8 %
Enactment of new tax laws or rates— — %— — %— — %
Other adjustments(455)(0.4)%(180)(0.1)%119 0.1 %
Domestic state and local income taxes, net of federal income tax effect (a)
1,299 1.0 %1,375 0.9 %1,078 1.0 %
Foreign tax effects
SwitzerlandStatutory income tax rate differential(4,333)(3.5)%(4,149)(2.8)%(3,245)(3.1)%
Federal income exemption(2,691)(2.1)%(2,605)(1.8)%(2,030)(1.9)%
Cantonal taxes, net539 0.4 %455 0.3 %373 0.4 %
Other(127)(0.1)%20 — %(332)(0.3)%
IrelandStatutory income tax rate differential(1,427)(1.1)%(2,120)(1.4)%(2,157)(2.0)%
OECD Pillar II: Global minimum tax472 0.4 %409 0.3 %— — %
Other(674)(0.5)%(108)(0.1)%229 0.2 %
NetherlandsOECD Pillar II: Global minimum tax2,718 2.2 %1,780 1.2 %— — %
Other36 — %17 — %22 — %
MalaysiaHoliday— — %— — %(1,664)(1.6)%
Other839 0.7 %930 0.6 %784 0.7 %
Mexico2,323 1.9 %1,298 0.9 %1,744 1.7 %
Uruguay1,732 1.4 %1,320 0.9 %877 0.8 %
IsraelChange in valuation allowances— — %— — %1,345 1.3 %
Other69 0.1 %152 0.1 %(117)(0.1)%
Other foreign jurisdictions(436)(0.3)%(270)(0.2)%(449)(0.4)%
Worldwide changes in unrecognized tax benefits(4,182)(3.3)%327 0.2 %(1,140)(1.1)%
Effective tax rate$22,566 18.0 %$26,510 18.0 %$16,239 15.4 %
Schedule of Deferred Tax Assets and Liabilities
As of December 31, 2025 and December 31, 2024, the Company had a net deferred tax liability consisting of the following (in thousands):
December 31,
2025		December 31,
2024
Research and development$49,042 $37,201 
Lease liabilities32,443 28,772 
Original issue discount from capped calls16,400 5,733 
Net operating loss carryforwards8,276 8,093 
Accrued expenses5,823 7,122 
Stock-based compensation5,226 5,438 
Tax credit carryforwards4,567 5,749 
Other2,576 5,578 
Gross deferred tax assets124,353 103,686 
Less valuation allowance(11,427)(13,387)
Net deferred tax assets112,926 90,299 
Intangible assets(164,269)(167,514)
Lease assets(33,146)(28,802)
Property, plant and equipment(12,425)(10,282)
Other(10,419)— 
Gross deferred tax liabilities(220,259)(206,598)
Net deferred tax liability$(107,333)$(116,299)
Presented as follows:
Noncurrent deferred tax asset$8,994 $8,309 
Noncurrent deferred tax liability(116,327)(124,608)
Net deferred tax liability$(107,333)$(116,299)
Schedule of Operating Loss and Tax Credit Carryforwards
As of December 31, 2025, the Company has the following carryforwards available (in millions):
JurisdictionTax
Attribute		Gross AmountDeferred Tax AssetValuation AllowanceBegin to Expire
U.S. State
Net operating losses(a)(b)
$61.7 $2.4 $(2.3)2026
Foreign
Net operating losses(a)
$24.9 $5.9 $(5.9)2026
U.S. State
State tax credits(b)
$3.6 $2.8 $(2.8)2026
U.S. FederalForeign tax credits$1.0 $1.0 $(0.4)2033
U.S. State
R&D tax credits(b)
$0.9 $0.7 $— 2037
__________
(a)     Net operating losses are presented as pre-tax amounts.
(b)     U.S. State deferred tax assets and valuation allowance are presented net of federal benefit.
Schedule of Income Tax Contingencies
Below is a summary of changes to the unrecognized tax benefit (in thousands):
202520242023
Balance, beginning of year$6,201 $6,470 $7,739 
Additions based upon tax positions related to the current year406 353 356 
Additions (reductions) related to prior period tax returns144 (6)(18)
Reductions related to settlements (amounts paid)— (166)— 
Reductions as a result of a lapse of applicable statute of limitations(3,975)(450)(1,607)
Balance, end of year$2,776 $6,201 $6,470 
Schedule of Supplemental Cash Flow Information
The following represents supplemental cash flow information, including supplemental information related to discontinued operations, for the years ended December 31, 2025, 2024 and 2023 (in thousands):
 202520242023
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable and non-cash leases incurred$25,789 $15,345 $21,044 
Common stock issued for conversion of debt183,972 — — 
Common stock received under capped call upon conversion of debt26,858 — — 
Write-off of unamortized deferred costs and original issued discount
 upon conversion of debt included in Additional paid in capital		5,124 — — 
Common stock issued for acquisition3,989 — — 
Cash paid for interest(a)
32,407 54,167 37,701 
__________
(a)Excludes cash paid for interest on finance leases. See Note 15, “Leases,” for cash paid for interest on finance leases.
The amounts of cash income taxes paid, net of refunds received, by the Company were as follows (in thousands):
202520242023
U.S. federal$11,527 $22,596 $18,800 
U.S. state and local2,931 2,797 1,809 
Foreign
Ireland2,884 2,499 3,774 
Malaysia5,789 3,298 3,292 
Mexico4,053 5,160 2,614 
Other1,036 122 62 
Total$28,220 $36,472 $30,351 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Term, Discount Rate, Lease Costs and Supplemental Cash Flow Information
The components and classification of lease cost for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Finance lease cost:
Amortization of lease assets$4,717 $2,575 $1,367 
Interest on lease liabilities1,827 845 321 
Finance lease cost6,544 3,420 1,688 
Operating lease cost15,760 14,076 13,920 
Short-term lease cost (leases with initial term of 12 months or less)421 257 305 
Variable lease cost4,594 3,071 2,994 
Sublease income(1,431)(929)(904)
Total lease cost$25,888 $19,895 $18,003 
Cost of sales$19,976 $15,566 $13,339 
SG&A3,514 2,991 3,028 
RD&E186 403 929 
Restructuring and other charges385 90 386 
Interest expense$1,827 $845 $321 
Total lease cost$25,888 $19,895 $18,003 
Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
202520242023
Cash paid for operating leases$14,167 $12,557 $13,751 
Cash paid for interest on finance leases1,827 845 320 
Assets acquired under operating leases13,564 13,384 17,526 
Assets acquired under finance leases13,860 18,300 4,085 
The following table presents the weighted average remaining lease term and discount rate.
December 31,
2025		December 31,
2024
Weighted-average remaining lease term - operating leases (in years)9.210.0
Weighted-average remaining lease term - finance leases (in years)6.28.0
Weighted-average discount rate - operating leases6.3 %6.3 %
Weighted-average discount rate - finance leases5.5 %5.7 %
Schedule of Operating Lease Liability Maturities
At December 31, 2025, the maturities of operating and finance lease liabilities were as follows (in thousands):
Operating Leases Finance Leases
2026$14,055 $9,434 
202714,060 9,123 
202813,589 7,879 
202913,686 4,236 
203012,634 2,005 
Thereafter53,454 10,648 
Gross lease liabilities121,478 43,325 
Less: imputed interest(30,480)(6,904)
Present value of lease liabilities90,998 36,421 
Less: current portion of lease liabilities(9,099)(7,843)
Total long-term lease liabilities$81,899 $28,578 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
202520242023
Numerator for basic and diluted EPS:
Income from continuing operations$102,830 $121,053 $89,143 
Income (loss) from discontinued operations, net of tax(22)(1,157)1,507 
Net income$102,808 $119,896 $90,650 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic34,735 33,601 33,320 
Dilutive effect of share-based awards309 514 438 
Dilutive impact of convertible notes550 1,534 — 
Denominator for diluted EPS35,594 35,649 33,758 
Basic earnings per share:
Income from continuing operations$2.96 $3.60 $2.68 
Income (loss) from discontinued operations— (0.03)0.05 
Basic earnings per share2.96 3.57 2.72 
Diluted earnings per share:
Income from continuing operations$2.89 $3.40 $2.64 
Income (loss) from discontinued operations— (0.03)0.04 
Diluted earnings per share2.89 3.36 2.69 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The diluted weighted average share calculations do not include the following securities for the years ended December 31, 2025, 2024 and 2023, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
202520242023
Time-vested stock options, restricted stock and restricted stock units184 1 1 
Performance-vested restricted stock units80 31 84 
Common Stock issuable upon conversion of convertible notes412 — — 
v3.25.4
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Changes in Number of Shares of Common Stock
The following is a summary of the number of shares of common stock issued and outstanding for the years ended December 31, 2025 and December 31, 2024:
IssuedTreasury StockOutstanding
December 31, 202333,329,648 — 33,329,648 
Stock options exercised23,981 — 23,981 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes192,615 — 192,615 
Stock issued upon conversion of convertible debt18 — 18 
Exercise of capped call upon conversion of convertible debt— (6)(6)
December 31, 202433,546,262 (6)33,546,256 
Stock options exercised103,148 — 103,148 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes246,144 — 246,144 
Stock issued upon conversion of convertible debt1,553,858 — 1,553,858 
Repurchases of common stock— (698,356)(698,356)
Exercise of capped call upon conversion of convertible debt— (436,993)(436,993)
Stock issued for acquisition32,393 32,393 
December 31, 202535,481,805 (1,135,355)34,346,450 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) 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, 2023$(28)$2,153 $18,529 $20,654 $(431)$20,223 
Unrealized loss on cash flow hedges— (10,065)— (10,065)2,114 (7,951)
Realized loss on foreign currency hedges— 1,430 — 1,430 (300)1,130 
Net defined benefit plan adjustments95 — — 95 (26)69 
Foreign currency translation loss— — (27,514)(27,514)— (27,514)
December 31, 2024$67 $(6,482)$(8,985)$(15,400)$1,357 $(14,043)
Unrealized gain on cash flow hedges— 17,075 — 17,075 (3,586)13,489 
Realized gain on foreign currency hedges— (5,372)— (5,372)1,128 (4,244)
Net defined benefit plan adjustments(180)— — (180)51 (129)
Foreign currency translation gain— — 63,129 63,129 — 63,129 
December 31, 2025$(113)$5,221 $54,144 $59,252 $(1,050)$58,202 
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2025
Assets: Foreign currency hedging contracts$5,221 $— $5,221 $— 
Liabilities: Contingent consideration8,179 — — 8,179 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2025 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$15,906 Oct 20261.1610Euro$266 Prepaid expenses and other current assets
7,649 Oct 20260.0244UYU Peso383 Prepaid expenses and other current assets
51,699 Dec 20260.0501MXN Peso4,491 Prepaid expenses and other current assets
2,959 Oct 20260.2401MYR Ringgit82 Prepaid expenses and other current assets
3,842 Apr 20270.0519MXN Peso76 Other long-term assets
8,923 Jul 20261.1898Euro(77)Accrued expenses and other current liabilities
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$60,589 Dec 20251.0831Euro$1,950 Accrued expenses and other current liabilities
10,690 Dec 20250.0248UYU Peso248 Accrued expenses and other current liabilities
51,341 Dec 20250.0566MXN Peso3,893 Accrued expenses and other current liabilities
10,322 Jul 20260.0566MXN Peso391 Other long-term liabilities
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the impact of cash flow hedge derivative instruments on the Company’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income for fiscal years 2025, 2024 and 2023 (in thousands):
Gain (Loss) Recognized in OCIGain (Loss) Reclassified from AOCI
Derivative202520242023Location in Statement of Operations 202520242023
Interest rate swaps$— $— $— Interest expense$— $— $1,262 
Foreign exchange contracts4,655 (3,296)1,171 Sales2,516 43 (241)
Foreign exchange contracts12,224 (6,473)5,666 Cost of sales2,874 (1,494)5,611 
Foreign exchange contracts196 (296)171 Operating expenses(18)21 (17)
Schedule of Rollforward of 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 fiscal years 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Contingent consideration, beginning of year$904 $876 $11,756 
Amount recorded for current year acquisitions
9,541 3,578 876 
Fair value measurement adjustments(2,266)(3,550)(736)
Payments
— — (11,177)
Foreign currency translation— — 157 
Contingent consideration, end of year$8,179 $904 $876 
Current portion of contingent consideration, end of year$7,000 $— $— 
Non-current portion of contingent consideration, end of year1,179 904 876 
Schedule of Business Combination, Contingent Consideration
The following table provides information on unpaid contingent consideration as of December 31, 2025 (in thousands):
As of December 31, 2025
Maximum Remaining Payout (undiscounted)
AcquisitionAcquisition DateRemainingMilestone Years2026202720282029TotalFair Value
Biocoat
12/04/252026$7,000 $— $— $— $7,000 $7,000 
VSi02/28/252026 - 2028— 1,000 1,000 1,000 3,000 1,179 
InNeuroCo10/01/232026 - 2027— 2,700 2,700 — 5,400 — 
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
December 31,
2025		December 31,
2024
Equity method investment$7,709 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,889 $7,417 
The components of (Gain) loss on equity investments, net for each period were as follows (in thousands):
202520242023
Equity method investment (gain) loss$(550)$533 $481 
Impairment charges— 247 5,210 
(Gain) loss on equity investments, net$(550)$780 $5,691 
v3.25.4
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Income (Loss) from Operations
Selected financial information with respect to the Company’s single operating segment was as follows (in thousands).
202520242023
Sales$1,853,637 $1,716,596 $1,555,656 
Cost of sales1,353,251 1,257,582 1,145,767 
Gross profit500,386 459,014 409,889 
Operating expenses:
Selling, general and administrative211,748 185,202 173,171 
Research, development and engineering49,499 53,425 61,967 
Restructuring and other charges17,875 12,149 11,428 
Total operating expenses279,122 250,776 246,566 
Operating income221,264 208,238 163,323 
Interest expense43,206 56,374 51,275 
(Gain) loss on equity investments, net(550)780 5,691 
Other loss, net53,212 3,521 975 
Income from continuing operations before income taxes 125,396 147,563 105,382 
Provision for income taxes22,566 26,510 16,239 
Income from continuing operations$102,830 $121,053 $89,143 
Schedule of Revenue from External Customers by Geographic Areas
Sales, allocated based on where the products are shipped, by significant country were as follows (in thousands):
202520242023
Sales by geographic area:
United States$979,807 $938,675 $872,926 
Non-Domestic locations:
Costa Rica173,524 124,694 108,421 
Puerto Rico131,261 137,057 121,487 
Ireland99,160 84,407 69,092 
Rest of world469,885 431,763 383,730 
Total sales$1,853,637 $1,716,596 $1,555,656 
Schedule of Long-Lived Tangible Assets and Identifiable Assets by Geographic Area
PP&E, aggregated based on the physical location of the tangible long-lived assets, by geographic area were as follows (in thousands):
December 31,
2025		December 31,
2024
Long-lived tangible assets by geographic area:
United States$297,441 $260,220 
Ireland160,511 139,889 
Mexico45,922 37,838 
Rest of world32,553 27,851 
Total$536,427 $465,798 
v3.25.4
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Segment Sales by Product Line Sales by product line were as follows (in thousands):
202520242023
Cardio & Vascular $1,107,084 $949,576 $836,343 
Cardiac Rhythm Management & Neuromodulation668,803 660,610 612,891 
Other Markets77,750 106,410 106,422 
Total sales$1,853,637 $1,716,596 $1,555,656 
Schedules of Concentration of Risk by Revenue and Accounts Receivable
A significant portion of the Company’s sales for the years ended December 31, 2025, 2024 and 2023 and accounts receivable at December 31, 2025 and December 31, 2024 were to three customers as follows:
 SalesAccounts Receivable
202520242023December 31,
2025		December 31,
2024
Customer A20%18%16%19%10%
Customer B15%16%17%9%9%
Customer C14%13%13%10%14%
49%47%46%38%33%
Schedule of Contract Assets and Contract Liabilities
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
December 31,
2025		December 31,
2024
Contract assets$112,546 $103,772 
Contract liabilities (included in Accrued expenses and other current liabilities)5,213 4,440 
Contract liabilities (included in Other long-term liabilities)3,265 4,398 
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
customer
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Assets Useful Life [Line Items]      
Number of customers | customer 3    
Sale of accounts receivable $ 228.7 $ 231.0  
Factoring fee 1.5 1.7 $ 1.1
Accounts receivable derecognized 173.7 156.6 139.4
Costs associated with supplier financing arrangements $ 2.0 2.2 1.8
Description of payment terms Standard payment terms range from 30 to 90 days and may include a discount for early payment.    
Product warranty $ 0.7 1.4  
Net foreign currency transaction (gains ) losses $ 6.1 $ 3.2 $ 1.0
Stock Options      
Schedule of Assets Useful Life [Line Items]      
Contractual life 10 years    
Award vesting period 3 years    
Restricted Stock And Unit Awards | Director      
Schedule of Assets Useful Life [Line Items]      
Award vesting period 1 year    
Minimum | Restricted Stock And Unit Awards      
Schedule of Assets Useful Life [Line Items]      
Award vesting period 3 years    
Minimum | Patents      
Schedule of Assets Useful Life [Line Items]      
Intangible asset, useful life 5 years    
Minimum | Customer relationships      
Schedule of Assets Useful Life [Line Items]      
Intangible asset, useful life 7 years    
Minimum | Other intangible assets      
Schedule of Assets Useful Life [Line Items]      
Intangible asset, useful life 1 year    
Minimum | Buildings and building improvements      
Schedule of Assets Useful Life [Line Items]      
Property, plant and equipment, useful life 12 years    
Minimum | Manufacturing machinery and equipment      
Schedule of Assets Useful Life [Line Items]      
Property, plant and equipment, useful life 3 years    
Minimum | Office equipment      
Schedule of Assets Useful Life [Line Items]      
Property, plant and equipment, useful life 3 years    
Maximum | Performance-Vested      
Schedule of Assets Useful Life [Line Items]      
Award vesting period 3 years    
Maximum | Patents      
Schedule of Assets Useful Life [Line Items]      
Intangible asset, useful life 20 years    
Maximum | Customer relationships      
Schedule of Assets Useful Life [Line Items]      
Intangible asset, useful life 20 years    
Maximum | Other intangible assets      
Schedule of Assets Useful Life [Line Items]      
Intangible asset, useful life 20 years    
Maximum | Buildings and building improvements      
Schedule of Assets Useful Life [Line Items]      
Property, plant and equipment, useful life 30 years    
Maximum | Manufacturing machinery and equipment      
Schedule of Assets Useful Life [Line Items]      
Property, plant and equipment, useful life 10 years    
Maximum | Office equipment      
Schedule of Assets Useful Life [Line Items]      
Property, plant and equipment, useful life 10 years    
v3.25.4
BUSINESS ACQUISITIONS (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 04, 2025
USD ($)
Feb. 28, 2025
USD ($)
$ / €
Jan. 07, 2025
USD ($)
$ / €
Jan. 05, 2024
USD ($)
Oct. 01, 2023
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Combination [Line Items]                
Acquisition costs           $ 1,825 $ 5,502 $ 693
Fair value adjustments included in acquisition costs           (2,266) (3,550) (736)
Operating lease assets           98,437 86,082  
Precision                
Business Combination [Line Items]                
Consideration transferred     $ 153,500          
Contingent consideration     1,400          
Revenue-based payments (up to)     5,000          
Adjustment, property, plant, and equipment           700    
Operating lease assets     $ 4,200          
VSi                
Business Combination [Line Items]                
Consideration transferred   $ 24,000            
Contingent consideration   1,100       1,179    
Revenue-based payments (up to)   4,000       3,000    
Equity issuable   $ 4,000            
Biocoat                
Business Combination [Line Items]                
Consideration transferred $ 15,000              
Contingent consideration 7,000         7,000    
Revenue-based payments (up to) $ 7,000         7,000    
Biocoat | Maximum                
Business Combination [Line Items]                
Revenue-based payments (up to)           7,000    
Precision and VSi | Customer relationships | Measurement Input, Annual Attrition Rate | Valuation, Income Approach                
Business Combination [Line Items]                
Measurement input | $ / €   0.050            
Precision and VSi | Technology | Measurement Input, Royalty Rate | Valuation, Income Approach | Minimum                
Business Combination [Line Items]                
Measurement input | $ / €     0.050          
Precision and VSi | Technology | Measurement Input, Royalty Rate | Valuation, Income Approach | Maximum                
Business Combination [Line Items]                
Measurement input | $ / €     0.080          
Precision, VSi and Biocoat                
Business Combination [Line Items]                
Acquisition costs           2,700    
Fair value adjustments included in acquisition costs           (1,400)    
Sales           58,700    
Earnings or loss of acquisition           0    
Pulse                
Business Combination [Line Items]                
Consideration transferred       $ 142,300        
Contingent consideration       3,600        
Revenue-based payments (up to)       $ 20,000        
Acquisition costs             2,500  
Percentage of business acquired       100.00%        
Sales related to acquisition             $ 41,700  
InNeuroCo                
Business Combination [Line Items]                
Consideration transferred         $ 44,500      
Contingent consideration         900 0    
Revenue-based payments (up to)         13,500 $ 5,400    
Acquisition costs               800
Payments to acquire business         $ 43,600      
Sales related to acquisition               5,200
Earnings or loss of acquisition               $ 0
v3.25.4
BUSINESS ACQUISITIONS (Allocation of the Provisional Purchase Price) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 04, 2025
Feb. 28, 2025
Jan. 07, 2025
Dec. 31, 2024
Jan. 05, 2024
Dec. 31, 2023
Oct. 01, 2023
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Goodwill $ 1,110,908       $ 1,017,729   $ 994,007  
Precision                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Current assets (excluding inventory)       $ 11,609        
Inventory       4,019        
Property, plant and equipment       13,674        
Goodwill       50,823        
Operating lease assets       13,862        
Other noncurrent assets       43        
Current liabilities       (4,341)        
Operating lease liabilities (noncurrent)       (8,922)        
Fair value of net assets acquired       153,467        
Precision | Customer relationships                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:       52,000        
Precision | Technology                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:       $ 20,700        
VSi                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Current assets (excluding inventory)     $ 1,982          
Inventory     1,018          
Property, plant and equipment     2,732          
Goodwill     5,265          
Operating lease assets     1,505          
Other noncurrent assets     0          
Current liabilities     (883)          
Operating lease liabilities (noncurrent)     (1,256)          
Fair value of net assets acquired     23,963          
VSi | Customer relationships                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:     7,700          
VSi | Technology                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:     $ 5,900          
Biocoat                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Current assets (excluding inventory)   $ 0            
Inventory   0            
Property, plant and equipment   1,043            
Goodwill   10,344            
Operating lease assets   128            
Other noncurrent assets   0            
Current liabilities   (87)            
Operating lease liabilities (noncurrent)   (47)            
Fair value of net assets acquired   15,001            
Biocoat | Customer relationships                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:   520            
Biocoat | Technology                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:   $ 3,100            
2025 Acquisitions                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Current assets (excluding inventory) 13,591              
Inventory 5,037              
Property, plant and equipment 17,449              
Goodwill 66,432              
Operating lease assets 15,495              
Other noncurrent assets 43              
Current liabilities (5,311)              
Operating lease liabilities (noncurrent) (10,225)              
Fair value of net assets acquired 192,431              
2025 Acquisitions | Customer relationships                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets: 60,220              
2025 Acquisitions | Technology                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets: $ 29,700              
Pulse                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Current assets (excluding inventory)           $ 7,456    
Inventory           8,612    
Property, plant and equipment           25,950    
Goodwill           38,058    
Finance lease assets           7,964    
Current liabilities           (1,760)    
Finance lease liabilities           (7,936)    
Fair value of net assets acquired           142,344    
Pulse | Customer relationships                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:           48,000    
Pulse | Technology                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:           $ 16,000    
InNeuroCo                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Current assets (excluding inventory)               $ 8,471
Inventory               5,376
Property, plant and equipment               3,436
Goodwill               19,442
Operating lease assets               2,072
Current liabilities               (2,331)
Operating lease liabilities (noncurrent)               (1,157)
Fair value of net assets acquired               44,509
InNeuroCo | Customer relationships                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:               4,000
InNeuroCo | Technology                
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]                
Intangible assets:               $ 5,200
v3.25.4
BUSINESS ACQUISITIONS (Schedule of Finite-Lived Intangible Assets Acquired) (Details) - 2025 Acquisitions - USD ($)
$ in Thousands
Jan. 07, 2025
Dec. 31, 2025
Customer relationships    
Business Combination, Separately Recognized Transaction [Line Items]    
Weighted Average Amortization Period (Years) 16 years  
Weighted Average Discount Rate 12.90%  
Intangible assets:   $ 60,220
Technology    
Business Combination, Separately Recognized Transaction [Line Items]    
Weighted Average Amortization Period (Years) 12 years 1 month 6 days  
Weighted Average Discount Rate 12.70%  
Intangible assets:   $ 29,700
v3.25.4
BUSINESS ACQUISITIONS (Pro Forma Information) (Details) - Precision, Pulse, and InNeuroCo - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]    
Sales $ 1,773,860 $ 1,616,952
Income from continuing operations $ 109,963 $ 78,050
v3.25.4
DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended 14 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Oct. 31, 2024
Sep. 27, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
DiscontinuedOperationGainLossOnDisposalStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag   0.8 million 0.9 million    
Discontinued Operations, Held-for-sale | Electrochem Solutions, Inc          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Ownership percentage disposed of         100.00%
Discontinued Operations, disposed-by-sale | Electrochem Solutions, Inc          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Disposal group, including discontinued operation, consideration       $ 48.7  
Discontinued operation, gain on disposal of discontinued operation, net of tax   $ 0.8 $ 0.9    
Payment to purchaser for working capital adjustments $ 1.0        
v3.25.4
DISCONTINUED OPERATIONS (Schedule of Income from Discontinued Operations, Net of Tax) (Details) - Discontinued Operations, Held-for-sale - Electrochem Solutions, Inc - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Sales $ 0 $ 27,227 $ 41,017
Cost of sales 68 22,123 32,617
Gross profit (68) 5,104 8,400
SG&A expenses 0 2,239 2,448
Research, development and engineering costs 0 1,485 1,804
Restructuring and other charges 0 678 141
Interest expense 0 2,340 2,095
Gain on sale of discontinued operations (46) (822) 0
Income (loss) from discontinued operations before taxes (22) (816) 1,912
Provision for income taxes 0 341 405
Income (loss) from discontinued operations, net of tax $ (22) $ (1,157) $ 1,507
v3.25.4
DISCONTINUED OPERATIONS (Cash Flow Information From Discontinued Operations) (Details) - Discontinued Operations, Held-for-sale - Electrochem Solutions, Inc - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Cash provided by operating activities $ 3,138 $ 6,993
Cash used in investing activities (all capital expenditures) (783) (514)
Depreciation and amortization $ 974 $ 1,211
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non-cash investing and financing activities:      
Property, plant and equipment purchases included in accounts payable and non-cash leases incurred $ 25,789 $ 15,345 $ 21,044
Common stock issued for conversion of debt 183,972 0 0
Common stock received under capped call upon conversion of debt 26,858 0 0
Write-off of unamortized deferred costs and original issued discount upon conversion of debt included in Additional paid in capital 5,124 0 0
Common stock issued for acquisition 3,989 0 0
Cash paid for interest $ 32,407 $ 54,167 $ 37,701
v3.25.4
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 94,131 $ 104,620
Work-in-process 143,467 126,810
Finished goods 16,141 15,696
Total $ 253,739 $ 247,126
v3.25.4
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,105,464 $ 967,979
Accumulated depreciation (569,037) (502,181)
Total 536,427 465,798
Manufacturing machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 580,863 508,869
Buildings and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 183,504 159,974
Information technology hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 86,513 80,994
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 115,669 102,988
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 18,323 16,902
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 12,499 11,809
Construction work in process    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 106,465 84,891
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,628 $ 1,552
v3.25.4
PROPERTY, PLANT AND EQUIPMENT, NET (Depreciation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 61,602 $ 52,868 $ 43,434
Cost of sales      
Property, Plant and Equipment [Line Items]      
Depreciation expense 53,880 44,927 35,569
SG&A      
Property, Plant and Equipment [Line Items]      
Depreciation expense 4,570 4,611 4,415
RD&E      
Property, Plant and Equipment [Line Items]      
Depreciation expense 3,152 2,981 3,450
Restructuring and other charges      
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 0 $ 349 $ 0
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Opening goodwill $ 1,017,729 $ 994,007
Foreign currency translation 26,747 (12,789)
Closing goodwill 1,110,908 1,017,729
Pulse    
Goodwill [Roll Forward]    
Acquisition   38,094
Acquisition-related adjustments   (36)
InNeuroCo    
Goodwill [Roll Forward]    
Acquisition-related adjustments   $ (1,547)
Precision, VSi and Biocoat    
Goodwill [Roll Forward]    
Acquisition 67,096  
Precision and VSi    
Goodwill [Roll Forward]    
Acquisition-related adjustments $ (664)  
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Narrative) (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]    
Accumulated impairment loss $ 0  
Trademarks and tradenames    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) 90,288,000 $ 90,288,000
Lake Region Medical | Trademarks and tradenames    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) 70,000,000.0  
Greatbatch Medical | Trademarks and tradenames    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) $ 20,300,000  
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,307,012 $ 1,183,858
Accumulated Amortization (571,865) (495,860)
Net Carrying Amount 735,147 687,998
Trademarks and tradenames    
Indefinite-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 329,690 293,164
Accumulated Amortization (228,469) (204,591)
Net Carrying Amount 101,221 88,573
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 957,239 870,692
Accumulated Amortization (334,989) (284,104)
Net Carrying Amount 622,250 586,588
Amortizing tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 20,083 20,002
Accumulated Amortization (8,407) (7,165)
Net Carrying Amount $ 11,676 $ 12,837
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Amortization Expense by categories) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 64,348 $ 54,614 $ 52,829
Cost of sales      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense 19,764 17,451 15,921
SG&A      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense 44,584 37,163 36,270
Restructuring and other charges      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 0 $ 0 $ 638
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 63,500
2027 60,573
2028 59,049
2029 56,780
2030 53,265
After 2030 $ 441,980
v3.25.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]      
Salaries and benefits $ 38,875 $ 34,921  
Profit sharing and bonuses 26,599 36,795  
Short-term finance lease liabilities $ 7,843 $ 4,561  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total Total  
Contingent consideration $ 7,000 $ 0 $ 0
Accrued interest 6,442 4,201  
Contract liabilities 5,213 4,440  
Financing agreements 5,163 3,748  
Income taxes payable 3,248 2,978  
Product warranties 716 1,410  
Cash flow hedges 77 6,091  
Other 8,636 9,178  
Total $ 109,812 $ 108,323  
v3.25.4
DEBT (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 18, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Principal Amount $ 1,207,284   $ 1,000,994
Discounts and Deferred Issuance Costs (22,105)   (10,841)
Net Carrying Amount 1,185,179   990,153
Current portion of long-term debt 0   (10,000)
Long-term debt 1,185,179   980,153
Secured Debt | Term loan A      
Debt Instrument [Line Items]      
Principal Amount 91,000   375,000
Discounts and Deferred Issuance Costs (221)   (1,302)
Net Carrying Amount 90,779   373,698
Convertible Debt | 2028 Convertible Notes      
Debt Instrument [Line Items]      
Principal Amount 116,284   499,994
Discounts and Deferred Issuance Costs (1,542)   (9,539)
Net Carrying Amount 114,742   490,455
Convertible Debt | 2030 Convertible Notes      
Debt Instrument [Line Items]      
Principal Amount 1,000,000   0
Discounts and Deferred Issuance Costs (20,342) $ (23,900) 0
Net Carrying Amount 979,658   0
Revolving credit facilities | Line of Credit      
Debt Instrument [Line Items]      
Principal Amount 0   126,000
Discounts and Deferred Issuance Costs 0   0
Net Carrying Amount $ 0   $ 126,000
v3.25.4
DEBT (Senior Secured Credit Facilities) (Details)
 12 Months Ended
Mar. 18, 2025
USD ($)
Sep. 01, 2021
$ / €
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Feb. 28, 2023
USD ($)
Standby Letters of Credit          
Debt Instrument [Line Items]          
Outstanding standby letters of credit     $ 5,300,000    
Line of Credit | Revolving credit facilities          
Debt Instrument [Line Items]          
Unused capacity commitment fee     0.15%    
Remaining borrowing capacity     $ 794,700,000    
Spread on variable rate     0.10%    
Line of Credit | Revolving credit facilities | Minimum          
Debt Instrument [Line Items]          
Unused capacity commitment fee     0.15%    
Line of Credit | Revolving credit facilities | Maximum          
Debt Instrument [Line Items]          
Unused capacity commitment fee     0.25%    
2028 Convertible Notes | Convertible Debt          
Debt Instrument [Line Items]          
Debt principal payments         $ 500,000,000
Stated interest rate         2.125%
Gain (loss) on extinguishment of debt $ 46,700,000        
2030 Convertible Notes | Convertible Debt          
Debt Instrument [Line Items]          
Debt principal payments $ 1,000,000,000.0     $ 1,000,000,000.0  
Stated interest rate 1.875%     1.875%  
Term loan A | Secured Debt          
Debt Instrument [Line Items]          
Gain (loss) on extinguishment of debt     $ 900,000    
Weighted average interest rate     5.07%    
Term loan A | Secured Debt | Revolving credit facilities          
Debt Instrument [Line Items]          
Net leverage ratio incremental increase option   5.00      
Term loan A | Secured Debt | Revolving credit facilities | Maximum          
Debt Instrument [Line Items]          
Net leverage ratio incremental increase option   5.50      
ITGRTerm Loan A T L A Facility | Secured Debt | Revolving credit facilities          
Debt Instrument [Line Items]          
Interest expense ratio | $ / €   2.50      
v3.25.4
DEBT (Contractual Maturities) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 0
2027 0
2028 $ 91,000
v3.25.4
DEBT (2030 Convertible Notes Issuance and 2028 Convertible Notes Exchange Transactions) (Details)
 1 Months Ended 12 Months Ended
Mar. 18, 2025
USD ($)
day
$ / shares
shares
Feb. 28, 2023
USD ($)
trading_day
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]            
Proceeds from issuance of convertible notes, net of discount     $ 977,500,000 $ 0 $ 486,250,000  
Unamortized debt issuance costs     22,105,000 10,841,000    
Long-term debt     1,185,179,000 990,153,000    
Amount outstanding     1,207,284,000 1,000,994,000    
2030 Convertible Notes | Capped Call Options            
Debt Instrument [Line Items]            
Conversion price (in dollars per share) | $ / shares   $ 150.96        
2030 Convertible Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt principal payments $ 1,000,000,000.0         $ 1,000,000,000.0
Stated interest rate 1.875%         1.875%
Debt instrument, accordion feature, increase limit $ 125,000,000.0          
Proceeds from issuance of convertible notes, net of discount 976,100,000          
Unamortized debt issuance costs 23,900,000   20,342,000 0    
Debt instrument, unamortized discount (premium), net 22,500,000          
Debt issuance costs $ 1,400,000          
Effective interest rate 2.38%          
Initial conversion rate 0.0066243          
Conversion price (in dollars per share) | $ / shares $ 150.96          
Redemption price, percentage 100.00%          
Debt instrument, convertible, threshold conversion holding percentage trigger 0.25          
Long-term debt     979,658,000 0    
Amount outstanding     1,000,000,000 0    
2030 Convertible Notes | Convertible Debt | Debt Conversion Terms One            
Debt Instrument [Line Items]            
Trading days | day 20          
Consecutive trading days | day 30          
Percentage of stock price 150.00%          
2030 Convertible Notes | Convertible Debt | Debt Conversion Terms Two            
Debt Instrument [Line Items]            
Trading days | day 5          
Consecutive trading days | day 10          
Percentage of stock price 98.00%          
2030 Convertible Notes | Convertible Debt | Debt Conversion Terms Three            
Debt Instrument [Line Items]            
Trading days | day 20          
Consecutive trading days | day 30          
Percentage of stock price 140.00%          
2028 Convertible Notes | Capped Call Options            
Debt Instrument [Line Items]            
Conversion price (in dollars per share) | $ / shares   $ 87.20        
2028 Convertible Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt principal payments   $ 500,000,000        
Stated interest rate   2.125%        
Debt instrument, accordion feature, increase limit   $ 65,000,000        
Debt instrument, repurchase amount $ 383,700,000          
Repayments of convertible debt $ 384,400,000          
Repayments of convertible debt, shares issued | shares 1,553,806          
Gain (loss) on extinguishment of debt $ 46,700,000          
Unamortized debt issuance costs     1,542,000 9,539,000    
Effective interest rate   2.76%        
Trading days | trading_day   20        
Consecutive trading days | trading_day   30        
Percentage of stock price   130.00%        
Initial conversion rate   0.0114681        
Conversion price (in dollars per share) | $ / shares   $ 87.20        
Redemption price, percentage   100.00%        
Long-term debt     114,742,000 490,455,000    
Amount outstanding     $ 116,284,000 $ 499,994,000    
Number of preceding days   2 days        
2028 Convertible Notes | Convertible Debt | Measurement Period            
Debt Instrument [Line Items]            
Trading days | trading_day   5        
Consecutive trading days | trading_day   10        
Percentage of stock price   98.00%        
2028 Convertible Notes | Convertible Debt | Capped Call Options            
Debt Instrument [Line Items]            
Capped calls, settled, shares issued | shares 436,963          
v3.25.4
DEBT (Capped Call Transactions) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 28, 2023
Debt Instrument [Line Items]        
Provision for income taxes $ 22,566 $ 26,510 $ 16,239  
Capped Call Options        
Debt Instrument [Line Items]        
Deferred tax asset, capped calls 17,900      
2030 Convertible Notes | Capped Call Options        
Debt Instrument [Line Items]        
Conversion price (in dollars per share)       $ 150.96
Conversion price (in dollars per share)       189.44
Adjustments to additional paid in capital, for Capped Calls (71,000)      
2028 Convertible Notes | Capped Call Options        
Debt Instrument [Line Items]        
Conversion price (in dollars per share)       87.20
Conversion price (in dollars per share)       $ 108.59
Adjustments to additional paid in capital, for Capped Calls 26,900      
Deferred tax asset, capped calls 1,700      
Provision for income taxes $ 4,100      
v3.25.4
DEBT (Deferred Financing Fees) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Finance Costs [Roll Forward]      
Write-off of deferred debt issuance costs and unamortized discount $ (5,124) $ 0 $ 0
Total, Beginning Balance 10,841    
Total, Amortization during the period (6,882) (4,057) (8,054)
Total, Ending Balance 22,105 10,841  
Write-off of deferred debt issuance costs 5,124 0 $ 0
Capped Call Options      
Deferred Finance Costs [Roll Forward]      
Deferred tax asset, capped calls 17,900    
2028 Convertible Notes      
Deferred Finance Costs [Roll Forward]      
Write-off of deferred debt issuance costs and unamortized discount (500)    
Debt Discount, Write-off of deferred debt issuance costs and unamortized discount (6,300)    
Write-off of deferred debt issuance costs 500    
Write-off of debt discount 6,300    
2028 Convertible Notes | Capped Call Options      
Deferred Finance Costs [Roll Forward]      
Deferred tax asset, capped calls 1,700    
Revolving credit facilities      
Deferred Finance Costs [Roll Forward]      
Debt issuance costs, Beginning Balance 3,418    
Amortization during the period (1,109)    
Debt issuance costs, Ending Balance 2,309 3,418  
Term Loan And Senior Notes      
Deferred Finance Costs [Roll Forward]      
Debt issuance costs, Beginning Balance 2,055    
Financing costs incurred 1,386    
Write-off of deferred debt issuance costs and unamortized discount (1,433)    
Amortization during the period (487)    
Debt issuance costs, Ending Balance 1,521 2,055  
Total, Beginning Balance 10,841    
Total, Financing costs incurred 23,886    
Total, Write-off of deferred debt issuance costs and unamortized discount (7,741)    
Total, Amortization during the period (4,881)    
Total, Ending Balance 22,105 10,841  
Write-off of deferred debt issuance costs 1,433    
Term Loan B (TLB) Facility      
Deferred Finance Costs [Roll Forward]      
Debt Discount , Beginning Balance 8,786    
Debt Discount, financing costs incurred 22,500    
Debt Discount, Write-off of deferred debt issuance costs and unamortized discount (6,308)    
Debt Discount, Amortization during the period (4,394)    
Debt Discount, Ending Balance 20,584 $ 8,786  
Write-off of debt discount $ 6,308    
v3.25.4
BENEFIT PLANS (Savings Plan Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Employer matching contribution (in dollars per share) $ 0.50    
Employer matching contribution, percentage of employees' gross pay (up to) 6.00%    
Net costs recognized $ 12,000,000.0 $ 10,800,000 $ 9,500,000
v3.25.4
BENEFIT PLANS (Defined Benefit Plans Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Aggregated projected benefit obligation $ 3.6 $ 2.9  
Net periodic pension cost 0.9 0.6 $ 0.6
Expected future benefit payments first five years 1.8    
Expected future benefit payments next five years 3.1    
Restoration Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Deferred compensation liability 2.6 1.8  
Costs related to the Restoration Plan $ 0.5 $ 0.4 $ 0.2
v3.25.4
STOCK-BASED COMPENSATION (Narratives) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized (in shares) 1,450,000    
Number of shares available for grant (in shares) 772,585    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grants in period (in shares) 0 0 0
Closing stock price (in dollars per share) $ 78.43    
Total unrecognized compensation cost $ 0    
Restricted Stock and Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total unrecognized compensation cost $ 16,000,000.0    
Period for recognition 1 year 9 months 18 days    
Fair value of shares vested $ 19,600,000 $ 17,300,000 $ 9,100,000
Granted (in dollars per share) $ 128.71 $ 81.39 $ 79.03
Performance-Vested      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total unrecognized compensation cost $ 9,400,000    
Period for recognition 1 year 8 months 12 days    
Fair value of shares vested $ 21,900,000 $ 19,800,000  
Granted (in dollars per share) $ 149.99 $ 110.54 $ 74.32
Performance period (over) 3 years    
Illiquidity discount percent 8.78% 8.00% 11.23%
v3.25.4
STOCK-BASED COMPENSATION (Components of Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 23,224 $ 24,767 $ 23,283
Income tax benefit recognized for stock-based compensation arrangements 7,429 5,096 3,667
Discontinued operations      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 0 252 175
RSUs and PRSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 23,224 24,515 23,108
Cost of sales      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 4,230 3,881 3,694
SG&A      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 17,856 19,415 18,189
RD&E      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 1,160 1,153 1,152
Restructuring and other charges      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ (22) $ 66 $ 73
v3.25.4
STOCK-BASED COMPENSATION (Stock Option Activity) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Number of Stock Options  
Beginning balance (in shares) | shares 130,083
Exercised (in shares) | shares (109,854)
Ending balance (in shares) | shares 20,229
Vested and exercisable, Number of Stock Options (in shares) | shares 20,229
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 39.63
Exercised (in dollars per share) | $ / shares 40.02
Ending balance (in dollars per share) | $ / shares 37.48
Vested and exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares $ 37.48
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value  
Outstanding, Weighted Average Remaining Contractual Term (in years) 1 year 2 months 12 days
Vested and exercisable , Weighted Average Remaining Contractual Term (in years) 1 year 2 months 12 days
Outstanding, Aggregate Intrinsic Value | $ $ 0.8
Vested and exercisable , Aggregate Intrinsic Value | $ $ 0.8
v3.25.4
STOCK-BASED COMPENSATION (Exercise of Stock Option) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Intrinsic value $ 9,183 $ 2,007 $ 3,670
Cash received 3,644 742 2,303
Actual tax benefit for the tax deductions from the exercise of options $ 2,204 $ 482 $ 881
v3.25.4
STOCK-BASED COMPENSATION (Restricted Stock and Restricted Stock Units) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Time-Vested      
Time-Vested and Performance-Vested Activity      
Beginning balance (in shares) 313,404    
Granted (in shares) 155,508    
Vested (in shares) (148,496)    
Forfeited (in shares) (24,032)    
Ending balance (in shares) 296,384 313,404  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 88.36    
Granted (in dollars per share) 128.71    
Vested (in dollars per share) 89.59    
Forfeited (in dollars per share) 108.63    
Ending balance (in dollars per share) $ 107.27 $ 88.36  
Performance Restricted Stock Units      
Time-Vested and Performance-Vested Activity      
Beginning balance (in shares) 237,898    
Granted (in shares) 65,974    
Performance adjustment (in shares) 76,520    
Vested (in shares) (153,040)    
Forfeited (in shares) (11,967)    
Ending balance (in shares) 215,385 237,898  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 88.95    
Granted (in dollars per share) 149.99    
Performance adjustment (in dollars per share) 83.36    
Vested (in dollars per share) 83.36    
Forfeited (in dollars per share) 96.31    
Ending balance (in dollars per share) 109.23 $ 88.95  
Performance-Vested      
Weighted Average Grant Date Fair Value      
Granted (in dollars per share) $ 149.99 $ 110.54 $ 74.32
v3.25.4
STOCK-BASED COMPENSATION (Weighted-Average Fair Value and Assumptions) (Details) - Performance-Vested - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value (in dollars per share) $ 162.62 $ 117.96 $ 74.29
Risk-free interest rate 4.29% 4.13% 3.79%
Expected volatility 33.00% 34.00% 46.00%
Expected life (in years) 3 years 3 years 3 years
Expected dividend yield 0.00% 0.00% 0.00%
v3.25.4
RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring And Other Charges Components) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]      
Restructuring charges $ 2,284 $ 4,013 $ 5,874
Acquisition and integration costs 8,165 8,941 3,444
Other general expenses (gains) 7,426 (805) 2,110
Total restructuring and other charges $ 17,875 $ 12,149 $ 11,428
v3.25.4
RESTRUCTURING AND OTHER CHARGES (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
facility
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
facility
Dec. 31, 2022
USD ($)
Restructuring Cost and Reserve [Line Items]        
Fair value adjustments included in acquisition costs $ (2,266) $ (3,550) $ (736)  
Severance costs $ 6,900      
Property loss (recoveries)   (1,200) $ 2,000  
Number of manufacturing facilities | facility 1   1  
Oscor And Aran Acquisitions        
Restructuring Cost and Reserve [Line Items]        
Fair value adjustments included in acquisition costs $ (2,300) $ (3,600) $ (700)  
2021 SRA Initiatives        
Restructuring Cost and Reserve [Line Items]        
Restructuring-related charges incurred 6,200      
Global Manufacturing Alignment        
Restructuring Cost and Reserve [Line Items]        
Restructuring-related charges incurred 3,000      
Research and Product Development Alignment        
Restructuring Cost and Reserve [Line Items]        
Restructuring-related charges incurred 6,800      
2022 MASG        
Restructuring Cost and Reserve [Line Items]        
Restructuring-related charges incurred 5,800      
Employee Severance | 2022 OE Initiatives        
Restructuring Cost and Reserve [Line Items]        
Restructuring-related charges incurred 11,900      
Minimum | Global Manufacturing Alignment        
Restructuring Cost and Reserve [Line Items]        
Expected costs 25,000      
Minimum | Research and Product Development Alignment        
Restructuring Cost and Reserve [Line Items]        
Expected costs     7,000  
Minimum | 2022 MASG        
Restructuring Cost and Reserve [Line Items]        
Expected costs       $ 6,000
Maximum | Global Manufacturing Alignment        
Restructuring Cost and Reserve [Line Items]        
Expected costs $ 30,000      
Maximum | Research and Product Development Alignment        
Restructuring Cost and Reserve [Line Items]        
Expected costs     $ 8,000  
Maximum | 2022 MASG        
Restructuring Cost and Reserve [Line Items]        
Expected costs       $ 7,000
v3.25.4
RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring Restructuring-Related Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Charges [Abstract]      
Restructuring charges $ 2,284 $ 4,013 $ 5,874
Total restructuring and restructuring-related charges 10,193 7,255 9,949
Cost of sales      
Restructuring Charges [Abstract]      
Total restructuring and restructuring-related charges 7,328 2,170 1,633
Selling, general and administrative      
Restructuring Charges [Abstract]      
Total restructuring and restructuring-related charges 513 942 1,775
Research, development and engineering      
Restructuring Charges [Abstract]      
Total restructuring and restructuring-related charges $ 68 $ 130 $ 667
v3.25.4
RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring Reserve By Type of Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Beginning balance $ 805    
Charges incurred, net of reversals 2,284 $ 4,013 $ 5,874
Cash payments (2,930)    
Ending balance 159 805  
Operational excellence initiatives      
Restructuring Reserve [Roll Forward]      
Beginning balance 690    
Charges incurred, net of reversals 756    
Cash payments (1,324)    
Ending balance 122 690  
Strategic reorganization and alignment      
Restructuring Reserve [Roll Forward]      
Beginning balance 115    
Charges incurred, net of reversals 677    
Cash payments (782)    
Ending balance 10 115  
Manufacturing alignment to support growth      
Restructuring Reserve [Roll Forward]      
Beginning balance 0    
Charges incurred, net of reversals 851    
Cash payments (824)    
Ending balance $ 27 $ 0  
v3.25.4
RESTRUCTURING AND OTHER CHARGES (Schedule of Acquisition and Integration Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]      
Acquisition costs $ 1,825 $ 5,502 $ 693
Integration costs 6,340 3,439 2,751
Acquisition and integration costs 8,165 8,941 3,444
Fair value adjustments included in acquisition costs $ (2,266) $ (3,550) $ (736)
v3.25.4
INCOME TAXES (Income Before Income Tax Domestic And Foreign) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 35,980 $ 55,571 $ 29,089
Foreign 89,416 91,992 76,293
Total income from continuing operations before income taxes $ 125,396 $ 147,563 $ 105,382
v3.25.4
INCOME TAXES (Provision Benefit of Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 5,876 $ 18,309 $ 11,072
State 1,901 1,655 1,292
Foreign 17,476 19,476 13,140
Total 25,253 39,440 25,504
Deferred:      
Federal (2,448) (9,456) (7,262)
State (290) (245) (132)
Foreign 51 (3,229) (1,871)
Total (2,687) (12,930) (9,265)
Total provision for income taxes $ 22,566 $ 26,510 $ 16,239
v3.25.4
INCOME TAXES (Effect Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
US federal statutory tax rate $ 26,333 $ 30,988 $ 22,130
Tax credits      
R&D tax credits (7,523) (5,380) (4,465)
Foreign tax credit (558) (463) (572)
Nontaxable or nondeductible items      
Tax benefits on share-based payments (5,843) (2,519) (375)
Nondeductible covered employee compensation 5,637 4,025 2,222
Nondeductible convertible debt inducement expense 9,277 0 0
Other 219 (446) 205
Effect of cross-border tax laws      
GILTI, net of GILTI FTC 1,879 2,614 2,224
Foreign-derived intangible income (3,316) (2,763) (3,087)
Foreign royalty income 1,365 1,418 1,349
Other 494 299 354
Enactment of new tax laws or rates 0 0 0
Domestic state and local income taxes, net of federal income tax effect 1,299 1,375 1,078
Worldwide changes in unrecognized tax benefits (4,182) 327 (1,140)
Total provision for income taxes $ 22,566 $ 26,510 $ 16,239
Percent      
US federal statutory tax rate 21.00% 21.00% 21.00%
Tax credits      
R&D tax credits (6.00%) (3.60%) (4.20%)
Foreign tax credit (0.40%) (0.30%) (0.50%)
Nontaxable or nondeductible items      
Tax benefits on share-based payments (4.70%) (1.70%) (0.40%)
Nondeductible covered employee compensation 4.50% 2.70% 2.10%
Nondeductible convertible debt inducement expense 7.40% 0.00% 0.00%
Other 0.20% (0.30%) 0.20%
Effect of cross-border tax laws      
GILTI, net of GILTI FTC 1.50% 1.80% 2.10%
Foreign-derived intangible income (2.60%) (1.90%) (2.90%)
Foreign royalty income 1.10% 1.00% 1.30%
Other 0.40% 0.20% 0.30%
Enactment of new tax laws or rates 0.00% 0.00% 0.00%
Domestic state and local income taxes, net of federal income tax effect 1.00% 0.90% 1.00%
Worldwide changes in unrecognized tax benefits (3.30%) 0.20% (1.10%)
Effective tax rate 18.00% 18.00% 15.40%
U.S.      
Effect of cross-border tax laws      
Changes in valuation allowances $ (1,100) $ 86 $ 817
Other adjustments $ (455) $ (180) $ 119
Effect of cross-border tax laws      
Changes in valuation allowances (0.90%) 0.10% 0.80%
Other adjustments (0.40%) (0.10%) 0.10%
Switzerland      
Amount      
Foreign rate differential $ (4,333) $ (4,149) $ (3,245)
Effect of cross-border tax laws      
Other adjustments (127) 20 (332)
Federal income exemption (2,691) (2,605) (2,030)
Cantonal taxes, net $ 539 $ 455 $ 373
Percent      
Foreign rate differential (3.50%) (2.80%) (3.10%)
Effect of cross-border tax laws      
Other adjustments (0.10%) 0.00% (0.30%)
Federal income exemption (2.10%) (1.80%) (1.90%)
Cantonal taxes, net 0.40% 0.30% 0.40%
Ireland      
Amount      
Foreign rate differential $ (1,427) $ (2,120) $ (2,157)
Effect of cross-border tax laws      
Other adjustments (674) (108) 229
OECD Pillar II: Global minimum tax $ 472 $ 409 $ 0
Percent      
Foreign rate differential (1.10%) (1.40%) (2.00%)
Effect of cross-border tax laws      
Other adjustments (0.50%) (0.10%) 0.20%
OECD Pillar II: Global minimum tax 0.40% 0.30% 0.00%
Netherlands      
Effect of cross-border tax laws      
Other adjustments $ 36 $ 17 $ 22
OECD Pillar II: Global minimum tax $ 2,718 $ 1,780 $ 0
Effect of cross-border tax laws      
Other adjustments 0.00% 0.00% 0.00%
OECD Pillar II: Global minimum tax 2.20% 1.20% 0.00%
Malaysia      
Effect of cross-border tax laws      
Other adjustments $ 839 $ 930 $ 784
Holiday $ 0 $ 0 $ (1,664)
Effect of cross-border tax laws      
Other adjustments 0.70% 0.60% 0.70%
Holiday 0.00% 0.00% (1.60%)
Mexico      
Amount      
Foreign rate differential $ 2,323 $ 1,298 $ 1,744
Percent      
Foreign rate differential 1.90% 0.90% 1.70%
Uruguay      
Amount      
Foreign rate differential $ 1,732 $ 1,320 $ 877
Percent      
Foreign rate differential 1.40% 0.90% 0.80%
Israel      
Effect of cross-border tax laws      
Changes in valuation allowances $ 0 $ 0 $ 1,345
Other adjustments $ 69 $ 152 $ (117)
Effect of cross-border tax laws      
Changes in valuation allowances 0.00% 0.00% 1.30%
Other adjustments 0.10% 0.10% (0.10%)
Other      
Amount      
Foreign rate differential $ (436) $ (270) $ (449)
Percent      
Foreign rate differential (0.30%) (0.20%) (0.40%)
v3.25.4
INCOME TAXES (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Components of Deferred Tax Assets and Liabilities [Abstract]    
Research and development $ 49,042 $ 37,201
Lease liabilities 32,443 28,772
Original issue discount from capped calls 16,400 5,733
Net operating loss carryforwards 8,276 8,093
Accrued expenses 5,823 7,122
Stock-based compensation 5,226 5,438
Tax credit carryforwards 4,567 5,749
Other 2,576 5,578
Gross deferred tax assets 124,353 103,686
Less valuation allowance (11,427) (13,387)
Net deferred tax assets 112,926 90,299
Intangible assets (164,269) (167,514)
Lease assets (33,146) (28,802)
Property, plant and equipment (12,425) (10,282)
Other (10,419) 0
Gross deferred tax liabilities (220,259) (206,598)
Net deferred tax liability (107,333) (116,299)
Noncurrent deferred tax asset 8,994 8,309
Noncurrent deferred tax liability $ (116,327) $ (124,608)
v3.25.4
INCOME TAXES (Income Tax Carry Forward) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset $ 8,276 $ 8,093
U.S. State    
Operating Loss Carryforwards [Line Items]    
Net operating loss 61,700  
Deferred Tax Asset 2,400  
Valuation Allowance (2,300)  
U.S. State | State tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 3,600  
Deferred Tax Assets, Tax credit 2,800  
Valuation Allowance (2,800)  
U.S. State | R&D tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 900  
Deferred Tax Assets, Tax credit 700  
Valuation Allowance 0  
Foreign    
Operating Loss Carryforwards [Line Items]    
Net operating loss 24,900  
Deferred Tax Asset 5,900  
Valuation Allowance (5,900)  
U.S. Federal | Foreign tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 1,000  
Deferred Tax Assets, Tax credit 1,000  
Valuation Allowance $ (400)  
v3.25.4
INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance, beginning of year $ 6,201 $ 6,470 $ 7,739
Additions based upon tax positions related to the current year 406 353 356
Additions (reductions) related to prior period tax returns 144    
Additions (reductions) related to prior period tax returns   (6) (18)
Reductions related to settlements (amounts paid) 0 (166) 0
Reductions as a result of a lapse of applicable statute of limitations (3,975) (450) (1,607)
Balance, end of year $ 2,776 $ 6,201 $ 6,470
v3.25.4
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Unrecognized tax benefit $ 2.7    
Interest and penalties on unrecognized tax benefits $ 0.5 $ 1.4 $ 0.8
v3.25.4
INCOME TAXES (Income Taxes Paid) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. federal $ 11,527 $ 22,596 $ 18,800
U.S. state and local 2,931 2,797 1,809
Income taxes 28,220 36,472 30,351
Ireland      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 2,884 2,499 3,774
Malaysia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 5,789 3,298 3,292
Mexico      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 4,053 5,160 2,614
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 1,036 $ 122 $ 62
v3.25.4
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain Contingencies [Line Items]      
Loss contingency damages sought $ 300    
Drawn down from the escrow 200    
Anticipated future costs remaining 100    
Accrued environmental loss contingencies, current $ 100 $ 100  
Environmental loss contingency, current, statement of financial position flag Accrued Liabilities, Current    
Cost of sales $ 1,353,251 1,257,582 $ 1,145,767
Self insurance reserve 5,900 6,200  
Royalty      
Gain Contingencies [Line Items]      
Cost of sales $ 1,500 $ 1,200 $ 1,700
v3.25.4
LEASES (Schedule of Lease Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessor, Lease, Description [Line Items]      
Amortization of lease assets $ 4,717 $ 2,575 $ 1,367
Interest on lease liabilities 1,827 845 321
Finance lease cost 6,544 3,420 1,688
Operating lease cost 15,760 14,076 13,920
Short-term lease cost (leases with initial term of 12 months or less) 421 257 305
Variable lease cost 4,594 3,071 2,994
Sublease income (1,431) (929) (904)
Total lease cost 25,888 19,895 18,003
Cost of sales      
Lessor, Lease, Description [Line Items]      
Total lease cost 19,976 15,566 13,339
SG&A      
Lessor, Lease, Description [Line Items]      
Total lease cost 3,514 2,991 3,028
RD&E      
Lessor, Lease, Description [Line Items]      
Total lease cost 186 403 929
Restructuring and other charges      
Lessor, Lease, Description [Line Items]      
Total lease cost 385 90 386
Interest expense      
Lessor, Lease, Description [Line Items]      
Total lease cost $ 1,827 $ 845 $ 321
v3.25.4
LEASES (Schedule of Operating Lease Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash paid for operating leases $ 14,167 $ 12,557 $ 13,751
Cash paid for interest on finance leases 1,827 845 320
Assets acquired under operating leases 13,564 13,384 17,526
Assets acquired under finance leases $ 13,860 $ 18,300 $ 4,085
v3.25.4
LEASES (Schedule of Operating Lease Liability Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 14,055  
2027 14,060  
2028 13,589  
2029 13,686  
2030 12,634  
Thereafter 53,454  
Gross lease liabilities 121,478  
Less: imputed interest (30,480)  
Present value of lease liabilities 90,998  
Less: current portion of lease liabilities $ (9,099) $ (7,352)
Finance Lease, Liability, Noncurrent, Statement of Financial Position Flag Total long-term lease liabilities  
Operating lease liabilities $ 81,899 77,702
Finance Leases    
2026 9,434  
2027 9,123  
2028 7,879  
2029 4,236  
2030 2,005  
Thereafter 10,648  
Gross lease liabilities 43,325  
Less: imputed interest (6,904)  
Present value of lease liabilities 36,421  
Less: current portion of lease liabilities (7,843) (4,561)
Total long-term lease liabilities $ 28,578 $ 23,760
Finance Lease, Liability, Current, Statement of Financial Position Flag Accrued Liabilities, Current Accrued Liabilities, Current
v3.25.4
LEASES (Lease Term and Discount Rate) (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term - operating leases (in years) 9 years 2 months 12 days 10 years
Weighted-average remaining lease term - finance leases (in years) 6 years 2 months 12 days 8 years
Weighted-average discount rate - operating leases 6.30% 6.30%
Weighted-average discount rate - finance leases 5.50% 5.70%
v3.25.4
EARNINGS PER SHARE (Schedule of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator for basic and diluted EPS:      
Income from continuing operations $ 102,830 $ 121,053 $ 89,143
Income (loss) from discontinued operations, net of tax (22) (1,157) 1,507
Net income $ 102,808 $ 119,896 $ 90,650
Denominator for basic and diluted EPS:      
Weighted average shares outstanding - Basic (in shares) 34,735 33,601 33,320
Dilutive effect of share-based awards (in shares) 309 514 438
Dilutive impact of convertible notes (in shares) 550 1,534 0
Denominator for diluted EPS (in shares) 35,594 35,649 33,758
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 2.96 $ 3.60 $ 2.68
Income (loss) from discontinued operations (in dollars per share) 0 (0.03) 0.05
Basic earnings per share (in dollars per share) 2.96 3.57 2.72
Diluted earnings per share:      
Income from continuing operations (in dollars per share) 2.89 3.40 2.64
Income (loss) from discontinued operations (in dollars per share) 0 (0.03) 0.04
Diluted earnings per share (in dollars per share) $ 2.89 $ 3.36 $ 2.69
v3.25.4
EARNINGS PER SHARE (Antidilutive Securities) (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Time-vested stock options, restricted stock and restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded from calculation of earnings per share (in shares) 184 1 1
Performance-vested restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded from calculation of earnings per share (in shares) 80 31 84
Common Stock issuable upon conversion of convertible notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded from calculation of earnings per share (in shares) 412 0 0
v3.25.4
STOCKHOLDERS' EQUITY (Schedule of Changes in Number of Shares of Common Stock) (Details) - shares
 12 Months Ended
Nov. 04, 2025
Dec. 31, 2025
Dec. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Shares outstanding at beginning of period (in shares)   33,546,256  
Treasury stock, shares (in shares)   (1,135,355) (6)
Shares outstanding at ending of period (in shares)   34,346,450 33,546,256
Share Repurchase Program      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Repurchases of common stock (in shares) (698,356)    
Issued      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Shares outstanding at beginning of period (in shares)   33,546,262 33,329,648
Stock options exercised (in shares)   103,148 23,981
Stock issued upon conversion of convertible debt (in shares)   1,553,858 18
Stock issued for acquisition (in shares)   32,393  
Shares outstanding at ending of period (in shares)   35,481,805 33,546,262
Treasury stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Repurchases of common stock (in shares)   (698,356)  
Exercise of capped call upon conversion of convertible debt (in shares)   (436,993) (6)
Treasury stock, shares (in shares)   (1,135,355) (6)
Outstanding      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Shares outstanding at beginning of period (in shares)   33,546,256 33,329,648
Stock options exercised (in shares)   103,148 23,981
Stock issued upon conversion of convertible debt (in shares)   1,553,858 18
Repurchases of common stock (in shares)   (698,356)  
Exercise of capped call upon conversion of convertible debt (in shares)   (436,993) (6)
Stock issued for acquisition (in shares)   32,393  
Shares outstanding at ending of period (in shares)   34,346,450 33,546,256
RSUs | Issued      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares)   246,144 192,615
RSUs | Outstanding      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares)   246,144 192,615
v3.25.4
STOCKHOLDERS' EQUITY (Narrative) (Details) - Share Repurchase Program
$ in Millions
Nov. 04, 2025
USD ($)
shares
Class of Stock [Line Items]  
Share repurchase program, authorized, amount $ 200.0
Repurchases of common stock (in shares) | shares 698,356
Payments for commissions $ 50.0
v3.25.4
STOCKHOLDERS' EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance $ 1,619,215 $ 1,519,042
Total stockholders’ equity, ending balance 1,746,643 1,619,215
Total Pre-Tax Amount    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (15,400) 20,654
Total stockholders’ equity, ending balance 59,252 (15,400)
Defined Benefit Plan Liability    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 67 (28)
Total Pre-Tax Amount (180) 95
Tax 51 (26)
Net-of-Tax Amount (129) 69
Total stockholders’ equity, ending balance (113) 67
Cash Flow Hedges    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (6,482) 2,153
Total Pre-Tax Amount 17,075 (10,065)
Tax (3,586) 2,114
Net-of-Tax Amount 13,489 (7,951)
Total stockholders’ equity, ending balance 5,221 (6,482)
Cash Flow Hedges | Foreign currency hedges    
Accumulated Other Comprehensive Income [Roll Forward]    
Total Pre-Tax Amount (5,372) 1,430
Tax 1,128 (300)
Net-of-Tax Amount (4,244) 1,130
Foreign Currency Translation Adjustment    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (8,985) 18,529
Total Pre-Tax Amount 63,129 (27,514)
Tax 0 0
Net-of-Tax Amount 63,129 (27,514)
Total stockholders’ equity, ending balance 54,144 (8,985)
Tax    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 1,357 (431)
Total stockholders’ equity, ending balance (1,050) 1,357
Net-of-Tax Amount    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (14,043) 20,223
Total stockholders’ equity, ending balance $ 58,202 $ (14,043)
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts $ 5,221  
Contingent consideration 8,179 $ 904
Liabilities: Foreign currency hedging contracts   6,482
Quoted Prices in Active Markets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts 0  
Contingent consideration 0 0
Liabilities: Foreign currency hedging contracts   0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts 5,221  
Contingent consideration 0 0
Liabilities: Foreign currency hedging contracts   6,482
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts 0  
Contingent consideration $ 8,179 904
Liabilities: Foreign currency hedging contracts   $ 0
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Foreign Currency Contracts) (Details) - Designated as Hedging Instrument
$ in Thousands
Dec. 31, 2025
USD ($)
$ / $
$ / $
$ / €
$ / RM
Dec. 31, 2024
USD ($)
$ / $
$ / $
$ / €
Prepaid expenses and other current assets | Forex Contract Maturing October 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 15,906  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.1610  
Fair Value $ 266  
Prepaid expenses and other current assets | Forex Contract Maturing October 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 7,649  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0244  
Fair Value $ 383  
Prepaid expenses and other current assets | Forex Contract Maturing December 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 51,699  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0501  
Fair Value $ 4,491  
Prepaid expenses and other current assets | Forex Contract Maturing October 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 2,959  
$/Foreign currency (in dollars per foreign currency) | $ / RM 0.2401  
Fair Value $ 82  
Other long-term assets | Forex Contract Maturing April 2027    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 3,842  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0519  
Fair Value $ 76  
Accrued expenses and other current liabilities | Forex Contract Maturing July 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 8,923  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.1898  
Fair Value $ (77)  
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 60,589
$/Foreign currency (in dollars per foreign currency) | $ / €   1.0831
Fair Value   $ 1,950
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 10,690
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0248
Fair Value   $ 248
Accrued expenses and other current liabilities | Forex Contract Maturing December 2025    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 51,341
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0566
Fair Value   $ 3,893
Other Long-Term Liabilities | Forex Contract Maturing July 2026    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 10,322
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0566
Fair Value   $ 391
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Derivative Instruments with Hedge Accounting Designation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI $ 0 $ 0 $ 1,262
Interest expense | Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI 0 0 0
Sales      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI 2,516 43 (241)
Sales | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI 4,655 (3,296) 1,171
Cost of sales      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI 2,874 (1,494) 5,611
Cost of sales | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI 12,224 (6,473) 5,666
Operating expenses      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI (18) 21 (17)
Operating expenses | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI $ 196 $ (296) $ 171
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narratives) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 04, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Reclassification of net losses from accumulated OCI to income, estimated net amount to be transferred $ 5,100,000        
Non-marketable securities impairment   $ 200,000 $ 5,200,000    
Equity method investment, return of capital       $ 100,000  
Equity securities without readily determinable fair value, amount 0        
Biocoat          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Revenue-based payments (up to) 7,000,000       $ 7,000,000.0
Maximum | Biocoat          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Revenue-based payments (up to) $ 7,000,000.0        
Chinese Venture Capital Fund          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Percentage of ownership interest 7.60%        
2028 Convertible Notes | Significant Other Observable Inputs (Level 2) | Convertible Debt          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Fair value $ 131,500,000        
2030 Convertible Notes | Significant Other Observable Inputs (Level 2) | Convertible Debt          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Fair value 930,000,000.0        
Foreign exchange contract | Not Designated as Hedging Instrument          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Notional amount 73,400,000 33,000,000.0      
Gain recognized in OCI $ (1,700,000) $ 2,600,000 $ 400,000    
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at beginning of period $ 904 $ 876 $ 11,756
Amount recorded for current year acquisitions $ 9,541 3,578 876
FairValueRecurringBasisUnobservableInputReconciliationLiabilityGainLossStatementOfIncomeExtensibleListNotDisclosedFlag Fair value measurement adjustments    
Fair value measurement adjustments $ (2,266) (3,550) (736)
Payments 0 0 (11,177)
Foreign currency translation 0 0 157
Balance at end of period 8,179 904 876
Current portion of contingent consideration, end of year 7,000 0 0
Non-current portion of contingent consideration, end of year $ 1,179 $ 904 $ 876
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Contingent Consideration Remaining Payouts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 04, 2025
Feb. 28, 2025
Oct. 01, 2023
Biocoat        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
2026 $ 7,000      
2027 0      
2028 0      
2029 0      
Total 7,000 $ 7,000    
Fair Value 7,000 $ 7,000    
VSi        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
2026 0      
2027 1,000      
2028 1,000      
2029 1,000      
Total 3,000   $ 4,000  
Fair Value 1,179   $ 1,100  
InNeuroCo        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
2026 0      
2027 2,700      
2028 2,700      
2029 0      
Total 5,400     $ 13,500
Fair Value $ 0     $ 900
v3.25.4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]      
Equity method investment $ 7,709 $ 7,237  
Non-marketable equity securities 180 180  
Total equity investments 7,889 7,417  
Equity method investment (gain) loss (550) 533 $ 481
Impairment charges 0 247 5,210
(Gain) loss on equity investments, net $ (550) $ 780 $ 5,691
v3.25.4
SEGMENT AND GEOGRAPHIC INFORMATION (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
SEGMENT AND GEOGRAPHIC INFORMATION (Reconciliation of Segment Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Sales $ 1,853,637 $ 1,716,596 $ 1,555,656
Cost of sales 1,353,251 1,257,582 1,145,767
Gross profit 500,386 459,014 409,889
Operating expenses:      
Selling, general and administrative 211,748 185,202 173,171
Research, development and engineering 49,499 53,425 61,967
Restructuring and other charges 17,875 12,149 11,428
Total operating expenses 279,122 250,776 246,566
Operating income 221,264 208,238 163,323
Interest expense 43,206 56,374 51,275
(Gain) loss on equity investments, net (550) 780 5,691
Other loss, net 53,212 3,521 975
Income from continuing operations before income taxes 125,396 147,563 105,382
Provision for income taxes 22,566 26,510 16,239
Income from continuing operations 102,830 121,053 89,143
Reportable Segment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Sales 1,853,637 1,716,596 1,555,656
Cost of sales 1,353,251 1,257,582 1,145,767
Gross profit 500,386 459,014 409,889
Operating expenses:      
Selling, general and administrative 211,748 185,202 173,171
Research, development and engineering 49,499 53,425 61,967
Restructuring and other charges 17,875 12,149 11,428
Total operating expenses 279,122 250,776 246,566
Operating income 221,264 208,238 163,323
Interest expense 43,206 56,374 51,275
(Gain) loss on equity investments, net (550) 780 5,691
Other loss, net 53,212 3,521 975
Income from continuing operations before income taxes 125,396 147,563 105,382
Provision for income taxes 22,566 26,510 16,239
Income from continuing operations $ 102,830 $ 121,053 $ 89,143
v3.25.4
SEGMENT AND GEOGRAPHIC INFORMATION (Sales by Geographic Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales $ 1,853,637 $ 1,716,596 $ 1,555,656
U.S.      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 979,807 938,675 872,926
Costa Rica      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 173,524 124,694 108,421
Puerto Rico      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 131,261 137,057 121,487
Ireland      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 99,160 84,407 69,092
Rest of world      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales $ 469,885 $ 431,763 $ 383,730
v3.25.4
SEGMENT AND GEOGRAPHIC INFORMATION (Long lived Tangible Assets by Region) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Total $ 536,427 $ 465,798
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total 297,441 260,220
Ireland    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total 160,511 139,889
Mexico    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total 45,922 37,838
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total $ 32,553 $ 27,851
v3.25.4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
product_line
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]    
Number of operating segments | segment 1  
Number of product lines | product_line 3  
Increase in contract assets due to amendments of a contract $ 8.8  
Contract with customer, liability, revenue recognized $ 3.4 $ 4.4
v3.25.4
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Segment Sales by Product Line) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Sales $ 1,853,637 $ 1,716,596 $ 1,555,656
Cardio & Vascular      
Disaggregation of Revenue [Line Items]      
Sales 1,107,084 949,576 836,343
Cardiac Rhythm Management & Neuromodulation      
Disaggregation of Revenue [Line Items]      
Sales 668,803 660,610 612,891
Other Markets      
Disaggregation of Revenue [Line Items]      
Sales $ 77,750 $ 106,410 $ 106,422
v3.25.4
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedules of Concentration of Risk by Revenue and Accounts Receivable) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Percent of revenue from contract with customer compared to total revenue 33.00% 32.00%  
Sales | Customer Concentration Risk | Top Customers      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 49.00% 47.00% 46.00%
Sales | Customer Concentration Risk | Customer A      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 20.00% 18.00% 16.00%
Sales | Customer Concentration Risk | Customer B      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 15.00% 16.00% 17.00%
Sales | Customer Concentration Risk | Customer C      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 14.00% 13.00% 13.00%
Accounts Receivable | Customer Concentration Risk | Top Customers      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 38.00% 33.00%  
Accounts Receivable | Customer Concentration Risk | Customer A      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 19.00% 10.00%  
Accounts Receivable | Customer Concentration Risk | Customer B      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 9.00% 9.00%  
Accounts Receivable | Customer Concentration Risk | Customer C      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 10.00% 14.00%  
v3.25.4
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 112,546 $ 103,772
Contract liabilities (included in Accrued expenses and other current liabilities) 5,213 4,440
Contract liabilities (included in Other long-term liabilities) $ 3,265 $ 4,398
v3.25.4
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Provision for credit losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 310 $ 371 $ 338
Charged to Costs & Expenses 164 163 74
Charged to Other Accounts- Describe 117 0 1
Deductions 0 (224) (42)
Balance at end of period 591 310 371
Valuation allowance for deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 13,387 15,741 16,649
Charged to Costs & Expenses 93 1,534 3,267
Charged to Other Accounts- Describe 559 (28) (14)
Deductions (2,612) (3,860) (4,161)
Balance at end of period $ 11,427 13,387 $ 15,741
Valuation allowance for deferred tax assets | Electrochem Solutions, Inc | Discontinued Operations, disposed-by-sale      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Charged to Costs & Expenses   $ 600  
v3.25.4
SUBSEQUENT EVENTS (Details) - Accelerated Share Repurchase Program - Subsequent Event
$ in Millions
Feb. 19, 2026
USD ($)
shares
Subsequent Event [Line Items]  
Share repurchase program, authorized, amount $ 50.0
Initial delivery | shares 462,535
Share repurchase program shares to be repurchased percentage 80.00%
Share repurchase program, remaining authorized, amount $ 100.0