INTEGER HOLDINGS CORP, 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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     $ 3,828
Entity Common Stock, Shares Outstanding   33,617,354  
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 2025 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 2024    
Document Fiscal Period Focus FY    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Williamsville, New York
Auditor Firm ID 34
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 46,543 $ 23,674
Accounts receivable, net of provision for credit losses of $0.3 million and $0.4 million, respectively 245,269 231,283
Inventories 247,126 229,102
Contract assets 103,772 85,871
Prepaid expenses and other current assets 28,409 30,033
Current assets of discontinued operations held for sale 0 17,705
Total current assets 671,119 617,668
Property, plant and equipment, net 465,798 392,569
Goodwill 1,017,729 994,007
Other intangible assets, net 778,286 779,598
Deferred income taxes 8,309 7,001
Operating lease assets 86,082 81,319
Financing lease assets 27,689 11,675
Other long-term assets 22,959 22,407
Noncurrent assets of discontinued operations held for sale 0 36,409
Total assets 3,077,971 2,942,653
Current liabilities:    
Current portion of long-term debt 10,000 0
Accounts payable 101,498 118,258
Operating lease liabilities 7,352 8,564
Accrued expenses and other current liabilities 108,323 90,644
Current liabilities of discontinued operations held for sale 0 3,503
Total current liabilities 227,173 220,969
Long-term debt 980,153 959,925
Deferred income taxes 124,608 143,552
Operating lease liabilities 77,702 72,126
Financing lease liabilities 23,760 10,272
Other long-term liabilities 25,360 14,303
Noncurrent liabilities of discontinued operations held for sale 0 2,464
Total liabilities 1,458,756 1,423,611
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; 33,546,262 and 33,329,648 shares issued, respectively, and 33,546,256 and 33,329,648 outstanding, respectively 34 33
Additional paid-in capital 741,977 727,435
Treasury stock, at cost, 6 shares and 0 shares, respectively 0 0
Retained earnings 891,247 771,351
Accumulated other comprehensive income (loss) (14,043) 20,223
Total stockholders’ equity 1,619,215 1,519,042
Total liabilities and stockholders’ equity $ 3,077,971 $ 2,942,653
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Allowance for doubtful accounts $ 0.3 $ 0.4
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) 33,546,262 33,329,648
Common stock, shares outstanding (in shares) 33,546,256 33,329,648
Treasury stock, shares (in shares) 6 0
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Sales $ 1,716,596 $ 1,555,656 $ 1,331,277
Cost of sales 1,257,582 1,145,767 985,516
Gross profit 459,014 409,889 345,761
Operating expenses:      
Selling, general and administrative 185,202 173,171 158,050
Research, development and engineering 53,425 61,967 59,762
Restructuring and other charges 12,149 11,428 15,271
Total operating expenses 250,776 246,566 233,083
Operating income 208,238 163,323 112,678
Interest expense 56,374 51,275 37,265
Loss on equity investments, net 780 5,691 7,636
Other (income) loss, net 3,521 975 (899)
Income from continuing operations before income taxes 147,563 105,382 68,676
Provision for income taxes 26,510 16,239 8,929
Income from continuing operations 121,053 89,143 59,747
Income (loss) from discontinued operations, net of tax (1,157) 1,507 6,630
Net income $ 119,896 $ 90,650 $ 66,377
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 3.60 $ 2.68 $ 1.80
Income from discontinued operations (in dollars per share) (0.03) 0.05 0.20
Basic earnings per share (in dollars per share) 3.57 2.72 2.00
Diluted earnings per share:      
Income from continuing operations (in dollars per share) 3.40 2.64 1.79
Income (loss) from discontinued operations (in dollars per share) (0.03) 0.04 0.20
Diluted earnings per share (in dollars per share) $ 3.36 $ 2.69 $ 1.99
Weighted average shares outstanding:      
Basic (in shares) 33,601 33,320 33,127
Diluted (in shares) 35,649 33,758 33,357
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Comprehensive Income      
Net income $ 119,896 $ 90,650 $ 66,377
Other comprehensive income (loss):      
Foreign currency translation gain (loss) (27,514) 14,379 (25,570)
Net change in cash flow hedges, net of tax (6,821) 310 3,200
Defined benefit plan liability adjustment, net of tax 69 205 509
Other comprehensive income (loss), net (34,266) 14,894 (21,861)
Comprehensive income $ 85,630 $ 105,544 $ 44,516
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 119,896 $ 90,650 $ 66,377
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 111,031 98,841 91,991
Debt related charges included in interest expense 4,057 8,054 2,036
Inventory step-up amortization 1,056 590 798
Stock-based compensation 24,767 23,283 21,023
Non-cash lease expense 9,125 11,248 10,914
Non-cash loss on equity investments 780 5,691 7,636
Contingent consideration fair value adjustment (3,550) (736) 3,097
Other non-cash losses 6,954 4,379 5,854
Deferred income taxes (14,110) (9,490) (17,498)
Gain on sale of discontinued operations (177) 0 0
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (6,532) (7,437) (41,380)
Inventories (18,079) (30,178) (56,721)
Contract assets (18,447) (13,646) (7,543)
Prepaid expenses and other assets (229) (930) 764
Accounts payable (16,620) (520) 26,038
Accrued expenses and other liabilities 4,472 7,908 (9,529)
Income taxes payable 811 (7,494) 12,524
Net cash provided by operating activities 205,205 180,213 116,381
Cash flows from investing activities:      
Acquisition of property, plant and equipment (105,357) (119,938) (74,728)
Purchase of intangible asset (250) 0 0
Proceeds from sale of property, plant and equipment 39 173 639
Proceeds from return of capital from equity investments 0 0 304
Acquisitions, net of cash acquired (138,544) (43,602) (126,636)
Proceeds from sale of discontinued operations, net 48,698 0 0
Net cash used in investing activities (195,414) (163,367) (200,421)
Cash flows from financing activities:      
Principal payments of long-term debt (6) (415,938) (25,249)
Proceeds from issuance of convertible notes, net of discount 0 486,250 0
Proceeds from revolving credit facility 274,500 383,103 166,000
Payments of revolving credit facility (247,500) (424,801) (45,000)
Purchase of capped calls 0 (35,000) 0
Payment of debt issuance costs (2,075) (2,181) 0
Proceeds from the exercise of stock options 742 2,303 150
Tax withholdings related to net share settlements of restricted stock units (10,938) (3,098) (2,929)
Proceeds from contingent consideration 0 0 1,319
Payment of contingent consideration 0 (7,660) (972)
Principal payments on finance leases (10,723) (1,182) (843)
Other financing activities 9,321 190 0
Net cash provided by (used in) financing activities 13,321 (18,014) 92,476
Effect of foreign currency exchange rates on cash and cash equivalents (243) 570 (2,049)
Net increase (decrease) in cash and cash equivalents 22,869 (598) 6,387
Cash and cash equivalents, beginning of year 23,674 24,272 17,885
Cash and cash equivalents, end of year $ 46,543 $ 23,674 $ 24,272
v3.25.0.1
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders’ equity, beginning balance at Dec. 31, 2021 $ 1,354,697 $ 713,183 $ 614,324 $ 27,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock awards exercised or vested   (2,780)    
Stock-based compensation   21,023    
Capped calls related to the issuance of convertible notes, net of tax   0    
Net income 66,377   66,377  
Other comprehensive income (loss)       (21,861)
Total stockholders’ equity, ending balance at Dec. 31, 2022 1,417,456 731,426 680,701 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)    
Net income 90,650   90,650  
Other comprehensive income (loss)       14,894
Total stockholders’ equity, ending balance at Dec. 31, 2023 1,519,042 727,468 771,351 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    
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 $ 891,247 $ (14,043)
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
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 a medical device contract development and manufacturing organization primarily serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. Integer is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries.
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.
On September 27, 2024, the Company entered into a stock purchase agreement to sell 100% of the issued and outstanding shares of common stock of Electrochem Solutions, Inc. (“Electrochem”), a wholly owned subsidiary of the Company, to Ultralife Corporation (“Ultralife”), and on October 31, 2024, completed the sale.
Electrochem met the criteria to be reported as held for sale and discontinued operations as of September 27, 2024. Because Electrochem was previously a reportable operating segment, the Company concluded the divestiture was a strategic shift in its business. Consequently, the Electrochem business has been reclassified as a discontinued operation.
The assets and liabilities that were transferred in the Electrochem divestiture have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2023. The results of operations of the Electrochem business have been classified as discontinued operations in the Consolidated Statements of Operations for all periods presented. Intersegment sales to Electrochem that were previously eliminated in consolidation have been treated as third party sales and are included in sales from continuing operations as the Company will continue to supply the Electrochem business with certain specified products following its divestiture. The Consolidated Statements of Cash Flows include cash flows related to the discontinued operations due to Integer’s (parent) centralized treasury and cash management processes. All results and information in the consolidated financial statements, including the notes to the consolidated financial statements, have been updated for all periods presented to exclude information pertaining to discontinued operations, unless otherwise noted specifically as discontinued operations, and reflect only the continuing operations of the Company. Refer to Note 3, “Discontinued Operations,” for additional information on the Electrochem divestiture.
The divestiture of Electrochem also represents a sale of the Company’s previously reported Non-Medical segment as the Electrochem business constituted substantially all of the assets and liabilities and operations reported in the historical Non-Medical segment, which focused on nonmedical applications for the energy, military and environmental sectors. Under the new organizational and reporting structure, all continuing operations are included in one reportable segment.
Reclassifications
Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. These reclassifications had no impact on net earnings, financial position, or cash flows.
For the year ended December 31, 2024, the Company no longer separately presents Refundable income taxes or Income taxes payable in its Consolidated Balance Sheets. As a result, Refundable income taxes and Income taxes payable amounts presented in prior periods were reclassified to Prepaid expenses and other current assets and Accrued expenses and other current liabilities, respectively, to conform to the current year presentation.
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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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, 2024 and December 31, 2023, the Company sold accounts receivable of $231.0 million and $144.4 million, respectively. During the years ended December 31, 2024 and December 31, 2023, the Company recorded factoring fees of $1.7 million and $1.1 million, respectively. The Company did not utilize receivable factoring arrangements prior to 2023.
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, 2024, 2023 and 2022, the Company sold and de-recognized accounts receivable of $156.6 million, $139.4 million and $120.7 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recorded costs associated with the supplier financing arrangements of $2.2 million, $1.8 million, and $0.9 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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, 2024 and determined, after performing a qualitative review of its reporting unit, that it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. Accordingly, there was no indication of impairment and the quantitative goodwill impairment test was not performed.
Due to the divestiture of its Non-Medical segment, which also historically represented the Non-Medical reporting unit, the Company considered the goodwill attributable to its Non-Medical reporting unit for impairment at the time the assets and liabilities were reclassified as held-for-sale and concluded there was no indication of impairment as the cash consideration received exceeded the carrying value of the net assets.
Other Intangible Assets
Other intangible assets consist of purchased technology and patents, customer lists 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 lists 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 of certain interest rate risks and minimizing 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 contracts 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 $1.4 million and $0.1 million as of December 31, 2024 and December 31, 2023, 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 three 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
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 (income) 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 (income) loss, net in the Consolidated Statements of Operations. Net foreign currency transaction (gains) losses included in Other (income) loss, net amounted to $3.2 million, $1.0 million and $(1.1) million for the years ended December 31, 2024, 2023 and 2022, respectively, and primarily related to the fluctuation of the U.S. dollar relative to the Euro and the remeasurement of certain intercompany loans.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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. 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.
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 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures, requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 19, “Segment and Geographic Information,” for further details.
Accounting Guidance to be Adopted in Future Periods
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 is currently evaluating the impact that the adoption of 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 Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the consolidated financial statements to assess how the Company’s operations, related tax risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements.
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BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
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 (as defined below).
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. During 2024 the Company recorded adjustments to the purchase price allocation, inclusive of working capital and other closing adjustments, resulting in decreases to goodwill and current liabilities. Purchase price allocation adjustments recorded during 2024 were not material.
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$7,456 
Inventory8,612 
Property, plant and equipment25,950 
Goodwill38,058 
Definite-lived intangible assets64,000 
Finance lease assets7,964 
Current liabilities(1,760)
Finance lease liabilities(7,936)
Fair value of net assets acquired$142,344 
The 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, excluding inventory, was assumed to approximate their carrying value as of the acquisition date due to the short-term nature of these assets and liabilities.
The fair value of in-process and finished goods inventory acquired was estimated by applying a version of the income approach called the comparable sales method. This approach estimates the fair value of the assets by calculating the potential revenue generated from selling the inventory and subtracting from it the costs related to the completion and sale of that inventory and a reasonable profit allowance for these remaining efforts. Net book value was deemed to be a reasonable proxy for the fair value of raw materials. Based upon this methodology, the Company recorded the inventory acquired at fair value resulting in an increase in inventory of $1.1 million.
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 a finance lease liability and finance lease right-of-use asset for a manufacturing facility in accordance with ASC 842, Leases. The lease terms were determined to be at-market as of the acquisition date.
(2.)    BUSINESS ACQUISITIONS (Continued)
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 Pulse acquisition is deductible for tax purposes.
Intangible Assets
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Customer lists$48,000 20.013.0%
Technology16,000 10.013.0%
$64,000 
Customer Lists - Customer lists represent the estimated fair value of contractual and non-contractual customer relationships Pulse had as of the acquisition date. These relationships were valued separately from goodwill at the amount that an independent third party would be willing to pay for these relationships. The fair value of customer lists was determined using the multi-period excess-earnings method, a form of the income approach. 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 Pulse 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 a royalty rate of 7.5%. 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 - As part of the Pulse acquisition, the Company may be required to pay additional consideration based on a specified revenue growth milestone being met in 2025. Any amounts earned will be payable in 2026. The contingent consideration is classified as Level 3 in the fair value hierarchy and the fair value is measured based on a Monte Carlo simulation utilizing projections about future performance. Significant inputs include revenue volatility of 11%, a discount rate of 12% and projected financial information. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
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.
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.
(2.)    BUSINESS ACQUISITIONS (Continued)
The cost of the acquisition was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition. During 2023 and 2024, the Company recorded measurement period adjustments of $2.2 million and $1.5 million, respectively, to increase the allocation of the purchase price to certain current assets. These adjustments were based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in a decrease to goodwill of $3.7 million.
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 
Definite-lived intangible assets9,200 
Operating lease assets2,072 
Current liabilities(2,331)
Operating lease liabilities(1,157)
Fair value of net assets acquired$44,509 
Intangible Assets
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)
Customer lists$4,000 20.0
Technology5,200 10.0
$9,200 
2022 Acquisition
On April 6, 2022, the Company acquired 100% of the outstanding equity interests of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”), a recognized leader in proprietary medical textiles, high precision biomaterial coverings and coatings as well as advanced metal and polymer braiding. Aran delivers development and manufacturing solutions for implantable medical devices. Consistent with the Company’s strategy, the acquisition of Aran further increases Integer’s ability to offer complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets such as structural heart, neurovascular, peripheral vascular, and endovascular as well as general surgery. The Company funded the purchase price with borrowings under its Revolving Credit Facility.
The total consideration transferred was $141.3 million, consisting of an initial cash payment of $133.9 million ($129.3 million net of cash acquired) and $7.4 million in estimated fair value of contingent consideration. The contingent consideration represented the estimated fair value of the Company’s obligation, under the purchase agreement, to make additional payments of up to €10 million ($10.9 million at the exchange rate as of April 6, 2022) based on Aran’s achievement of 2022 revenue growth milestones. The earn-out period ended on December 31, 2022 and full payment was made, in accordance with the terms of the share purchase agreement, in April 2023. 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$9,319 
Property, plant and equipment4,151 
Goodwill68,460 
Definite-lived intangible assets71,485 
Operating lease assets3,505 
Other noncurrent assets1,354 
Current liabilities(4,370)
Operating lease liabilities(3,258)
Other noncurrent liabilities(9,377)
Fair value of net assets acquired$141,269 
Intangible Assets
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)
Customer lists$53,395 26.0
Technology17,435 12.0
Tradenames655 1.5
$71,485 
Actual and Pro Forma (unaudited) disclosures
The following table presents (in thousands) unaudited pro forma financial information for the years ended December 31, 2023 and 2022, as if Pulse, InNeuroCo and Aran had been included in the Company’s financial results as of the beginning of fiscal year 2023, 2022 and 2021, respectively, through the date of acquisition. Actual results for each acquired business are included in the the Company’s consolidated results subsequent to the date of acquisition (in thousands):
 20232022
Sales$1,616,952 $1,357,765 
Income from continuing operations78,050 62,550 
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, 2024, sales related to Pulse were $41.7 million. As of the closing date, the Company began to immediately integrate the acquisition into existing operations and management structure of Pulse, making it impracticable to determine the post-acquisition earnings on a standalone basis. 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. From the date of acquisition through the year ended December 31, 2022, sales related to Aran were $15.1 million, and earnings were not material.
(2.)    BUSINESS ACQUISITIONS (Continued)
Acquisition costs
During the years ended December 31, 2024, 2023 and 2022, direct costs of the Pulse, InNeuroCo and Aran acquisitions of $2.6 million, $1.5 million and $5.9 million, respectively, were expensed as incurred and included in Restructuring and other charges in the Consolidated Statements of Operations. Acquisition costs include incremental expense (benefit) of adjustments to increase (decrease) the fair value of acquisition-related contingent consideration liabilities. See Note 18, “Financial Instruments and Fair Value Measurements,” for additional information related to the fair value measurement of the contingent consideration.
v3.25.0.1
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
The following table summarizes the components of Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statement of Income for the years ended December 31, 2024, 2023 and 2022:
202420232022
Income (loss) from discontinued operations before taxes - Electrochem$(816)$1,912 $7,282 
Income from discontinued operations before taxes - AS&O Product Line— — 1,323 
Income (loss) from discontinued operations before taxes(816)1,912 8,605 
Provision for income taxes from discontinued operations341 405 1,975 
Income (loss) from discontinued operations, net of tax$(1,157)$1,507 $6,630 
Divestiture of Electrochem
On September 27, 2024, the Company entered into a stock purchase agreement to sell 100% of the issued and outstanding shares of common stock of Electrochem to Ultralife, and on October 31, 2024, completed the sale, collecting cash proceeds of $48.7 million, which is net of transaction costs and adjustments set forth in the stock purchase agreement. In connection with the sale, the parties executed a customary transition services agreement whereby the Company will provide certain corporate services (including services related to accounting, finance, quality, human resources and information technology) to Ultralife for a period of up to nine months from the date of the closing to facilitate an orderly transfer of business operations. Ultralife will pay Integer for certain of these services, with such payments varying in amount and for different lengths of time as specified in the transition services agreement. Transactions under this agreement were not material during the year ended December 31, 2024.
In connection with the closing of the transaction, the Company recognized a pre-tax gain on sale of discontinued operations of $0.8 million during the year ended December 31, 2024. The Company is in the process of finalizing the net working capital adjustment with Ultralife as provided for in the stock purchase agreement. The final net working capital adjustment, as determined through the established process outlined in the stock purchase agreement, may be different from the Company’s estimates. The impact of any changes in the net working capital adjustment and associated income taxes will be recorded as an adjustment to the gain on sale from discontinued operations in the period such change occurs and may be materially different from the Company’s estimates.
(3.)    DISCONTINUED OPERATIONS (Continued)
The following summarizes the Electrochem assets and liabilities, which have been segregated from Integer’s continuing operations and are reported as assets and liabilities of discontinued operations held for sale in the Consolidated Balance Sheets as of December 31, 2023 (in thousands):
Accounts receivable, net of provision for credit losses$6,994 
Inventories10,614 
Prepaid expenses and other current assets97 
Current assets of discontinued operations classified as held for sale17,705 
Property, plant and equipment, net15,385 
Goodwill17,000 
Other intangible assets, net (Purchased technology and patents)3,548 
Other long-term assets476 
Noncurrent assets of discontinued operations classified as held for sale36,409 
Total assets of discontinued operations classified as held for sale54,114 
Accounts payable2,035 
Accrued expenses and other current liabilities1,468 
Current liabilities of discontinued operations classified as held for sale3,503 
Deferred income taxes2,073 
Other long-term liabilities391 
Noncurrent liabilities of discontinued operations classified as held for sale2,464 
Total liabilities of discontinued operations classified as held for sale5,967 
Net assets$48,147 
The following table summarizes the components of Income (loss) from discontinued operations, net of tax associated with the Electrochem divestiture in the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Sales$27,227 $41,017 $44,819 
Cost of sales22,123 32,617 31,574 
Gross profit5,104 8,400 13,245 
SG&A expenses2,239 2,448 2,528 
Research, development and engineering costs1,485 1,804 1,156 
Restructuring and other charges678 141 912 
Interest expense2,340 2,095 1,367 
Gain on sale of discontinued operations(822)— — 
Income (loss) from discontinued operations before taxes(816)1,912 7,282 
Provision for income taxes341 405 1,679 
Income (loss) from discontinued operations, net of tax$(1,157)$1,507 $5,603 
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.
(3.)    DISCONTINUED OPERATIONS (Continued)
Cash flow information from discontinued operations associated with the Electrochem divestiture for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
202420232022
Cash provided by operating activities$3,138 $6,993 $7,007 
Cash used in investing activities (all capital expenditures)(783)(514)(425)
Depreciation and amortization974 1,211 1,095 
Divestiture of AS&O Product Line
In July 2018, the Company completed the sale of its Advanced Surgical and Orthopedic product lines (the “AS&O Product Line”). There were no income or cash flows from discontinued operations associated with the AS&O Product Line for the years ended December 31, 2024 and 2023. During the year ended December 31, 2022, the Company recognized other income from discontinued operations of $1.3 million for the release of pre-divestiture indemnified tax liabilities resulting from the lapse of the statute of limitations and the effective settlement of tax audits.
Income from discontinued operations, net of tax associated with the AS&O Product Line for the year ended December 31, 2022 was as follows (in thousands):
Other income$1,323 
Provision for income taxes296 
Income from discontinued operations, net of tax$1,027 
Cash flow information from discontinued operations associated with the AS&O Product Line for the year ended December 31, 2022 was as follows (in thousands):
Income from discontinued operations$1,027 
Changes in operating assets and liabilities, net of acquisitions:
Accrued expenses and other liabilities(1,323)
Income taxes payable296 
Net cash provided by operating activities$— 
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands):
 202420232022
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$15,345 $21,044 $13,592 
Cash paid during the year for:
Interest54,167 37,701 35,804 
Income taxes36,472 30,351 11,165 
v3.25.0.1
INVENTORIES
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
December 31,
20242023
Raw materials$104,620 $109,036 
Work-in-process126,810 102,668 
Finished goods15,696 17,398 
Total$247,126 $229,102 
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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
PP&E comprises the following (in thousands):
December 31,
20242023
Manufacturing machinery and equipment$508,869 $419,657 
Buildings and building improvements159,974 88,021 
Information technology hardware and software80,994 71,523 
Leasehold improvements102,988 90,114 
Furniture and fixtures16,902 15,605 
Land and land improvements11,809 10,429 
Construction work in process84,891 147,772 
Other1,552 1,392 
967,979 844,513 
Accumulated depreciation(502,181)(451,944)
Total$465,798 $392,569 
Depreciation expense for PP&E was as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Cost of sales$44,927 $35,569 $34,260 
SG&A4,611 4,415 4,526 
RD&E2,981 3,450 3,049 
Restructuring and other charges349 — — 
Total depreciation expense$52,868 $43,434 $41,835 
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
See Note 2, “Business Acquisitions,” and Note 3, “Discontinued Operations,” for additional details regarding goodwill and intangible assets.
Goodwill
The changes in the carrying amount of goodwill during the years ended December 31, 2024 and 2023 was as follows (in thousands):
December 31, 2022$965,192 
InNeuroCo acquisition (Note 2)23,196 
InNeuroCo acquisition-related adjustments (Note 2)(2,207)
Foreign currency translation7,826 
December 31, 2023994,007 
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, 2024$1,017,729 
As of December 31, 2024, 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, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer lists870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2023
Definite-lived:
Purchased technology and patents$286,535 $(195,329)$91,206 
Customer lists837,453 (253,267)584,186 
Amortizing tradenames and other21,035 (7,117)13,918 
Total amortizing intangible assets$1,145,023 $(455,713)$689,310 
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, 2024, 2023 and 2022 (in thousands):
202420232022
Cost of sales$17,451 $15,921 $15,388 
SG&A37,163 36,270 32,612 
Restructuring and other charges— 638 — 
Total intangible asset amortization expense$54,614 $52,829 $48,000 
Estimated future intangible asset amortization expense based upon the carrying value as of December 31, 2024 is as follows (in thousands):
20252026202720282029After 2029
Amortization expense$53,364 $52,568 $51,066 $49,255 $46,855 $434,890 
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2024
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,
20242023
Profit sharing and bonuses$36,795 $35,348 
Salaries and benefits34,921 30,089 
Cash flow hedges6,091 — 
Short-term finance lease liabilities4,561 1,854 
Contract liabilities4,440 6,142 
Accrued interest4,201 4,578 
Financing agreements3,748 518 
Income taxes payable2,978 3,896 
Product warranties1,410 82 
Other9,178 8,137 
Total$108,323 $90,644 
v3.25.0.1
DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt comprises the following (in thousands):
 December 31, 2024December 31, 2023
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 $99,000 $— $99,000 
Term loan A375,000 (1,302)373,698 375,000 (1,687)373,313 
Convertible Senior Notes due 2028499,994 (9,539)490,455 500,000 (12,388)487,612 
Total$1,000,994 $(10,841)$990,153 $974,000 $(14,075)$959,925 
Current portion of long-term debt(10,000)— 
Long-term debt$980,153 $959,925 
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, 2024, 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”).
Senior Secured Credit Facilities
Third Amendment to the 2021 Credit Agreement
On July 1, 2024, the Company entered into a third amendment (the “Third Amendment”) to the 2021 Credit Agreement. The Third Amendment amended the terms of the 2021 Credit Agreement to increase the maximum borrowing capacity of the Company under the Revolving Credit Facility pursuant to the 2021 Credit Agreement by $300.0 million from $500.0 million to $800.0 million. All other terms of the 2021 Credit Agreement remained unchanged. In connection with the Third Amendment, the Company incurred and capitalized $2.1 million of issuance costs in accordance with ASC 470-50, Debt Modifications and Extinguishment. These costs have been recorded as a component of Other long-term assets on the Consolidated Balance Sheet as of December 31, 2024 and will be amortized over the remaining term of the 2021 Credit Agreement.
Revolving Credit Facility
The Revolving Credit Facility matures on February 15, 2028. As of December 31, 2024, the Company had available borrowing capacity on the Revolving Credit Facility of $668.7 million after giving effect to $126.0 million of outstanding borrowings and $5.3 million of outstanding standby letters of credit. Borrowings under the Revolving Credit Facility bear interest at a rate based on the secured overnight financing rate for the applicable interest period plus an adjustment of 0.10% per annum, in relation to any loan in U.S. dollars, and the Euro Interbank Offered Rate, in relation to any loan in Euros, plus a margin based on the Company’s Secured Net Leverage Ratio (as defined in the 2021 Credit Agreement). In addition, the Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which ranges between 0.15% and 0.25%, depending on the Company’s Secured Net Leverage Ratio. As of December 31, 2024, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 5.96% and the commitment fee on the unused portion of the Revolving Credit Facility was 0.18%.
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. During 2023, the Company prepaid the contractual amounts due on the TLA Facility through the second quarter of 2025. The interest rate terms for the TLA Facility are the same as those above for the Revolving Credit Facility borrowings in U.S. dollars. As of December 31, 2024, the interest rate on the TLA Facility was 5.96%.
(9.)     DEBT (Continued)
Covenants
The Senior Secured Credit Facilities agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.00:1.00, 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, 2024, the Company was in compliance with these financial covenants.
Contractual maturities under the Senior Secured Credit Facilities as of December 31, 2024 are as follows (in thousands):
2025202620272028
Future minimum principal payments$10,000 $27,500 $30,000 $433,500 
2028 Convertible Notes
In February of 2023, the Company issued $500 million aggregate principal amount of Convertible Senior Notes due in 2028 (“2028 Convertible Notes”) 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.
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.
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.
(9.)     DEBT (Continued)
Upon conversion, the 2028 Convertible Notes will be settled in cash up to the aggregate principal amount of the 2028 Convertible Notes to be converted, and in cash, shares of the 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 conditions allowing holders of the 2028 Convertible Notes to convert the 2028 Convertible Notes was met as of June 30, 2024 and, thereafter, continued to be met as of December 31, 2024, in each instance due to the trading price of our common stock exceeding 130% of the 2028 Convertible Notes conversion price on at least 20 out of the 30 consecutive trading days prior to such date. Therefore, the 2028 Convertible Notes became eligible for conversion at the option of the holders beginning on July 1, 2024 and will continue to be eligible for conversion through March 31, 2025. Any determination regarding the convertibility of the 2028 Convertible Notes during future periods will be made in accordance with the terms of the indenture governing the 2028 Convertible Notes. If a conversion request occurs, the Company has the intent and ability to refinance the amounts that may become due with respect to the 2028 Convertible Notes using available borrowing capacity under the Revolving Credit Facility. As such, the obligations associated with the 2028 Convertible Notes continue to be classified as a long-term liability on the Consolidated Balance Sheets as of December 31, 2024.
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%.
Capped Call Transactions
In connection with the issuance of the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions. The Capped Calls are expected generally to reduce the potential dilution to the Company’s common stock in connection with any conversion of the 2028 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2028 Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap based on strike price of written warrants. The initial upper strike price of the Capped Calls is $108.59 per share and is subject to certain adjustments under the terms of the 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, 2024 was as follows (in thousands):
December 31, 20232,166 
Financing costs incurred2,075 
Amortization during the period(823)
December 31, 2024$3,418 
The change in debt discount and deferred debt issuance costs related to the TLA Facility and 2028 Convertible Notes during the year ended December 31, 2024 was as follows (in thousands):
Deferred Debt Issuance CostsDebt DiscountTotal
December 31, 20232,667 11,408 14,075 
Amortization during the period(612)(2,622)(3,234)
December 31, 2024$2,055 $8,786 $10,841 
v3.25.0.1
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
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 2024, 2023 and 2022 were $10.8 million, $9.5 million and $8.5 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 $2.9 million as of December 31, 2024 and December 31, 2023. Net periodic pension cost for 2024, 2023 and 2022 was $0.6 million, $0.6 million and $0.1 million, respectively. Over the next ten years, the Company expects gross benefit payments to be $1.6 million in total for the years 2025 through 2029, and $2.9 million in total for the years 2030 through 2034.
v3.25.0.1
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
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, 2024, 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, 2024, there were 818,109 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,
202420232022
RSUs and PRSUs$24,515 $23,108 $20,287 
Discontinued operations252 175 736 
Total stock-based compensation expense$24,767 $23,283 $21,023 
Cost of sales$3,881 $3,694 $3,195 
SG&A19,415 18,189 14,810 
RD&E1,153 1,152 1,005 
Restructuring and other charges66 73 1,277 
Discontinued operations252 175 736 
Total stock-based compensation expense$24,767 $23,283 $21,023 
Income tax benefit recognized for stock-based compensation arrangements$5,096 $3,667 $2,762 
Stock Options
There were no stock options granted during 2024, 2023 or 2022. The following table summarizes stock option activity during the year ended December 31, 2024:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2023158,089 $40.35 
Exercised(28,006)43.69 
Outstanding at December 31, 2024130,083 $39.63 2.0$12.1 
Vested and exercisable at December 31, 2024130,083 $39.63 2.0$12.1 
Intrinsic value is calculated for in-the-money options (exercise price less than market price) as the difference between the market price of the Company’s common stock as of December 31, 2024 ($132.52) 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, 2024, there was no unrecognized compensation cost related to stock options.
The following table provides certain information relating to the exercise of stock options during 2024, 2023 and 2022 (in thousands):
202420232022
Intrinsic value$2,007 $3,670 $370 
Cash received742 2,303 150 
Actual tax benefit for the tax deductions from the exercise of options482 881 89 
(11.)     STOCK-BASED COMPENSATION (Continued)
Restricted Stock Units
The following table summarizes RSU activity during the year ended December 31, 2024:
Time-Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2023349,755 $76.63 
Granted148,777 107.84 
Vested(158,180)81.39 
Forfeited(26,948)84.65 
Nonvested at December 31, 2024313,404 $88.36 
As of December 31, 2024, there was $14.5 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of approximately 1.6 years. The fair value of RSU shares that vested during 2024, 2023 and 2022 was $17.3 million, $9.1 million and $10.7 million, respectively. The weighted average grant date fair value of RSUs granted during 2024, 2023 and 2022 was $81.39, $79.03 and $75.87, respectively.
Performance Restricted Stock Units
The following table summarizes PRSU activity during the year ended December 31, 2024:
Performance-
Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2023275,503 $84.57 
Granted78,246 110.54 
Performance adjustment(a)
111,590 93.38 
Vested(223,655)93.41 
Forfeited(3,786)83.02 
Nonvested at December 31, 2024237,898 $88.95 
__________
(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, or contingent upon achieving specified stock price milestones over a five year performance period.
At December 31, 2024, there was $8.1 million of total unrecognized compensation cost related to unvested PRSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 years. The fair value of PRSU shares vested during 2024 and 2023 was $19.8 million and $1.8 million, respectively. There were no PRSU shares vested during 2022. The weighted average grant date fair value of PRSUs granted during 2024, 2023 and 2022 was $110.54, $74.32 and $90.84, respectively.
(11.)     STOCK-BASED COMPENSATION (Continued)
The grant-date fair values of the market-based portion of the PRSUs granted during 2024, 2023 and 2022 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:
 202420232022
Weighted average fair value$117.96 $74.29 $97.58 
Risk-free interest rate4.13 %3.79 %1.58 %
Expected volatility34 %46 %42 %
Expected life (in years)3.03.03.9
Expected dividend yield— %— %— %
The valuation of the TSR portion of the PRSUs granted during 2024, 2023 and 2022 also reflects a weighted average illiquidity discount of 8.00%, 11.23% and 9.25%, respectively, related to the period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.
v3.25.0.1
RESTRUCTURING AND OTHER CHARGES
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges comprise the following (in thousands):
202420232022
Restructuring charges$4,013 $5,874 $4,008 
Acquisition and integration costs8,941 3,444 10,075 
Other general expenses (gains)(805)2,110 1,188 
Total restructuring and other charges$12,149 $11,428 $15,271 
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 include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2022 OE initiatives of between approximately $11 million and $13 million, the majority of which are expected to be cash expenditures. As of December 31, 2024, total restructuring and restructuring-related charges incurred since inception were $10.5 million. These actions are expected to be substantially complete by 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. The Company estimates that it will incur a range of pre-tax charges in connection with the 2021 SRA initiatives of approximately $6 million and $7 million, the majority of which are expected to be cash expenditures. Costs related to the Company’s 2021 SRA Initiatives primarily include termination benefits. As of December 31, 2024, total charges incurred since inception were $6.2 million. These actions are expected to be completed by the end of 2025.
(12.)     RESTRUCTURING AND OTHER CHARGES (Continued)
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.
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 $6 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, 2024, total restructuring and restructuring-related charges incurred since inception were $5.4 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 $5 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, 2024, total restructuring and restructuring-related charges incurred since inception were $2.7 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):
202420232022
Restructuring charges:
Restructuring and other charges$4,013 $5,874 $4,008 
Restructuring-related expenses(a):
Cost of sales2,170 1,633 891 
Selling, general and administrative942 1,775 1,966 
Research, development and engineering130 667 1,231 
Total restructuring and restructuring-related charges$7,255 $9,949 $8,096 
__________
(a) Restructuring-related expenses primarily include non-labor costs to relocate equipment and inventory, retention bonuses, consulting expenses and professional fees.
The following table summarizes the activity for restructuring reserves (in thousands):
Operational
excellence
initiatives		Strategic reorganization and alignmentManufacturing alignment to support growthTotal
December 31, 2023$21 $125 $1,290 $1,436 
Charges incurred, net of reversals2,161 445 1,407 4,013 
Cash payments(1,492)(455)(2,348)(4,295)
Non-cash adjustments— — (349)(349)
December 31, 2024$690 $115 $— $805 
(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 2024, 2023 and 2022, acquisition and integration costs included incremental expense (benefit) of $(3.6) million, $(0.7) million and $3.1 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.
Other general expenses
During 2024, 2023 and 2022, the Company recorded expenses related to other initiatives not described above, which primarily include gains and losses in connection with the disposal of property, plant and equipment. In addition, during 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.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income from continuing operations before income taxes for fiscal years 2024, 2023 and 2022 consisted of the following (in thousands):
202420232022
U.S.$55,571 $29,089 $7,164 
International91,992 76,293 61,512 
Total income from continuing operations before income taxes$147,563 $105,382 $68,676 
The provision for income taxes from continuing operations for fiscal years 2024, 2023 and 2022 comprises the following (in thousands):
202420232022
Current:
Federal$18,309 $11,072 $18,704 
State1,655 1,292 439 
International19,476 13,140 6,871 
39,440 25,504 26,014 
Deferred:
Federal(9,456)(7,262)(15,937)
State(245)(132)76 
International(3,229)(1,871)(1,224)
(12,930)(9,265)(17,085)
Total provision for income taxes$26,510 $16,239 $8,929 
(13.)     INCOME TAXES (Continued)
The provision for income taxes from continuing operations differs from the U.S. statutory rate for fiscal years 2024, 2023 and 2022 due to the following:
202420232022
Statutory rate$30,988 21.0 %$22,130 21.0 %$14,422 21.0 %
Federal tax credits (including R&D)(13,628)(9.2)(11,129)(10.6)(9,305)(13.6)
Foreign rate differential(4,774)(3.2)(5,513)(5.2)(7,693)(11.2)
Stock-based compensation1,506 1.0 1,847 1.7 1,983 2.9 
Uncertain tax positions289 0.2 (1,170)(1.1)2,469 3.6 
State taxes, net of federal benefit1,413 1.0 1,108 1.1 687 1.0 
U.S. tax on foreign earnings, net of §250 deduction7,972 5.4 6,194 5.9 5,323 7.8 
Valuation allowance418 0.3 1,737 1.6 (218)(0.3)
OECD Pillar II: Global Minimum Tax2,189 1.5 — — — — 
Other137 — 1,035 1.0 1,261 1.8 
Effective tax rate$26,510 18.0 %$16,239 15.4 %$8,929 13.0 %
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 availability of Foreign Tax Credits, 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 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 manufacturing operations in the Dominican Republic operate under a free trade zone agreement through March 2034.
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.
(13.)     INCOME TAXES (Continued)
As of December 31, 2024 and December 31, 2023, the Company had a net deferred tax liability consisting of the following (in thousands):
December 31,
2024		December 31,
2023
Research and development$37,201 $27,222 
Lease liabilities28,772 20,641 
Net operating loss carryforwards8,093 7,814 
Accrued expenses7,122 7,515 
Tax credit carryforwards5,749 8,989 
Original issue discount from capped calls5,733 7,288 
Stock-based compensation5,438 5,030 
Other5,578 2,597 
Gross deferred tax assets103,686 87,096 
Less valuation allowance(13,387)(15,741)
Net deferred tax assets90,299 71,355 
Intangible assets(167,514)(178,353)
Lease assets(28,802)(20,773)
Property, plant and equipment(10,282)(7,200)
Other— (1,580)
Gross deferred tax liabilities(206,598)(207,906)
Net deferred tax liability$(116,299)$(136,551)
Presented as follows:
Noncurrent deferred tax asset$8,309 $7,001 
Noncurrent deferred tax liability(124,608)(143,552)
Net deferred tax liability$(116,299)$(136,551)
As of December 31, 2024, 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)
$80.0 $3.1 $(3.0)2025
International
Net operating losses(a)
$21.0 $5.0 $(5.0)2025
U.S. FederalForeign tax credits$2.3 $2.3 $(2.3)2029
U.S. State
R&D tax credits(b)
$0.3 $0.2 $— 2036
U.S. State
State tax credits(b)
$3.8 $3.0 $(3.0)2025
InternationalR&D tax credits$0.2 $0.2 $— Indefinite
__________
(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.
(13.)     INCOME TAXES (Continued)
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, 2024 and December 31, 2023 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 for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Balance, beginning of year$6,470 $7,739 $5,537 
Additions based upon tax positions related to the current year353 356 1,364 
Additions (reductions) related to prior period tax returns(6)(18)838 
Reductions related to settlements (amounts paid)(166)— — 
Reductions as a result of a lapse of applicable statute of limitations(450)(1,607)— 
Balance, end of year$6,201 $6,470 $7,739 
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 2021 and is generally no longer subject to tax authority examinations in other major foreign, or state tax jurisdictions for years prior to fiscal year 2020.
It is reasonably possible that a reduction of approximately $4.0 million of the balance of unrecognized tax benefits may occur within the next twelve months as a result of the lapse of the statute of limitations and/or audit settlements. As of December 31, 2024, approximately $6.1 million of unrecognized tax benefits would favorably impact the effective tax rate (net of federal impact on state issues), if recognized.
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, 2024, 2023 and 2022, interest and penalties accrued for unrecognized tax benefits were $1.4 million, $0.8 million and $0.5 million. Expenses related to interest and penalties during 2024, 2023, and 2022 were not material.
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 EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. The Company’s 2024 provision for income taxes includes the impact of the Pillar Two 15% Global Minimum Tax, with an enactment date of January 1, 2024. A significant number of other countries are expected to also implement similar legislation with varying effective dates in the future. The Company is continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by additional individual countries.
See Note 3, “Discontinued Operations,” for additional information pertaining to income taxes from discontinued operations.
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
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
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, 2024, 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, 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 $1.2 million, $1.7 million, and $1.5 million, for 2024, 2023 and 2022, respectively, and are primarily included in Cost of Sales.
Self-Insurance Liabilities
As of December 31, 2024, 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 $6.2 million and $7.3 million as of December 31, 2024 and December 31, 2023, respectively. These accruals are recorded in Accrued expenses and other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets.
v3.25.0.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
The components and classification of lease cost for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):
202420232022
Finance lease cost:
Amortization of lease assets$2,575 $1,367 $1,080 
Interest on lease liabilities845 321 317 
Finance lease cost3,420 1,688 1,397 
Operating lease cost14,076 13,920 13,801 
Short-term lease cost (leases with initial term of 12 months or less)257 305 309 
Variable lease cost3,071 2,994 2,970 
Sublease income(929)(904)(1,294)
Total lease cost$19,895 $18,003 $17,183 
Cost of sales$15,566 $13,339 $12,896 
SG&A2,991 3,028 2,864 
RD&E403 929 1,106 
Restructuring and other charges90 386 — 
Interest expense$845 $321 $317 
Total lease cost$19,895 $18,003 $17,183 
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, 2024, 2023 and 2022 is as follows (in thousands):
202420232022
Cash paid for operating leases$12,557 $13,751 $13,381 
Cash paid for interest on finance leases845 320 315 
Assets acquired under operating leases13,384 17,526 16,166 
Assets acquired under finance leases18,300 4,085 1,850 
At December 31, 2024, the maturities of operating and finance lease liabilities were as follows (in thousands):
Operating Leases Finance Leases
2025$12,501 $5,952 
202612,478 5,545 
202712,326 5,244 
202811,901 4,011 
202911,770 2,042 
Thereafter54,806 12,690 
Gross lease liabilities115,782 35,484 
Less: imputed interest(30,728)(7,163)
Present value of lease liabilities85,054 28,321 
Less: current portion of lease liabilities(7,352)(4,561)
Total long-term lease liabilities$77,702 $23,760 
As of December 31, 2024, 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,
2024		December 31,
2023
Weighted-average remaining lease term - operating leases (in years)10.09.3
Weighted-average remaining lease term - finance leases (in years)8.07.8
Weighted-average discount rate - operating leases6.3 %5.5 %
Weighted-average discount rate - finance leases5.7 %4.4 %
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands, except per share amounts):
202420232022
Numerator for basic and diluted EPS:
Income from continuing operations$121,053 $89,143 $59,747 
Income (loss) from discontinued operations, net of tax(1,157)1,507 6,630 
Net income$119,896 $90,650 $66,377 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic33,601 33,320 33,127 
Dilutive effect of share-based awards514 438 230 
Dilutive impact of convertible notes1,534 — — 
Denominator for diluted EPS35,649 33,758 33,357 
Basic earnings per share:
Income from continuing operations$3.60 $2.68 $1.80 
Income (loss) from discontinued operations(0.03)0.05 0.20 
Basic earnings per share3.57 2.72 2.00 
Diluted earnings per share:
Income from continuing operations$3.40 $2.64 $1.79 
Income (loss) from discontinued operations(0.03)0.04 0.20 
Diluted earnings per share3.36 2.69 1.99 
The diluted weighted average share calculations do not include the following securities for the years ended December 31, 2024, 2023 and 2022, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
202420232022
Time-vested stock options, restricted stock and restricted stock units1 1 15 
Performance-vested restricted stock units31 84 152 
The dilutive effect for the Company's 2028 Convertible Notes is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2028 Convertible Notes, to settle the principal amount of the 2028 Convertible Notes in cash and may elect to settle the remaining conversion obligation (the in-the-money portion) in cash, shares of the Company's common stock, or a combination thereof. Because the principal amount of the 2028 Convertible Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the 2028 Convertible Notes. During the year ended December 31, 2023, the potential conversion of the 2028 Convertible Notes was not included in the diluted earnings per share calculation because the conversion feature in the 2028 Convertible Notes was out of the money and all associated shares were antidilutive.
v3.25.0.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
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, 2024 and December 31, 2023:
IssuedTreasury StockOutstanding
December 31, 202233,169,778 — 33,169,778 
Stock options exercised72,125 — 72,125 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes87,745 — 87,745 
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 
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, 2022$(346)$1,760 $4,150 $5,564 $(235)$5,329 
Unrealized gain on cash flow hedges— 7,008 — 7,008 (1,472)5,536 
Realized gain on foreign currency hedges— (5,353)— (5,353)1,124 (4,229)
Realized gain on interest rate swap hedge— (1,262)— (1,262)265 (997)
Net defined benefit plan adjustments318 — — 318 (113)205 
Foreign currency translation gain— — 14,379 14,379 — 14,379 
December 31, 2023$(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)
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
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, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
December 31, 2023
Assets: Foreign currency hedging contracts$2,153 $— $2,153 $— 
Liabilities: Contingent consideration876 — — 876 
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, 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
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2023 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$51,389 Dec 20241.0831Euro$1,389 Prepaid expenses and other current assets
19,392 Dec 20240.0566MXN Peso182 Prepaid expenses and other current assets
19,201 Dec 20240.0248UYU Peso582 Prepaid expenses and other current assets
(18.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The following table presents the impact of cash flow hedge derivative instruments on the Company’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income for fiscal years 2024, 2023 and 2022 (in thousands):
Gain (Loss) Recognized in OCIGain (Loss) Reclassified from AOCI
Derivative202420232022Location in Statement of Operations 202420232022
Interest rate swaps$— $— $3,322 Interest expense$— $1,262 $(918)
Foreign exchange contracts(3,296)1,171 (2,226)Sales43 (241)(2,073)
Foreign exchange contracts(6,473)5,666 2,225 Cost of sales(1,494)5,611 2,205 
Foreign exchange contracts(296)171 328 Operating expenses21 (17)384 
The Company expects to reclassify net losses totaling $6.1 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, 2024 and December 31, 2023, the Company had total gross notional amounts of $33.0 million and $23.0 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 on foreign currency contracts not designated as hedging instruments of $2.6 million, $0.4 million and $2.6 million for 2024, 2023 and 2022, respectively, which are included in Other (income) 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 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Contingent consideration, beginning of year$876 $11,756 $2,415 
Amount recorded for current year acquisitions
3,578 876 7,375 
Fair value measurement adjustments(3,550)(736)3,097 
Payments
— (11,177)(972)
Foreign currency translation— 157 (159)
Contingent consideration, end of year$904 $876 $11,756 
The contingent consideration liability of $0.9 million was non-current as of December 31, 2024 and December 31, 2023. The contingent consideration liability at December 31, 2024 consisted of the estimated fair value of the Company’s remaining obligations, under the purchase agreements for Pulse and InNeuroCo, to make additional payments if certain revenue goals are met. The contingent consideration liability at December 31, 2023 was the estimated fair value of the earnout payments of the InNeuroCo and InoMec Ltd. acquisitions. The contingent consideration liability at December 31, 2022 was the estimated fair value of the earnout payments of the Aran and InoMec Ltd. acquisitions.
The Company will make earnout payments ranging from zero to $20.0 million based on a specified revenue growth milestone being met in 2025 for Pulse and payments ranging from zero to $9.5 million based on the achievement of the remaining defined milestone targets for InNeuroCo.
The significant unobservable inputs used to calculate the fair value of the contingent consideration are projected revenue for the remaining earnout periods. 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)
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.
The estimated fair value of the 2028 Convertible Notes was approximately $800 million as of December 31, 2024. The estimated fair value of the 2028 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 2028 Convertible Notes are categorized in Level 2 of the fair value hierarchy.
Equity Investments
Equity investments comprise the following (in thousands):
December 31,
2024		December 31,
2023
Equity method investment$7,237 $7,771 
Non-marketable equity securities180 427 
Total equity investments
$7,417 $8,198 
The components of Loss on equity investments, net for each period were as follows (in thousands):
202420232022
Equity method investment loss$533 $481 $7,636 
Impairment charges247 5,210 — 
Total loss on equity investments, net
$780 $5,691 $7,636 
During 2024 and 2023, the Company determined that certain investments in its non-marketable equity securities were impaired and determined the fair value to be zero based upon available information. During 2024 and 2023, the Company recorded impairment charges of $0.2 million and $5.2 million, respectively. These assessments were based on qualitative indications of impairment which are considered to be a Level 3 fair value measurement, as the fair value was determined 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. During 2022, the Company received a cash distribution representing a return of capital on our equity method investments of $0.3 million.
The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of December 31, 2024, the Company owned 7.7% of this fund.
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2024
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 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.
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022 (in thousands).
202420232022
Sales$1,716,596 $1,555,656 $1,331,277 
Cost of sales1,257,582 1,145,767 985,516 
Gross profit459,014 409,889 345,761 
Operating expenses:
Selling, general and administrative185,202 173,171 158,050 
Research, development and engineering53,425 61,967 59,762 
Restructuring and other charges12,149 11,428 15,271 
Total operating expenses250,776 246,566 233,083 
Operating income208,238 163,323 112,678 
Interest expense56,374 51,275 37,265 
Loss on equity investments, net780 5,691 7,636 
Other (income) loss, net3,521 975 (899)
Income from continuing operations before income taxes 147,563 105,382 68,676 
Provision for income taxes26,510 16,239 8,929 
Income from continuing operations$121,053 $89,143 $59,747 
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
The following table presents sales by significant country for the years ended December 31, 2024, 2023 and 2022. In these tables, sales are allocated based on where the products are shipped (in thousands).
202420232022
Sales by geographic area:
United States$938,675 $872,926 $732,595 
Non-Domestic locations:
Puerto Rico137,057 121,487 114,078 
Costa Rica124,694 108,421 76,140 
Rest of world516,170 452,822 408,464 
Total sales$1,716,596 $1,555,656 $1,331,277 
The following table presents PP&E by geographic area as of December 31, 2024 and December 31, 2023. In these tables, PP&E is aggregated based on the physical location of the tangible long-lived assets (in thousands).
December 31,
2024		December 31,
2023
Long-lived tangible assets by geographic area:
United States$260,220 $218,861 
Ireland139,889 118,965 
Mexico37,838 34,785 
Rest of world27,851 19,958 
Total$465,798 $392,569 
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2024
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. The following table presents sales by product line for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Cardio & Vascular $949,576 $836,343 $699,401 
Cardiac Rhythm Management & Neuromodulation660,610 612,891 534,371 
Other Markets106,410 106,422 97,505 
Total sales$1,716,596 $1,555,656 $1,331,277 
A significant portion of the Company’s sales for the years ended December 31, 2024, 2023 and 2022 and accounts receivable at December 31, 2024 and December 31, 2023 were to three customers as follows:
 SalesAccounts Receivable
202420232022December 31,
2024		December 31,
2023
Customer A18%16%17%10%8%
Customer B16%17%17%9%11%
Customer C13%13%13%14%10%
47%46%47%33%29%
Revenue recognized from products and services transferred to customers over time during 2024 and 2023 represented 32% and 31%, 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,
2024		December 31,
2023
Contract assets$103,772 $85,871 
Contract liabilities (included in Accrued expenses and other current liabilities)4,440 6,142 
Contract liabilities (included in Other long-term liabilities)4,398 — 
Contract assets at December 31, 2024 increased $17.9 million from December 31, 2023 primarily due to a contract modification to add existing products. During 2024, the Company recognized $4.4 million of revenue that was included in the contract liability balance as of December 31, 2023. During 2023, the Company recognized $3.6 million of revenue that was included in the contract liability balance as of December 31, 2022.
v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Precision 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”), in an all cash transaction for $152.0 million, subject to customary post-closing adjustments, with up to $5.0 million of contingent consideration payable based on achievement of a revenue milestone for 2025. The Company funded the purchase price with borrowings under its Revolving Credit Facility during the first quarter of 2025.
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. Consistent with the Company’s tuck-in acquisition strategy, the acquisition of Precision increased Integer’s service offerings to include differentiated and proprietary coatings capabilities that position Integer to better meet customers’ evolving needs.
In addition to assets acquired and liabilities assumed, the Company expects to allocate a portion of the purchase price to identifiable intangible assets such as developed technology and customer relationships. The initial accounting for this acquisition is not yet complete. The Company expects to complete the initial accounting and determine the preliminary purchase price allocation prior to the end of the first fiscal quarter of 2025. Goodwill arising from the acquisition is tax deductible.
VSi Parylene Acquisition
On February 18, 2025, the Company entered into a purchase agreement to acquire substantially all of the assets and assumed certain liabilities of Vertical Solutions, Inc., d/b/a VSi Parylene (“VSi”) for a purchase price of $28.0 million, which will be payable $23.0 million in cash and $5.0 million in shares of Integer’s common stock, subject to customary purchase price adjustments. The Company expects to complete the acquisition by the end of February 2025 and intends to fund the cash portion of the purchase price with borrowings under its Revolving Credit Facility.
Headquartered in Colorado, VSi is a privately-held full-service provider of parylene coating solutions, primarily focused on complex medical device applications. Consistent with the Company’s tuck-in acquisition strategy, the acquisition of VSi will further increase the Company’s service offerings to include differentiated and proprietary coatings capabilities that position the Company to better meet customers’ evolving needs.
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
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, 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 
(1)
$(42)
(4)
$371 
Valuation allowance for deferred tax assets$16,649 $3,267 
(2)
$(14)
(3)
$(4,161)
(2)
$15,741 
December 31, 2022
Provision for credit losses
$132 $48 $163 
(1)
$(5)
(4)
$338 
Valuation allowance for deferred tax assets$19,456 $(684)
(2)
$(131)
(3)
$(1,992)
(2)
$16,649 
(1)Amount reclassified from deferred revenue.
(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 $0.6 million from the divestiture of Electrochem.
(3)Includes foreign currency translation effect.
(4)Accounts written off and reductions to allowances existing at the beginning of the year.
Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.
(3)See exhibits listed under Part (b) below.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 119,896 $ 90,650 $ 66,377
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
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
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
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.
On September 27, 2024, the Company entered into a stock purchase agreement to sell 100% of the issued and outstanding shares of common stock of Electrochem Solutions, Inc. (“Electrochem”), a wholly owned subsidiary of the Company, to Ultralife Corporation (“Ultralife”), and on October 31, 2024, completed the sale.
Electrochem met the criteria to be reported as held for sale and discontinued operations as of September 27, 2024. Because Electrochem was previously a reportable operating segment, the Company concluded the divestiture was a strategic shift in its business. Consequently, the Electrochem business has been reclassified as a discontinued operation.
The assets and liabilities that were transferred in the Electrochem divestiture have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2023. The results of operations of the Electrochem business have been classified as discontinued operations in the Consolidated Statements of Operations for all periods presented. Intersegment sales to Electrochem that were previously eliminated in consolidation have been treated as third party sales and are included in sales from continuing operations as the Company will continue to supply the Electrochem business with certain specified products following its divestiture. The Consolidated Statements of Cash Flows include cash flows related to the discontinued operations due to Integer’s (parent) centralized treasury and cash management processes. All results and information in the consolidated financial statements, including the notes to the consolidated financial statements, have been updated for all periods presented to exclude information pertaining to discontinued operations, unless otherwise noted specifically as discontinued operations, and reflect only the continuing operations of the Company. Refer to Note 3, “Discontinued Operations,” for additional information on the Electrochem divestiture.
The divestiture of Electrochem also represents a sale of the Company’s previously reported Non-Medical segment as the Electrochem business constituted substantially all of the assets and liabilities and operations reported in the historical Non-Medical segment, which focused on nonmedical applications for the energy, military and environmental sectors. Under the new organizational and reporting structure, all continuing operations are included in one reportable segment.
Reclassification
Reclassifications
Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. These reclassifications had no impact on net earnings, financial position, or cash flows.
For the year ended December 31, 2024, the Company no longer separately presents Refundable income taxes or Income taxes payable in its Consolidated Balance Sheets. As a result, Refundable income taxes and Income taxes payable amounts presented in prior periods were reclassified to Prepaid expenses and other current assets and Accrued expenses and other current liabilities, respectively, to conform to the current year presentation.
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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
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, 2024 and determined, after performing a qualitative review of its reporting unit, that it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. Accordingly, there was no indication of impairment and the quantitative goodwill impairment test was not performed.
Due to the divestiture of its Non-Medical segment, which also historically represented the Non-Medical reporting unit, the Company considered the goodwill attributable to its Non-Medical reporting unit for impairment at the time the assets and liabilities were reclassified as held-for-sale and concluded there was no indication of impairment as the cash consideration received exceeded the carrying value of the net assets.
Other Intangible Assets
Other Intangible Assets
Other intangible assets consist of purchased technology and patents, customer lists 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 lists 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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 of certain interest rate risks and minimizing 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 contracts 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 $1.4 million and $0.1 million as of December 31, 2024 and December 31, 2023, 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 three 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 (income) 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 (income) 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. 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 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures, requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 19, “Segment and Geographic Information,” for further details.
Accounting Guidance to be Adopted in Future Periods
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 is currently evaluating the impact that the adoption of 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 Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the consolidated financial statements to assess how the Company’s operations, related tax risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements.
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BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Summary of Final Allocation of Purchase Consideration
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$7,456 
Inventory8,612 
Property, plant and equipment25,950 
Goodwill38,058 
Definite-lived intangible assets64,000 
Finance lease assets7,964 
Current liabilities(1,760)
Finance lease liabilities(7,936)
Fair value of net assets acquired$142,344 
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 
Definite-lived intangible assets9,200 
Operating lease assets2,072 
Current liabilities(2,331)
Operating lease liabilities(1,157)
Fair value of net assets acquired$44,509 
The final purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets$9,319 
Property, plant and equipment4,151 
Goodwill68,460 
Definite-lived intangible assets71,485 
Operating lease assets3,505 
Other noncurrent assets1,354 
Current liabilities(4,370)
Operating lease liabilities(3,258)
Other noncurrent liabilities(9,377)
Fair value of net assets acquired$141,269 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Customer lists$48,000 20.013.0%
Technology16,000 10.013.0%
$64,000 
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)
Customer lists$4,000 20.0
Technology5,200 10.0
$9,200 
The purchase price was allocated to intangible assets as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)
Customer lists$53,395 26.0
Technology17,435 12.0
Tradenames655 1.5
$71,485 
Schedule of Business Acquisition, Pro Forma Information Actual results for each acquired business are included in the the Company’s consolidated results subsequent to the date of acquisition (in thousands):
 20232022
Sales$1,616,952 $1,357,765 
Income from continuing operations78,050 62,550 
v3.25.0.1
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following table summarizes the components of Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statement of Income for the years ended December 31, 2024, 2023 and 2022:
202420232022
Income (loss) from discontinued operations before taxes - Electrochem$(816)$1,912 $7,282 
Income from discontinued operations before taxes - AS&O Product Line— — 1,323 
Income (loss) from discontinued operations before taxes(816)1,912 8,605 
Provision for income taxes from discontinued operations341 405 1,975 
Income (loss) from discontinued operations, net of tax$(1,157)$1,507 $6,630 
The following summarizes the Electrochem assets and liabilities, which have been segregated from Integer’s continuing operations and are reported as assets and liabilities of discontinued operations held for sale in the Consolidated Balance Sheets as of December 31, 2023 (in thousands):
Accounts receivable, net of provision for credit losses$6,994 
Inventories10,614 
Prepaid expenses and other current assets97 
Current assets of discontinued operations classified as held for sale17,705 
Property, plant and equipment, net15,385 
Goodwill17,000 
Other intangible assets, net (Purchased technology and patents)3,548 
Other long-term assets476 
Noncurrent assets of discontinued operations classified as held for sale36,409 
Total assets of discontinued operations classified as held for sale54,114 
Accounts payable2,035 
Accrued expenses and other current liabilities1,468 
Current liabilities of discontinued operations classified as held for sale3,503 
Deferred income taxes2,073 
Other long-term liabilities391 
Noncurrent liabilities of discontinued operations classified as held for sale2,464 
Total liabilities of discontinued operations classified as held for sale5,967 
Net assets$48,147 
The following table summarizes the components of Income (loss) from discontinued operations, net of tax associated with the Electrochem divestiture in the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Sales$27,227 $41,017 $44,819 
Cost of sales22,123 32,617 31,574 
Gross profit5,104 8,400 13,245 
SG&A expenses2,239 2,448 2,528 
Research, development and engineering costs1,485 1,804 1,156 
Restructuring and other charges678 141 912 
Interest expense2,340 2,095 1,367 
Gain on sale of discontinued operations(822)— — 
Income (loss) from discontinued operations before taxes(816)1,912 7,282 
Provision for income taxes341 405 1,679 
Income (loss) from discontinued operations, net of tax$(1,157)$1,507 $5,603 
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.
(3.)    DISCONTINUED OPERATIONS (Continued)
Cash flow information from discontinued operations associated with the Electrochem divestiture for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
202420232022
Cash provided by operating activities$3,138 $6,993 $7,007 
Cash used in investing activities (all capital expenditures)(783)(514)(425)
Depreciation and amortization974 1,211 1,095 
Income from discontinued operations, net of tax associated with the AS&O Product Line for the year ended December 31, 2022 was as follows (in thousands):
Other income$1,323 
Provision for income taxes296 
Income from discontinued operations, net of tax$1,027 
Cash flow information from discontinued operations associated with the AS&O Product Line for the year ended December 31, 2022 was as follows (in thousands):
Income from discontinued operations$1,027 
Changes in operating assets and liabilities, net of acquisitions:
Accrued expenses and other liabilities(1,323)
Income taxes payable296 
Net cash provided by operating activities$— 
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands):
 202420232022
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$15,345 $21,044 $13,592 
Cash paid during the year for:
Interest54,167 37,701 35,804 
Income taxes36,472 30,351 11,165 
v3.25.0.1
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories comprise the following (in thousands):
December 31,
20242023
Raw materials$104,620 $109,036 
Work-in-process126,810 102,668 
Finished goods15,696 17,398 
Total$247,126 $229,102 
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
PP&E comprises the following (in thousands):
December 31,
20242023
Manufacturing machinery and equipment$508,869 $419,657 
Buildings and building improvements159,974 88,021 
Information technology hardware and software80,994 71,523 
Leasehold improvements102,988 90,114 
Furniture and fixtures16,902 15,605 
Land and land improvements11,809 10,429 
Construction work in process84,891 147,772 
Other1,552 1,392 
967,979 844,513 
Accumulated depreciation(502,181)(451,944)
Total$465,798 $392,569 
Schedule of Depreciation Expense
Depreciation expense for PP&E was as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Cost of sales$44,927 $35,569 $34,260 
SG&A4,611 4,415 4,526 
RD&E2,981 3,450 3,049 
Restructuring and other charges349 — — 
Total depreciation expense$52,868 $43,434 $41,835 
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill during the years ended December 31, 2024 and 2023 was as follows (in thousands):
December 31, 2022$965,192 
InNeuroCo acquisition (Note 2)23,196 
InNeuroCo acquisition-related adjustments (Note 2)(2,207)
Foreign currency translation7,826 
December 31, 2023994,007 
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, 2024$1,017,729 
Schedule of Finite-Lived Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer lists870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2023
Definite-lived:
Purchased technology and patents$286,535 $(195,329)$91,206 
Customer lists837,453 (253,267)584,186 
Amortizing tradenames and other21,035 (7,117)13,918 
Total amortizing intangible assets$1,145,023 $(455,713)$689,310 
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, 2024
Definite-lived:
Purchased technology and patents$293,164 $(204,591)$88,573 
Customer lists870,692 (284,104)586,588 
Amortizing tradenames and other20,002 (7,165)12,837 
Total amortizing intangible assets$1,183,858 $(495,860)$687,998 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2023
Definite-lived:
Purchased technology and patents$286,535 $(195,329)$91,206 
Customer lists837,453 (253,267)584,186 
Amortizing tradenames and other21,035 (7,117)13,918 
Total amortizing intangible assets$1,145,023 $(455,713)$689,310 
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, 2024, 2023 and 2022 (in thousands):
202420232022
Cost of sales$17,451 $15,921 $15,388 
SG&A37,163 36,270 32,612 
Restructuring and other charges— 638 — 
Total intangible asset amortization expense$54,614 $52,829 $48,000 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based upon the carrying value as of December 31, 2024 is as follows (in thousands):
20252026202720282029After 2029
Amortization expense$53,364 $52,568 $51,066 $49,255 $46,855 $434,890 
v3.25.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
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,
20242023
Profit sharing and bonuses$36,795 $35,348 
Salaries and benefits34,921 30,089 
Cash flow hedges6,091 — 
Short-term finance lease liabilities4,561 1,854 
Contract liabilities4,440 6,142 
Accrued interest4,201 4,578 
Financing agreements3,748 518 
Income taxes payable2,978 3,896 
Product warranties1,410 82 
Other9,178 8,137 
Total$108,323 $90,644 
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt comprises the following (in thousands):
 December 31, 2024December 31, 2023
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 $99,000 $— $99,000 
Term loan A375,000 (1,302)373,698 375,000 (1,687)373,313 
Convertible Senior Notes due 2028499,994 (9,539)490,455 500,000 (12,388)487,612 
Total$1,000,994 $(10,841)$990,153 $974,000 $(14,075)$959,925 
Current portion of long-term debt(10,000)— 
Long-term debt$980,153 $959,925 
Schedule of Maturities of Long-term Debt
Contractual maturities under the Senior Secured Credit Facilities as of December 31, 2024 are as follows (in thousands):
2025202620272028
Future minimum principal payments$10,000 $27,500 $30,000 $433,500 
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, 2024 was as follows (in thousands):
December 31, 20232,166 
Financing costs incurred2,075 
Amortization during the period(823)
December 31, 2024$3,418 
The change in debt discount and deferred debt issuance costs related to the TLA Facility and 2028 Convertible Notes during the year ended December 31, 2024 was as follows (in thousands):
Deferred Debt Issuance CostsDebt DiscountTotal
December 31, 20232,667 11,408 14,075 
Amortization during the period(612)(2,622)(3,234)
December 31, 2024$2,055 $8,786 $10,841 
v3.25.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
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,
202420232022
RSUs and PRSUs$24,515 $23,108 $20,287 
Discontinued operations252 175 736 
Total stock-based compensation expense$24,767 $23,283 $21,023 
Cost of sales$3,881 $3,694 $3,195 
SG&A19,415 18,189 14,810 
RD&E1,153 1,152 1,005 
Restructuring and other charges66 73 1,277 
Discontinued operations252 175 736 
Total stock-based compensation expense$24,767 $23,283 $21,023 
Income tax benefit recognized for stock-based compensation arrangements$5,096 $3,667 $2,762 
Schedule of Share-based Compensation, Stock Options, Activity The following table summarizes stock option activity during the year ended December 31, 2024:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2023158,089 $40.35 
Exercised(28,006)43.69 
Outstanding at December 31, 2024130,083 $39.63 2.0$12.1 
Vested and exercisable at December 31, 2024130,083 $39.63 2.0$12.1 
Schedule Of Stock Option Exercise Information
The following table provides certain information relating to the exercise of stock options during 2024, 2023 and 2022 (in thousands):
202420232022
Intrinsic value$2,007 $3,670 $370 
Cash received742 2,303 150 
Actual tax benefit for the tax deductions from the exercise of options482 881 89 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSU activity during the year ended December 31, 2024:
Time-Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2023349,755 $76.63 
Granted148,777 107.84 
Vested(158,180)81.39 
Forfeited(26,948)84.65 
Nonvested at December 31, 2024313,404 $88.36 
The following table summarizes PRSU activity during the year ended December 31, 2024:
Performance-
Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2023275,503 $84.57 
Granted78,246 110.54 
Performance adjustment(a)
111,590 93.38 
Vested(223,655)93.41 
Forfeited(3,786)83.02 
Nonvested at December 31, 2024237,898 $88.95 
__________
(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:
 202420232022
Weighted average fair value$117.96 $74.29 $97.58 
Risk-free interest rate4.13 %3.79 %1.58 %
Expected volatility34 %46 %42 %
Expected life (in years)3.03.03.9
Expected dividend yield— %— %— %
v3.25.0.1
RESTRUCTURING AND OTHER CHARGES (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Charges
Restructuring and other charges comprise the following (in thousands):
202420232022
Restructuring charges$4,013 $5,874 $4,008 
Acquisition and integration costs8,941 3,444 10,075 
Other general expenses (gains)(805)2,110 1,188 
Total restructuring and other charges$12,149 $11,428 $15,271 
The following table comprises restructuring and restructuring-related charges by classification in the accompanying Consolidated Statements of Operations (in thousands):
202420232022
Restructuring charges:
Restructuring and other charges$4,013 $5,874 $4,008 
Restructuring-related expenses(a):
Cost of sales2,170 1,633 891 
Selling, general and administrative942 1,775 1,966 
Research, development and engineering130 667 1,231 
Total restructuring and restructuring-related charges$7,255 $9,949 $8,096 
__________
(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 (in thousands):
Operational
excellence
initiatives		Strategic reorganization and alignmentManufacturing alignment to support growthTotal
December 31, 2023$21 $125 $1,290 $1,436 
Charges incurred, net of reversals2,161 445 1,407 4,013 
Cash payments(1,492)(455)(2,348)(4,295)
Non-cash adjustments— — (349)(349)
December 31, 2024$690 $115 $— $805 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income from continuing operations before income taxes for fiscal years 2024, 2023 and 2022 consisted of the following (in thousands):
202420232022
U.S.$55,571 $29,089 $7,164 
International91,992 76,293 61,512 
Total income from continuing operations before income taxes$147,563 $105,382 $68,676 
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes from continuing operations for fiscal years 2024, 2023 and 2022 comprises the following (in thousands):
202420232022
Current:
Federal$18,309 $11,072 $18,704 
State1,655 1,292 439 
International19,476 13,140 6,871 
39,440 25,504 26,014 
Deferred:
Federal(9,456)(7,262)(15,937)
State(245)(132)76 
International(3,229)(1,871)(1,224)
(12,930)(9,265)(17,085)
Total provision for income taxes$26,510 $16,239 $8,929 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes from continuing operations differs from the U.S. statutory rate for fiscal years 2024, 2023 and 2022 due to the following:
202420232022
Statutory rate$30,988 21.0 %$22,130 21.0 %$14,422 21.0 %
Federal tax credits (including R&D)(13,628)(9.2)(11,129)(10.6)(9,305)(13.6)
Foreign rate differential(4,774)(3.2)(5,513)(5.2)(7,693)(11.2)
Stock-based compensation1,506 1.0 1,847 1.7 1,983 2.9 
Uncertain tax positions289 0.2 (1,170)(1.1)2,469 3.6 
State taxes, net of federal benefit1,413 1.0 1,108 1.1 687 1.0 
U.S. tax on foreign earnings, net of §250 deduction7,972 5.4 6,194 5.9 5,323 7.8 
Valuation allowance418 0.3 1,737 1.6 (218)(0.3)
OECD Pillar II: Global Minimum Tax2,189 1.5 — — — — 
Other137 — 1,035 1.0 1,261 1.8 
Effective tax rate$26,510 18.0 %$16,239 15.4 %$8,929 13.0 %
Schedule of Deferred Tax Assets and Liabilities
As of December 31, 2024 and December 31, 2023, the Company had a net deferred tax liability consisting of the following (in thousands):
December 31,
2024		December 31,
2023
Research and development$37,201 $27,222 
Lease liabilities28,772 20,641 
Net operating loss carryforwards8,093 7,814 
Accrued expenses7,122 7,515 
Tax credit carryforwards5,749 8,989 
Original issue discount from capped calls5,733 7,288 
Stock-based compensation5,438 5,030 
Other5,578 2,597 
Gross deferred tax assets103,686 87,096 
Less valuation allowance(13,387)(15,741)
Net deferred tax assets90,299 71,355 
Intangible assets(167,514)(178,353)
Lease assets(28,802)(20,773)
Property, plant and equipment(10,282)(7,200)
Other— (1,580)
Gross deferred tax liabilities(206,598)(207,906)
Net deferred tax liability$(116,299)$(136,551)
Presented as follows:
Noncurrent deferred tax asset$8,309 $7,001 
Noncurrent deferred tax liability(124,608)(143,552)
Net deferred tax liability$(116,299)$(136,551)
Schedule of Operating Loss and Tax Credit Carryforwards
As of December 31, 2024, 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)
$80.0 $3.1 $(3.0)2025
International
Net operating losses(a)
$21.0 $5.0 $(5.0)2025
U.S. FederalForeign tax credits$2.3 $2.3 $(2.3)2029
U.S. State
R&D tax credits(b)
$0.3 $0.2 $— 2036
U.S. State
State tax credits(b)
$3.8 $3.0 $(3.0)2025
InternationalR&D tax credits$0.2 $0.2 $— Indefinite
__________
(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 for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Balance, beginning of year$6,470 $7,739 $5,537 
Additions based upon tax positions related to the current year353 356 1,364 
Additions (reductions) related to prior period tax returns(6)(18)838 
Reductions related to settlements (amounts paid)(166)— — 
Reductions as a result of a lapse of applicable statute of limitations(450)(1,607)— 
Balance, end of year$6,201 $6,470 $7,739 
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 are as follows (in thousands):
202420232022
Finance lease cost:
Amortization of lease assets$2,575 $1,367 $1,080 
Interest on lease liabilities845 321 317 
Finance lease cost3,420 1,688 1,397 
Operating lease cost14,076 13,920 13,801 
Short-term lease cost (leases with initial term of 12 months or less)257 305 309 
Variable lease cost3,071 2,994 2,970 
Sublease income(929)(904)(1,294)
Total lease cost$19,895 $18,003 $17,183 
Cost of sales$15,566 $13,339 $12,896 
SG&A2,991 3,028 2,864 
RD&E403 929 1,106 
Restructuring and other charges90 386 — 
Interest expense$845 $321 $317 
Total lease cost$19,895 $18,003 $17,183 
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
202420232022
Cash paid for operating leases$12,557 $13,751 $13,381 
Cash paid for interest on finance leases845 320 315 
Assets acquired under operating leases13,384 17,526 16,166 
Assets acquired under finance leases18,300 4,085 1,850 
The following table presents the weighted average remaining lease term and discount rate.
December 31,
2024		December 31,
2023
Weighted-average remaining lease term - operating leases (in years)10.09.3
Weighted-average remaining lease term - finance leases (in years)8.07.8
Weighted-average discount rate - operating leases6.3 %5.5 %
Weighted-average discount rate - finance leases5.7 %4.4 %
Schedule of Operating Lease Liability Maturities
At December 31, 2024, the maturities of operating and finance lease liabilities were as follows (in thousands):
Operating Leases Finance Leases
2025$12,501 $5,952 
202612,478 5,545 
202712,326 5,244 
202811,901 4,011 
202911,770 2,042 
Thereafter54,806 12,690 
Gross lease liabilities115,782 35,484 
Less: imputed interest(30,728)(7,163)
Present value of lease liabilities85,054 28,321 
Less: current portion of lease liabilities(7,352)(4,561)
Total long-term lease liabilities$77,702 $23,760 
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands, except per share amounts):
202420232022
Numerator for basic and diluted EPS:
Income from continuing operations$121,053 $89,143 $59,747 
Income (loss) from discontinued operations, net of tax(1,157)1,507 6,630 
Net income$119,896 $90,650 $66,377 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic33,601 33,320 33,127 
Dilutive effect of share-based awards514 438 230 
Dilutive impact of convertible notes1,534 — — 
Denominator for diluted EPS35,649 33,758 33,357 
Basic earnings per share:
Income from continuing operations$3.60 $2.68 $1.80 
Income (loss) from discontinued operations(0.03)0.05 0.20 
Basic earnings per share3.57 2.72 2.00 
Diluted earnings per share:
Income from continuing operations$3.40 $2.64 $1.79 
Income (loss) from discontinued operations(0.03)0.04 0.20 
Diluted earnings per share3.36 2.69 1.99 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The diluted weighted average share calculations do not include the following securities for the years ended December 31, 2024, 2023 and 2022, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
202420232022
Time-vested stock options, restricted stock and restricted stock units1 1 15 
Performance-vested restricted stock units31 84 152 
v3.25.0.1
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Changes in Number of Shares of Common Stock
The following is a summary of the number of shares of common stock issued and outstanding for the years ended December 31, 2024 and December 31, 2023:
IssuedTreasury StockOutstanding
December 31, 202233,169,778 — 33,169,778 
Stock options exercised72,125 — 72,125 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes87,745 — 87,745 
December 31, 202333,329,648 — 33,329,648 
Stock options exercised23,981 — 23,981 
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes192,615 — 192,615 
Stock issued upon conversion of convertible debt18 — 18 
Exercise of capped call upon conversion of convertible debt— (6)(6)
December 31, 202433,546,262 (6)33,546,256 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2022$(346)$1,760 $4,150 $5,564 $(235)$5,329 
Unrealized gain on cash flow hedges— 7,008 — 7,008 (1,472)5,536 
Realized gain on foreign currency hedges— (5,353)— (5,353)1,124 (4,229)
Realized gain on interest rate swap hedge— (1,262)— (1,262)265 (997)
Net defined benefit plan adjustments318 — — 318 (113)205 
Foreign currency translation gain— — 14,379 14,379 — 14,379 
December 31, 2023$(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)
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
December 31, 2023
Assets: Foreign currency hedging contracts$2,153 $— $2,153 $— 
Liabilities: Contingent consideration876 — — 876 
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
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2023 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$51,389 Dec 20241.0831Euro$1,389 Prepaid expenses and other current assets
19,392 Dec 20240.0566MXN Peso182 Prepaid expenses and other current assets
19,201 Dec 20240.0248UYU Peso582 Prepaid expenses and other current assets
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the impact of cash flow hedge derivative instruments on the Company’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income for fiscal years 2024, 2023 and 2022 (in thousands):
Gain (Loss) Recognized in OCIGain (Loss) Reclassified from AOCI
Derivative202420232022Location in Statement of Operations 202420232022
Interest rate swaps$— $— $3,322 Interest expense$— $1,262 $(918)
Foreign exchange contracts(3,296)1,171 (2,226)Sales43 (241)(2,073)
Foreign exchange contracts(6,473)5,666 2,225 Cost of sales(1,494)5,611 2,205 
Foreign exchange contracts(296)171 328 Operating expenses21 (17)384 
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 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Contingent consideration, beginning of year$876 $11,756 $2,415 
Amount recorded for current year acquisitions
3,578 876 7,375 
Fair value measurement adjustments(3,550)(736)3,097 
Payments
— (11,177)(972)
Foreign currency translation— 157 (159)
Contingent consideration, end of year$904 $876 $11,756 
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
December 31,
2024		December 31,
2023
Equity method investment$7,237 $7,771 
Non-marketable equity securities180 427 
Total equity investments
$7,417 $8,198 
The components of Loss on equity investments, net for each period were as follows (in thousands):
202420232022
Equity method investment loss$533 $481 $7,636 
Impairment charges247 5,210 — 
Total loss on equity investments, net
$780 $5,691 $7,636 
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Income (Loss) from Operations
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022 (in thousands).
202420232022
Sales$1,716,596 $1,555,656 $1,331,277 
Cost of sales1,257,582 1,145,767 985,516 
Gross profit459,014 409,889 345,761 
Operating expenses:
Selling, general and administrative185,202 173,171 158,050 
Research, development and engineering53,425 61,967 59,762 
Restructuring and other charges12,149 11,428 15,271 
Total operating expenses250,776 246,566 233,083 
Operating income208,238 163,323 112,678 
Interest expense56,374 51,275 37,265 
Loss on equity investments, net780 5,691 7,636 
Other (income) loss, net3,521 975 (899)
Income from continuing operations before income taxes 147,563 105,382 68,676 
Provision for income taxes26,510 16,239 8,929 
Income from continuing operations$121,053 $89,143 $59,747 
Revenue from External Customers by Geographic Areas
The following table presents sales by significant country for the years ended December 31, 2024, 2023 and 2022. In these tables, sales are allocated based on where the products are shipped (in thousands).
202420232022
Sales by geographic area:
United States$938,675 $872,926 $732,595 
Non-Domestic locations:
Puerto Rico137,057 121,487 114,078 
Costa Rica124,694 108,421 76,140 
Rest of world516,170 452,822 408,464 
Total sales$1,716,596 $1,555,656 $1,331,277 
Schedule of Long-Lived Tangible Assets and Identifiable Assets by Geographic Area
The following table presents PP&E by geographic area as of December 31, 2024 and December 31, 2023. In these tables, PP&E is aggregated based on the physical location of the tangible long-lived assets (in thousands).
December 31,
2024		December 31,
2023
Long-lived tangible assets by geographic area:
United States$260,220 $218,861 
Ireland139,889 118,965 
Mexico37,838 34,785 
Rest of world27,851 19,958 
Total$465,798 $392,569 
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Segment Sales by Product Line The following table presents sales by product line for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Cardio & Vascular $949,576 $836,343 $699,401 
Cardiac Rhythm Management & Neuromodulation660,610 612,891 534,371 
Other Markets106,410 106,422 97,505 
Total sales$1,716,596 $1,555,656 $1,331,277 
Schedules of Concentration of Risk by Revenue and Accounts Receivable
A significant portion of the Company’s sales for the years ended December 31, 2024, 2023 and 2022 and accounts receivable at December 31, 2024 and December 31, 2023 were to three customers as follows:
 SalesAccounts Receivable
202420232022December 31,
2024		December 31,
2023
Customer A18%16%17%10%8%
Customer B16%17%17%9%11%
Customer C13%13%13%14%10%
47%46%47%33%29%
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,
2024		December 31,
2023
Contract assets$103,772 $85,871 
Contract liabilities (included in Accrued expenses and other current liabilities)4,440 6,142 
Contract liabilities (included in Other long-term liabilities)4,398 — 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
customer
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Assets Useful Life [Line Items]      
Number of reportable segments | segment 1    
Number of customers | customer 3    
Sale of accounts receivable $ 231.0 $ 144.4  
Factoring fee 1.7 1.1  
Accounts receivable derecognized 156.6 139.4 $ 120.7
Costs associated with supplier financing arrangements $ 2.2 1.8 0.9
Description of payment terms Standard payment terms range from 30 to 90 days and may include a discount for early payment.    
Product warranty $ 1.4 0.1  
Net foreign currency transaction (gains ) losses $ 3.2 $ 1.0 $ (1.1)
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 lists      
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 lists      
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    
v3.25.0.1
BUSINESS ACQUISITIONS (Narrative) (Details)
$ in Thousands, € in Millions
 3 Months Ended 12 Months Ended 24 Months Ended
Jan. 05, 2024
USD ($)
$ / €
Oct. 01, 2023
USD ($)
Apr. 06, 2022
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Apr. 06, 2022
EUR (€)
Business Acquisition [Line Items]                    
Decrease in goodwill             $ 2,207      
Acquisitions, net of cash acquired           $ 138,544 43,602 $ 126,636    
Acquisition related costs           2,600 1,500 $ 5,900    
Pulse Technologies                    
Business Acquisition [Line Items]                    
Percentage of business acquired 100.00%                  
Consideration transferred $ 142,300                  
Contingent consideration 3,600                  
Revenue-based payments (up to) 20,000         20,000     $ 20,000  
Inventory increase (decrease) $ 1,100                  
Decrease in goodwill           36        
Sales           41,700        
Pulse Technologies | Measurement Input, Price Volatility                    
Business Acquisition [Line Items]                    
Weighted average measurement input 0.11                  
Pulse Technologies | Discount rate                    
Business Acquisition [Line Items]                    
Weighted average measurement input 0.12                  
Pulse Technologies | Customer lists | Measurement Input, Annual Attrition Rate | Valuation, Income Approach                    
Business Acquisition [Line Items]                    
Measurement input | $ / € 0.050                  
Pulse Technologies | Technology-Based Intangible Assets | Measurement Input, Royalty Rate | Valuation, Income Approach                    
Business Acquisition [Line Items]                    
Measurement input | $ / € 0.075                  
InNeuroCo                    
Business Acquisition [Line Items]                    
Consideration transferred   $ 44,500                
Contingent consideration   900                
Revenue-based payments (up to)   13,500                
Payments to acquire business   $ 43,600                
Adjustments to current assets           1,500 $ 2,200      
Decrease in goodwill           $ 1,547     $ 3,700  
Sales related to acquisition       $ 5,200            
Earnings or loss of acquisition       $ 0            
Aran Acquisition                    
Business Acquisition [Line Items]                    
Percentage of business acquired     100.00%             100.00%
Consideration transferred     $ 141,300              
Contingent consideration     7,400              
Revenue-based payments (up to)     10,900             € 10.0
Payments to acquire business     133,900              
Acquisitions, net of cash acquired     $ 129,300              
Sales related to acquisition         $ 15,100          
Earnings or loss of acquisition         $ 0          
v3.25.0.1
BUSINESS ACQUISITIONS (Allocation Of The Provisional Purchase Price ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jan. 05, 2024
Dec. 31, 2023
Oct. 01, 2023
Dec. 31, 2022
Apr. 06, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]            
Goodwill $ 1,017,729   $ 994,007   $ 965,192  
Pulse Technologies            
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]            
Current assets (excluding inventory)   $ 7,456        
Inventory   8,612        
Property, plant and equipment   25,950        
Goodwill   38,058        
Definite-lived intangible assets   64,000        
Finance lease assets   7,964        
Current liabilities   (1,760)        
Finance lease liabilities   (7,936)        
Fair value of net assets acquired   $ 142,344        
InNeuroCo            
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]            
Current assets (excluding inventory)       $ 8,471    
Inventory       5,376    
Property, plant and equipment       3,436    
Goodwill       19,442    
Definite-lived intangible assets       9,200    
Current liabilities       (2,331)    
Finance lease liabilities       (1,157)    
Operating lease assets       2,072    
Fair value of net assets acquired       $ 44,509    
Aran Acquisition            
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]            
Current assets           $ 9,319
Property, plant and equipment           4,151
Goodwill           68,460
Definite-lived intangible assets           71,485
Current liabilities           (4,370)
Finance lease liabilities           (3,258)
Operating lease assets           3,505
Other noncurrent assets           1,354
Other noncurrent liabilities           (9,377)
Fair value of net assets acquired           $ 141,269
v3.25.0.1
BUSINESS ACQUISITIONS ( Schedule of Finite-Lived Intangible Assets Acquired) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 05, 2024
Dec. 31, 2024
Pulse Technologies    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned $ 64,000  
Pulse Technologies | Customer lists    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned $ 48,000  
Weighted Average Amortization Period (Years) 20 years  
Weighted Average Discount Rate 13.00%  
Pulse Technologies | Technology-Based Intangible Assets    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned $ 16,000  
Weighted Average Amortization Period (Years) 10 years  
Weighted Average Discount Rate 13.00%  
InNeuroCo    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 9,200
InNeuroCo | Customer lists    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 4,000
Weighted Average Amortization Period (Years)   20 years
InNeuroCo | Technology-Based Intangible Assets    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 5,200
Weighted Average Amortization Period (Years)   10 years
Aran Acquisition    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 71,485
Aran Acquisition | Customer lists    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 53,395
Weighted Average Amortization Period (Years)   26 years
Aran Acquisition | Technology-Based Intangible Assets    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 17,435
Weighted Average Amortization Period (Years)   12 years
Aran Acquisition | Trade Names    
Business Combination, Separately Recognized Transactions [Line Items]    
Fair Value Assigned   $ 655
Weighted Average Amortization Period (Years)   1 year 6 months
v3.25.0.1
BUSINESS ACQUISITIONS ( Pro Forma Information) (Details) - Pulse,InNeuroCo and Aran - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Sales $ 1,616,952 $ 1,357,765
Income from continuing operations $ 78,050 $ 62,550
v3.25.0.1
DISCONTINUED OPERATIONS (Schedule of Income from Discontinued Operations, Net of Tax) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income from discontinued operations, net of tax $ (1,157) $ 1,507 $ 6,630
Discontinued Operations, Held-for-sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income (loss) from discontinued operations before taxes (816) 1,912 8,605
Provision for income taxes from discontinued operations 341 405 1,975
Income from discontinued operations, net of tax (1,157) 1,507 6,630
Discontinued Operations, Held-for-sale | Electrochem Solutions, Inc      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income (loss) from discontinued operations before taxes (816) 1,912 7,282
Provision for income taxes from discontinued operations     1,679
Discontinued Operations, Held-for-sale | AS&O Product Line      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income (loss) from discontinued operations before taxes $ 0 $ 0 $ 1,323
v3.25.0.1
DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2024
Sep. 27, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Discontinued Operation, Gain on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other Nonoperating Income (Expense)    
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 $ 0.8     $ 48.7  
Discontinued Operations, disposed-by-sale | AS&O Product Line          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Discontinued operation, gain on disposal of discontinued operation, net of tax $ 0.0 $ 0.0 $ 1.3    
v3.25.0.1
DISCONTINUED OPERATIONS (Schedule of Assets and Liabilities Disposed) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets of discontinued operations classified as held for sale $ 0 $ 17,705
Noncurrent assets of discontinued operations classified as held for sale 0 36,409
Current liabilities of discontinued operations classified as held for sale 0 3,503
Noncurrent liabilities of discontinued operations classified as held for sale $ 0 2,464
Discontinued Operations, Held-for-sale | Electrochem Solutions, Inc    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Accounts receivable, net of provision for credit losses   6,994
Inventories   10,614
Prepaid expenses and other current assets   97
Current assets of discontinued operations classified as held for sale   17,705
Property, plant and equipment, net   15,385
Goodwill   17,000
Other intangible assets, net (Purchased technology and patents)   3,548
Other long-term assets   476
Noncurrent assets of discontinued operations classified as held for sale   36,409
Total assets of discontinued operations classified as held for sale   54,114
Accounts payable   2,035
Accrued expenses and other current liabilities   1,468
Current liabilities of discontinued operations classified as held for sale   3,503
Deferred income taxes   2,073
Other long-term liabilities   391
Noncurrent liabilities of discontinued operations classified as held for sale   2,464
Total liabilities of discontinued operations classified as held for sale   5,967
Net assets   $ 48,147
v3.25.0.1
DISCONTINUED OPERATIONS (Income from Discontinued Operations Associated With Electrochem Divestiture) (Details) - Discontinued Operations, Held-for-sale - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income (loss) from discontinued operations before taxes $ (816) $ 1,912 $ 8,605
Provision for income taxes 341 405 1,975
Electrochem Solutions, Inc      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Sales 27,227 41,017 44,819
Cost of sales 22,123 32,617 31,574
Gross profit 5,104 8,400 13,245
SG&A expenses 2,239 2,448 2,528
Research, development and engineering costs 1,485 1,804 1,156
Restructuring and other charges 678 141 912
Interest expense 2,340 2,095 1,367
Gain on sale of discontinued operations (822) 0 0
Income (loss) from discontinued operations before taxes (816) 1,912 7,282
Provision for income taxes     1,679
Income (loss) from discontinued operations, net of tax $ (1,157) $ 1,507 $ 5,603
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Cash provided by operating activities $ 3,138 $ 6,993 $ 7,007
Cash used in investing activities (all capital expenditures) (783) (514) (425)
Depreciation and amortization $ 974 $ 1,211 $ 1,095
v3.25.0.1
DISCONTINUED OPERATIONS (Income from Discontinued Operations Associated With AS&O Product Line) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income from discontinued operations, net of tax $ (1,157) $ 1,507 $ 6,630
Discontinued Operations, disposed-by-sale | AS&O Product Line      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Other income     1,323
Provision for income taxes     296
Income from discontinued operations, net of tax     $ 1,027
v3.25.0.1
DISCONTINUED OPERATIONS (Cash Flow Information from Discontinued Operations AS&O Product Line) (Details) - Discontinued Operations, disposed-by-sale - AS&O Product Line
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Income from discontinued operations $ 1,027
Changes in operating assets and liabilities, net of acquisitions:  
Accrued expenses and other liabilities (1,323)
Income taxes payable 296
Net cash provided by operating activities $ 0
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-cash investing and financing activities:      
Property, plant and equipment purchases included in accounts payable $ 15,345 $ 21,044 $ 13,592
Cash paid during the year for:      
Interest 54,167 37,701 35,804
Income taxes $ 36,472 $ 30,351 $ 11,165
v3.25.0.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 104,620 $ 109,036
Work-in-process 126,810 102,668
Finished goods 15,696 17,398
Total $ 247,126 $ 229,102
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 967,979 $ 844,513
Accumulated depreciation (502,181) (451,944)
Total 465,798 392,569
Manufacturing machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 508,869 419,657
Buildings and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 159,974 88,021
Information technology hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 80,994 71,523
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 102,988 90,114
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 16,902 15,605
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 11,809 10,429
Construction work in process    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 84,891 147,772
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,552 $ 1,392
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT, NET (Depreciation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 52,868 $ 43,434 $ 41,835
Cost of sales      
Property, Plant and Equipment [Line Items]      
Depreciation expense 44,927 35,569 34,260
SG&A      
Property, Plant and Equipment [Line Items]      
Depreciation expense 4,611 4,415 4,526
RD&E      
Property, Plant and Equipment [Line Items]      
Depreciation expense 2,981 3,450 3,049
Restructuring and other charges      
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 349 $ 0 $ 0
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended 24 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Goodwill [Roll Forward]      
Opening goodwill $ 994,007 $ 965,192 $ 965,192
Acquisition 38,094 23,196  
Acquisition-related adjustments   (2,207)  
Foreign currency translation (12,789) 7,826  
Closing goodwill 1,017,729 $ 994,007 1,017,729
Pulse Technologies      
Goodwill [Roll Forward]      
Acquisition-related adjustments (36)    
InNeuroCo      
Goodwill [Roll Forward]      
Acquisition-related adjustments $ (1,547)   $ (3,700)
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Narrative) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
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  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,183,858 $ 1,145,023
Accumulated Amortization (495,860) (455,713)
Net Carrying Amount 687,998 689,310
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 293,164 286,535
Accumulated Amortization (204,591) (195,329)
Net Carrying Amount 88,573 91,206
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 870,692 837,453
Accumulated Amortization (284,104) (253,267)
Net Carrying Amount 586,588 584,186
Amortizing tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 20,002 21,035
Accumulated Amortization (7,165) (7,117)
Net Carrying Amount $ 12,837 $ 13,918
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Amortization Expense by categories) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 54,614 $ 52,829 $ 48,000
Cost of sales      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense 17,451 15,921 15,388
SG&A      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense 37,163 36,270 32,612
Restructuring and other charges      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 0 $ 638 $ 0
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 53,364
2026 52,568
2027 51,066
2028 49,255
2029 46,855
After 2029 $ 434,890
v3.25.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]    
Profit sharing and bonuses $ 36,795 $ 35,348
Salaries and benefits 34,921 30,089
Cash flow hedges 6,091 0
Short-term finance lease liabilities 4,561 1,854
Contract liabilities 4,440 6,142
Accrued interest 4,201 4,578
Financing agreements 3,748 518
Income taxes payable 2,978 3,896
Product warranties 1,410 82
Other 9,178 8,137
Total $ 108,323 $ 90,644
v3.25.0.1
DEBT (Schedule of Long-Term Debt) (Details) - USD ($)
Dec. 31, 2024
Jul. 01, 2024
Dec. 31, 2023
Feb. 28, 2023
Debt Instrument [Line Items]        
Principal Amount $ 1,000,994,000   $ 974,000,000  
Discounts and Deferred Issuance Costs (10,841,000)   (14,075,000)  
Net Carrying Amount 990,153,000   959,925,000  
Current portion of long-term debt (10,000,000)   0  
Long-term debt 980,153,000   959,925,000  
Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Principal Amount 126,000,000   99,000,000  
Discounts and Deferred Issuance Costs 0   0  
Net Carrying Amount 126,000,000   99,000,000  
Loans Payable | Secured Debt | Term Loan A (TLA) Facility        
Debt Instrument [Line Items]        
Principal Amount 375,000,000   375,000,000  
Discounts and Deferred Issuance Costs (1,302,000)   (1,687,000)  
Net Carrying Amount 373,698,000   373,313,000  
Convertible Debt | 2028 Convertible Senior Notes        
Debt Instrument [Line Items]        
Net Carrying Amount       $ 65,000,000
Debt principal payments $ 500,000,000 $ 800,000,000   $ 500,000,000
Stated interest rate 2.125%     2.125%
Convertible Debt | Secured Debt | 2028 Convertible Senior Notes        
Debt Instrument [Line Items]        
Principal Amount $ 499,994,000   500,000,000  
Discounts and Deferred Issuance Costs (9,539,000)   (12,388,000)  
Net Carrying Amount $ 490,455,000   $ 487,612,000  
v3.25.0.1
DEBT (Senior Secured Credit Facilities) (Details) - 2028 Convertible Senior Notes - Convertible Debt - USD ($)
Jul. 01, 2024
Dec. 31, 2024
Feb. 28, 2023
Debt Instrument [Line Items]      
Debt principal payments $ 800,000,000 $ 500,000,000 $ 500,000,000
Stated interest rate   2.125% 2.125%
Debt instrument, face amount, period increase 300,000,000    
Debt issuance costs, current, net $ 2,100,000    
v3.25.0.1
DEBT (Revolving Credit Facility) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Revolving Credit Facility | Line of Credit  
Debt Instrument [Line Items]  
Remaining borrowing capacity $ 668.7
Outstanding amount $ 126.0
Spread on variable rate 0.10%
Unused capacity commitment fee 0.18%
Weighted average interest rate 5.96%
Revolving Credit Facility | Line of Credit | Minimum  
Debt Instrument [Line Items]  
Unused capacity commitment fee 0.15%
Revolving Credit Facility | Line of Credit | Maximum  
Debt Instrument [Line Items]  
Unused capacity commitment fee 0.25%
Standby Letters of Credit  
Debt Instrument [Line Items]  
Outstanding standby letters of credit $ 5.3
v3.25.0.1
DEBT (Term Loan Facilities) (Details)
Dec. 31, 2024
Term Loan A (TLA) Facility | Secured Debt  
Debt Instrument [Line Items]  
Weighted average interest rate 5.96%
v3.25.0.1
DEBT (Covenants) (Details)
 1 Months Ended 12 Months Ended
Sep. 01, 2021
$ / €
Feb. 28, 2023
USD ($)
trading_day
$ / shares
Dec. 31, 2024
USD ($)
trading_day
Jul. 01, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]          
Long-term debt | $     $ 990,153,000   $ 959,925,000
Capped Call Options          
Debt Instrument [Line Items]          
Conversion price (in dollars per share) | $ / shares   $ 108.59      
2028 Convertible Senior Notes | Convertible Debt          
Debt Instrument [Line Items]          
Debt principal payments | $   $ 500,000,000 $ 500,000,000 $ 800,000,000  
Long-term debt | $   $ 65,000,000      
Stated interest rate   2.125% 2.125%    
Initial conversion rate     0.0114681    
Conversion price (in dollars per share) | $ / shares   $ 87.20      
Percentage of stock price   130.00% 130.00%    
Trading days   20 20    
Consecutive trading days   30 30    
Number of preceding days   2 days      
Redemption price, percentage   100.00%      
Effective interest rate   2.76%      
2028 Convertible Senior Notes | Convertible Debt | Measurement Period          
Debt Instrument [Line Items]          
Percentage of stock price   98.00%      
Trading days   5      
Consecutive trading days   10      
Revolving Credit Facility | Term Loan A (TLA) Facility | Secured Debt          
Debt Instrument [Line Items]          
Net leverage ratio incremental increase option 5.00        
Revolving Credit Facility | Term Loan A (TLA) Facility | Secured Debt | Maximum          
Debt Instrument [Line Items]          
Net leverage ratio incremental increase option 5.50        
Revolving Credit Facility | ITGRTerm Loan A T L A Facility | Secured Debt          
Debt Instrument [Line Items]          
Interest expense ratio | $ / € 2.50        
v3.25.0.1
DEBT (Long-term Debt Maturity Schedule) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 10,000
2026 27,500
2027 30,000
2028 $ 433,500
v3.25.0.1
DEBT (Deferred Financing Fees) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Finance Costs [Roll Forward]      
Total, Beginning Balance $ 14,075    
Total, Amortization during the period (4,057) $ (8,054) $ (2,036)
Total, Ending Balance 10,841 14,075  
Revolving Credit Facility      
Deferred Finance Costs [Roll Forward]      
Debt issuance costs, Beginning Balance 2,166    
Financing costs incurred 2,075    
Amortization during the period (823)    
Debt issuance costs, Ending Balance 3,418 2,166  
Term Loan And Senior Notes      
Deferred Finance Costs [Roll Forward]      
Debt issuance costs, Beginning Balance 2,667    
Amortization during the period (612)    
Debt issuance costs, Ending Balance 2,055 2,667  
Total, Beginning Balance 14,075    
Total, Amortization during the period (3,234)    
Total, Ending Balance 10,841 14,075  
Term Loan B (TLB) Facility      
Deferred Finance Costs [Roll Forward]      
Debt Discount , Beginning Balance 11,408    
Debt Discount, Amortization during the period (2,622)    
Debt Discount, Ending Balance $ 8,786 $ 11,408  
v3.25.0.1
BENEFIT PLANS (Savings Plan Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 10,800,000 $ 9,500,000 $ 8,500,000
v3.25.0.1
BENEFIT PLANS (Defined Benefit Plans Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Aggregated projected benefit obligation $ 2.9    
Net periodic pension cost 0.6 $ 0.6 $ 0.1
Expected future benefit payments first five years 1.6    
Expected future benefit payments next five years $ 2.9    
v3.25.0.1
STOCK-BASED COMPENSATION (Narratives) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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) 818,109    
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) $ 132.52    
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 $ 14,500,000    
Period for recognition 1 year 7 months 6 days    
Fair value of shares vested $ 17,300,000 $ 9,100,000 $ 10,700,000
Granted (in dollars per share) $ 81.39 $ 79.03 $ 75.87
Performance-Vested      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total unrecognized compensation cost $ 8,100,000    
Period for recognition 1 year 9 months 18 days    
Fair value of shares vested $ 19,800,000 $ 1,800,000 $ 0
Granted (in dollars per share) $ 110.54 $ 74.32 $ 90.84
Performance period (over) 3 years    
Performance period 5 years    
Illiquidity discount percent 8.00% 11.23% 9.25%
v3.25.0.1
STOCK-BASED COMPENSATION (Components of Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 24,767 $ 23,283 $ 21,023
Income tax benefit recognized for stock-based compensation arrangements 5,096 3,667 2,762
RSUs and PRSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 24,515 23,108 20,287
Cost of sales      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 3,881 3,694 3,195
SG&A      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 19,415 18,189 14,810
RD&E      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 1,153 1,152 1,005
Restructuring and other charges      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 66 73 1,277
Discontinued operations      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 252 $ 175 $ 736
v3.25.0.1
STOCK-BASED COMPENSATION (Stock Option Activity) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Number of Stock Options  
Beginning balance (in shares) | shares 158,089
Exercised (in shares) | shares (28,006)
Ending balance (in shares) | shares 130,083
Vested and exercisable, Number of Stock Options (in shares) | shares 130,083
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 40.35
Exercised (in dollars per share) | $ / shares 43.69
Ending balance (in dollars per share) | $ / shares 39.63
Vested and exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares $ 39.63
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value  
Outstanding, Weighted Average Remaining Contractual Term (in years) 2 years
Vested and exercisable , Weighted Average Remaining Contractual Term (in years) 2 years
Outstanding, Aggregate Intrinsic Value | $ $ 12.1
Vested and exercisable , Aggregate Intrinsic Value | $ $ 12.1
v3.25.0.1
STOCK-BASED COMPENSATION (Exercise of Stock Option) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Intrinsic value $ 2,007 $ 3,670 $ 370
Cash received 742 2,303 150
Actual tax benefit for the tax deductions from the exercise of options $ 482 $ 881 $ 89
v3.25.0.1
STOCK-BASED COMPENSATION (Restricted Stock and Restricted Stock Units) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance-Vested      
Time-Vested and Performance-Vested Activity      
Performance adjustment (in shares) 111,590    
Weighted Average Grant Date Fair Value      
Granted (in dollars per share) $ 110.54 $ 74.32 $ 90.84
Performance adjustment (in dollars per share) $ 93.38    
Time-Vested      
Time-Vested and Performance-Vested Activity      
Beginning balance (in shares) 349,755    
Granted (in shares) 148,777    
Vested (in shares) (158,180)    
Forfeited (in shares) (26,948)    
Ending balance (in shares) 313,404 349,755  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 76.63    
Granted (in dollars per share) 107.84    
Vested (in dollars per share) 81.39    
Forfeited (in dollars per share) 84.65    
Ending balance (in dollars per share) $ 88.36 $ 76.63  
Performance-Vested      
Time-Vested and Performance-Vested Activity      
Beginning balance (in shares) 275,503    
Granted (in shares) 78,246    
Vested (in shares) (223,655)    
Forfeited (in shares) (3,786)    
Ending balance (in shares) 237,898 275,503  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 84.57    
Granted (in dollars per share) 110.54    
Vested (in dollars per share) 93.41    
Forfeited (in dollars per share) 83.02    
Ending balance (in dollars per share) $ 88.95 $ 84.57  
v3.25.0.1
STOCK-BASED COMPENSATION (Weighted-Average Fair Value and Assumptions) (Details) - Performance-Vested - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value (in dollars per share) $ 117.96 $ 74.29 $ 97.58
Risk-free interest rate 4.13% 3.79% 1.58%
Expected volatility 34.00% 46.00% 42.00%
Expected life (in years) 3 years 3 years 3 years 10 months 24 days
Expected dividend yield 0.00% 0.00% 0.00%
v3.25.0.1
RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring And Other Charges Components) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]      
Restructuring charges $ 4,013 $ 5,874 $ 4,008
Acquisition and integration costs 8,941 3,444 10,075
Other general expenses (gains) (805) 2,110 1,188
Total restructuring and other charges $ 12,149 $ 11,428 $ 15,271
v3.25.0.1
RESTRUCTURING AND OTHER CHARGES (Narrative) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
facility
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Restructuring Cost and Reserve [Line Items]          
Property loss (recoveries)   $ (1.2) $ 2.0    
Number of manufacturing facilities | facility 1        
Oscor And Aran Acquisitions          
Restructuring Cost and Reserve [Line Items]          
Fair value reduction adjustment for acquisition-related contingent consideration liability   (3.6) (0.7) $ 3.1  
2021 SRA Initiatives          
Restructuring Cost and Reserve [Line Items]          
Restructuring-related charges incurred   6.2      
Research and Product Development Alignment          
Restructuring Cost and Reserve [Line Items]          
Restructuring-related charges incurred   5.4      
2022 MASG          
Restructuring Cost and Reserve [Line Items]          
Restructuring-related charges incurred   2.7      
Employee Severance | 2022 OE Initiatives          
Restructuring Cost and Reserve [Line Items]          
Restructuring-related charges incurred   $ 10.5      
Minimum | 2021 SRA Initiatives          
Restructuring Cost and Reserve [Line Items]          
Expected costs         $ 6.0
Minimum | Research and Product Development Alignment          
Restructuring Cost and Reserve [Line Items]          
Expected costs $ 6.0   6.0    
Minimum | 2022 MASG          
Restructuring Cost and Reserve [Line Items]          
Expected costs       5.0  
Minimum | Employee Severance | 2022 OE Initiatives          
Restructuring Cost and Reserve [Line Items]          
Expected costs       11.0  
Maximum | 2021 SRA Initiatives          
Restructuring Cost and Reserve [Line Items]          
Expected costs         $ 7.0
Maximum | Research and Product Development Alignment          
Restructuring Cost and Reserve [Line Items]          
Expected costs $ 8.0   $ 8.0    
Maximum | 2022 MASG          
Restructuring Cost and Reserve [Line Items]          
Expected costs       7.0  
Maximum | Employee Severance | 2022 OE Initiatives          
Restructuring Cost and Reserve [Line Items]          
Expected costs       $ 13.0  
v3.25.0.1
RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring Restructuring-Related Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Charges [Abstract]      
Restructuring charges $ 4,013 $ 5,874 $ 4,008
Total restructuring and restructuring-related charges 7,255 9,949 8,096
Cost of sales      
Restructuring Charges [Abstract]      
Total restructuring and restructuring-related charges 2,170 1,633 891
Selling, general and administrative      
Restructuring Charges [Abstract]      
Total restructuring and restructuring-related charges 942 1,775 1,966
Research, development and engineering      
Restructuring Charges [Abstract]      
Total restructuring and restructuring-related charges $ 130 $ 667 $ 1,231
v3.25.0.1
RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring Reserve By Type of Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]      
Beginning balance $ 1,436    
Charges incurred, net of reversals 4,013 $ 5,874 $ 4,008
Cash payments (4,295)    
Non-cash adjustments (349)    
Ending balance 805 1,436  
Operational excellence initiatives      
Restructuring Reserve [Roll Forward]      
Beginning balance 21    
Charges incurred, net of reversals 2,161    
Cash payments (1,492)    
Non-cash adjustments 0    
Ending balance 690 21  
Strategic reorganization and alignment      
Restructuring Reserve [Roll Forward]      
Beginning balance 125    
Charges incurred, net of reversals 445    
Cash payments (455)    
Non-cash adjustments 0    
Ending balance 115 125  
Manufacturing alignment to support growth      
Restructuring Reserve [Roll Forward]      
Beginning balance 1,290    
Charges incurred, net of reversals 1,407    
Cash payments (2,348)    
Non-cash adjustments (349)    
Ending balance $ 0 $ 1,290  
v3.25.0.1
INCOME TAXES (Income Before Income Tax Domestic And Foreign) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Line Items]      
Total income from continuing operations before income taxes $ 147,563 $ 105,382 $ 68,676
U.S.      
Income Tax Disclosure [Line Items]      
Total income from continuing operations before income taxes 55,571 29,089 7,164
International      
Income Tax Disclosure [Line Items]      
Total income from continuing operations before income taxes $ 91,992 $ 76,293 $ 61,512
v3.25.0.1
INCOME TAXES (Provision Benefit of Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 18,309 $ 11,072 $ 18,704
State 1,655 1,292 439
International 19,476 13,140 6,871
Total 39,440 25,504 26,014
Deferred:      
Federal (9,456) (7,262) (15,937)
State (245) (132) 76
International (3,229) (1,871) (1,224)
Total (12,930) (9,265) (17,085)
Total provision for income taxes $ 26,510 $ 16,239 $ 8,929
v3.25.0.1
INCOME TAXES (Effect Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory rate $ 30,988 $ 22,130 $ 14,422
Federal tax credits (including R&D) (13,628) (11,129) (9,305)
Foreign rate differential (4,774) (5,513) (7,693)
Stock-based compensation 1,506 1,847 1,983
Uncertain tax positions 289 (1,170) 2,469
State taxes, net of federal benefit 1,413 1,108 687
U.S. tax on foreign earnings, net of §250 deduction 7,972 6,194 5,323
Valuation allowance 418 1,737 (218)
OECD Pillar II: Global Minimum Tax 2,189 0 0
Other 137 1,035 1,261
Total provision for income taxes $ 26,510 $ 16,239 $ 8,929
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory rate 21.00% 21.00% 21.00%
Federal tax credits (including R&D) (9.20%) (10.60%) (13.60%)
Foreign rate differential (3.20%) (5.20%) (11.20%)
Stock-based compensation 1.00% 1.70% 2.90%
Uncertain tax positions 0.20% (1.10%) 3.60%
State taxes, net of federal benefit 1.00% 1.10% 1.00%
U.S. tax on foreign earnings, net of §250 deduction 5.40% 5.90% 7.80%
Valuation allowance 0.30% 1.60% (0.30%)
OECD Pillar II: Global Minimum Tax 1.50% 0.00% 0.00%
Other 0.00% 1.00% 1.80%
Effective tax rate 18.00% 15.40% 13.00%
v3.25.0.1
INCOME TAXES (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]    
Research and development $ 37,201 $ 27,222
Lease liabilities 28,772 20,641
Net operating loss carryforwards 8,093 7,814
Accrued expenses 7,122 7,515
Tax credit carryforwards 5,749 8,989
Original issue discount from capped calls 5,733 7,288
Stock-based compensation 5,438 5,030
Other 5,578 2,597
Gross deferred tax assets 103,686 87,096
Less valuation allowance (13,387) (15,741)
Net deferred tax assets 90,299 71,355
Intangible assets (167,514) (178,353)
Lease assets (28,802) (20,773)
Property, plant and equipment (10,282) (7,200)
Other 0 (1,580)
Gross deferred tax liabilities (206,598) (207,906)
Net deferred tax liability (116,299) (136,551)
Noncurrent deferred tax liability (124,608) (143,552)
Noncurrent deferred tax asset $ 8,309 $ 7,001
v3.25.0.1
INCOME TAXES (Income Tax Carry Forward) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset $ 8,093 $ 7,814
U.S. State    
Operating Loss Carryforwards [Line Items]    
Net operating loss 80,000  
Deferred Tax Asset 3,100  
Valuation Allowance (3,000)  
U.S. State | R&D tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 300  
Deferred Tax Assets, Tax credit 200  
Valuation Allowance 0  
U.S. State | State tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 3,800  
Deferred Tax Assets, Tax credit 3,000  
Valuation Allowance (3,000)  
International    
Operating Loss Carryforwards [Line Items]    
Net operating loss 21,000  
Deferred Tax Asset 5,000  
Valuation Allowance (5,000)  
International | R&D tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 200  
Deferred Tax Assets, Tax credit 200  
Valuation Allowance 0  
U.S. Federal | Foreign tax credits    
Operating Loss Carryforwards [Line Items]    
Tax credit 2,300  
Deferred Tax Assets, Tax credit 2,300  
Valuation Allowance $ (2,300)  
v3.25.0.1
INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance, beginning of year $ 6,470 $ 7,739 $ 5,537
Additions based upon tax positions related to the current year 353 356 1,364
Additions (reductions) related to prior period tax returns (6) (18)  
Additions (reductions) related to prior period tax returns     838
Reductions related to settlements (amounts paid) (166) 0 0
Reductions as a result of a lapse of applicable statute of limitations (450) (1,607) 0
Balance, end of year $ 6,201 $ 6,470 $ 7,739
v3.25.0.1
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Reasonably possible reduction within next 12 months $ 4.0    
Unrecognized tax benefit 6.1    
Interest and penalties on unrecognized tax benefits $ 1.4 $ 0.8 $ 0.5
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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    
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current    
Cost of sales $ 1,257,582 $ 1,145,767 $ 985,516
Self insurance reserve 6,200 7,300  
Royalty      
Gain Contingencies [Line Items]      
Cost of sales $ 1,200 $ 1,700 $ 1,500
v3.25.0.1
LEASES (Schedule of Lease Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessor, Lease, Description [Line Items]      
Amortization of lease assets $ 2,575 $ 1,367 $ 1,080
Interest on lease liabilities 845 321 317
Finance lease cost 3,420 1,688 1,397
Operating lease cost 14,076 13,920 13,801
Short-term lease cost (leases with initial term of 12 months or less) 257 305 309
Variable lease cost 3,071 2,994 2,970
Sublease income (929) (904) (1,294)
Total lease cost 19,895 18,003 17,183
Cost of sales      
Lessor, Lease, Description [Line Items]      
Total lease cost 15,566 13,339 12,896
SG&A      
Lessor, Lease, Description [Line Items]      
Total lease cost 2,991 3,028 2,864
RD&E      
Lessor, Lease, Description [Line Items]      
Total lease cost 403 929 1,106
Restructuring and other charges      
Lessor, Lease, Description [Line Items]      
Total lease cost 90 386 0
Interest expense      
Lessor, Lease, Description [Line Items]      
Total lease cost $ 845 $ 321 $ 317
v3.25.0.1
LEASES (Schedule of Operating Lease Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid for operating leases $ 12,557 $ 13,751 $ 13,381
Cash paid for interest on finance leases 845 320 315
Assets acquired under operating leases 13,384 17,526 16,166
Assets acquired under finance leases $ 18,300 $ 4,085 $ 1,850
v3.25.0.1
LEASES (Schedule of Operating Lease Liability Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 12,501  
2026 12,478  
2027 12,326  
2028 11,901  
2029 11,770  
Thereafter 54,806  
Gross lease liabilities 115,782  
Less: imputed interest (30,728)  
Present value of lease liabilities $ 85,054  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Less: current portion of lease liabilities $ (7,352) $ (8,564)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Operating lease liabilities $ 77,702 $ 72,126
Finance Leases    
2025 5,952  
2026 5,545  
2027 5,244  
2028 4,011  
2029 2,042  
Thereafter 12,690  
Gross lease liabilities 35,484  
Less: imputed interest (7,163)  
Present value of lease liabilities 28,321  
Less: current portion of lease liabilities (4,561) (1,854)
Total long-term lease liabilities $ 23,760 $ 10,272
v3.25.0.1
LEASES (Lease Term and Discount Rate) (Details)
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Weighted-average remaining lease term - operating leases (in years) 10 years 9 years 3 months 18 days
Weighted-average remaining lease term - finance leases (in years) 8 years 7 years 9 months 18 days
Weighted-average discount rate - operating leases 6.30% 5.50%
Weighted-average discount rate - finance leases 5.70% 4.40%
v3.25.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator for basic and diluted EPS:      
Income from continuing operations $ 121,053 $ 89,143 $ 59,747
Income (loss) from discontinued operations, net of tax (1,157) 1,507 6,630
Net income $ 119,896 $ 90,650 $ 66,377
Denominator for basic and diluted EPS:      
Weighted average shares outstanding (in shares) 33,601 33,320 33,127
Dilutive effect of share-based awards (in shares) 514 438 230
Dilutive impact of convertible notes (in shares) 1,534 0 0
Denominator for diluted EPS (in shares) 35,649 33,758 33,357
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 3.60 $ 2.68 $ 1.80
Income (loss) from discontinued operations (in dollars per share) (0.03) 0.05 0.20
Basic earnings per share (in dollars per share) 3.57 2.72 2.00
Diluted earnings per share:      
Income from continuing operations (in dollars per share) 3.40 2.64 1.79
Income (loss) from discontinued operations (in dollars per share) (0.03) 0.04 0.20
Diluted earnings per share (in dollars per share) $ 3.36 $ 2.69 $ 1.99
v3.25.0.1
EARNINGS PER SHARE (Antidilutive Securities) (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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) 1 1 15
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) 31 84 152
v3.25.0.1
STOCKHOLDERS' EQUITY (Schedule of Changes in Number of Shares of Common Stock) (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares outstanding at beginning of period (in shares) 33,329,648  
Treasury stock, shares (in shares) (6) 0
Shares outstanding at ending of period (in shares) 33,546,256 33,329,648
Issued    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares outstanding at beginning of period (in shares) 33,329,648 33,169,778
Stock options exercised (in shares) 23,981 72,125
Stock issued upon conversion of convertible debt (in shares) 18  
Shares outstanding at ending of period (in shares) 33,546,262 33,329,648
Treasury stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Exercise of capped call upon conversion of convertible debt (in shares) (6)  
Treasury stock, shares (in shares) (6) 0
Outstanding    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares outstanding at beginning of period (in shares) 33,329,648 33,169,778
Stock options exercised (in shares) 23,981 72,125
Stock issued upon conversion of convertible debt (in shares) 18  
Exercise of capped call upon conversion of convertible debt (in shares) (6)  
Shares outstanding at ending of period (in shares) 33,546,256 33,329,648
RSUs | Issued    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares) 192,615 87,745
RSUs | Outstanding    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Vested and settled RSUs and PRSUs, net of shares withheld to cover taxes (in shares) 192,615 87,745
v3.25.0.1
STOCKHOLDERS' EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance $ 1,519,042 $ 1,417,456
Total stockholders’ equity, ending balance 1,619,215 1,519,042
Total Pre-Tax Amount    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 20,654 5,564
Total stockholders’ equity, ending balance (15,400) 20,654
Defined Benefit Plan Liability    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (28) (346)
Total Pre-Tax Amount 95 318
Tax (26) (113)
Net-of-Tax Amount 69 205
Total stockholders’ equity, ending balance 67 (28)
Cash Flow Hedges    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 2,153 1,760
Total Pre-Tax Amount (10,065) 7,008
Tax 2,114 (1,472)
Net-of-Tax Amount (7,951) 5,536
Total stockholders’ equity, ending balance (6,482) 2,153
Cash Flow Hedges | Foreign currency hedges    
Accumulated Other Comprehensive Income [Roll Forward]    
Total Pre-Tax Amount 1,430 (5,353)
Tax (300) 1,124
Net-of-Tax Amount 1,130 (4,229)
Cash Flow Hedges | Interest rate swaps    
Accumulated Other Comprehensive Income [Roll Forward]    
Total Pre-Tax Amount   (1,262)
Tax   265
Net-of-Tax Amount   (997)
Foreign Currency Translation Adjustment    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 18,529 4,150
Total Pre-Tax Amount (27,514) 14,379
Tax 0 0
Net-of-Tax Amount (27,514) 14,379
Total stockholders’ equity, ending balance (8,985) 18,529
Tax    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (431) (235)
Total stockholders’ equity, ending balance 1,357 (431)
Net-of-Tax Amount    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 20,223 5,329
Total stockholders’ equity, ending balance $ (14,043) $ 20,223
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities: Foreign currency hedging contracts $ 6,482  
Contingent consideration 904 $ 876
Assets: Foreign currency hedging contracts   2,153
Quoted Prices in Active Markets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities: Foreign currency hedging contracts 0  
Contingent consideration 0 0
Assets: Foreign currency hedging contracts   0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities: Foreign currency hedging contracts 6,482  
Contingent consideration 0 0
Assets: Foreign currency hedging contracts   2,153
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities: Foreign currency hedging contracts 0  
Contingent consideration $ 904 876
Assets: Foreign currency hedging contracts   $ 0
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Foreign Currency Contracts) (Details) - Designated as Hedging Instrument
$ in Thousands
Dec. 31, 2024
USD ($)
$ / $
$ / €
$ / $
Dec. 31, 2023
USD ($)
$ / $
$ / $
$ / €
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  
Prepaid Expenses and Other Current Assets | Forex Contract Maturing December 2024    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 51,389
$/Foreign currency (in dollars per foreign currency) | $ / €   1.0831
Fair Value   $ 1,389
Prepaid Expenses and Other Current Assets | Forex Contract Maturing December 2024    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 19,392
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0566
Fair Value   $ 182
Prepaid Expenses and Other Current Assets | Forex Contract Maturing December 2024    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 19,201
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0248
Fair Value   $ 582
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Derivative Instruments with Hedge Accounting Designation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI $ 0 $ 1,262 $ (918)
Interest expense | Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI 0 0 3,322
Sales      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI 43 (241) (2,073)
Sales | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI (3,296) 1,171 (2,226)
Cost of sales      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI (1,494) 5,611 2,205
Cost of sales | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI (6,473) 5,666 2,225
Operating expenses      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI 21 (17) 384
Operating expenses | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI $ (296) $ 171 $ 328
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narratives) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 05, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Reclassification of net losses from accumulated OCI to income, estimated net amount to be transferred     $ 6,100,000      
Non-marketable securities impairment $ 200,000 $ 5,200,000        
Equity method investment, return of capital         $ 300,000  
Chinese Venture Capital Fund            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Percentage of ownership interest     7.70%      
2028 Convertible Senior Notes | Significant Other Observable Inputs (Level 2) | Convertible Debt            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Fair value     $ 800,000,000      
InoMec Ltd            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Contingent consideration liability, noncurrent     900,000      
Payments ranging (low)     0      
Revenue-based payments (up to)     9,500,000      
Pulse Technologies            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Payments ranging (low)     0      
Revenue-based payments (up to)     20,000,000     $ 20,000,000
Foreign exchange contract | Not Designated as Hedging Instrument            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Notional amount $ 23,000,000   33,000,000 $ 23,000,000    
Foreign exchange contracts | Not Designated as Hedging Instrument            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Gain recognized in OCI     $ 2,600,000 $ 400,000 $ 2,600,000  
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at beginning of period $ 876 $ 11,756 $ 2,415
Amount recorded for current year acquisitions $ 3,578 $ 876 $ 7,375
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring and other charges Restructuring and other charges Restructuring and other charges
Fair value measurement adjustments $ (3,550) $ (736) $ 3,097
Payments 0 (11,177) (972)
Foreign currency translation 0 157 (159)
Balance at end of period $ 904 $ 876 $ 11,756
v3.25.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]      
Equity method investment $ 7,237 $ 7,771  
Non-marketable equity securities 180 427  
Total equity investments 7,417 8,198  
Equity method investment loss 533 481 $ 7,636
Impairment charges 247 5,210 0
Total loss on equity investments, net $ 780 $ 5,691 $ 7,636
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Reconciliation of Segment Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Sales $ 1,716,596 $ 1,555,656 $ 1,331,277
Cost of sales 1,257,582 1,145,767 985,516
Gross profit 459,014 409,889 345,761
Operating Expenses [Abstract]      
Selling, general and administrative 185,202 173,171 158,050
Research, development and engineering 53,425 61,967 59,762
Restructuring and other charges 12,149 11,428 15,271
Total operating expenses 250,776 246,566 233,083
Operating income 208,238 163,323 112,678
Interest expense 56,374 51,275 37,265
Loss on equity investments, net 780 5,691 7,636
Other (income) loss, net 3,521 975 (899)
Income from continuing operations before income taxes 147,563 105,382 68,676
Provision for income taxes 26,510 16,239 8,929
Income from continuing operations 121,053 89,143 59,747
Reportable Segment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Gross profit 459,014 409,889 345,761
Operating Expenses [Abstract]      
Total operating expenses 250,776 246,566 233,083
Operating income 208,238 163,323 112,678
Income from continuing operations before income taxes 147,563 105,382 68,676
Income from continuing operations $ 121,053 $ 89,143 $ 59,747
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Sales by Geographic Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales $ 1,716,596 $ 1,555,656 $ 1,331,277
U.S.      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 938,675 872,926 732,595
Puerto Rico      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 137,057 121,487 114,078
Costa Rica      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 124,694 108,421 76,140
Rest of world      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales $ 516,170 $ 452,822 $ 408,464
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Long lived Tangible Assets by Region) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Total $ 465,798 $ 392,569
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total 260,220 218,861
Ireland    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total 139,889 118,965
Mexico    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total 37,838 34,785
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total $ 27,851 $ 19,958
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Segment Sales by Product Line) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Sales $ 1,716,596 $ 1,555,656 $ 1,331,277
Cardio & Vascular      
Disaggregation of Revenue [Line Items]      
Sales 949,576 836,343 699,401
Cardiac Rhythm Management & Neuromodulation      
Disaggregation of Revenue [Line Items]      
Sales 660,610 612,891 534,371
Other Markets      
Disaggregation of Revenue [Line Items]      
Sales $ 106,410 $ 106,422 $ 97,505
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedules of Concentration of Risk by Revenue and Accounts Receivable) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Percent of revenue from contract with customer compared to total revenue 32.00% 31.00%  
Sales | Customer Concentration Risk | Top Customers      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 47.00% 46.00% 47.00%
Sales | Customer Concentration Risk | Customer A      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 18.00% 16.00% 17.00%
Sales | Customer Concentration Risk | Customer B      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 16.00% 17.00% 17.00%
Sales | Customer Concentration Risk | Customer C      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 13.00% 13.00% 13.00%
Accounts Receivable | Customer Concentration Risk | Top Customers      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 33.00% 29.00%  
Accounts Receivable | Customer Concentration Risk | Customer A      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 10.00% 8.00%  
Accounts Receivable | Customer Concentration Risk | Customer B      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 9.00% 11.00%  
Accounts Receivable | Customer Concentration Risk | Customer C      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 14.00% 10.00%  
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract assets $ 103,772 $ 85,871
Contract liabilities (included in Accrued expenses and other current liabilities) 4,440 6,142
Contract liabilities (included in Other long-term liabilities) $ 4,398 $ 0
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
product_line
Dec. 31, 2023
USD ($)
Revenue from Contract with Customer [Abstract]    
Increase in contract assets due to amendments of a contract $ 17.9  
Contract with customer, liability, revenue recognized $ 4.4 $ 3.6
Number of operating segments | segment 1  
Number of product lines | product_line 3  
v3.25.0.1
SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($)
$ in Millions
Feb. 18, 2025
Jan. 07, 2025
Precision Coating LLC    
Subsequent Event [Line Items]    
Consideration transferred   $ 152.0
Revenue-based payments (up to)   $ 5.0
Vertical Solutions, Inc    
Subsequent Event [Line Items]    
Consideration transferred $ 28.0  
Payments to acquire business 23.0  
Equity issuable $ 5.0  
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Provision for credit losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 371 $ 338 $ 132
Charged to Costs & Expenses 163 74 48
Charged to Other Accounts- Describe 0 1 163
Deductions (224) (42) (5)
Balance at end of period 310 371 338
Valuation allowance for deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 15,741 16,649 19,456
Charged to Costs & Expenses 1,534 3,267 (684)
Charged to Other Accounts- Describe (28) (14) (131)
Deductions (3,860) (4,161) (1,992)
Balance at end of period $ 13,387 $ 15,741 16,649
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