INTEGER HOLDINGS CORP, 10-K filed on 2/22/2022
Annual Report
v3.22.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Feb. 16, 2022
Jul. 02, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
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    
Entity Shell Company false    
Entity Public Float     $ 3.1
Entity Common Stock, Shares Outstanding (in shares)   33,097,540  
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 2022 Annual Meeting of Stockholders
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 Accounting Fees and Services”
    
Entity Central Index Key 0001114483    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Williamsville, New York
Auditor Firm ID 34
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 17,885 $ 49,206
Accounts receivable, net of provision for credit losses of $0.1 million and $0.2 million as of December 31, 2021 and 2020, respectively 182,310 156,207
Inventories 155,699 149,323
Refundable income taxes 4,735 2,087
Contract assets 64,743 40,218
Prepaid expenses and other current assets 27,610 15,896
Total current assets 452,982 412,937
Property, plant and equipment, net 277,099 253,964
Goodwill 924,704 859,442
Other intangible assets, net 807,810 757,224
Deferred income taxes 5,711 4,398
Operating lease assets 70,053 45,153
Other long-term assets 43,856 38,739
Total assets 2,582,215 2,371,857
Current liabilities:    
Current portion of long-term debt 15,250 37,500
Accounts payable 76,859 51,570
Income taxes payable 725 1,847
Operating lease liabilities 9,862 8,431
Accrued expenses and other current liabilities 56,933 56,843
Total current liabilities 159,629 156,191
Long-term debt 812,876 693,758
Deferred income taxes 171,505 182,304
Operating lease liabilities 59,767 37,861
Other long-term liabilities 23,741 30,688
Total liabilities 1,227,518 1,100,802
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.001 par value, authorized 100,000,000 shares; no shares issued or outstanding as of December 31, 2021 and 2020 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized; 33,063,336 and 32,908,178 shares issued and outstanding as of December 31, 2021 and 2020, respectively 33 33
Additional paid-in capital 713,150 700,814
Retained earnings 614,324 517,516
Accumulated other comprehensive income 27,190 52,692
Total stockholders’ equity 1,354,697 1,271,055
Total liabilities and stockholders’ equity $ 2,582,215 $ 2,371,857
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Allowance for doubtful accounts $ 0.1 $ 0.2
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) 33,063,336 32,908,178
Common stock, shares outstanding (in shares) 33,063,336 32,908,178
v3.22.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Sales $ 1,221,079 $ 1,073,442 $ 1,258,094
Cost of sales 884,109 787,735 903,084
Gross profit 336,970 285,707 355,010
Operating expenses:      
Selling, general and administrative 141,418 109,006 138,695
Research, development and engineering 51,985 48,468 46,529
Other operating expenses 7,856 7,621 12,151
Total operating expenses 201,259 165,095 197,375
Operating income 135,711 120,612 157,635
Interest expense 31,628 38,220 52,545
(Gain) loss on equity investments, net 3,143 (5,337) 475
Other (income) loss, net (123) 1,522 (578)
Income from continuing operations before taxes 101,063 86,207 105,193
Provision for income taxes 8,043 8,949 13,975
Income from continuing operations 93,020 77,258 91,218
Discontinued operations:      
Income from discontinued operations before taxes 4,931 0 5,296
Provision for income taxes 1,143 0 178
Income from discontinued operations 3,788 0 5,118
Net income $ 96,808 $ 77,258 $ 96,336
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 2.82 $ 2.35 $ 2.80
Income from discontinued operations (in dollars per share) 0.11 0 0.16
Basic earnings per share (in dollars per share) 2.93 2.35 2.95
Diluted earnings per share:      
Income from continuing operations (in dollars per share) 2.80 2.33 2.76
Income from discontinued operations (in dollars per share) 0.11 0 0.15
Diluted earnings per share (in dollars per share) $ 2.91 $ 2.33 $ 2.92
Weighted average shares outstanding:      
Basic (in shares) 32,993 32,845 32,627
Diluted (in shares) 33,258 33,113 33,037
v3.22.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Comprehensive Income      
Net income $ 96,808 $ 77,258 $ 96,336
Other comprehensive income (loss):      
Foreign currency translation gain (loss) (27,826) 34,907 (7,900)
Net change in cash flow hedges, net of tax 2,105 (2,052) (4,580)
Defined benefit plan liability adjustment, net of tax 219 (151) (536)
Other comprehensive income (loss), net (25,502) 32,704 (13,016)
Comprehensive income $ 71,306 $ 109,962 $ 83,320
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 96,808 $ 77,258 $ 96,336
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 81,369 79,324 77,895
Debt related charges included in interest expense 6,954 4,774 7,772
Stock-based compensation 16,185 9,163 9,294
Non-cash (gains) charges related to customer bankruptcy (348) 554 21,695
Non-cash lease expense 8,235 7,810 7,443
Non-cash (gain) loss on equity investments 3,143 (5,337) 475
Contingent consideration fair value adjustment 133 (2,000) 0
Other non-cash (gains) losses 2,202 600 (162)
Deferred income taxes (10,270) (6,966) (10,285)
Gain on sale of discontinued operations 0 0 (4,974)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (17,539) 38,153 (6,976)
Inventories 4,700 18,441 3,724
Prepaid expenses and other assets (2,409) (864) (6,293)
Contract assets (24,923) (15,451) (24,767)
Accounts payable 19,525 (9,055) 1,887
Accrued expenses and other liabilities (22,984) (10,721) (2,744)
Income taxes payable (4,115) (4,342) (4,962)
Net cash provided by operating activities 156,666 181,341 165,358
Cash flows from investing activities:      
Acquisition of property, plant and equipment (53,463) (46,832) (48,198)
Purchase of intangible asset 0 (4,607) 0
Proceeds from sale of property, plant and equipment 443 82 28
Purchase of equity investments 0 0 (417)
Proceeds from sale of discontinued operations 0 0 4,734
Acquisitions, net (217,978) (5,219) (15,009)
Net cash used in investing activities (270,998) (56,576) (58,862)
Cash flows from financing activities:      
Principal payments of term loans (741,786) (87,500) (111,500)
Proceeds from issuance of term loans 818,250 0 0
Proceeds from revolving credit facility 82,300 185,000 34,000
Payments of revolving credit facility (63,000) (185,000) (39,000)
Proceeds from the exercise of stock options 743 3,263 3,242
Payment of debt issuance costs (8,139) (515) (1,385)
Tax withholdings related to net share settlements of restricted stock awards (4,592) (3,820) (3,283)
Contingent consideration payments (1,621) 0 0
Principal payments on finance leases (169) (6) 0
Net cash provided by (used in) financing activities 81,986 (88,578) (117,926)
Effect of foreign currency exchange rates on cash and cash equivalents 1,025 (516) (604)
Net increase (decrease) in cash and cash equivalents (31,321) 35,671 (12,034)
Cash and cash equivalents, beginning of year 49,206 13,535 25,569
Cash and cash equivalents, end of year $ 17,885 $ 49,206 $ 13,535
v3.22.0.1
Consolidated Statement of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital
Treasury stock
Retained earnings
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated other comprehensive income
Total stockholders’ equity, beginning balance at Dec. 28, 2018 $ 1,060,493 $ 691,116 $ (8,125) $ 344,498 $ (576) $ 33,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock awards exercised or vested   641        
Stock-based compensation   9,294        
Treasury shares purchased     (2,961)      
Treasury shares reissued     2,277      
Net income 96,336     96,336    
Other comprehensive income (loss) (13,016)         (13,016)
Total stockholders’ equity, ending balance at Dec. 31, 2019 1,152,488 701,051 (8,809) 440,258   19,988
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock awards exercised or vested   (9,367)        
Stock-based compensation   9,163        
Treasury shares reissued     8,809      
Net income 77,258     77,258    
Other comprehensive income (loss) 32,704         32,704
Total stockholders’ equity, ending balance at Dec. 31, 2020 1,271,055 700,847 0 517,516   52,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock awards exercised or vested   (3,849)        
Stock-based compensation   16,185        
Net income 96,808     96,808    
Other comprehensive income (loss) (25,502)         (25,502)
Total stockholders’ equity, ending balance at Dec. 31, 2021 $ 1,354,697 $ 713,183 $ 0 $ 614,324   $ 27,190
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is one of the largest medical device outsource manufacturers in the world serving the cardiac, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition to medical technologies, the Company develops batteries for high-end niche applications in the energy, military, and environmental markets. 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.
In July 2018, the Company completed the sale of its Advanced Surgical and Orthopedic product lines (the “AS&O Product Line”) within its Medical segment to Viant (formerly MedPlast, LLC). For all periods presented, financial results reported as discontinued operations in the Consolidated Statements of Operations relate to the divested AS&O Product Line. The Consolidated Statements of Cash Flows includes cash flows related to the discontinued operations due to Integer’s (parent) centralized treasury and cash management processes. See Note 20 “Discontinued Operations” for the financial results and cash flow amounts for discontinued operations. All results and information in the consolidated financial statements are presented as continuing operations and exclude the AS&O Product Line unless otherwise noted specifically as discontinued operations.
The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. The discontinued operations of the AS&O Product Line were reported in the Medical segment. Refer to Note 18 “Segment and Geographic Information,” for additional information on the Company’s reportable segments.
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.
Risks and Uncertainties
Beginning in early March 2020, the global spread of the novel coronavirus (“COVID-19”) created significant uncertainty and worldwide economic disruption. Specific impacts to the Company’s business included and continue to include labor shortages, disruptions in the supply chain, delayed or reduced customer orders and sales, restrictions on associates’ ability to travel or work, and delays in shipments to and from certain countries. The extent to which COVID-19 will continue to impact the Company’s operations depends on future developments, which remain highly uncertain and difficult to predict, including, among others, the duration of the outbreak, the effectiveness and utilization of vaccines for COVID-19 and its variants, new information that may emerge concerning the severity of COVID-19 and the actions, especially those taken by governmental authorities to contain the pandemic or treat its impact. As pandemic-related events continue to evolve, additional impacts may arise that the Company is not aware of currently. Any prolonged material disruption of the Company’s labor force, suppliers, manufacturing, or customers could materially impact its consolidated financial position, results of operations or cash flows.
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 19 “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. In 2020, the Company wrote-off $2.3 million of outstanding receivables that were previously reserved for as of December 31, 2019, in connection with a customer bankruptcy in the fourth quarter of 2019.
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. During the years ended December 31, 2021 and December 31, 2020, the Company sold and de-recognized accounts receivable and collected cash of $116.1 million and $73.3 million, respectively. The costs associated with the supplier financing arrangements were not material for the years ended December 31, 2021 and December 31, 2020.
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 4 “Inventories” contains additional information on the Company’s inventory. In connection with a customer bankruptcy in the fourth quarter of 2019, the Company wrote-down inventory by $19.0 million.
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. Finance lease assets and corresponding liabilities are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities, respectively, on the Consolidated Balance Sheets.
Lease right-of-use (“ROU”) assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. When discount rates implicit in leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments.  The incremental borrowing rate is determined based on the Company’s recent debt issuances, the Company’s specific credit rating, lease term and the currency in which lease payments are made.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 14 “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 5 “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 17 “Financial Instruments and Fair Value Measurements” contains additional information on assets and liabilities recorded at fair value in the consolidated financial statements.
Acquisitions
The Company accounts for acquisitions under the acquisition method of accounting for business combinations. Results of operations of acquired companies are included in the Company’s results of operations as of the respective acquisition dates. The purchase price of each acquisition is allocated to the net assets acquired based on estimates of their fair values at the date of the acquisition. Any purchase price in excess of these net assets is recorded as goodwill.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
All direct acquisition-related costs are expensed as incurred and are recognized as a component of Other operating expenses. The allocation of purchase price in certain cases may be subject to revision based on the final determination of fair values during the measurement period, which may be up to one year from the acquisition date.
Contingent Consideration
In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments it expects to make as of the acquisition date. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing, amount of, or the likelihood of achieving the applicable performance target. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.
The contingent consideration fair value measurement is based on significant inputs not observable in the market and therefore constitute Level 3 inputs within the fair value hierarchy. The Company determines the initial fair value of contingent consideration liabilities using a Monte Carlo (“Monte Carlo”) valuation model, which involves a simulation of future revenues during the earn out-period using management’s best estimates, or a probability-weighted discounted cash flow analysis.
In periods subsequent to the initial measurement, contingent consideration liabilities are remeasured to fair value each reporting period until the contingent consideration is settled using various assumptions including estimated revenues (based on internal operational budgets and long-range strategic plans), discount rates, revenue volatility and projected payment dates. The current portion of contingent consideration liabilities is included in Accrued expenses and other current liabilities and the non-current portion is included in Other long-term liabilities on the Consolidated Balance Sheets. Adjustments to the fair value of contingent consideration liabilities are included in Other operating expenses in the Consolidated Statements of Operations, and cash flows from operating activities in the Consolidated Statements of Cash Flows. Note 17 “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 units are the same as its reportable segments, Medical and Non-Medical. The Company tests each 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 a 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 units. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair values of its reporting units are greater than the carrying amounts, 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 each of its reporting units to its carrying value, including the associated goodwill. To determine the fair values, the Company uses a weighted combination of the market approach based on comparable publicly traded companies and the income approach based on estimated discounted future cash flows. The cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Company completed its annual goodwill impairment test as of December 31, 2021 and determined, after performing a qualitative review of its Medical reporting unit, that it is more likely than not that the fair value of the Medical reporting unit exceeds its carrying amount. Accordingly, there was no indication of impairment and the quantitative goodwill impairment test was not performed for the Medical reporting unit. The Company bypassed the qualitative analysis for its Non-Medical reporting unit and performed a quantitative analysis. The fair value of the Non-Medical reporting unit exceeded its carrying amount as of December 31, 2021.
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.
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.
Refer to Note 6 “Goodwill and Other Intangible Assets, Net” for further details of the Company’s goodwill and other intangible assets.
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Consolidated Balance Sheets. Equity investments are measured and recorded as follows:
•Non-marketable equity securities are equity securities without readily determinable fair value that are measured and recorded at fair value with changes in fair value recognized within net income. The Company measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. If an impairment is recognized on the Company’s non-marketable equity securities during the period, these assets are classified as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.
•Equity method investments are equity securities in investees the Company does not control but over which it has the ability to exercise influence. Equity method investments are recorded at cost and are adjusted to recognize (1) the Company’s share, based on percentage ownership or other contractual basis, of the investee’s income or loss, (2) additional contributions made and dividends or other distributions received, and (3) impairments resulting from other-than-temporary declines in fair value.
Realized and unrealized gains and losses resulting from changes in fair value or the sale of these equity investments are recorded through (Gain) loss on equity investments, net. For some investments, the Company records its share of the investee’s income or loss one quarter in arrears due to the timing of our receipt of such information. The carrying value of the Company’s non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities by the same issuer. Determining whether an observed transaction is similar to a security within the Company’s portfolio requires judgment based on the rights and preferences of the securities. Recording upward and downward adjustments to the carrying value of the Company’s equity securities as a result of observable price changes requires quantitative assessments of the fair value of these securities using various valuation methodologies and involves the use of estimates.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. The Company’s quarterly impairment analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative factors considered include the investee’s financial condition and business outlook, market for technology, operational and financing cash flow activities, technology and regulatory approval progress, and other relevant events and factors affecting the investee. When indicators of impairment exist, quantitative assessments of the fair value of the Company’s non-marketable equity investments are prepared.
To determine the fair value of these investments, the Company uses all pertinent financial information available related to the investees, including financial statements, market participant valuations from recent and proposed equity offerings, and other third-party data. Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and long-lived assets. Upon determining that an impairment may exist, the security’s fair value is calculated and compared to its carrying value and an impairment is recognized immediately if the carrying value exceeds the fair value. Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and the Company’s ability and intent to hold the investment for a sufficient period of time to allow for recovery.
The Company has determined that its investments are not considered variable interest entities. The Company’s exposure related to these entities is limited to its recorded investment. These investments are in start-up research and development companies whose fair value is highly subjective in nature and subject to future fluctuations, which could be significant. Refer to Note 17 “Financial Instruments and Fair Value Measurements” for additional information on the Company’s equity investments.
Debt Issuance Costs and Discounts
Debt issuance costs and discounts associated with the issuance of debt by the Company are deferred and amortized over the lives of the related debt. Debt issuance costs incurred in connection with the Company’s issuance of its revolving credit facility are classified within Other long-term assets and amortized to Interest expense on a straight-line basis over the contractual term of the revolving credit facility. Debt issuance costs and discounts related to the Company’s term-debt are recorded as a reduction of the carrying value of the related debt and are amortized to Interest expense using the effective interest method over the period from the date of issuance to the maturity date. Upon prepayment of the related debt, the Company also recognizes a proportionate amount of the costs as extinguishment of debt. Costs treated as extinguishment of debt are expensed and included in Interest expense in the accompanying Consolidated Statements of Operations. The amortization of debt issuance costs and discounts, and debt extinguishment charges are included in Debt related charges included in interest expense in the Consolidated Statements of Cash Flows. Note 8 “Debt” contains additional information on the Company’s debt issuance costs and discounts.
Income Taxes
The consolidated financial statements of the Company have been prepared using the asset and liability approach to account for income taxes, which requires the recognition of deferred income taxes for the expected future tax consequences of net operating losses, credits, and temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided on deferred tax assets if it is determined, within each taxing jurisdiction, that it is more likely than not that the asset will not be realized.
The Company accounts for uncertain tax positions using a more likely than not recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. The Company recognizes interest expense related to uncertain tax positions as Provision for income taxes. Penalties, if incurred, are recognized as a component of Selling, general and administrative (“SG&A”) expenses.
The Company and its subsidiaries file a consolidated United States (“U.S.”) federal income tax return. State tax returns are filed on a combined or separate basis depending on the applicable laws in the jurisdictions where the tax returns are filed. The Company also files foreign tax returns on a separate company basis in the countries in which it operates.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Derivative Financial Instruments
The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments is generally limited to cash flow hedges 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 our derivative contracts, subject to applicable requirements, we have the right of set-off and are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. Gains and losses on cash flow hedges are recorded in Accumulated Other Comprehensive Income 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 Accumulated Other Comprehensive Income (“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 at fair value in Accrued expenses and other current liabilities in the Consolidated Balance Sheets 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.
The Company evaluates revenue recognition in contracts with customers as performance obligations are satisfied and as 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 of 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 contracts with customers for products, which do not have an alternative use to the Company, contain provisions that provide the Company with an enforceable right to payment for performance completed to date for costs incurred plus a reasonable profit throughout the duration of the contract, revenue is recognized over time as control is transferred to the customer. In contracts with customers where 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 as work is performed generally based on actual costs incurred. Revenue is recognized net of sales tax, value-added taxes and other taxes.
Performance Obligations
The Company considers each shipment of an individual product included on a purchase order to be a separate performance obligation, as each shipment is separately identifiable and the customer can benefit from each individual product separately from the other products included on the purchase order. Accordingly, a contract can have one or more performance obligations to manufacture products. 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. Only when the delivered units do not meet these requirements can the customer return the non-compliant units as a corrective action under the warranty. The remedy offered to the customer is repair of the returned units or replacement if repair is not viable. Accordingly, the Company records a warranty reserve and any warranty activities are not considered to be a separate performance obligation.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable and less frequently, unearned revenue. Accounts receivable are recorded when the right to consideration becomes unconditional. Unearned revenue is recorded when customers pay or are billed in advance of the Company’s satisfaction of performance obligations. Contract liabilities are classified as Accrued expenses and other current liabilities on the Consolidated Balance Sheets. For contracts with customers where revenue is recognized over time, the Company records a contract asset for unbilled revenue associated with non-cancellable customer orders, which is recorded within Contract assets 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, which 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 the volume-based target using the most likely amount method and are updated quarterly. Adjustments to these estimates are recognized under the cumulative catch-up method and 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 is for additional products, it is accounted for as a separate contract.
Environmental Costs
Environmental expenditures that relate to an existing condition caused by past operations and that do not provide future benefits are expensed as incurred. Liabilities are recorded when environmental assessments are made, the requirement for remedial efforts is probable and the amount of the liability can be reasonably estimated. Liabilities are recorded generally no later than the completion of feasibility studies. The Company has a process in place to monitor, identify, and assess how the current activities for known exposures are progressing against the recorded liabilities. The process is also designed to identify other potential remediation sites that are not presently known.
Restructuring Expenses
The Company continually evaluates alternatives to align its resources with the changing needs of its customers and markets, and to lower its operating costs. This includes realignment of existing manufacturing capacity, facility closures, process optimization, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. 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. Refer to Note 11 “Other Operating Expenses” 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.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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. Note 13 “Commitments and Contingencies” contains additional information on the Company’s product warranties.
Stock-Based Compensation
The Company recognizes stock-based compensation expense for its compensation plans. These plans include stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”). For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of targets based on market conditions, such as total shareholder return, or performance conditions based on the Company’s operating results. The Company records forfeitures of equity awards in the period in which they occur.
The fair value of the stock-based compensation is determined at the grant date. The Company uses the Black-Scholes standard option pricing model (“Black-Scholes model”) to determine the fair value of stock options. The fair value of each RSU is determined based on the Company’s closing stock price on the date of grant. The fair value of each PRSU is determined based on either the Company’s closing stock price on the date of grant or through a Monte Carlo valuation model for those awards that include a market-based condition. In addition to the closing stock price on the date of grant, the determination of the fair value of awards using both the Black-Scholes and Monte Carlo valuation models is affected by other assumptions, including the following:
Expected Term - The Company analyzes historical employee exercise and termination data to estimate the expected term assumption for stock options. For market-based awards, the term is commensurate with the performance period remaining as of the grant date.
Risk-free Interest Rate - A risk-free rate is based on the U.S. Treasury rates in effect on the grant date for a maturity equal to or approximating the expected term of the award.
Expected Volatility - For stock options, expected volatility is calculated using historical volatility based on the daily closing prices of the Company’s common stock over a period equal to the expected term. For market-based awards, a combination of historical and implied volatility for the Company and members of its peer group are used in developing the expected volatility assumption.
Dividend Yield - The dividend yield assumption is based on the Company’s expected annual dividend yield on the grant date.
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 or four 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 10 “Stock-Based Compensation” contains additional information on the Company’s stock-based compensation.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Defined Benefit Plans
The Company recognizes in its balance sheet 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, Germany, Ireland, Israel, Malaysia, Mexico, Switzerland, and Uruguay, which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in Dominican pesos, Euros, Israeli shekels, 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 ($0.1 million), $1.6 million and $0.1 million for fiscal years 2021, 2020 and 2019, respectively, and primarily related to the fluctuation of the U.S. dollar relative to the Euro and the remeasurement of certain intercompany loans.
Earnings Per Share (“EPS”)
Basic EPS is calculated by dividing Net Income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of shares outstanding for potential common shares if dilutive to the EPS calculation. Note 15 “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 16 “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. Except as noted 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 Not Yet Elected or Adopted
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which creates an exception to the general recognition and measurement principle in ASC 805 by requiring companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The guidance additionally clarifies that companies should apply the definition of a performance obligation in ASC 606 when recognizing contract liabilities assumed in a business combination. The Company will early adopt ASU 2021-08 as of January 1, 2022 on a prospective basis. The impact of the adoption of ASU 2021-08 cannot currently be determined, as it is dependent on future business combinations that the Company may enter into.
v3.22.0.1
Business Acquisition
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
2021 Acquisition
On December 1, 2021, the Company acquired 100% of the equity interests of Oscor Inc., Oscor Caribe, LLC and Oscor Europe GmbH (collectively “Oscor”), privately-held companies with operations in Florida, the Dominican Republic and Germany that design, develop, manufacture and market a comprehensive portfolio of highly specialized medical devices, venous access systems and diagnostic catheters and implantable devices for a cash purchase price of $220.4 million, of which $2.6 million is net cash acquired subject to payment in connection with working capital and other closing adjustments. Serving the Company’s current markets, Oscor broadens the Company’s product portfolio, expands its research and development capabilities, and adds low-cost manufacturing capacity. The Company used proceeds from its Senior Secured Credit Facilities to fund the acquisition. See Note 8 “Debt” for additional information. Oscor is included in the Company’s Medical segment.
The Oscor acquisition was structured as a stock purchase, however the parties agreed to coordinate the election of Section 338(h)(10) of the Internal Revenue Code relative to this transaction for tax purposes. Therefore, the excess purchase price over the fair value of net assets acquired was recorded as goodwill, which will be amortized over 15 years for income tax filing purposes.
The Company has provisionally estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition. The determination of estimated fair value required management to make significant estimates and assumptions based on information that was available at the time the consolidated financial statements were prepared. The amounts reported are considered provisional as the Company is completing the valuations that are required to allocate the purchase price in areas such as property and equipment, intangible assets, lease-related assets and liabilities, deferred taxes and goodwill. As a result, the allocation of the provisional purchase price may change in the future, which could be material.
The preliminary purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$12,148 
Inventory12,212 
Property, plant and equipment17,977 
Goodwill77,887 
Intangible assets105,300 
Operating lease assets15,142 
Other noncurrent assets695 
Current liabilities(8,875)
Operating lease liabilities(12,044)
Fair value of net assets acquired$220,442 
The preliminary fair values of the assets acquired were determined using one of three valuation approaches: market, income or cost. The selection of a particular method for a given asset depended on the reliability of available data and the nature of the asset, among other considerations.
The market approach estimates the value for a subject asset based on available market pricing for comparable assets. The income approach estimates the value for a subject asset based on the present value of cash flows projected to be generated by the asset. The projected cash flows were discounted at a required rate of return that reflects the relative risk of the asset and the time value of money. The projected cash flows for each asset considered multiple factors from the perspective of a marketplace participant including revenue projections from existing customers, attrition trends, technology life-cycle assumptions, marginal tax rates and expected profit margins giving consideration to historical and expected margins. The cost approach estimates the value for a subject asset based on the cost to replace the asset and reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation or obsolescence, with specific consideration given to economic obsolescence if indicated. These fair value measurement approaches are based on significant unobservable inputs, including management estimates and assumptions.
(2.)    BUSINESS ACQUISITIONS (Continued)
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. Based upon this methodology, the Company recorded the inventory acquired at fair value resulting in an increase in inventory of $1.0 million.
Property, Plant and Equipment
The fair value of PP&E acquired was estimated by applying the cost approach for personal property and leasehold improvements. The cost approach was applied by developing a replacement cost and adjusting for economic depreciation and obsolescence.
Leases
The Company recognized operating lease liabilities and operating lease right-of-use assets for office and manufacturing facilities in the U.S., Dominican Republic, and Germany in accordance with ASC 842, Leases. Additionally, the Company recorded favorable lease terms associated with the operating leases in the U.S. of $3.1 million. The favorable lease terms were recorded as an increase to the ROU lease asset.
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. Various factors contributed to the establishment of goodwill, including the value of Oscors’s highly trained assembled work force and management team, the incremental value resulting from Oscor’s industry leading capabilities and services to OEMs, enhanced synergies, and the expected revenue growth over time that is attributable to increased market penetration from future products and customers. The goodwill acquired in connection with the acquisition was allocated to the Medical segment and 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$73,800 20.09.5%
Technology15,200 15.09.5%
Tradenames16,300 20.09.5%

Customer Lists - Customer lists represent the estimated fair value of contractual and non-contractual customer relationships Oscor had as of the acquisition date. The primary customers of Oscor include large original equipment manufacturers in various geographic locations around the world. 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%, 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 Oscor 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 that ranged from 4.0% to 4.5%. The estimated useful life of the technology is based upon management’s estimate of the product life cycle associated with the technology before they will be replaced by new technologies.
(2.)    BUSINESS ACQUISITIONS (Continued)
Tradenames - Tradenames represents the estimated fair value of Oscor’s corporate and product names. The acquired tradenames were valued separately from goodwill at the amount that an independent third party would be willing to pay for use of these names. The fair value of the tradenames was determined by utilizing the relief from royalty method, a form of the income approach, with a royalty rate of 2.0%. Tradenames were assumed to have a definite useful life based upon long-term management expectations and future operating plans.
2020 Acquisition
On February 19, 2020, the Company acquired certain assets and liabilities of InoMec Ltd. (“InoMec”), a privately-held company based in Israel that specializes in the research, development and manufacturing of medical devices, including minimally invasive tools, delivery systems, tubing and catheters, surgery tools, drug-device combination, laser combined devices, and tooling and production. The acquisition enabled the Company to create a research and development center in Israel, closer to the customer base in the region. The fair value of the consideration transferred was $7.0 million, which included an initial cash payment of $5.3 million and $1.7 million in estimated fair value of contingent consideration. The contingent consideration represented the estimated fair value of the Company’s obligation, under the asset purchase agreement, to make additional payments of up to $3.5 million if specified conditions are met through February 2024. See Note 17 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
Based on the final purchase price allocation, the assets acquired principally comprise $2.0 million of intangible assets, $4.8 million of goodwill, $0.3 million of acquired property, plant and equipment, and a net liability for other working capital items of $0.1 million. Intangible assets included developed technology, customer relationships and non-compete provisions, which are being amortized over a weighted average period of 5.9 years. Goodwill for the InoMec acquisition is deductible for income tax purposes.
2019 Acquisition
On October 7, 2019, the Company acquired certain assets and liabilities of US BioDesign, LLC (“USB”), a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. The acquisition added a differentiated capability related to the complex development and manufacture of braided and formed biomedical structures to the Company’s broad portfolio. The fair value of the consideration transferred was $19.1 million, which included a cash payment of $14.9 million and $4.2 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the asset purchase agreement, to make additional payments of up to $5.5 million if certain revenue goals are met through 2023. See Note 17 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
Based on the final purchase price allocation, the assets acquired principally consist of $7.4 million of developed technology, $10.4 million of goodwill, $0.7 million of acquired property, plant and equipment, and $0.6 million of other working capital items. The $10.4 million of goodwill reflects a $0.1 million decrease resulting from a favorable working capital adjustment recorded in 2020. The technology intangible asset is being amortized over a useful life of 8 years. Goodwill for the USB acquisition is deductible for income tax purposes.
Actual and Pro Forma (unaudited) disclosures
For segment reporting purposes, the results of operations and assets from the Oscor, InoMec and USB acquisitions have been included in the Company’s Medical segment since the respective acquisition dates. For the year ended December 31, 2021, sales related to Oscor, InoMec and USB were $4.7 million, $3.5 million and $4.8 million, respectively. For the year ended December 31, 2020, sales related to InoMec and USB were $3.4 million and $4.5 million, respectively. For the year ended December 31, 2019, sales related to USB were $0.8 million. Earnings related to the operations of Oscor, InoMec and USB for the fiscal years 2021, 2020 and 2019 were not material. Pro forma financial information has not been presented for the InoMec and USB acquisitions as the net effects were not significant or material to the Company’s results of operations or financial position.
(2.)    BUSINESS ACQUISITIONS (Continued)
The following unaudited pro forma information presents the consolidated results of operations of the Company and Oscor as if the acquisition occurred as of the beginning of fiscal year 2020 (in thousands):
 20212020
Sales$1,274,148 $1,128,137 
Income from continuing operations$91,844 $67,529 
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.
Acquisition costs
During the fiscal years 2021, 2020 and 2019, direct costs of these acquisitions of $2.0 million, $0.9 million and $0.4 million, respectively, were expensed as incurred and included in Other Operating Expenses in the Consolidated Statements of Operations.
v3.22.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
The following represents supplemental cash flow information for fiscal years 2021, 2020 and 2019 (in thousands):
 202120202019
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$5,556 $3,597 $8,646 
Cash paid during the year for:
Interest24,740 33,933 44,784 
Income taxes19,649 18,477 30,034 
v3.22.0.1
Inventories
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
December 31,
2021		December 31,
2020
Raw materials$70,956 $72,477 
Work-in-process74,152 58,806 
Finished goods10,591 18,040 
Total$155,699 $149,323 
v3.22.0.1
Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
PP&E comprises the following (in thousands):
December 31, 2021December 31,
2020
Manufacturing machinery and equipment$352,391 $320,807 
Buildings and building improvements98,007 102,037 
Information technology hardware and software72,752 69,969 
Leasehold improvements85,931 77,382 
Furniture and fixtures17,099 16,250 
Land and land improvements13,980 11,598 
Construction work in process41,813 26,389 
Other1,431 1,238 
683,404 625,670 
Accumulated depreciation(406,305)(371,706)
Total$277,099 $253,964 
Depreciation expense for PP&E was as follows for fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Depreciation expense$39,772 $38,193 $37,819 
v3.22.0.1
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The change in the carrying amount of goodwill by reportable segment during fiscal years 2021 and 2020 was as follows (in thousands):
MedicalNon-MedicalTotal
December 31, 2019$822,617 $17,000 $839,617 
Acquisition4,800 — 4,800 
Acquisition-related adjustments (Note 2)(85)— (85)
Foreign currency translation15,110 — 15,110 
December 31, 2020842,442 17,000 859,442 
Acquisition (Note 2)77,887 — 77,887 
Foreign currency translation(12,625)— (12,625)
December 31, 2021$907,704 $17,000 $924,704 
As of December 31, 2021, no accumulated impairment loss has been recognized for the goodwill allocated to the Company’s Medical or Non-Medical segments.
(6.)     GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Continued)
Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2021
Definite-lived:
Purchased technology, tradenames and patents$285,659 $(164,371)$121,288 
Customer lists783,618 (187,412)596,206 
Other4,162 (4,134)28 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
See Note 2 “Business Acquisitions” for additional details regarding intangible assets acquired during 2021 and 2020. 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.
When acquiring certain assets, the Company assesses whether the acquired assets are a result of a business combination or a purchase of an asset. During 2020, the Company acquired a set of similar identifiable intangible assets relating to a license to use technology within its Non-Medical segment. The Company purchased the technology for $4.5 million, which includes $1.0 million of contingent consideration paid during 2020 upon completion of certain milestones, and capitalized $0.1 million of costs associated with acquiring the license as an intangible asset. The intangible asset of $4.6 million is being amortized over 11 years, the remaining useful life of the patented technology.
Aggregate intangible asset amortization expense comprises the following for fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Cost of sales$13,090 $12,860 $13,111 
SG&A28,507 28,271 26,965 
Total intangible asset amortization expense$41,597 $41,131 $40,076 
Estimated future intangible asset amortization expense based upon the carrying value as of December 31, 2021 is as follows (in thousands):
20222023202420252026After 2026
Amortization expense$46,594 $48,490 $47,576 $45,946 $43,612 $485,304 
v3.22.0.1
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2021
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, 2021December 31,
2020
Salaries and benefits$27,733 $24,512 
Profit sharing and bonuses18,325 19,204 
Contract liabilities3,776 2,498 
Product warranties509 163 
Accrued interest76 1,644 
Other6,514 8,822 
Total$56,933 $56,843 
v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt comprises the following (in thousands):
 December 31, 2021December 31,
2020
Senior secured term loan A $467,062 $229,687 
Senior secured term loan B 349,125 508,286 
Senior secured revolving credit facility19,300 — 
Unamortized discount on term loan B and deferred debt issuance costs(7,361)(6,715)
Total debt828,126 731,258 
Current portion of long-term debt(15,250)(37,500)
Total long-term debt$812,876 $693,758 
Senior Secured Credit Facilities
On September 2, 2021, the Company entered into a new credit agreement (the “2021 Credit Agreement”), which permits borrowings and other extensions of credit in an initial aggregate principal amount of up to $1 billion (as may be increased from time to time in accordance with the terms). The 2021 Credit Agreement governs the Company’s senior secured credit facilities (the “Senior Secured Credit Facilities”), which consist of a five-year $400 million revolving credit facility (the “Revolving Credit Facility”), a five-year $250 million “term A” loan (the “TLA Facility”) and a seven-year $350 million “term B” loan (the “TLB Facility” and, together with the TLA Facility, the “Term Loan Facilities”). The TLB Facility was issued at a 0.50% discount. The 2021 Credit Agreement also includes an alternative benchmark rate as a replacement to the London Interbank Offered Rate (“LIBOR”) in the event LIBOR is no longer available. In connection with closing of the Oscor acquisition, on December 1, 2021, the Company amended the 2021 Credit Agreement to provide for, among other things, the incurrence of an additional $220 million aggregate principal amount of term A loans. As of December 31, 2021, the weighted average interest rate on all outstanding borrowings is 2.04%.
The obligations under the 2021 Credit Agreement are guaranteed by certain specified subsidiaries of the Company. Among other things, the 2021 Credit Agreement contains covenants that restrict the Company’s and certain of its subsidiaries’ ability to incur liens on certain assets, incur indebtedness, make material changes in corporate structure or materially alter the nature of its business, dispose of material assets, engage in mergers, consolidations and certain other fundamental changes, or engage in certain transactions with affiliates. The 2021 Credit Agreement contains customary default provisions, including, but not limited to, failure to pay interest or principal when due and failure to comply with covenants.
(8.)     DEBT (Continued)
Prior to September 2, 2021, the Company was party to an amended and restated credit agreement (the “2015 Credit Agreement”), dated as of October 27, 2015. The 2015 Credit Agreement provided for certain credit facilities to the Company in an aggregate principal amount not to initially exceed $1.6 billion. At the time of the refinancing on September 2, 2021, the 2015 Credit Agreement provided for a $200 million revolving credit facility with no outstanding borrowings, a term loan A facility and a term loan B facility with outstanding principal balances of $210.9 million and $462.3 million, respectively. The term loan B facility under the 2015 Credit Agreement was issued at a 1% discount. The 2015 Credit Agreement was terminated concurrently with entering into the 2021 Credit Agreement. Details of our Long-term debt as of December 31, 2020 can be found within our 2020 Form 10-K.
Revolving Credit Facility
The Revolving Credit Facility matures on September 2, 2026 and includes a $40 million sublimit for swingline loans and standby letters of credit. As of December 31, 2021, the Company had available borrowing capacity on the Revolving Credit Facility of $375.0 million after giving effect to $19.3 million of outstanding borrowings and $5.7 million of outstanding standby letters of credit.
Interest rates on the Revolving Credit Facility are at the Company’s option, either at: (i) the applicable LIBOR (or an applicable benchmark replacement) plus the applicable margin, which will range between 1.25% and 2.25%, based on the Company’s Total Net Leverage Ratio (as defined in the 2021 Credit Agreement), or (ii) the Base Rate (as defined below) plus the applicable margin, which will range between 0.25% and 1.25%, based on the Company’s Total Net Leverage Ratio. The Base Rate is defined, for any day, as the per annum rate equal to the highest of (i) the prime rate (as defined in the 2021 Credit Agreement), (ii) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, and (iii) one-month LIBOR plus 1.00%. As of December 31, 2021, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 1.35%.
The Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.15% and 0.25%, depending on the Company’s Total Net Leverage Ratio. As of December 31, 2021, the commitment fee on the unused portion of the Revolving Credit Facility was 0.15%.
Term Loan Facilities
The TLA Facility and TLB Facility mature on September 2, 2026 and September 2, 2028, respectively, and require quarterly principal installments. The quarterly principal installments under the TLA Facility increase over the term of the loan. The interest rate terms for the TLA Facility are the same as those outlined above for the Revolving Credit Facility. Interest rates on the TLB Facility are, at the Company’s option, either at: (i) the applicable LIBOR rate plus 2.50%, with LIBOR subject to a 0.50% floor, or (ii) the Base Rate plus 1.50%. As of December 31, 2021, the interest rates on the TLA Facility and TLB Facility were 1.35% and 3.00%, respectively.
Covenants
The 2021 Credit Agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.50:1.00 (stepping down to 5.00:1.00 for the third fiscal quarter of 2023 through maturity and subject to increase in certain circumstances following qualified acquisitions, but shall not exceed 5.50:1.00) and (ii) the Company maintain an interest coverage ratio of at least 2.50:1.00. The TLB Facility does not contain any financial maintenance covenants. As of December 31, 2021, the Company was in compliance with these financial covenants.
Contractual maturities under the Senior Secured Credit Facilities for the next five years and thereafter, as of December 31, 2021, are as follows (in thousands):
20222023202420252026After 2026
Future minimum principal payments$15,250 $18,188 $29,938 $38,750 $401,739 $331,622 
(8.)     DEBT (Continued)
Deferred Debt Issuance Costs and Discounts
The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility is as follows (in thousands):
December 31, 2020891 
Financing costs incurred2,762 
Write-off of deferred debt issuance costs(72)
Amortization during the period(542)
December 31, 2021$3,039 
The change in unamortized discount and deferred debt issuance costs related to the Term Loan Facilities is as follows (in thousands):
Deferred Debt Issuance CostsUnamortized Discount on TLB FacilityTotal
December 31, 20205,258 1,457 6,715 
Financing costs incurred5,236 1,750 6,986 
Write-off of deferred debt issuance costs and unamortized discount(2,677)(954)(3,631)
Amortization during the period(2,143)(566)(2,709)
December 31, 2021$5,674 $1,687 $7,361 

In connection with the 2021 Credit Agreement, the Company incurred and capitalized $8.8 million of issuance costs, including an original issue discount on the TLB Facility of $1.8 million. In connection with December 1, 2021 amendment to the TLA Facility, the Company incurred and capitalized $1.0 million of issuance costs. An aggregate of $7.0 million of original issue discount and debt issuance costs have been recorded as a reduction of the carrying value of the related debt and $2.8 million of debt issuance costs attributable to the Revolving Credit Facility have been recorded as a component of Other long-term assets on the Consolidated Balance Sheets as of December 31, 2021.
In connection with terminating the 2015 Credit Agreement and entering into the 2021 Credit Agreement, for each separate debt instrument on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred.
Based on this assessment, $1.2 million of unamortized deferred debt issuance costs and unamortized discount related to the 2015 Credit Agreement were deemed to be related to the issuance of new debt, or the modification of existing debt, and therefore will continue to be deferred and amortized over the term of the associated debt. The remaining $3.3 million of unamortized deferred debt issuance costs and unamortized discount related to the 2015 Credit Agreement were deemed to be related to the extinguishment of debt and were expensed. Additionally, in connection with prepayments on the TLB Facility made during 2021 under the 2015 Credit Agreement, $0.3 million of unamortized deferred debt issuance costs and unamortized discount were treated as extinguishment of debt and were expensed.
v3.22.0.1
Benefit Plans
 12 Months Ended
Dec. 31, 2021
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. The Company temporarily suspended the Company match beginning in August 2020 through the end of 2020 as part of its cost reduction actions to reduce discretionary spending in response to the effect of the COVID-19 pandemic on its operations. Contributions from employees, as well as those matched by the Company, vest immediately. Net costs related to defined contribution plans were $7.9 million in 2021, $5.0 million in 2020 and $7.2 million in 2019.
Defined Benefit Plans
The Company is required to provide its employees located in Switzerland and Mexico certain statutorily mandated defined benefits. Under these plans, benefits accrue to employees based upon years of service, position, age and compensation. The defined benefit pension plan provided to the Company’s employees located in Switzerland is a funded contributory plan, while the plans that provide benefits to the Company’s employees located in Mexico are unfunded and noncontributory. The assets of the Switzerland plan are held at an AA- rated insurance carrier who bears the pension risk and longevity risk, and will be used to cover the pension liability for the remaining retirees of the Swiss plan, as well as the remaining employees at that location. The liability and corresponding expense related to these benefit plans is based on actuarial computations of current and future benefits for employees. The aggregated projected benefit obligation for these plans was $3.9 million and $3.7 million as of December 31, 2021 and December 31, 2020, respectively. Net periodic pension cost for fiscal years 2021, 2020 and 2019 was $0.5 million, $0.4 million and $0.3 million, respectively. Over the next ten years, we expect gross benefit payments to be $1.0 million in total for the years 2022 through 2026, and $1.8 million in total for the years 2027 through 2031.
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
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 stock-based compensation plans provide for the granting of stock options, RSAs, RSUs, stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.
On March 25, 2021, the Company’s Board adopted, subject to stockholder approval, the Integer Holdings Corporation 2021 Omnibus Incentive Plan (the “2021 Plan”). The Company’s stockholders approved the 2021 Plan at the Company’s 2021 annual meeting of stockholders on May 19, 2021, at which time the 2021 Plan replaced the Company’s 2016 Stock Incentive Plan (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 is (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. Each of the Company’s 2011 Stock Incentive Plan, the 2009 Stock Incentive Plan and the 2005 Stock Incentive Plan have expired, and no awards are available for issuance under these expired plans. As of December 31, 2021, there were 1,636,980 shares available for future grants under the 2021 Plan.
The Company recognized an excess net tax benefit from the exercise of stock options and vesting of RSUs of $1.1 million, $1.5 million and $2.8 million for fiscal years 2021, 2020 and 2019, respectively. These amounts are recorded as a component of Provision for income taxes.
(10.)     STOCK-BASED COMPENSATION (Continued)
Stock-based Compensation Expense
The components and classification of stock-based compensation expense for fiscal years 2021, 2020 and 2019 were as follows (in thousands):
202120202019
Stock options$— $43 $410 
RSUs and PRSUs16,185 9,120 8,884 
Total stock-based compensation expense$16,185 $9,163 $9,294 
Cost of sales$3,365 $1,658 $1,011 
SG&A11,579 6,942 7,827 
RD&E969 563 269 
OOE272 — 187 
Total stock-based compensation expense$16,185 $9,163 $9,294 
Stock Options
There were no stock options granted in fiscal years 2021, 2020 or 2019. The following table summarizes stock option activity during the fiscal year ended December 31, 2021:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2020281,873 $36.05 
Exercised(34,233)21.72 
Outstanding at December 31, 2021247,640 $38.03 4.2$11.8 
Vested and exercisable at December 31, 2021247,640 $38.03 4.2$11.8 
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, 2021 ($85.59) 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.
The following table provides certain information relating to the exercise of stock options during fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Intrinsic value$2,370 $4,773 $7,998 
Cash received743 3,263 3,242 
Restricted Stock Units
The following table summarizes RSU activity during the fiscal year ended December 31, 2021:
Time-Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2020207,923 $75.38 
Granted208,624 81.98 
Vested(149,464)74.47 
Forfeited(18,952)79.84 
Nonvested at December 31, 2021248,131 $81.14 
(10.)     STOCK-BASED COMPENSATION (Continued)
As of December 31, 2021, there was $13.9 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 vested in fiscal years 2021, 2020 and 2019 was $12.9 million, $9.9 million and $2.4 million, respectively. The weighted average grant date fair value of RSUs granted during fiscal years 2021, 2020 and 2019 was $81.98, $83.94 and $82.31, respectively.
Performance Restricted Stock Units
The following table summarizes PRSU activity during the fiscal year ended December 31, 2021:
Performance-
Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2020219,391 $72.33 
Granted92,384 85.16 
Vested(38,882)37.75 
Forfeited(74,024)53.45 
Nonvested at December 31, 2021198,869 $92.07 
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 targets. 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. All PRSUs awarded during the 2021 fiscal year were subject to market-based performance conditions.
At December 31, 2021, there was $6.0 million of total unrecognized compensation cost related to unvested PRSUs, which is expected to be recognized over a weighted-average period of approximately 1.9 years. The fair value of PRSU shares vested in fiscal years 2021, 2020 and 2019 was $3.1 million, $2.9 million and $6.7 million, respectively. The weighted average grant date fair value of PRSUs granted during fiscal years 2021, 2020 and 2019 was $85.16, $95.06 and $101.17, respectively.
The grant-date fair value of the market-based portion of the PRSUs granted during fiscal years 2021, 2020 and 2019 was 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:
 202120202019
Weighted average fair value$85.16 $107.27 $117.03 
Risk-free interest rate0.19 %1.29 %2.46 %
Expected volatility41 %30 %40 %
Expected life (in years)3.02.92.8
Expected dividend yield— %— %— %

The valuation of the TSR portion of the PRSUs granted during fiscal years 2021 and 2020 also reflects a weighted average illiquidity discount of 8.19% and 8.00%, respectively, related to the six-month period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.
v3.22.0.1
Other Operating Expenses
 12 Months Ended
Dec. 31, 2021
Other Income and Expenses [Abstract]  
OTHER OPERATING EXPENSES OTHER OPERATING EXPENSES
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. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. In addition, from time to time, the Company incurs cost associated with acquiring and integrating businesses and certain other general expenses, including asset impairments. The Company classifies costs associated with these items as OOE.
The following tables summarize OOE by program in each of the preceding three years (in thousands):
202120202019
Operational excellence initiatives$3,893 $2,791 $— 
Strategic reorganization and alignment911 686 5,812 
Manufacturing alignment to support growth— 241 2,145 
Acquisition and integration costs (adjustments)2,544 (776)377 
Other general expenses508 4,679 3,817 
Total other operating expenses$7,856 $7,621 $12,151 
Operational excellence initiatives
The Company’s operational excellence (“OE”) initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process, and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes.
2021 OE Initiatives - Costs related to the Company’s 2021 OE initiatives are primarily recorded within the Medical segment or unallocated operating expenses and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2021 OE initiatives of between approximately $4 million to $5 million, the majority of which are expected to be cash expenditures. As of December 31, 2021, total restructuring and related charges incurred since inception were $3.6 million. These actions are expected to be substantially complete by the end of 2022.
2020 Initiatives - Costs related to the Company’s 2020 initiatives are primarily recorded within the Medical segment and mainly include termination benefits. As of December 31, 2021, total restructuring and related charges incurred since inception were $3.1 million. These actions were substantially complete at the end of 2020.
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 served in our Medical segment to enhance profitability and reallocate manufacturing capacity needed to support our overall growth plans. The Company estimates that it will incur a range of pre-tax charges in connection with the 2021 SRA initiatives of approximately $5 million and $8 million, the majority of which are expected to be cash expenditures. Costs related to the Company’s 2021 SRA Initiatives are primarily recorded within the Medical segment and mainly include termination benefits. As of December 31, 2021, total charges incurred since inception were $0.9 million. These actions are expected to be completed by the end of 2025.
2017 SRA Initiatives - In 2017, to better align its resources to enhance the profitability of its portfolio of products, the Company began aligning resources with its strategic direction, improving profitability to invest in accelerated growth and the expansion of a facility. These actions began in 2017 and were completed during the second quarter of 2020. The Company recorded, primarily within the Medical segment, $23.0 million of restructuring and related charges since inception.
(11.)     OTHER OPERATING EXPENSES (Continued)
Manufacturing alignment to support growth
In 2017, the Company commenced several initiatives designed to reduce costs, increase manufacturing capacity to accommodate growth and improve operating efficiencies.  The plan involved the relocation of certain manufacturing operations and expansion of certain of the Company’s facilities. Costs related to the Company’s manufacturing alignment to support growth initiative were primarily recorded within the Medical segment. As of December 31, 2021, total restructuring and related charges incurred for this initiative since inception were $5.8 million. These actions were completed during 2020.
The following table summarizes the change in accrued liabilities, presented within Accrued expenses and other current liabilities on the Consolidated Balance Sheets, related to the initiatives described above (in thousands):
Operational excellence initiatives
Strategic reorganization and alignment
Total
December 31, 2020$291 $— $291 
Charges incurred, net of reversals3,893 911 4,804 
Cash payments(3,886)(777)(4,663)
December 31, 2021$298 $134 $432 
Acquisition and integration costs
During 2021, acquisition and integration costs included $2.4 million of expenses primarily related to the acquisition of Oscor, and a net $0.1 million adjustment to increase the fair value of acquisition-related contingent consideration liability associated with the Company’s other acquisitions. During 2020, acquisition and integration costs included $1.2 million of expenses primarily related to the acquisition of certain assets and liabilities of InoMec, and a $2.0 million adjustment to reduce the fair value of acquisition-related contingent consideration liability associated with the Company’s acquisition of USB. During 2019, acquisition and integration costs primarily related to direct acquisition costs incurred in connection with the acquisition of USB. Acquisition and integration costs primarily consist of professional fees and other costs. See Note 17 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
Other general expenses
During 2021, 2020 and 2019, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future costs and improve efficiencies. The 2021, 2020 and 2019 amounts primarily include severance, information technology systems conversion expenses, expenses incurred in connection with a customer filing Chapter 11 bankruptcy, and expenses related to the restructuring of certain legal entities of the Company.
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income from continuing operations before taxes for fiscal years 2021, 2020 and 2019 consisted of the following (in thousands):
202120202019
U.S.$48,293 $35,337 $40,203 
International52,770 50,870 64,990 
Total income from continuing operations before taxes$101,063 $86,207 $105,193 
The provision for income taxes from continuing operations for fiscal years 2021, 2020 and 2019 comprises the following (in thousands):
202120202019
Current:
Federal$9,511 $7,784 $14,090 
State1,553 1,233 87 
International8,459 6,898 10,083 
19,523 15,915 24,260 
Deferred:
Federal(8,665)(4,648)(8,813)
State(393)(1,245)332 
International(2,422)(1,073)(1,804)
(11,480)(6,966)(10,285)
Total provision for income taxes$8,043 $8,949 $13,975 
The provision for income taxes from continuing operations differs from the U.S. statutory rate for fiscal years 2021, 2020 and 2019 due to the following:
202120202019
Statutory rate$21,223 21.0 %$18,103 21.0 %$22,091 21.0 %
Federal tax credits (including R&D)(11,929)(11.8)(7,009)(8.1)(4,797)(4.6)
Foreign rate differential(5,165)(5.1)(5,333)(6.2)(5,479)(5.2)
Stock-based compensation(1,084)(1.1)(1,459)(1.7)(2,422)(2.3)
Uncertain tax positions18 — 1,208 1.4 (920)(0.9)
State taxes, net of federal benefit1,183 1.2 553 0.6 1,106 1.1 
U.S. tax on foreign earnings, net of §250 deduction1,913 1.9 3,216 3.7 5,201 4.9 
Valuation allowance524 0.5 (345)(0.4)(1,606)(1.5)
Other1,360 1.4 15 0.1 801 0.8 
Effective tax rate$8,043 8.0 %$8,949 10.4 %$13,975 13.3 %
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, 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 currently has a tax holiday in Malaysia through April 2023 provided certain conditions continue to be met. In addition, the Company acquired manufacturing operations in the Dominican Republic as part of the acquisition of Oscor and is operating under a free trade zone agreement in the Dominican Republic through March 2034.
(12.)     INCOME TAXES (Continued)
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 our foreign subsidiary earnings, as well as our capital in our 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.
The net deferred tax liability consists of the following (in thousands):
December 31,
2021		December 31,
2020
Tax credit carryforwards$11,394 $13,449 
Inventories14,147 14,099 
Net operating loss carryforwards11,721 10,436 
Operating lease liabilities17,950 11,969 
Stock-based compensation3,724 3,276 
Accrued expenses9,348 8,058 
Gross deferred tax assets68,284 61,287 
Less valuation allowance(19,456)(20,739)
Net deferred tax assets48,828 40,548 
Property, plant and equipment(7,354)(5,824)
Intangible assets(186,150)(197,048)
Operating lease assets(17,974)(11,290)
Other(3,144)(4,292)
Gross deferred tax liabilities(214,622)(218,454)
Net deferred tax liability$(165,794)$(177,906)
Presented as follows:
Noncurrent deferred tax asset$5,711 $4,398 
Noncurrent deferred tax liability(171,505)(182,304)
Net deferred tax liability$(165,794)$(177,906)
As of December 31, 2021, the Company has the following carryforwards available:
JurisdictionTax
Attribute		Amount
(in millions)		Begin to Expire
U.S. State
Net operating losses(1)
$120.7 2022
International
Net operating losses(1)
12.2 2022
U.S. FederalForeign tax credits6.7 2022
U.S. StateR&D tax credits1.4 2022
U.S. StateState tax credits4.9 2022
__________
(1)     Net operating losses (“NOLs”) are presented as pre-tax amounts.
(12.)     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, 2021 and December 31, 2020 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 fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Balance, beginning of year$5,484 $4,446 $5,369 
Additions based upon tax positions related to the current year3,324 300 300 
Additions (reductions) related to prior period tax returns(3,271)738 (1,223)
Balance, end of year$5,537 $5,484 $4,446 
The tax years that remain open and subject to tax audits vary depending on the tax jurisdiction. During 2021, the Internal Revenue Service (“IRS”) effectively concluded its examination of the U.S. subsidiaries of the Company for the taxable years 2017 and 2018. Taxable years 2019 and forward remain subject to examination by the IRS.
The balance of unrecognized tax benefits is not expected to materially change over the course of the next twelve months as a result of the lapse of the statute of limitations and/or audit settlements. As of December 31, 2021, approximately $5.5 million of unrecognized tax benefits would favorably impact the effective tax rate (net of federal impact on state issues), if recognized.
The Company recognizes interest related to unrecognized tax benefits as a component of Provision for income taxes on the Consolidated Statements of Operations. During 2021, 2020 and 2019, the recorded amounts for interest and penalties, respectively, were not significant.
In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The CARES Act provided for deferred payment of the employer portion of social security taxes through the end of 2020. As of December 31, 2020, the Company had deferred a total of $9.7 million of payroll taxes, of which it paid $4.9 million in December 2021. As of December 31, 2021, the Company had a remaining deferred amount of $4.8 million, which the Company expects to pay withing the next twelve months. The deferred payroll taxes are included within Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
See Note 20 “Discontinued Operations” for additional information pertaining to income taxes from discontinued operations.
v3.22.0.1
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingent Consideration Arrangements
The Company records contingent consideration liabilities related to the earn-out provisions for certain acquisitions. See Note 17 “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.
The Company records a contingent gain for litigation when all of the following conditions have been met: (a) the amount to be paid to the Company is known, (b) there is no potential for appeal or reversal, and (c) collectability is reasonably assured.
In April 2013, the Company commenced an action against AVX Corporation and AVX Filters Corporation (collectively “AVX”) alleging that AVX had infringed on the Company’s patents by manufacturing and selling filtered feedthrough assemblies used in implantable pacemakers and cardioverter defibrillators that incorporate the Company’s patented technology. Following four trials and an appeal, the United States Court of Appeals for the Federal Circuit affirmed, in all respects, a judgment in favor of the Company. The Company received the payment of $28.9 million in October 2020, and after recognizing certain related expenses, recognized a net gain of $28.2 million.
Selling, general and administrative expenses
The net gain on patent litigation of $28.2 million is recorded in Selling, general and administrative expenses in the Company’s Consolidated Statements of Operations for the year ended December 31, 2020.
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, 2021, 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, 2021, 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 the licenses for basic technology used in the production of wet tantalum capacitors, filtered feedthroughs and MRI compatible lead systems. Expenses related to license agreements were $1.3 million, $1.2 million, and $1.4 million, for 2021, 2020 and 2019, respectively, and are primarily included in Cost of Sales.
(13.)     COMMITMENTS AND CONTINGENCIES (Continued)
Product Warranties
The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The change in product warranty liability for fiscal years 2021 and 2020 comprises the following (in thousands):
20212020
Beginning balance$163 $1,933 
Additions to warranty reserve, net of reversals(15)(156)
Adjustments to pre-existing warranties (71)(119)
Warranty claims settled— (1,495)
Acquisitions$432 — 
Ending balance$509 $163 
Self-Insurance Liabilities
As of December 31, 2021, and at various times in the past, the Company self-funded certain of its workers’ compensation and employee medical and dental expenses. The Company has established reserves to cover these self-insured liabilities and also maintains stop-loss insurance to limit its exposures under these programs. Claims reserves represent accruals for the estimated uninsured portion of reported claims, including adverse development of reported claims, as well as estimates of incurred but not reported claims. Claims incurred but not reported are estimated based on the Company’s historical experience, which is continually monitored, and accruals are adjusted when warranted by changes in facts and circumstances. The Company’s actual experience may be different than its estimates, sometimes significantly. Changes in assumptions, as well as changes in actual experience could cause these estimates to change. Insurance and claims expense will vary from period to period based on the severity and frequency of claims incurred in a given period.  The Company’s self-insurance reserves totaled $5.6 million and $5.4 million as of December 31, 2021 and December 31, 2020, respectively. These accruals are recorded in Accrued expenses and other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets.
v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases LEASES
The Company has operating and finance leases for office and manufacturing facilities, machinery, computer hardware, office equipment, and vehicles. Gross assets acquired under finance leases are recorded in Other long-term assets and were $8.3 million as of December 31, 2021. Accumulated amortization associated with finance leases was $0.2 million as of December 31, 2021. Finance leases were not material as of December 31, 2020.
The components and classification of lease cost are as follows (in thousands):
December 31,
2021		December 31,
2020
Finance lease cost:
Amortization of lease assets$223 $7 
Interest on lease liabilities59 1 
Finance lease cost282 8 
Operating lease cost10,729 10,425 
Short-term lease cost (leases with initial term of 12 months or less)137 86 
Variable lease cost2,619 2,615 
Sublease income(1,392)(1,495)
Total lease cost$12,375 $11,639 
Cost of sales$9,642 $9,141 
SG&A1,817 1,803 
RD&E857 694 
Interest expense$59 $1 
Total lease cost$12,375 $11,639 
(14.)     LEASES (Continued)
The Company’s sublease income is derived primarily from certain real estate leases to several non-affiliated tenants under operating sublease arrangements.
At December 31, 2021, the maturities of operating and finance lease liabilities were as follows (in thousands):
Operating Leases Finance Leases
2022$12,423 $876 
202311,317 888 
202410,809 896 
202510,634 787 
20269,856 640 
Thereafter25,652 5,807 
Gross lease liabilities80,691 9,894 
Less: imputed interest(11,062)(1,836)
Present value of lease liabilities69,629 8,058 
Less: current portion of lease liabilities(9,862)(608)
Total long-term lease liabilities$59,767 $7,450 
As of December 31, 2021, the Company did not have any leases that have not yet commenced.
The following table presents the weighted average remaining lease term and discount rate.
December 31,
2021		December 31,
2020
Weighted-average remaining lease term - operating leases (in years)7.07.0
Weighted-average remaining lease term - finance leases (in years)12.23.8
Weighted-average discount rate - operating leases3.9 %5.3 %
Weighted-average discount rate - finance leases3.5 %2.2 %

Supplemental cash flow information related to leases for fiscal years 2021 and 2020 is as follows (in thousands):
20212020
Cash paid for operating leases$10,808 $10,385 
Cash paid for interest on finance leases59 1 
Assets acquired under operating leases32,466 9,059 
Assets acquired under finance leases8,154 127 
During the fiscal year ended December 31, 2021, the Company extended the lease terms for three of its manufacturing facilities. As a result of these lease modifications, the Company re-measured the lease liability and adjusted the ROU asset on the modification dates.
v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
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 fiscal years 2021, 2020 and 2019 (in thousands, except per share amounts):
202120202019
Numerator for basic and diluted EPS:
Income from continuing operations$93,020 $77,258 $91,218 
Income from discontinued operations3,788 — 5,118 
Net income$96,808 $77,258 $96,336 
Denominator for basic EPS:
Weighted average shares outstanding32,993 32,845 32,627 
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units265 268 410 
Denominator for diluted EPS33,258 33,113 33,037 
Basic earnings per share:
Income from continuing operations$2.82 $2.35 $2.80 
Income from discontinued operations0.11 — 0.16 
Basic earnings per share2.93 2.35 2.95 
Diluted earnings per share:
Income from continuing operations$2.80 $2.33 $2.76 
Income from discontinued operations0.11 — 0.15 
Diluted earnings per share2.91 2.33 2.92 
The diluted weighted average share calculations do not include the following securities for fiscal years 2021, 2020 and 2019, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
202120202019
Time-vested stock options, restricted stock and restricted stock units4 98 30 
Performance-vested restricted stock units92 89 47 
v3.22.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Common Stock
The following table sets forth the changes in the number of shares of common stock for fiscal years 2021 and 2020:
IssuedTreasury StockOutstanding
Shares outstanding at December 31, 201932,847,017 (146,546)32,700,471 
Stock options exercised27,544 74,596 102,140 
Vesting of RSUs, net of shares withheld to cover taxes33,617 71,950 105,567 
Shares outstanding at December 31, 202032,908,178 — 32,908,178 
Stock options exercised34,233 — 34,233 
Vesting of RSUs, net of shares withheld to cover taxes120,925 — 120,925 
Shares outstanding at December 31, 202133,063,336 — 33,063,336 
Accumulated Other Comprehensive Income
Accumulated other comprehensive income comprises the following (in thousands): 
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2019$(912)$(2,358)$22,639 $19,369 $619 $19,988 
Unrealized loss on cash flow hedges— (6,683)— (6,683)1,404 (5,279)
Realized loss on foreign currency hedges— 638 — 638 (134)504 
Realized loss on interest rate swap hedges— 3,447 — 3,447 (724)2,723 
Net defined benefit plan adjustments(183)— — (183)32 (151)
Foreign currency translation gain— — 34,907 34,907 — 34,907 
December 31, 2020$(1,095)$(4,956)$57,546 $51,495 $1,197 $52,692 
Unrealized gain on cash flow hedges— 91 — 91 (19)72 
Realized gain on foreign currency hedges— (832)— (832)175 (657)
Realized loss on interest rate swap hedges— 3,406 — 3,406 (716)2,690 
Net defined benefit plan adjustments205 — — 205 14 219 
Foreign currency translation loss— — (27,826)(27,826)— (27,826)
December 31, 2021$(890)$(2,291)$29,720 $26,539 $651 $27,190 
v3.22.0.1
Financial Instruments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.
The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and uses derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the balance sheet.
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, 2021
Assets: Foreign currency hedging contracts$687 $— $687 $— 
Liabilities: Interest rate swap2,978 — 2,978 — 
Liabilities: Contingent consideration2,415 — — 2,415 
December 31, 2020
Assets: Foreign currency hedging contracts$2,070 $— $2,070 $— 
Liabilities: Interest rate swaps7,026 — 7,026 — 
Liabilities: Contingent consideration3,900 — — 3,900 
Derivatives Designated as Hedging Instruments
Interest Rate Swaps
The Company periodically enters into interest rate swap agreements to reduce the cash flow risk caused by interest rate changes on its outstanding floating rate borrowings. Under these swap agreements, the Company pays a fixed rate of interest and receives a floating rate equal to one-month LIBOR. The variable rate received from the swap agreements and the variable rate paid on the outstanding debt will have the same rate of interest, excluding the credit spread, and will reset and pay interest on the same date. The Company has designated these swap agreements as cash flow hedges based on concluding the hedged forecasted transaction is probable of occurring within the period the cash flow hedge is anticipated to affect earnings.
The Company receives fair value estimates from the swap agreement counterparties. The fair value of the Company’s swap agreements are determined through the use of a cash flow model that utilizes observable market data inputs. These observable market data inputs include LIBOR, swap rates, and credit spread curves. The Company’s interest rate swap agreements are categorized in Level 2 of the fair value hierarchy. The estimated fair value of the swap agreements represents the amount the Company would receive (pay) to terminate the contracts.
Information regarding the Company’s outstanding interest rate swap designated as a cash flow hedge as of December 31, 2021 is as follows (dollars in thousands):
Notional AmountStart DateEnd
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$150,000 Jun 2020Jun 20232.1785 %0.1013 %$(2,978)Other long-term liabilities
(17.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Information regarding the Company’s outstanding interest rate swaps designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountMaturity
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$200,000 Jun 20232.1785 %0.1480 %$(7,026)Other long-term liabilities
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.
The Company receives fair value estimates from the foreign currency contract counterparties. The fair value of foreign currency contracts are determined through the use of cash flow models that utilize observable market data inputs to estimate fair value. These observable market data inputs include foreign exchange rate and credit spread curves. The Company’s foreign currency contracts are categorized in Level 2 of the fair value hierarchy. The fair value of the Company’s foreign currency contracts will be realized as Sales or Cost of Sales as the inventory, which the contracts are hedging, is sold.
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2021 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$22,201 Dec 20220.0463MXN Peso$408 Prepaid expenses and other current assets
17,017 Dec 20221.1344Euro130 Prepaid expenses and other current assets
9,020 Dec 20220.0220UYU Peso149 Prepaid expenses and other current assets
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$16,132 Sep 20211.1949Euro$399 Prepaid expenses and other current assets
10,224 Sep 20210.0454MXN Peso922 Prepaid expenses and other current assets
2,656 Mar 20210.0443MXN Peso341 Prepaid expenses and other current assets
7,269 Dec 20210.0485MXN Peso77 Prepaid expenses and other current assets
3,252 Aug 20210.0232UYU Peso165 Prepaid expenses and other current assets
3,966 Nov 20210.0227UYU Peso166 Prepaid expenses and other current assets
The following table presents the impact of cash flow hedge derivative instruments on other comprehensive income (“OCI”), AOCI and the Company’s Consolidated Statement of Operations for fiscal years 2021, 2020 and 2019 (in thousands):
Gain (Loss) Recognized in OCIGain (Loss) Reclassified from AOCI
Derivative202120202019Location in Statement of Operations 202120202019
Interest rate swaps$642 $(7,405)$(5,618)Interest expense$(3,406)$(3,447)$1,621 
Foreign exchange contracts(943)1,017 (1,044)Sales(674)618 (1,334)
Foreign exchange contracts399 (355)2,634 Cost of sales1,437 (1,177)1,482 
Foreign exchange contracts(7)60 — Operating expenses69 (79)— 
The Company expects to reclassify net losses totaling $1.8 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
(17.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
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, 2021, the Company had one contract outstanding, with a notional amount of $15.0 million and a fair value of $0.1 million. The Company recorded a net gain on foreign currency contracts not designated as hedging instruments of $0.4 million for fiscal year 2021, which are included in Other (income) loss, net and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in Other (income) loss, net.
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 2021 and 2020 (in thousands):
December 31, 2019$4,200 
Amount recorded for current year acquisitions
2,700 
Fair value measurement adjustment(2,000)
Payments
(1,000)
December 31, 20203,900 
Fair value measurement adjustment133 
Payments
(1,621)
Foreign currency translation3 
December 31, 2021$2,415 
On February 19, 2020, the Company acquired certain assets and liabilities of InoMec. On October 7, 2019, the Company acquired certain assets and liabilities of USB, a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. The contingent consideration at December 31, 2021 is the estimated fair value of the Company’s obligations, under the asset purchase agreements for InoMec and USB, to make additional payments if certain revenue goals are met. See Note 2 “Business Acquisitions” for additional information about the InoMec and USB acquisitions.
During 2021, the Company made payments associated with the InoMec and USB acquisitions, resulting from achievement of revenue-based goals for the period from March 1, 2020 to February 28, 2021 for InoMec and January 1, 2020 to December 31, 2020 for USB. During 2020, the Company made payments to settle a portion of a contingent consideration arrangement relating to a license to use technology.
As of December 31, 2021 and December 31, 2020, the current portion of contingent consideration liabilities included in Accrued expenses and other current liabilities was $0.9 million and $1.7 million, respectively, and the non-current portion included in Other long-term liabilities on the Consolidated Balance Sheets was $1.5 million and $2.2 million, respectively.
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
December 31, 2021
Contingency TypeRemaining Maximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$6,750 $2,415 Monte CarloRevenue volatility29.0 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
(17.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
December 31, 2020
Contingency TypeRemaining Maximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$9,000 $3,900 Monte CarloRevenue volatility35.0 %
Discount rate4.0 %
Projected year(s) of payment2021-2024

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, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.
Equity Investments
Equity investments comprise the following (in thousands):
December 31,
2021		December 31,
2020
Equity method investment$16,192 $21,470 
Non-marketable equity securities5,637 5,723 
Total equity investments
$21,829 $27,193 
The components of (Gain) loss on equity investments, net for each period were as follows (in thousands):
202120202019
Equity method investment (income) loss$3,057 $(5,706)$(1,100)
Impairment charges86 369 1,575 
Total (gain) loss on equity investments, net
$3,143 $(5,337)$475 
During 2021, 2020 and 2019, the Company determined that certain non-marketable equity securities were impaired. In both 2021 and 2020, new equity financings by two of the Company’s non-marketable equity securities indicated new values for the investments. During the fourth quarters of 2021 and 2020, the Company recorded impairment charges of $0.1 million and $0.4 million, respectively, to reduce the carrying value of these non-marketable equity securities to their estimated fair value of zero and $2.2 million, respectively. The fair values of these investments were derived from observable price changes of similar securities of the investees. In 2019, the Company determined the fair value for one of its non-marketable equity securities to be zero based upon available market information. This assessment was based on qualitative indications of impairment. Factors that significantly influenced the determination of the impairment loss included the equity security’s investee’s financial condition, priority claims to the equity security, distributions rights and preferences, and status of the regulatory approval required to bring its product to market. During 2021, 2020 and 2019, the Company received cash distributions representing a return on equity method investments of $2.2 million, $0.4 million and $0.1 million, respectively.
The Company’s equity method investment is in a Chinese venture capital fund focused on investing in life sciences companies. As of December 31, 2021, the Company owned 6.7% of this fund.
v3.22.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting.
The Company defines segment income from operations as sales less cost of sales including amortization and expenses attributable to segment-specific selling, general, administrative, research, development, engineering and other operating activities. The remaining unallocated operating and other expenses are primarily administrative corporate headquarter expenses and capital costs that are not allocated to reportable segments. Transactions between the two segments are not significant.
The following table presents sales by product line for fiscal years 2021, 2020 and 2019 (in thousands).
202120202019
Segment sales by product line:
Medical
Cardio & Vascular $626,013 $569,948 $610,056 
Cardiac & Neuromodulation446,569 346,242 457,194 
Advanced Surgical, Orthopedics & Portable Medical110,044 121,788 132,429 
Total Medical1,182,626 1,037,978 1,199,679 
Non-Medical38,453 35,464 58,415 
Total sales$1,221,079 $1,073,442 $1,258,094 
Geographic Area Information
The following table presents sales by significant country for fiscal years 2021, 2020 and 2019. In these tables, sales are allocated based on where the products are shipped (in thousands).
202120202019
Sales by geographic area:
United States$671,502 $596,804 $698,474 
Non-Domestic locations:
Puerto Rico110,162 96,048 154,644 
Costa Rica66,975 58,853 63,634 
Rest of world372,440 321,737 341,342 
Total sales$1,221,079 $1,073,442 $1,258,094 
The following table presents revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues for fiscal years 2021 and 2020.
20212020
CustomerMedicalNon-MedicalMedicalNon-Medical
Customer A19%*19%*
Customer B17%*17%*
Customer C14%*15%*
Customer D*36%*22%
Customer E***10%
All other customers50%64%49%68%
__________
* Less than 10% of segment’s total revenues for the period.
(18.)     SEGMENT AND GEOGRAPHIC INFORMATION (Continued)
The following table presents revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped for fiscal years 2021 and 2020.
20212020
Ship to LocationMedicalNon-MedicalMedicalNon-Medical
United States54%71%55%60%
Rest of world46%29%45%40%
The following table presents income from continuing operations for the Company’s reportable segments for fiscal years 2021, 2020 and 2019 (in thousands).
202120202019
Segment income from continuing operations:
Medical$213,600 $169,396 $223,873 
Non-Medical8,022 4,848 16,289 
Total segment income from continuing operations221,622 174,244 240,162 
Unallocated operating expenses(85,911)(53,632)(82,527)
Operating income135,711 120,612 157,635 
Unallocated expenses, net(34,648)(34,405)(52,442)
Income from continuing operations before taxes$101,063 $86,207 $105,193 
The following table presents depreciation and amortization expense for the Company’s reportable segments for fiscal years 2021, 2020 and 2019 (in thousands).
 202120202019
Segment depreciation and amortization:
Medical$75,366 $72,338 $68,867 
Non-Medical1,167 996 1,039 
Total depreciation and amortization included in segment
   income from continuing operations
76,533 73,334 69,906 
Unallocated depreciation and amortization4,836 5,990 7,989 
Total depreciation and amortization$81,369 $79,324 $77,895 
The following table presents total assets for the Company’s reportable segments as of December 31, 2021 and December 31, 2020 (in thousands).
December 31,
2021		December 31,
2020
Identifiable assets:
Medical$2,448,123 $2,212,489 
Non-Medical 56,158 52,682 
Total reportable segments2,504,281 2,265,171 
Unallocated assets77,934 106,686 
Total assets$2,582,215 $2,371,857 
(18.)     SEGMENT AND GEOGRAPHIC INFORMATION (Continued)
The following table presents capital expenditures for the Company’s reportable segments for fiscal years 2021, 2020 and 2019 (in thousands).
 202120202019
Expenditures for tangible long-lived assets:
Medical$48,364 $42,435 $44,026 
Non-Medical628 1,038 397 
Total reportable segments48,992 43,473 44,423 
Unallocated long-lived tangible assets4,471 3,359 3,775 
Total expenditures$53,463 $46,832 $48,198 
The following table presents PP&E by geographic area as of December 31, 2021 and December 31, 2020. In these tables, PP&E is aggregated based on the physical location of the tangible long-lived assets (in thousands).
December 31,
2021		December 31,
2020
Long-lived tangible assets by geographic area:
United States$184,474 $170,871 
Mexico33,877 32,723 
Ireland41,501 38,526 
Rest of world17,247 11,844 
Total$277,099 $253,964 
v3.22.0.1
Revenue From Contracts With Customers
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenue
In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment's results of operations. For a summary by disaggregated product line sales for each segment, refer to Note 18, “Segment and Geographic Information.”
A significant portion of the Company’s sales for fiscal years 2021, 2020 and 2019 and accounts receivable at December 31, 2021 and December 31, 2020 were to three customers as follows:
 SalesAccounts Receivable
202120202019December 31,
2021		December 31,
2020
Customer A18%18%21%15%15%
Customer B16%16%17%19%19%
Customer C13%14%12%10%13%
47%48%50%44%47%
Revenue recognized from products and services transferred to customers over time during fiscal years 2021 and 2020 represented 33% and 29%, respectively, of total revenue. Substantially all of the revenue recognized from products and services transferred to customers over time during fiscal years 2021 and 2020 was within the Medical segment.
(19.)     REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
Contract Balances
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
December 31,
2021		December 31,
2020
Contract assets$64,743 $40,218 
Contract liabilities3,776 2,498 
Contract assets at December 31, 2021, increased $24.5 million from December 31, 2020, primarily due to a contract modification to add existing products and extend the contractual term. During the fiscal year ended December 31, 2021, the Company recognized $1.9 million of revenue that was included in the contract liability balance as of December 31, 2020. During the fiscal year ended December 31, 2020, the Company recognized $1.3 million of revenue that was included in the contract liability balance as of December 31, 2019.
v3.22.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
Divestiture of AS&O Product Line
In July 2018, the Company completed the sale of its AS&O Product Line within its Medical segment to Viant (formerly MedPlast, LLC). For all periods presented, financial results reported as discontinued operations in the Consolidated Statements of Operations relate to the divested AS&O Product Line.
During the fourth quarter of 2021, the Company recognized other income from discontinued operations of $4.9 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. During 2019, the Company received, and recognized as gain on sale from discontinued operations, $4.8 million due to the final net working capital adjustment agreed to with Viant.
Income from discontinued operations for fiscal years 2021, 2020 and 2019 was as follows (in thousands):
202120202019
Gain on sale of discontinued operations$— $— $(4,974)
Other income, net(4,931)— (322)
Income from discontinued operations before taxes4,931 — 5,296 
Provision for income taxes1,143 — 178 
Income from discontinued operations$3,788 $— $5,118 
Cash flow information from discontinued operations for fiscal years 2021, 2020 and 2019 was as follows (in thousands):
202120202019
Cash used in operating activities$— $— $(78)
Cash provided by investing activities— — 4,734 
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2021
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, 2021
Provision for credit losses
$155 $20 
(1)
$— $(43)
(4)
$132 
Valuation allowance for deferred tax assets$20,739 $(941)
(2)
$26 
(3)
$(368)
(2)
$19,456 
December 31, 2020
Provision for credit losses
$2,443 $28 
(1)
$— $(2,316)
(4)
$155 
Valuation allowance for deferred tax assets$22,229 $(275)
(2)
$— $(1,215)
(2)(4)(5)
$20,739 
December 31, 2019
Allowance for doubtful accounts$592 $1,884 
(1)
$2 
(3)
$(35)
(4)
$2,443 
Valuation allowance for deferred tax assets$34,339 $736 
(2)
$— $(12,846)
(2)(4)(5)
$22,229 
(1)Valuation allowance recorded in the provision for credit losses (allowance for doubtful accounts in years prior to 2020). The 2019 amount includes a $2.3 million reserve recorded in connection with a customer bankruptcy, net of adjustments to the Company’s general and specific reserves.
(2)Valuation allowance recorded in the provision for income taxes for certain net operating losses and tax credits. The 2021, 2020 and 2019 deductions include the expiration of certain net operating losses and tax credits.
(3)Includes foreign currency translation effect.
(4)Accounts written off and reductions to allowances existing at the beginning of the year. The 2020 amount includes $2.3 million of accounts receivable recorded during 2019 in connection with a customer bankruptcy.
(5)The 2020 and 2019 deductions include releases of the allowance for net operating losses utilized during that year and return to provision adjustments for prior years.
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.
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
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.
In July 2018, the Company completed the sale of its Advanced Surgical and Orthopedic product lines (the “AS&O Product Line”) within its Medical segment to Viant (formerly MedPlast, LLC). For all periods presented, financial results reported as discontinued operations in the Consolidated Statements of Operations relate to the divested AS&O Product Line. The Consolidated Statements of Cash Flows includes cash flows related to the discontinued operations due to Integer’s (parent) centralized treasury and cash management processes. See Note 20 “Discontinued Operations” for the financial results and cash flow amounts for discontinued operations. All results and information in the consolidated financial statements are presented as continuing operations and exclude the AS&O Product Line unless otherwise noted specifically as discontinued operations.
The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. The discontinued operations of the AS&O Product Line were reported in the Medical segment. Refer to Note 18 “Segment and Geographic Information,” for additional information on the Company’s reportable segments.
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 EquivalentsCash 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 19 “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 LossesThe 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.
Supplier Financing Arrangements Supplier Financing ArrangementsThe 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 InventoriesInventories 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 4 “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. Finance lease assets and corresponding liabilities are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities, respectively, on the Consolidated Balance Sheets.
Lease right-of-use (“ROU”) assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. When discount rates implicit in leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments.  The incremental borrowing rate is determined based on the Company’s recent debt issuances, the Company’s specific credit rating, lease term and the currency in which lease payments are made.
(1.)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 14 “Leases” contains additional information on the Company’s leases.
Property, Plant and Equipment
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 5 “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 17 “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 Other operating expenses. The allocation of purchase price in certain cases may be subject to revision based on the final determination of fair values during the measurement period, which may be up to one year from the acquisition date.
Contingent Consideration
In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments it expects to make as of the acquisition date. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing, amount of, or the likelihood of achieving the applicable performance target. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.
The contingent consideration fair value measurement is based on significant inputs not observable in the market and therefore constitute Level 3 inputs within the fair value hierarchy. The Company determines the initial fair value of contingent consideration liabilities using a Monte Carlo (“Monte Carlo”) valuation model, which involves a simulation of future revenues during the earn out-period using management’s best estimates, or a probability-weighted discounted cash flow analysis.
In periods subsequent to the initial measurement, contingent consideration liabilities are remeasured to fair value each reporting period until the contingent consideration is settled using various assumptions including estimated revenues (based on internal operational budgets and long-range strategic plans), discount rates, revenue volatility and projected payment dates. The current portion of contingent consideration liabilities is included in Accrued expenses and other current liabilities and the non-current portion is included in Other long-term liabilities on the Consolidated Balance Sheets. Adjustments to the fair value of contingent consideration liabilities are included in Other operating expenses in the Consolidated Statements of Operations, and cash flows from operating activities in the Consolidated Statements of Cash Flows. Note 17 “Financial Instruments and Fair Value Measurements” contains additional information on contingent consideration recorded at fair value in the consolidated financial statements.
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 units are the same as its reportable segments, Medical and Non-Medical. The Company tests each 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 a 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 units. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair values of its reporting units are greater than the carrying amounts, 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 each of its reporting units to its carrying value, including the associated goodwill. To determine the fair values, the Company uses a weighted combination of the market approach based on comparable publicly traded companies and the income approach based on estimated discounted future cash flows. 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, 2021 and determined, after performing a qualitative review of its Medical reporting unit, that it is more likely than not that the fair value of the Medical reporting unit exceeds its carrying amount. Accordingly, there was no indication of impairment and the quantitative goodwill impairment test was not performed for the Medical reporting unit. The Company bypassed the qualitative analysis for its Non-Medical reporting unit and performed a quantitative analysis. The fair value of the Non-Medical reporting unit exceeded its carrying amount as of December 31, 2021.
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.
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.
Refer to Note 6 “Goodwill and Other Intangible Assets, Net” for further details of the Company’s goodwill and other intangible assets.
Equity Investments
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Consolidated Balance Sheets. Equity investments are measured and recorded as follows:
•Non-marketable equity securities are equity securities without readily determinable fair value that are measured and recorded at fair value with changes in fair value recognized within net income. The Company measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. If an impairment is recognized on the Company’s non-marketable equity securities during the period, these assets are classified as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.
•Equity method investments are equity securities in investees the Company does not control but over which it has the ability to exercise influence. Equity method investments are recorded at cost and are adjusted to recognize (1) the Company’s share, based on percentage ownership or other contractual basis, of the investee’s income or loss, (2) additional contributions made and dividends or other distributions received, and (3) impairments resulting from other-than-temporary declines in fair value.
Realized and unrealized gains and losses resulting from changes in fair value or the sale of these equity investments are recorded through (Gain) loss on equity investments, net. For some investments, the Company records its share of the investee’s income or loss one quarter in arrears due to the timing of our 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 17 “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 8 “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 InstrumentsThe 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 our derivative contracts, subject to applicable requirements, we have the right of set-off and are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. Gains and losses on cash flow hedges are recorded in Accumulated Other Comprehensive Income 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 Accumulated Other Comprehensive Income (“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 at fair value in Accrued expenses and other current liabilities in the Consolidated Balance Sheets 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.
The Company evaluates revenue recognition in contracts with customers as performance obligations are satisfied and as 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 of 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 contracts with customers for products, which do not have an alternative use to the Company, contain provisions that provide the Company with an enforceable right to payment for performance completed to date for costs incurred plus a reasonable profit throughout the duration of the contract, revenue is recognized over time as control is transferred to the customer. In contracts with customers where 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 as work is performed generally based on actual costs incurred. Revenue is recognized net of sales tax, value-added taxes and other taxes.
Performance Obligations
The Company considers each shipment of an individual product included on a purchase order to be a separate performance obligation, as each shipment is separately identifiable and the customer can benefit from each individual product separately from the other products included on the purchase order. Accordingly, a contract can have one or more performance obligations to manufacture products. 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. Only when the delivered units do not meet these requirements can the customer 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, unearned revenue. Accounts receivable are recorded when the right to consideration becomes unconditional. Unearned revenue is recorded when customers pay or are billed in advance of the Company’s satisfaction of performance obligations. Contract liabilities are classified as Accrued expenses and other current liabilities on the Consolidated Balance Sheets. For contracts with customers where revenue is recognized over time, the Company records a contract asset for unbilled revenue associated with non-cancellable customer orders, which is recorded within Contract assets 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, which 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 the volume-based target using the most likely amount method and are updated quarterly. Adjustments to these estimates are recognized under the cumulative catch-up method and 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 is for 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 Expenses
Restructuring Expenses
The Company continually evaluates alternatives to align its resources with the changing needs of its customers and markets, and to lower its operating costs. This includes realignment of existing manufacturing capacity, facility closures, process optimization, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. 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. Refer to Note 11 “Other Operating Expenses” 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. Note 13 “Commitments and Contingencies” contains additional information on the Company’s product warranties.
Stock-Based Compensation
Stock-Based Compensation
The Company recognizes stock-based compensation expense for its compensation plans. These plans include stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”). For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of targets based on market conditions, such as total shareholder return, or performance conditions based on the Company’s operating results. The Company records forfeitures of equity awards in the period in which they occur.
The fair value of the stock-based compensation is determined at the grant date. The Company uses the Black-Scholes standard option pricing model (“Black-Scholes model”) to determine the fair value of stock options. The fair value of each RSU is determined based on the Company’s closing stock price on the date of grant. The fair value of each PRSU is determined based on either the Company’s closing stock price on the date of grant or through a Monte Carlo valuation model for those awards that include a market-based condition. In addition to the closing stock price on the date of grant, the determination of the fair value of awards using both the Black-Scholes and Monte Carlo valuation models is affected by other assumptions, including the following:
Expected Term - The Company analyzes historical employee exercise and termination data to estimate the expected term assumption for stock options. For market-based awards, the term is commensurate with the performance period remaining as of the grant date.
Risk-free Interest Rate - A risk-free rate is based on the U.S. Treasury rates in effect on the grant date for a maturity equal to or approximating the expected term of the award.
Expected Volatility - For stock options, expected volatility is calculated using historical volatility based on the daily closing prices of the Company’s common stock over a period equal to the expected term. For market-based awards, a combination of historical and implied volatility for the Company and members of its peer group are used in developing the expected volatility assumption.
Dividend Yield - The dividend yield assumption is based on the Company’s expected annual dividend yield on the grant date.
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 or four 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 10 “Stock-Based Compensation” contains additional information on the Company’s stock-based compensation.
Defined Benefit Plans
Defined Benefit Plans
The Company recognizes in its balance sheet 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, Germany, Ireland, Israel, Malaysia, Mexico, Switzerland, and Uruguay, which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in Dominican pesos, Euros, Israeli shekels, 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 by dividing Net Income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of shares outstanding for potential common shares if dilutive to the EPS calculation. Note 15 “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 16 “Stockholders’ Equity” contain additional information on the computation of the Company’s comprehensive income.
Recently Accounting Pronouncements Adopted, Accounting Guidance Not Yet Elected or Adopted
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. Except as noted 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 Not Yet Elected or Adopted
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which creates an exception to the general recognition and measurement principle in ASC 805 by requiring companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The guidance additionally clarifies that companies should apply the definition of a performance obligation in ASC 606 when recognizing contract liabilities assumed in a business combination. The Company will early adopt ASU 2021-08 as of January 1, 2022 on a prospective basis. The impact of the adoption of ASU 2021-08 cannot currently be determined, as it is dependent on future business combinations that the Company may enter into.
v3.22.0.1
Business Acquisition (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Summary of Final Allocation of Purchase Consideration As a result, the allocation of the provisional purchase price may change in the future, which could be material.
The preliminary purchase price allocation was as follows (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$12,148 
Inventory12,212 
Property, plant and equipment17,977 
Goodwill77,887 
Intangible assets105,300 
Operating lease assets15,142 
Other noncurrent assets695 
Current liabilities(8,875)
Operating lease liabilities(12,044)
Fair value of net assets acquired$220,442 
Schedule of Indefinite-Lived 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$73,800 20.09.5%
Technology15,200 15.09.5%
Tradenames16,300 20.09.5%
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2021
Definite-lived:
Purchased technology, tradenames and patents$285,659 $(164,371)$121,288 
Customer lists783,618 (187,412)596,206 
Other4,162 (4,134)28 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Business Acquisition, Pro Forma Information
The following unaudited pro forma information presents the consolidated results of operations of the Company and Oscor as if the acquisition occurred as of the beginning of fiscal year 2020 (in thousands):
 20212020
Sales$1,274,148 $1,128,137 
Income from continuing operations$91,844 $67,529 
v3.22.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
The following represents supplemental cash flow information for fiscal years 2021, 2020 and 2019 (in thousands):
 202120202019
Non-cash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$5,556 $3,597 $8,646 
Cash paid during the year for:
Interest24,740 33,933 44,784 
Income taxes19,649 18,477 30,034 
v3.22.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories comprise the following (in thousands):
December 31,
2021		December 31,
2020
Raw materials$70,956 $72,477 
Work-in-process74,152 58,806 
Finished goods10,591 18,040 
Total$155,699 $149,323 
v3.22.0.1
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
PP&E comprises the following (in thousands):
December 31, 2021December 31,
2020
Manufacturing machinery and equipment$352,391 $320,807 
Buildings and building improvements98,007 102,037 
Information technology hardware and software72,752 69,969 
Leasehold improvements85,931 77,382 
Furniture and fixtures17,099 16,250 
Land and land improvements13,980 11,598 
Construction work in process41,813 26,389 
Other1,431 1,238 
683,404 625,670 
Accumulated depreciation(406,305)(371,706)
Total$277,099 $253,964 
Schedule of Depreciation Expense
Depreciation expense for PP&E was as follows for fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Depreciation expense$39,772 $38,193 $37,819 
v3.22.0.1
Goodwill and Other Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in the carrying amount of goodwill by reportable segment during fiscal years 2021 and 2020 was as follows (in thousands):
MedicalNon-MedicalTotal
December 31, 2019$822,617 $17,000 $839,617 
Acquisition4,800 — 4,800 
Acquisition-related adjustments (Note 2)(85)— (85)
Foreign currency translation15,110 — 15,110 
December 31, 2020842,442 17,000 859,442 
Acquisition (Note 2)77,887 — 77,887 
Foreign currency translation(12,625)— (12,625)
December 31, 2021$907,704 $17,000 $924,704 
Schedule of Finite-Lived Intangible Assets
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2021
Definite-lived:
Purchased technology, tradenames and patents$285,659 $(164,371)$121,288 
Customer lists783,618 (187,412)596,206 
Other4,162 (4,134)28 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Indefinite-Lived Intangible Assets
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$73,800 20.09.5%
Technology15,200 15.09.5%
Tradenames16,300 20.09.5%
Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
December 31, 2021
Definite-lived:
Purchased technology, tradenames and patents$285,659 $(164,371)$121,288 
Customer lists783,618 (187,412)596,206 
Other4,162 (4,134)28 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2020
Definite-lived:
Purchased technology and patents$257,453 $(152,798)$104,655 
Customer lists723,791 (161,856)561,935 
Other4,142 (3,796)346 
Total amortizing intangible assets$985,386 $(318,450)$666,936 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
Aggregate intangible asset amortization expense comprises the following for fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Cost of sales$13,090 $12,860 $13,111 
SG&A28,507 28,271 26,965 
Total intangible asset amortization expense$41,597 $41,131 $40,076 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based upon the carrying value as of December 31, 2021 is as follows (in thousands):
20222023202420252026After 2026
Amortization expense$46,594 $48,490 $47,576 $45,946 $43,612 $485,304 
v3.22.0.1
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021December 31,
2020
Salaries and benefits$27,733 $24,512 
Profit sharing and bonuses18,325 19,204 
Contract liabilities3,776 2,498 
Product warranties509 163 
Accrued interest76 1,644 
Other6,514 8,822 
Total$56,933 $56,843 
v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt comprises the following (in thousands):
 December 31, 2021December 31,
2020
Senior secured term loan A $467,062 $229,687 
Senior secured term loan B 349,125 508,286 
Senior secured revolving credit facility19,300 — 
Unamortized discount on term loan B and deferred debt issuance costs(7,361)(6,715)
Total debt828,126 731,258 
Current portion of long-term debt(15,250)(37,500)
Total long-term debt$812,876 $693,758 
Schedule of Maturities of Long-term Debt for the next five years and thereafter, as of December 31, 2021, are as follows (in thousands):
20222023202420252026After 2026
Future minimum principal payments$15,250 $18,188 $29,938 $38,750 $401,739 $331,622 
Schedule of Deferred Financing Costs
The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility is as follows (in thousands):
December 31, 2020891 
Financing costs incurred2,762 
Write-off of deferred debt issuance costs(72)
Amortization during the period(542)
December 31, 2021$3,039 
The change in unamortized discount and deferred debt issuance costs related to the Term Loan Facilities is as follows (in thousands):
Deferred Debt Issuance CostsUnamortized Discount on TLB FacilityTotal
December 31, 20205,258 1,457 6,715 
Financing costs incurred5,236 1,750 6,986 
Write-off of deferred debt issuance costs and unamortized discount(2,677)(954)(3,631)
Amortization during the period(2,143)(566)(2,709)
December 31, 2021$5,674 $1,687 $7,361 
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The components and classification of stock-based compensation expense for fiscal years 2021, 2020 and 2019 were as follows (in thousands):
202120202019
Stock options$— $43 $410 
RSUs and PRSUs16,185 9,120 8,884 
Total stock-based compensation expense$16,185 $9,163 $9,294 
Cost of sales$3,365 $1,658 $1,011 
SG&A11,579 6,942 7,827 
RD&E969 563 269 
OOE272 — 187 
Total stock-based compensation expense$16,185 $9,163 $9,294 
Schedule of Share-based Compensation, Stock Options, Activity The following table summarizes stock option activity during the fiscal year ended December 31, 2021:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2020281,873 $36.05 
Exercised(34,233)21.72 
Outstanding at December 31, 2021247,640 $38.03 4.2$11.8 
Vested and exercisable at December 31, 2021247,640 $38.03 4.2$11.8 
Schedule Of Stock Option Exercise Information
The following table provides certain information relating to the exercise of stock options during fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Intrinsic value$2,370 $4,773 $7,998 
Cash received743 3,263 3,242 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSU activity during the fiscal year ended December 31, 2021:
Time-Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2020207,923 $75.38 
Granted208,624 81.98 
Vested(149,464)74.47 
Forfeited(18,952)79.84 
Nonvested at December 31, 2021248,131 $81.14 
The following table summarizes PRSU activity during the fiscal year ended December 31, 2021:
Performance-
Vested
Activity		Weighted
Average Grant Date
Fair Value
Nonvested at December 31, 2020219,391 $72.33 
Granted92,384 85.16 
Vested(38,882)37.75 
Forfeited(74,024)53.45 
Nonvested at December 31, 2021198,869 $92.07 
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:
 202120202019
Weighted average fair value$85.16 $107.27 $117.03 
Risk-free interest rate0.19 %1.29 %2.46 %
Expected volatility41 %30 %40 %
Expected life (in years)3.02.92.8
Expected dividend yield— %— %— %
v3.22.0.1
Other Operating Expenses (Tables)
 12 Months Ended
Dec. 31, 2021
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
The following tables summarize OOE by program in each of the preceding three years (in thousands):
202120202019
Operational excellence initiatives$3,893 $2,791 $— 
Strategic reorganization and alignment911 686 5,812 
Manufacturing alignment to support growth— 241 2,145 
Acquisition and integration costs (adjustments)2,544 (776)377 
Other general expenses508 4,679 3,817 
Total other operating expenses$7,856 $7,621 $12,151 
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes the change in accrued liabilities, presented within Accrued expenses and other current liabilities on the Consolidated Balance Sheets, related to the initiatives described above (in thousands):
Operational excellence initiatives
Strategic reorganization and alignment
Total
December 31, 2020$291 $— $291 
Charges incurred, net of reversals3,893 911 4,804 
Cash payments(3,886)(777)(4,663)
December 31, 2021$298 $134 $432 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income from continuing operations before taxes for fiscal years 2021, 2020 and 2019 consisted of the following (in thousands):
202120202019
U.S.$48,293 $35,337 $40,203 
International52,770 50,870 64,990 
Total income from continuing operations before taxes$101,063 $86,207 $105,193 
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes from continuing operations for fiscal years 2021, 2020 and 2019 comprises the following (in thousands):
202120202019
Current:
Federal$9,511 $7,784 $14,090 
State1,553 1,233 87 
International8,459 6,898 10,083 
19,523 15,915 24,260 
Deferred:
Federal(8,665)(4,648)(8,813)
State(393)(1,245)332 
International(2,422)(1,073)(1,804)
(11,480)(6,966)(10,285)
Total provision for income taxes$8,043 $8,949 $13,975 
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 2021, 2020 and 2019 due to the following:
202120202019
Statutory rate$21,223 21.0 %$18,103 21.0 %$22,091 21.0 %
Federal tax credits (including R&D)(11,929)(11.8)(7,009)(8.1)(4,797)(4.6)
Foreign rate differential(5,165)(5.1)(5,333)(6.2)(5,479)(5.2)
Stock-based compensation(1,084)(1.1)(1,459)(1.7)(2,422)(2.3)
Uncertain tax positions18 — 1,208 1.4 (920)(0.9)
State taxes, net of federal benefit1,183 1.2 553 0.6 1,106 1.1 
U.S. tax on foreign earnings, net of §250 deduction1,913 1.9 3,216 3.7 5,201 4.9 
Valuation allowance524 0.5 (345)(0.4)(1,606)(1.5)
Other1,360 1.4 15 0.1 801 0.8 
Effective tax rate$8,043 8.0 %$8,949 10.4 %$13,975 13.3 %
Schedule of Deferred Tax Assets and Liabilities
The net deferred tax liability consists of the following (in thousands):
December 31,
2021		December 31,
2020
Tax credit carryforwards$11,394 $13,449 
Inventories14,147 14,099 
Net operating loss carryforwards11,721 10,436 
Operating lease liabilities17,950 11,969 
Stock-based compensation3,724 3,276 
Accrued expenses9,348 8,058 
Gross deferred tax assets68,284 61,287 
Less valuation allowance(19,456)(20,739)
Net deferred tax assets48,828 40,548 
Property, plant and equipment(7,354)(5,824)
Intangible assets(186,150)(197,048)
Operating lease assets(17,974)(11,290)
Other(3,144)(4,292)
Gross deferred tax liabilities(214,622)(218,454)
Net deferred tax liability$(165,794)$(177,906)
Presented as follows:
Noncurrent deferred tax asset$5,711 $4,398 
Noncurrent deferred tax liability(171,505)(182,304)
Net deferred tax liability$(165,794)$(177,906)
Schedule of Operating Loss and Tax Credit Carryforwards
As of December 31, 2021, the Company has the following carryforwards available:
JurisdictionTax
Attribute		Amount
(in millions)		Begin to Expire
U.S. State
Net operating losses(1)
$120.7 2022
International
Net operating losses(1)
12.2 2022
U.S. FederalForeign tax credits6.7 2022
U.S. StateR&D tax credits1.4 2022
U.S. StateState tax credits4.9 2022
__________
(1)     Net operating losses (“NOLs”) are presented as pre-tax amounts.
Schedule of Income Tax Contingencies
Below is a summary of changes to the unrecognized tax benefit for fiscal years 2021, 2020 and 2019 (in thousands):
202120202019
Balance, beginning of year$5,484 $4,446 $5,369 
Additions based upon tax positions related to the current year3,324 300 300 
Additions (reductions) related to prior period tax returns(3,271)738 (1,223)
Balance, end of year$5,537 $5,484 $4,446 
v3.22.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability The change in product warranty liability for fiscal years 2021 and 2020 comprises the following (in thousands):
20212020
Beginning balance$163 $1,933 
Additions to warranty reserve, net of reversals(15)(156)
Adjustments to pre-existing warranties (71)(119)
Warranty claims settled— (1,495)
Acquisitions$432 — 
Ending balance$509 $163 
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Lease Term, Discount Rate, Lease Costs and Supplemental Cash Flow Information
The components and classification of lease cost are as follows (in thousands):
December 31,
2021		December 31,
2020
Finance lease cost:
Amortization of lease assets$223 $7 
Interest on lease liabilities59 1 
Finance lease cost282 8 
Operating lease cost10,729 10,425 
Short-term lease cost (leases with initial term of 12 months or less)137 86 
Variable lease cost2,619 2,615 
Sublease income(1,392)(1,495)
Total lease cost$12,375 $11,639 
Cost of sales$9,642 $9,141 
SG&A1,817 1,803 
RD&E857 694 
Interest expense$59 $1 
Total lease cost$12,375 $11,639 
The following table presents the weighted average remaining lease term and discount rate.
December 31,
2021		December 31,
2020
Weighted-average remaining lease term - operating leases (in years)7.07.0
Weighted-average remaining lease term - finance leases (in years)12.23.8
Weighted-average discount rate - operating leases3.9 %5.3 %
Weighted-average discount rate - finance leases3.5 %2.2 %

Supplemental cash flow information related to leases for fiscal years 2021 and 2020 is as follows (in thousands):
20212020
Cash paid for operating leases$10,808 $10,385 
Cash paid for interest on finance leases59 1 
Assets acquired under operating leases32,466 9,059 
Assets acquired under finance leases8,154 127 
Schedule of Operating Lease Liability Maturities (Topic 842)
At December 31, 2021, the maturities of operating and finance lease liabilities were as follows (in thousands):
Operating Leases Finance Leases
2022$12,423 $876 
202311,317 888 
202410,809 896 
202510,634 787 
20269,856 640 
Thereafter25,652 5,807 
Gross lease liabilities80,691 9,894 
Less: imputed interest(11,062)(1,836)
Present value of lease liabilities69,629 8,058 
Less: current portion of lease liabilities(9,862)(608)
Total long-term lease liabilities$59,767 $7,450 
v3.22.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
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 fiscal years 2021, 2020 and 2019 (in thousands, except per share amounts):
202120202019
Numerator for basic and diluted EPS:
Income from continuing operations$93,020 $77,258 $91,218 
Income from discontinued operations3,788 — 5,118 
Net income$96,808 $77,258 $96,336 
Denominator for basic EPS:
Weighted average shares outstanding32,993 32,845 32,627 
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units265 268 410 
Denominator for diluted EPS33,258 33,113 33,037 
Basic earnings per share:
Income from continuing operations$2.82 $2.35 $2.80 
Income from discontinued operations0.11 — 0.16 
Basic earnings per share2.93 2.35 2.95 
Diluted earnings per share:
Income from continuing operations$2.80 $2.33 $2.76 
Income from discontinued operations0.11 — 0.15 
Diluted earnings per share2.91 2.33 2.92 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The diluted weighted average share calculations do not include the following securities for fiscal years 2021, 2020 and 2019, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
202120202019
Time-vested stock options, restricted stock and restricted stock units4 98 30 
Performance-vested restricted stock units92 89 47 
v3.22.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Changes in Number of Shares of Common Stock
The following table sets forth the changes in the number of shares of common stock for fiscal years 2021 and 2020:
IssuedTreasury StockOutstanding
Shares outstanding at December 31, 201932,847,017 (146,546)32,700,471 
Stock options exercised27,544 74,596 102,140 
Vesting of RSUs, net of shares withheld to cover taxes33,617 71,950 105,567 
Shares outstanding at December 31, 202032,908,178 — 32,908,178 
Stock options exercised34,233 — 34,233 
Vesting of RSUs, net of shares withheld to cover taxes120,925 — 120,925 
Shares outstanding at December 31, 202133,063,336 — 33,063,336 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income comprises the following (in thousands): 
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
December 31, 2019$(912)$(2,358)$22,639 $19,369 $619 $19,988 
Unrealized loss on cash flow hedges— (6,683)— (6,683)1,404 (5,279)
Realized loss on foreign currency hedges— 638 — 638 (134)504 
Realized loss on interest rate swap hedges— 3,447 — 3,447 (724)2,723 
Net defined benefit plan adjustments(183)— — (183)32 (151)
Foreign currency translation gain— — 34,907 34,907 — 34,907 
December 31, 2020$(1,095)$(4,956)$57,546 $51,495 $1,197 $52,692 
Unrealized gain on cash flow hedges— 91 — 91 (19)72 
Realized gain on foreign currency hedges— (832)— (832)175 (657)
Realized loss on interest rate swap hedges— 3,406 — 3,406 (716)2,690 
Net defined benefit plan adjustments205 — — 205 14 219 
Foreign currency translation loss— — (27,826)(27,826)— (27,826)
December 31, 2021$(890)$(2,291)$29,720 $26,539 $651 $27,190 
v3.22.0.1
Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2021
Assets: Foreign currency hedging contracts$687 $— $687 $— 
Liabilities: Interest rate swap2,978 — 2,978 — 
Liabilities: Contingent consideration2,415 — — 2,415 
December 31, 2020
Assets: Foreign currency hedging contracts$2,070 $— $2,070 $— 
Liabilities: Interest rate swaps7,026 — 7,026 — 
Liabilities: Contingent consideration3,900 — — 3,900 
Information regarding the Company’s outstanding interest rate swap designated as a cash flow hedge as of December 31, 2021 is as follows (dollars in thousands):
Notional AmountStart DateEnd
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$150,000 Jun 2020Jun 20232.1785 %0.1013 %$(2,978)Other long-term liabilities
(17.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Information regarding the Company’s outstanding interest rate swaps designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountMaturity
Date		Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$200,000 Jun 20232.1785 %0.1480 %$(7,026)Other long-term liabilities
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2021 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$22,201 Dec 20220.0463MXN Peso$408 Prepaid expenses and other current assets
17,017 Dec 20221.1344Euro130 Prepaid expenses and other current assets
9,020 Dec 20220.0220UYU Peso149 Prepaid expenses and other current assets
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Notional AmountMaturity
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$16,132 Sep 20211.1949Euro$399 Prepaid expenses and other current assets
10,224 Sep 20210.0454MXN Peso922 Prepaid expenses and other current assets
2,656 Mar 20210.0443MXN Peso341 Prepaid expenses and other current assets
7,269 Dec 20210.0485MXN Peso77 Prepaid expenses and other current assets
3,252 Aug 20210.0232UYU Peso165 Prepaid expenses and other current assets
3,966 Nov 20210.0227UYU Peso166 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 other comprehensive income (“OCI”), AOCI and the Company’s Consolidated Statement of Operations for fiscal years 2021, 2020 and 2019 (in thousands):
Gain (Loss) Recognized in OCIGain (Loss) Reclassified from AOCI
Derivative202120202019Location in Statement of Operations 202120202019
Interest rate swaps$642 $(7,405)$(5,618)Interest expense$(3,406)$(3,447)$1,621 
Foreign exchange contracts(943)1,017 (1,044)Sales(674)618 (1,334)
Foreign exchange contracts399 (355)2,634 Cost of sales1,437 (1,177)1,482 
Foreign exchange contracts(7)60 — Operating expenses69 (79)— 
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 2021 and 2020 (in thousands):
December 31, 2019$4,200 
Amount recorded for current year acquisitions
2,700 
Fair value measurement adjustment(2,000)
Payments
(1,000)
December 31, 20203,900 
Fair value measurement adjustment133 
Payments
(1,621)
Foreign currency translation3 
December 31, 2021$2,415 
Schedule of Contingent Consideration Measurement Inputs
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
December 31, 2021
Contingency TypeRemaining Maximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$6,750 $2,415 Monte CarloRevenue volatility29.0 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
(17.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
December 31, 2020
Contingency TypeRemaining Maximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments$9,000 $3,900 Monte CarloRevenue volatility35.0 %
Discount rate4.0 %
Projected year(s) of payment2021-2024
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
December 31,
2021		December 31,
2020
Equity method investment$16,192 $21,470 
Non-marketable equity securities5,637 5,723 
Total equity investments
$21,829 $27,193 
The components of (Gain) loss on equity investments, net for each period were as follows (in thousands):
202120202019
Equity method investment (income) loss$3,057 $(5,706)$(1,100)
Impairment charges86 369 1,575 
Total (gain) loss on equity investments, net
$3,143 $(5,337)$475 
v3.22.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of Segment Sales by Product Line
The following table presents sales by product line for fiscal years 2021, 2020 and 2019 (in thousands).
202120202019
Segment sales by product line:
Medical
Cardio & Vascular $626,013 $569,948 $610,056 
Cardiac & Neuromodulation446,569 346,242 457,194 
Advanced Surgical, Orthopedics & Portable Medical110,044 121,788 132,429 
Total Medical1,182,626 1,037,978 1,199,679 
Non-Medical38,453 35,464 58,415 
Total sales$1,221,079 $1,073,442 $1,258,094 
Schedule of Sales by Geographic Area
The following table presents sales by significant country for fiscal years 2021, 2020 and 2019. In these tables, sales are allocated based on where the products are shipped (in thousands).
202120202019
Sales by geographic area:
United States$671,502 $596,804 $698,474 
Non-Domestic locations:
Puerto Rico110,162 96,048 154,644 
Costa Rica66,975 58,853 63,634 
Rest of world372,440 321,737 341,342 
Total sales$1,221,079 $1,073,442 $1,258,094 
The following table presents revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped for fiscal years 2021 and 2020.
20212020
Ship to LocationMedicalNon-MedicalMedicalNon-Medical
United States54%71%55%60%
Rest of world46%29%45%40%
Schedule of Revenue by Major Customers by Reporting Segments
The following table presents revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues for fiscal years 2021 and 2020.
20212020
CustomerMedicalNon-MedicalMedicalNon-Medical
Customer A19%*19%*
Customer B17%*17%*
Customer C14%*15%*
Customer D*36%*22%
Customer E***10%
All other customers50%64%49%68%
__________
* Less than 10% of segment’s total revenues for the period.
Schedule of Segment Income (Loss) from Operations
The following table presents income from continuing operations for the Company’s reportable segments for fiscal years 2021, 2020 and 2019 (in thousands).
202120202019
Segment income from continuing operations:
Medical$213,600 $169,396 $223,873 
Non-Medical8,022 4,848 16,289 
Total segment income from continuing operations221,622 174,244 240,162 
Unallocated operating expenses(85,911)(53,632)(82,527)
Operating income135,711 120,612 157,635 
Unallocated expenses, net(34,648)(34,405)(52,442)
Income from continuing operations before taxes$101,063 $86,207 $105,193 
Schedule of Segment Depreciation and Amortization
The following table presents depreciation and amortization expense for the Company’s reportable segments for fiscal years 2021, 2020 and 2019 (in thousands).
 202120202019
Segment depreciation and amortization:
Medical$75,366 $72,338 $68,867 
Non-Medical1,167 996 1,039 
Total depreciation and amortization included in segment
   income from continuing operations
76,533 73,334 69,906 
Unallocated depreciation and amortization4,836 5,990 7,989 
Total depreciation and amortization$81,369 $79,324 $77,895 
Schedule of Long-Lived Tangible Assets and Identifiable Assets by Geographic Area
The following table presents total assets for the Company’s reportable segments as of December 31, 2021 and December 31, 2020 (in thousands).
December 31,
2021		December 31,
2020
Identifiable assets:
Medical$2,448,123 $2,212,489 
Non-Medical 56,158 52,682 
Total reportable segments2,504,281 2,265,171 
Unallocated assets77,934 106,686 
Total assets$2,582,215 $2,371,857 
The following table presents PP&E by geographic area as of December 31, 2021 and December 31, 2020. In these tables, PP&E is aggregated based on the physical location of the tangible long-lived assets (in thousands).
December 31,
2021		December 31,
2020
Long-lived tangible assets by geographic area:
United States$184,474 $170,871 
Mexico33,877 32,723 
Ireland41,501 38,526 
Rest of world17,247 11,844 
Total$277,099 $253,964 
Schedule of Expenditures for Tangible Long-Lived Assets, Excluding Acquisitions
The following table presents capital expenditures for the Company’s reportable segments for fiscal years 2021, 2020 and 2019 (in thousands).
 202120202019
Expenditures for tangible long-lived assets:
Medical$48,364 $42,435 $44,026 
Non-Medical628 1,038 397 
Total reportable segments48,992 43,473 44,423 
Unallocated long-lived tangible assets4,471 3,359 3,775 
Total expenditures$53,463 $46,832 $48,198 
v3.22.0.1
Revenue From Contracts With Customers (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Schedules of Concentration of Risk by Reveune and Accounts Receivable
A significant portion of the Company’s sales for fiscal years 2021, 2020 and 2019 and accounts receivable at December 31, 2021 and December 31, 2020 were to three customers as follows:
 SalesAccounts Receivable
202120202019December 31,
2021		December 31,
2020
Customer A18%18%21%15%15%
Customer B16%16%17%19%19%
Customer C13%14%12%10%13%
47%48%50%44%47%
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,
2021		December 31,
2020
Contract assets$64,743 $40,218 
Contract liabilities3,776 2,498 
v3.22.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
Income from discontinued operations for fiscal years 2021, 2020 and 2019 was as follows (in thousands):
202120202019
Gain on sale of discontinued operations$— $— $(4,974)
Other income, net(4,931)— (322)
Income from discontinued operations before taxes4,931 — 5,296 
Provision for income taxes1,143 — 178 
Income from discontinued operations$3,788 $— $5,118 
Cash flow information from discontinued operations for fiscal years 2021, 2020 and 2019 was as follows (in thousands):
202120202019
Cash used in operating activities$— $— $(78)
Cash provided by investing activities— — 4,734 
v3.22.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
segment
customer
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Schedule of Assets Useful Life [Line Items]        
Number of reportable segments | segment   2    
Number of customers | customer   3    
Outstanding receivables previously reserved, written off     $ 2.3  
Sale of accounts receivable   $ 116.1 73.3  
Costs incurred from sale of accounts receivable   $ 0.0 0.0  
Increase in inventory valuation reserves $ 19.0      
Description of payment terms   Standard payment terms range from 30 to 90 days and may include a discount for early payment.    
Net foreign currency transaction gains (losses)   $ 0.1 $ (1.6) $ (0.1)
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        
Schedule of Assets Useful Life [Line Items]        
Intangible asset, useful life   1 year    
Maximum | Restricted Stock And Unit Awards        
Schedule of Assets Useful Life [Line Items]        
Award vesting period   4 years    
Maximum | Performance Based Restricted Stock And Restricted Stock Units        
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        
Schedule of Assets Useful Life [Line Items]        
Intangible asset, useful life   20 years    
Buildings and building improvements | Minimum        
Schedule of Assets Useful Life [Line Items]        
Property, plant and equipment, useful life   12 years    
Buildings and building improvements | Maximum        
Schedule of Assets Useful Life [Line Items]        
Property, plant and equipment, useful life   30 years    
Manufacturing machinery and equipment | Minimum        
Schedule of Assets Useful Life [Line Items]        
Property, plant and equipment, useful life   3 years    
Manufacturing machinery and equipment | Maximum        
Schedule of Assets Useful Life [Line Items]        
Property, plant and equipment, useful life   10 years    
Office Equipment | Minimum        
Schedule of Assets Useful Life [Line Items]        
Property, plant and equipment, useful life   3 years    
Office Equipment | Maximum        
Schedule of Assets Useful Life [Line Items]        
Property, plant and equipment, useful life   10 years    
v3.22.0.1
Business Acquisition (Acquisition of Assets from Oscor Inc Narrative) (Details)
$ in Millions
 1 Months Ended
Dec. 01, 2021
USD ($)
Dec. 31, 2021
USD ($)
$ / €
Measurement Input, Annual Attrition Rate | Customer lists | Valuation, Income Approach    
Asset Acquisition, Contingent Consideration [Line Items]    
Measurement input | $ / €   0.05
Measurement Input, Royalty Rate | Technology | Valuation, Income Approach | Maximum    
Asset Acquisition, Contingent Consideration [Line Items]    
Measurement input | $ / €   0.040
Measurement Input, Royalty Rate | Technology | Valuation, Income Approach | Minimum    
Asset Acquisition, Contingent Consideration [Line Items]    
Measurement input | $ / €   0.045
Measurement Input, Royalty Rate | Tradenames | Valuation, Income Approach    
Asset Acquisition, Contingent Consideration [Line Items]    
Measurement input | $ / €   0.020
Oscor Inc    
Asset Acquisition, Contingent Consideration [Line Items]    
Percentage of business acquired 100.00%  
Consideration transferred | $ $ 220.4  
Cash acquired from acquisition | $ $ 2.6  
Inventory adjustments | $   $ 1.0
Oscor Inc | Office And Manufacturing Facilities    
Asset Acquisition, Contingent Consideration [Line Items]    
Lease ROU asset, adjustment | $   $ 3.1
v3.22.0.1
Business Acquisition (Allocation Of The Provisional Purchase Price ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 01, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair value of net assets acquired        
Goodwill $ 924,704   $ 859,442 $ 839,617
Oscor Inc        
Fair value of net assets acquired        
Current assets (excluding inventory)   $ 12,148    
Inventory   12,212    
Property, plant and equipment   17,977    
Goodwill   77,887    
Intangible assets   105,300    
Operating lease assets   15,142    
Other noncurrent assets   695    
Current liabilities   (8,875)    
Operating lease liabilities   (12,044)    
Fair value of net assets acquired   $ 220,442    
v3.22.0.1
Business Acquisition (Acquisition of Assets from InoMec Ltd Narrative) (Details) - USD ($)
$ in Thousands
Feb. 19, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill acquired   $ 924,704 $ 859,442 $ 839,617
InoMec Ltd        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Consideration transferred $ 7,000      
Cash paid 5,300      
Contingent consideration 1,700      
Revenue-based payments 3,500 $ 6,750 $ 9,000  
Intangible assets 2,000      
Goodwill acquired 4,800      
Property, plant and equipment 300      
Other noncurrent assets $ 100      
Weighted Average Amortization Period (Years) 5 years 10 months 24 days      
v3.22.0.1
Business Acquisition (Acquisition of Assets from US BioDesign LLC Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 01, 2021
Feb. 19, 2020
Oct. 07, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Goodwill acquired       $ 924,704 $ 859,442 $ 839,617
Acquisition-related adjustments (Note 2)         85  
Sales       1,221,079 1,073,442 1,258,094
Acquisition related costs       2,000 900 400
US BioDesign LLC            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Consideration transferred     $ 19,100      
Cash paid     14,900      
Fair value of contingent consideration     4,200      
Revenue-based payments     5,500      
Goodwill acquired     10,400      
Property, plant and equipment     700      
Other noncurrent assets     600      
Acquisition-related adjustments (Note 2)         100  
Sales       4,800 4,500  
US BioDesign LLC | Technology            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Acquired finite lived intangible assets     $ 7,400      
Intangible asset, useful life     8 years      
Oscor Inc            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Consideration transferred $ 220,400          
Sales       4,700    
Acquisition related costs       2,400    
InoMec Ltd            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Consideration transferred   $ 7,000        
Cash paid   5,300        
Revenue-based payments   3,500   6,750 9,000  
Goodwill acquired   4,800        
Property, plant and equipment   300        
Other noncurrent assets   $ 100        
Sales       $ 3,500 3,400  
Acquisition related costs         $ 1,200  
US BioDesign LLC            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Sales           $ 800
v3.22.0.1
Business Acquisition (Indefinite-Lived Intangible Assets) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Customer lists  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 73.8
Weighted Average Amortization Period (Years) 20 years
Weighted Average Discount Rate 9.50%
Technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 15.2
Weighted Average Amortization Period (Years) 15 years
Weighted Average Discount Rate 9.50%
Tradenames  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 16.3
Weighted Average Amortization Period (Years) 20 years
Weighted Average Discount Rate 9.50%
v3.22.0.1
Business Acquisition ( Pro Forma Information) (Details) - Oscor Inc - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]    
Sales $ 1,274,148 $ 1,128,137
Income from continuing operations 91,844 67,529
Business Combination, Separately Recognized Transactions [Line Items]    
Sales 1,274,148 1,128,137
Income from continuing operations $ 91,844 $ 67,529
v3.22.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-cash investing and financing activities:      
Property, plant and equipment purchases included in accounts payable $ 5,556 $ 3,597 $ 8,646
Cash paid during the year for:      
Interest 24,740 33,933 44,784
Income taxes $ 19,649 $ 18,477 $ 30,034
v3.22.0.1
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Raw materials $ 70,956 $ 72,477
Work-in-process 74,152 58,806
Finished goods 10,591 18,040
Total $ 155,699 $ 149,323
v3.22.0.1
Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 683,404 $ 625,670
Accumulated depreciation (406,305) (371,706)
Total 277,099 253,964
Manufacturing machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 352,391 320,807
Buildings and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 98,007 102,037
Information technology hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 72,752 69,969
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 85,931 77,382
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 17,099 16,250
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 13,980 11,598
Construction work in process    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 41,813 26,389
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,431 $ 1,238
v3.22.0.1
Property, Plant and Equipment, Net (Depreciation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 39,772 $ 38,193 $ 37,819
v3.22.0.1
Goodwill and Other Intangible Assets, Nets (Schedule of Goodwill) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Roll Forward]    
Beginning balance $ 859,442,000 $ 839,617,000
Acquisition 77,887,000 4,800,000
Acquisition-related adjustments (Note 2)   (85,000)
Foreign currency translation (12,625,000) 15,110,000
Ending balance 924,704,000 859,442,000
Medical    
Goodwill [Roll Forward]    
Beginning balance 842,442,000 822,617,000
Acquisition 77,887,000 4,800,000
Acquisition-related adjustments (Note 2)   (85,000)
Foreign currency translation (12,625,000) 15,110,000
Ending balance 907,704,000 842,442,000
Accumulated impairment loss 0  
Non-Medical    
Goodwill [Roll Forward]    
Beginning balance 17,000,000 17,000,000
Acquisition 0 0
Acquisition-related adjustments (Note 2)   0
Foreign currency translation 0 0
Ending balance 17,000,000 $ 17,000,000
Accumulated impairment loss $ 0  
v3.22.0.1
Goodwill and Other Intangible Assets, Net (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,073,439 $ 985,386
Accumulated Amortization (355,917) (318,450)
Net Carrying Amount 717,522 666,936
Trademarks and tradenames    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) 90,288 90,288
Purchased technology, tradenames and patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 285,659 257,453
Accumulated Amortization (164,371) (152,798)
Net Carrying Amount 121,288 104,655
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 783,618 723,791
Accumulated Amortization (187,412) (161,856)
Net Carrying Amount 596,206 561,935
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,162 4,142
Accumulated Amortization (4,134) (3,796)
Net Carrying Amount $ 28 $ 346
v3.22.0.1
Goodwill and Other Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Payments to acquire intangible asset $ 0 $ 4,607 $ 0
License | Non-Medical | Similar Identifiable Assets Relating To A License To Use Technology      
Finite-Lived Intangible Assets [Line Items]      
Payments to acquire intangible asset   4,500  
Asset acquisition contingent consideration liability paid   1,000  
Asset acquisition transaction costs capitalized   100  
Fair Value Assigned   $ 4,600  
Intangible asset, useful life   11 years  
Trademarks and tradenames      
Finite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets (excluding goodwill) 90,288 $ 90,288  
Lake Region Medical | Trademarks and tradenames      
Finite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets (excluding goodwill) $ 70,000 $ 20,300  
v3.22.0.1
Goodwill and Other Intangible Assets, Net (Amortization Expense by categories) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 41,597 $ 41,131 $ 40,076
Cost of sales      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense 13,090 12,860 13,111
SG&A      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 28,507 $ 28,271 $ 26,965
v3.22.0.1
Goodwill and Other Intangible Assets, Net (Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2022 $ 46,594
2023 48,490
2024 47,576
2025 45,946
2026 43,612
After 2026 $ 485,304
v3.22.0.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts Payable and Accrued Liabilities [Abstract]      
Salaries and benefits $ 27,733 $ 24,512  
Profit sharing and bonuses 18,325 19,204  
Contract liabilities 3,776 2,498  
Product warranties 509 163 $ 1,933
Accrued interest 76 1,644  
Other 6,514 8,822  
Total $ 56,933 $ 56,843  
v3.22.0.1
Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Sep. 02, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Unamortized discount on term loan B and deferred debt issuance costs $ (7,361)   $ (6,715)
Total debt 828,126   731,258
Current portion of long-term debt (15,250)   (37,500)
Long-term debt 812,876   693,758
Loans Payable | Secured Debt | Senior secured term loan A      
Debt Instrument [Line Items]      
Long-term debt, gross 467,062   229,687
Total debt   $ 210,900  
Loans Payable | Secured Debt | Senior secured term loan B      
Debt Instrument [Line Items]      
Long-term debt, gross 349,125   508,286
Total debt   $ 462,300  
Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Long-term debt, gross 19,300   $ 0
Unamortized discount on term loan B and deferred debt issuance costs $ (1,200)    
v3.22.0.1
Debt (Senior Secured Credit Facilities) (Details) - USD ($)
 12 Months Ended
Sep. 02, 2021
Dec. 31, 2021
Sep. 01, 2021
Dec. 31, 2020
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity $ 1,000,000,000      
Long-term Debt   $ 828,126,000   $ 731,258,000
Secured Debt | Senior secured term loan A        
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity $ 250,000,000      
Debt instrument term 5 years      
Weighted average interest rate   1.35%    
Secured Debt | Senior secured term loan B        
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity $ 350,000,000      
Debt instrument term 7 years      
Discount percent 0.50%      
Weighted average interest rate   3.00%    
Secured Debt | Loans Payable | Senior secured term loan A        
Debt Instrument [Line Items]        
Debt instrument increase   $ 220,000,000    
Weighted average interest rate   2.04%    
Long-term Debt $ 210,900,000      
Secured Debt | Loans Payable | Senior secured term loan B        
Debt Instrument [Line Items]        
Discount percent 1.00%      
Long-term Debt $ 462,300,000      
Revolving Credit Facility        
Debt Instrument [Line Items]        
Weighted average interest rate   1.35%    
Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity $ 400,000,000   $ 1,600,000,000  
Debt instrument term 5 years      
Outstanding amount   $ 19,300,000    
v3.22.0.1
Debt (Revolving Credit Facility) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Sep. 02, 2021
Sep. 01, 2021
Jul. 13, 2020
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity   $ 1,000,000,000    
Secured Debt | Swingline Loans | New Revolving Credit Facility 2015        
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity       $ 40,000,000
Revolving Credit Facility        
Debt Instrument [Line Items]        
Weighted average interest rate 1.35%      
Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity   400,000,000 $ 1,600,000,000  
Remaining borrowing capacity $ 375,000,000      
Outstanding amount $ 19,300,000      
Unused capacity commitment fee 0.15%      
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%      
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate One - Month (LIBOR) | Minimum        
Debt Instrument [Line Items]        
Spread on variable rate 1.25%      
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate One - Month (LIBOR) | Maximum        
Debt Instrument [Line Items]        
Spread on variable rate 2.25%      
Revolving Credit Facility | Line of Credit | New Revolving Credit Facility 2015        
Debt Instrument [Line Items]        
Credit facility maximum borrowing capacity   $ 200,000,000    
Revolving Credit Facility | Line of Credit | Senior secured term loan A | London Interbank Offered Rate One - Month (LIBOR)        
Debt Instrument [Line Items]        
Spread on variable rate 1.00%      
Revolving Credit Facility | Line of Credit | Senior secured term loan A | Base Rate | Minimum        
Debt Instrument [Line Items]        
Spread on variable rate 0.25%      
Revolving Credit Facility | Line of Credit | Senior secured term loan A | Base Rate | Maximum        
Debt Instrument [Line Items]        
Spread on variable rate 1.25%      
Revolving Credit Facility | Line of Credit | Senior secured term loan A | Fed Funds Effective Rate Overnight Index Swap Rate        
Debt Instrument [Line Items]        
Spread on variable rate 0.50%      
Standby Letters of Credit        
Debt Instrument [Line Items]        
Outstanding standby letters of credit $ 5,700,000      
v3.22.0.1
Debt (Term Loan Facilities) (Details) - Secured Debt
 12 Months Ended
Dec. 31, 2021
Senior secured term loan B  
Debt Instrument [Line Items]  
Weighted average interest rate 3.00%
Senior secured term loan B | London Interbank Offered Rate (LIBOR)  
Debt Instrument [Line Items]  
Spread on variable rate 2.50%
Interest rate floor 0.50%
Senior secured term loan B | Base Rate  
Debt Instrument [Line Items]  
Spread on variable rate 1.50%
Senior secured term loan A  
Debt Instrument [Line Items]  
Weighted average interest rate 1.35%
v3.22.0.1
Debt (Covenants) (Details) - Revolving Credit Facility - Secured Debt
 12 Months Ended
Dec. 31, 2021
$ / €
Senior secured term loan A  
Debt Instrument [Line Items]  
Net leverage ratio incremental increase option 5.50
ITGRTerm Loan A T L A Facility  
Debt Instrument [Line Items]  
Net leverage ratio incremental increase option 5.00
Interest expense ratio 2.50
v3.22.0.1
Debt (Long-term Debt Maturity Schedule) (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Debt Disclosure [Abstract]  
2022 $ 15,250
2023 18,188
2024 29,938
2025 38,750
2026 401,739
After 2026 $ 331,622
v3.22.0.1
Debt (Deferred Financing Fees) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Deferred Finance Costs [Roll Forward]      
Total, Beginning Balance $ 6,715    
Total, Amortization during the period (6,954) $ (4,774) $ (7,772)
Total, Ending Balance 7,361 6,715  
Revolving Credit Facility      
Deferred Finance Costs [Roll Forward]      
Debt issuance costs, Beginning Balance 891    
Financing costs incurred 2,762    
Write-off of debt issuance costs and unamortized discount (72)    
Amortization during the period (542)    
Debt issuance costs, Ending Balance 3,039 891  
Term Loan And Senior Notes      
Deferred Finance Costs [Roll Forward]      
Debt issuance costs, Beginning Balance 5,258    
Financing costs incurred 5,236    
Write-off of debt issuance costs and unamortized discount (2,677)    
Amortization during the period (2,143)    
Debt issuance costs, Ending Balance 5,674 5,258  
Total, Beginning Balance 6,715    
Total, Financing costs incurred 6,986    
Total, Write-off during the period (3,631)    
Total, Amortization during the period (2,709)    
Total, Ending Balance 7,361 6,715  
Senior secured term loan B      
Deferred Finance Costs [Roll Forward]      
Unamortized discount on TLB Facility, Beginning Balance 1,457    
Unamortized discount on TLB Facility, Financing costs incurred 1,750    
Unamortized discount on TLB Facility, Write-off during the period (954)    
Unamortized discount on TLB Facility, Amortization during the period (566)    
Unamortized discount on TLB Facility, Ending Balance $ 1,687 $ 1,457  
v3.22.0.1
Debt (Deferred Debt Issuance Costs and Discounts) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ 7,361 $ 6,715
Other Assets | Revolving Credit Facility    
Debt Instrument [Line Items]    
Debt issuance costs 2,800  
Loans Payable    
Debt Instrument [Line Items]    
Debt issuance costs 8,800  
Loans Payable | Long-term Debt    
Debt Instrument [Line Items]    
Debt issuance costs 7,000  
Secured Debt | Senior secured term loan B    
Debt Instrument [Line Items]    
Original issue discount 1,800  
Write off of debt issuance cost 300  
Secured Debt | Senior secured term loan A    
Debt Instrument [Line Items]    
Debt issuance costs 1,000  
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Unamortized debt issuance costs 1,200  
Write off of debt issuance cost $ 3,300  
v3.22.0.1
Benefit Plans (Savings Plan Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Contribution And Benefit Plan Disclosure [Line Items]      
Net costs recognized $ 7,900,000 $ 5,000,000 $ 7,200,000
Maximum      
Defined Contribution And Benefit Plan Disclosure [Line Items]      
Employer matching contribution, per dollar $ 0.50    
Employer matching contribution, percentage of employees' gross pay 6.00%    
v3.22.0.1
Benefit Plans (Defined Benefit Plans Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Aggregated projected benefit obligation $ 3.9 $ 3.7  
Net periodic pension cost 0.5 $ 0.4 $ 0.3
Expected future benefit payments first five years 1.0    
Expected future benefit payments next five years $ 1.8    
v3.22.0.1
Stock-Based Compensation (Narratives) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
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) 1,636,980    
Restricted Stock and Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense tax benefit $ 1.1 $ 1.5 $ 2.8
Total unrecognized compensation cost $ 13.9    
Period for recognition 1 year 7 months 6 days    
Fair value of shares vested $ 12.9 $ 9.9 $ 2.4
Granted (in dollars per share) $ 81.98 $ 83.94 $ 82.31
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grants in period (in shares) 0 0  
Closing stock price (in dollars per share) $ 85.59    
Performance Based Restricted Stock And Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total unrecognized compensation cost $ 6.0    
Period for recognition 1 year 10 months 24 days    
Fair value of shares vested $ 3.1 $ 2.9 $ 6.7
Granted (in dollars per share) $ 85.16 $ 95.06 $ 101.17
Performance period (over) 3 years    
Illiquidity discount percent 8.19% 8.00%  
v3.22.0.1
Stock-Based Compensation (Components of Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 16,185 $ 9,163 $ 9,294
Cost of sales      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 3,365 1,658 1,011
SG&A      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 11,579 6,942 7,827
RD&E      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 969 563 269
OOE      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 272 0 187
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 0 43 410
RSUs and PRSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 16,185 $ 9,120 $ 8,884
v3.22.0.1
Stock-Based Compensation (Weighted-Average Fair Value and Assumptions) (Details) - Performance Based Restricted Stock And Restricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value(in dollars per share) $ 85.16 $ 107.27 $ 117.03
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]      
Risk-free interest rate 0.19% 1.29% 2.46%
Expected volatility 41.00% 30.00% 40.00%
Expected life (in years) 3 years 2 years 10 months 24 days 2 years 9 months 18 days
Expected dividend yield 0.00% 0.00% 0.00%
v3.22.0.1
Stock-Based Compensation (Stock Option Activity) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
$ / shares
shares
Number of Stock Options  
Beginning balance (in shares) | shares 281,873
Exercised (in shares) | shares (34,233)
Ending balance (in shares) | shares 247,640
Vested and exercisable (in shares) | shares 247,640
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 36.05
Exercised (in dollars per share) | $ / shares 21.72
Ending balance (in dollars per share) | $ / shares 38.03
Vested and exercisable (in dollars per share) | $ / shares $ 38.03
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value  
Outstanding, weighted average remaining contractual term 4 years 2 months 12 days
Vested and exercisable , weighted average remaining contractual term 4 years 2 months 12 days
Outstanding, aggregate intrinsic value | $ $ 11.8
Vested and exercisable , aggregate intrinsic value | $ $ 11.8
v3.22.0.1
Stock-Based Compensation (Exercise of Stock Option) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]      
Intrinsic value $ 2,370 $ 4,773 $ 7,998
Cash received $ 743 $ 3,263 $ 3,242
v3.22.0.1
Stock-Based Compensation (Restricted Stock and Restricted Stock Units) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Performance Based Restricted Stock And Restricted Stock Units      
Weighted Average Grant Date Fair Value      
Granted (in dollars per share) $ 85.16 $ 95.06 $ 101.17
Restricted Stock And Restricted Stock Units Time Based      
Time-Vested and Performance-Vested Restricted Stock Units and Awards      
Beginning balance (in shares) 207,923    
Granted (in shares) 208,624    
Vested (in shares) (149,464)    
Forfeited (in shares) (18,952)    
Ending balance (in shares) 248,131 207,923  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 75.38    
Granted (in dollars per share) 81.98    
Vested (in dollars per share) 74.47    
Forfeited (in dollars per share) 79.84    
Ending balance (in dollars per share) $ 81.14 $ 75.38  
Performance Based Restricted Stock And Restricted Stock Units      
Time-Vested and Performance-Vested Restricted Stock Units and Awards      
Beginning balance (in shares) 219,391    
Granted (in shares) 92,384    
Vested (in shares) (38,882)    
Forfeited (in shares) (74,024)    
Ending balance (in shares) 198,869 219,391  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 72.33    
Granted (in dollars per share) 85.16    
Vested (in dollars per share) 37.75    
Forfeited (in dollars per share) 53.45    
Ending balance (in dollars per share) $ 92.07 $ 72.33  
v3.22.0.1
Other Operating Expenses (Schedule of Other Operating Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other Operating Income Expense Detail [Line Items]        
Acquisition and integration costs (adjustments) $ 2,544   $ (776) $ 377
Other general expenses 508   4,679 3,817
Total other operating expenses 7,856 $ 7,856 7,621 12,151
Operational Excellence Initiatives        
Other Operating Income Expense Detail [Line Items]        
Restructuring Costs 3,893   2,791 0
Strategic reorganization and alignment        
Other Operating Income Expense Detail [Line Items]        
Restructuring Costs 911   686 5,812
Manufacturing alignment to support growth        
Other Operating Income Expense Detail [Line Items]        
Restructuring Costs $ 0   $ 241 $ 2,145
v3.22.0.1
Other Operating Expenses (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Jul. 03, 2020
Restructuring Cost and Reserve [Line Items]        
Charges incurred, net of reversals $ 4,804      
Acquisition related costs 2,000 $ 900 $ 400  
Strategic reorganization and alignment        
Restructuring Cost and Reserve [Line Items]        
Charges incurred, net of reversals 911      
Strategic reorganization and alignment | Medical        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception       $ 23,000
Manufacturing alignment to support growth        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 5,800      
Operational Excellence Initiatives Two Thousand Twenty One Initiatives | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 3,600      
Minimum | Employee Severance | Operational Excellence Initiatives Two Thousand Twenty One Initiatives        
Restructuring Cost and Reserve [Line Items]        
Expected costs 4,000      
Maximum | Employee Severance | Operational Excellence Initiatives Two Thousand Twenty One Initiatives        
Restructuring Cost and Reserve [Line Items]        
Expected costs 5,000      
Oscor Inc        
Restructuring Cost and Reserve [Line Items]        
Acquisition related costs 2,400      
InoMec Ltd        
Restructuring Cost and Reserve [Line Items]        
Acquisition related costs   1,200    
Fair value reduction adjustment for acquisition-related contingent consideration liability 100      
US BioDesign LLC        
Restructuring Cost and Reserve [Line Items]        
Fair value reduction adjustment for acquisition-related contingent consideration liability   $ 2,000    
Operational excellence initiatives        
Restructuring Cost and Reserve [Line Items]        
Charges incurred, net of reversals 3,100      
Strategic Reorganization And Alignment Initiatives Two Thousand Twenty One Initiatives        
Restructuring Cost and Reserve [Line Items]        
Capital investments expended 900      
Strategic Reorganization And Alignment Initiatives Two Thousand Twenty One Initiatives | Minimum        
Restructuring Cost and Reserve [Line Items]        
Capital investments expended 5,000      
Strategic Reorganization And Alignment Initiatives Two Thousand Twenty One Initiatives | Maximum        
Restructuring Cost and Reserve [Line Items]        
Capital investments expended $ 8,000      
v3.22.0.1
Other Operating Expenses (Changes in Accrued Liabilities) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring reserve, beginning balance $ 291
Charges incurred, net of reversals 4,804
Cash payments (4,663)
Restructuring reserve, ending balance 432
Operational excellence initiatives  
Restructuring Reserve [Roll Forward]  
Restructuring reserve, beginning balance 291
Charges incurred, net of reversals 3,893
Cash payments (3,886)
Restructuring reserve, ending balance 298
Strategic reorganization and alignment  
Restructuring Reserve [Roll Forward]  
Restructuring reserve, beginning balance 0
Charges incurred, net of reversals 911
Cash payments (777)
Restructuring reserve, ending balance $ 134
v3.22.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Unrecognized tax benefit $ 5.5  
Deferred payroll taxes 4.8 $ 9.7
Payment for employment taxes $ 4.9  
v3.22.0.1
Income Taxes (Income Before Income Tax Domestic And Foreign) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Line Items]      
Income (loss) from continuing operations before income taxes $ 101,063 $ 86,207 $ 105,193
U.S.      
Income Tax Disclosure [Line Items]      
Income (loss) from continuing operations before income taxes 48,293 35,337 40,203
International      
Income Tax Disclosure [Line Items]      
Income (loss) from continuing operations before income taxes $ 52,770 $ 50,870 $ 64,990
v3.22.0.1
Income Taxes (Provision Benefit of Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current:      
Federal $ 9,511 $ 7,784 $ 14,090
State 1,553 1,233 87
International 8,459 6,898 10,083
Total 19,523 15,915 24,260
Deferred:      
Federal (8,665) (4,648) (8,813)
State (393) (1,245) 332
International (2,422) (1,073) (1,804)
Total (11,480) (6,966) (10,285)
Total provision for income taxes $ 8,043 $ 8,949 $ 13,975
v3.22.0.1
Income Taxes (Effect Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory rate $ 21,223 $ 18,103 $ 22,091
Federal tax credits (including R&D) (11,929) (7,009) (4,797)
Foreign rate differential (5,165) (5,333) (5,479)
Stock-based compensation (1,084) (1,459) (2,422)
Uncertain tax positions 18 1,208 (920)
State taxes, net of federal benefit 1,183 553 1,106
U.S. tax on foreign earnings, net of §250 deduction 1,913 3,216 5,201
Valuation allowance 524 (345) (1,606)
Other 1,360 15 801
Total provision for income taxes $ 8,043 $ 8,949 $ 13,975
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory rate 21.00% 21.00% 21.00%
Federal tax credits (including R&D) (11.80%) (8.10%) (4.60%)
Foreign rate differential (5.10%) (6.20%) (5.20%)
Stock-based compensation (1.10%) (1.70%) (2.30%)
Uncertain tax positions 0.00% 1.40% (0.90%)
State taxes, net of federal benefit 1.20% 0.60% 1.10%
U.S. tax on foreign earnings, net of §250 deduction 1.90% 3.70% 4.90%
Valuation allowance 0.50% (0.40%) (1.50%)
Other 1.40% 0.10% 0.80%
Effective tax rate 8.00% 10.40% 13.30%
v3.22.0.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Components of Deferred Tax Assets and Liabilities [Abstract]    
Tax credit carryforwards $ 11,394 $ 13,449
Inventories 14,147 14,099
Net operating loss carryforwards 11,721 10,436
Operating lease liabilities 17,950 11,969
Stock-based compensation 3,724 3,276
Accrued expenses 9,348 8,058
Gross deferred tax assets 68,284 61,287
Less valuation allowance (19,456) (20,739)
Net deferred tax assets 48,828 40,548
Property, plant and equipment (7,354) (5,824)
Intangible assets (186,150) (197,048)
Operating lease assets (17,974) (11,290)
Other (3,144) (4,292)
Gross deferred tax liabilities (214,622) (218,454)
Net deferred tax liability (165,794) (177,906)
Noncurrent deferred tax asset 5,711 4,398
Noncurrent deferred tax liability $ (171,505) $ (182,304)
v3.22.0.1
Income Taxes (Income Tax Carry Forward) (Details)
$ in Millions
Dec. 31, 2021
USD ($)
U.S. State  
Operating Loss Carryforwards [Line Items]  
Net operating loss $ 120.7
U.S. State | R&D tax credits  
Operating Loss Carryforwards [Line Items]  
Tax Credit 1.4
U.S. State | State tax credits  
Operating Loss Carryforwards [Line Items]  
Tax Credit 4.9
International  
Operating Loss Carryforwards [Line Items]  
Net operating loss 12.2
U.S. Federal | Foreign tax credits  
Operating Loss Carryforwards [Line Items]  
Tax Credit $ 6.7
v3.22.0.1
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance, beginning of year $ 5,484 $ 4,446 $ 5,369
Additions based upon tax positions related to the current year 3,324 300 300
Additions (reductions) related to prior period tax returns (3,271) 738 (1,223)
Balance, end of year $ 5,537 $ 5,484 $ 4,446
v3.22.0.1
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Gain Contingencies [Line Items]        
Proceeds from legal settlements $ 28,900      
Gain on litigation settlement $ 28,200   $ 28,200  
Loss contingency damages sought   $ 300    
Drawn down from the escrow   200    
Anticipated future costs remaining   100    
Accrued environmental loss contingencies, current   100    
Expenses related to license agreements   884,109 787,735 $ 903,084
Self insurance reserve   5,600 5,400  
Royalty        
Gain Contingencies [Line Items]        
Expenses related to license agreements   $ 1,300 $ 1,200 $ 1,400
v3.22.0.1
Commitments and Contingencies (Change in Product Warranty Liability) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]    
Beginning balance $ 163 $ 1,933
Additions to warranty reserve, net of reversals (15) (156)
Adjustments to pre-existing warranties (71) (119)
Warranty claims settled 0 (1,495)
Acquisitions 432 0
Ending balance $ 509 $ 163
v3.22.0.1
Leases (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
facility
Dec. 31, 2020
USD ($)
Leases [Abstract]    
Gross assets acquired $ 8.3  
Finance lease accumulated amortization $ 0.2  
Finance lease right-of-use asset   $ 0.0
Number of facilities in which lease terms were extended | facility 3  
v3.22.0.1
Leases (Schedule of Lease Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Lessor, Lease, Description [Line Items]    
Amortization of lease assets $ 223 $ 7
Finance lease cost 59 1
Finance lease cost 282 8
Operating lease cost 10,729 10,425
Short-term lease cost (leases with initial term of 12 months or less) 137 86
Variable lease cost 2,619 2,615
Sublease income (1,392) (1,495)
Total lease cost 12,375 11,639
Cost of sales    
Lessor, Lease, Description [Line Items]    
Total lease cost 9,642 9,141
SG&A    
Lessor, Lease, Description [Line Items]    
Total lease cost 1,817 1,803
RD&E    
Lessor, Lease, Description [Line Items]    
Total lease cost 857 694
Interest expense    
Lessor, Lease, Description [Line Items]    
Total lease cost $ 59 $ 1
v3.22.0.1
Leases (Schedule of Operating Lease Liability Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Operating Leases    
2022 $ 12,423  
2023 11,317  
2024 10,809  
2025 10,634  
2026 9,856  
Thereafter 25,652  
Gross lease liabilities 80,691  
Less: imputed interest (11,062)  
Present value of lease liabilities $ 69,629  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Less: current portion of lease liabilities $ (9,862) $ (8,431)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Operating lease liabilities $ 59,767 $ 37,861
Finance Leases    
2022 876  
2023 888  
2024 896  
2025 787  
2026 640  
Thereafter 5,807  
Gross lease liabilities 9,894  
Less: imputed interest (1,836)  
Present value of lease liabilities 8,058  
Less: current portion of lease liabilities (608)  
Total long-term lease liabilities $ 7,450  
v3.22.0.1
Leases (Lease Term and Discount Rate) (Details)
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Weighted-average remaining lease term - operating leases (in years) 7 years 7 years
Weighted-average remaining lease term - finance leases (in years) 12 years 2 months 12 days 3 years 9 months 18 days
Weighted-average discount rate - operating leases 3.90% 5.30%
Weighted-average discount rate - finance leases 3.50% 2.20%
v3.22.0.1
Leases (Schedule of Operating Lease Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Cash paid for operating leases $ 10,808 $ 10,385
Interest on lease liabilities 59 1
Assets acquired under operating leases 32,466 9,059
Assets acquired under finance leases $ 8,154 $ 127
v3.22.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Numerator for basic and diluted EPS:      
Income from continuing operations $ 93,020 $ 77,258 $ 91,218
Income from discontinued operations 3,788 0 5,118
Net income $ 96,808 $ 77,258 $ 96,336
Denominator for basic EPS:      
Weighted average shares outstanding (in shares) 32,993 32,845 32,627
Effect of dilutive securities stock options, restricted stock and restricted stock units (in shares) 265 268 410
Denominator for diluted EPS (in shares) 33,258 33,113 33,037
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 2.82 $ 2.35 $ 2.80
Income from discontinued operations (in dollars per share) 0.11 0 0.16
Basic earnings per share (in dollars per share) 2.93 2.35 2.95
Diluted earnings per share:      
Income from continuing operations (in dollars per share) 2.80 2.33 2.76
Income from discontinued operations (in dollars per share) 0.11 0 0.15
Diluted earnings per share (in dollars per share) $ 2.91 $ 2.33 $ 2.92
v3.22.0.1
Earnings Per Share (Antidilutive Securities) (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Time-vested stock options, restricted stock and restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded (in shares) 4 98 30
Performance-vested restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded (in shares) 92 89 47
v3.22.0.1
Stockholders' Equity (Schedule of Changes in Number of Shares of Common Stock) (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares outstanding at beginning of year (in shares) 32,908,178  
Shares outstanding at beginning of year (in shares) 32,908,178 32,700,471
Stock options exercised (in shares) 34,233 102,140
Shares outstanding at end of year (in shares) 33,063,336 32,908,178
Shares outstanding at beginning of year (in shares) 33,063,336 32,908,178
Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares outstanding at beginning of year (in shares) 32,908,178 32,847,017
Stock options exercised (in shares) 34,233 27,544
Shares outstanding at end of year (in shares) 33,063,336 32,908,178
Treasury Stock, Common    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares outstanding at beginning of year (in shares) 0 (146,546)
Stock options exercised (in shares) 0 74,596
Shares outstanding at beginning of year (in shares) 0 0
RSUs    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Vesting of RSUs, net of shares withheld to cover taxes (in shares) 120,925 105,567
RSUs | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Vesting of RSUs, net of shares withheld to cover taxes (in shares) 120,925 33,617
RSUs | Treasury Stock, Common    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Vesting of RSUs, net of shares withheld to cover taxes (in shares) 0 71,950
v3.22.0.1
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance $ 1,271,055 $ 1,152,488
Total stockholders’ equity, ending balance 1,354,697 1,271,055
Defined Benefit Plan Liability    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (1,095) (912)
Reclassification from AOCI, current period, before tax, attributable to parent 205 (183)
Reclassification from AOCI, current period, tax 14 32
Reclassification from AOCI, current period, net of tax, attributable to parent 219 (151)
Total stockholders’ equity, ending balance (890) (1,095)
Cash Flow Hedges    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance (4,956) (2,358)
Reclassification from AOCI, current period, before tax, attributable to parent 91 (6,683)
Reclassification from AOCI, current period, tax (19) 1,404
Reclassification from AOCI, current period, net of tax, attributable to parent 72 (5,279)
Total stockholders’ equity, ending balance (2,291) (4,956)
Cash Flow Hedges | Foreign Exchange Contract    
Accumulated Other Comprehensive Income [Roll Forward]    
Reclassification from AOCI, current period, before tax, attributable to parent (832) 638
Reclassification from AOCI, current period, tax 175 (134)
Reclassification from AOCI, current period, net of tax, attributable to parent (657) 504
Cash Flow Hedges | Interest rate swaps    
Accumulated Other Comprehensive Income [Roll Forward]    
Reclassification from AOCI, current period, before tax, attributable to parent 3,406 3,447
Reclassification from AOCI, current period, tax (716) (724)
Reclassification from AOCI, current period, net of tax, attributable to parent 2,690 2,723
Foreign Currency Translation Adjustment    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 57,546 22,639
Reclassification from AOCI, current period, before tax, attributable to parent (27,826) 34,907
Reclassification from AOCI, current period, tax 0 0
Reclassification from AOCI, current period, net of tax, attributable to parent (27,826) 34,907
Total stockholders’ equity, ending balance 29,720 57,546
Total Pre-Tax Amount    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 51,495 19,369
Total stockholders’ equity, ending balance 26,539 51,495
Tax    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 1,197 619
Total stockholders’ equity, ending balance 651 1,197
Net-of-Tax Amount    
Accumulated Other Comprehensive Income [Roll Forward]    
Total stockholders’ equity, beginning balance 52,692 19,988
Total stockholders’ equity, ending balance $ 27,190 $ 52,692
v3.22.0.1
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, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts $ 687 $ 2,070
Liabilities: Interest rate swaps 2,978 7,026
Liabilities: Contingent consideration 2,415 3,900
Quoted Prices in Active Markets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts 0 0
Liabilities: Interest rate swaps 0 0
Liabilities: Contingent consideration 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts 687 2,070
Liabilities: Interest rate swaps 2,978 7,026
Liabilities: Contingent consideration 0 0
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets: Foreign currency hedging contracts 0 0
Liabilities: Interest rate swaps 0 0
Liabilities: Contingent consideration $ 2,415 $ 3,900
v3.22.0.1
Financial Instruments and Fair Value Measurements (Schedule of Interest Rate Swaps) (Details) - Designated as Hedging Instrument - Interest Rate Swap Maturing June 2023 - Other long-term liabilities - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Notional Amount $ 150,000,000 $ 200,000,000
Pay Fixed Rate 2.1785% 2.1785%
Receive Current Floating Rate 0.1013% 0.148%
Fair Value $ (2,978,000) $ (7,026,000)
v3.22.0.1
Financial Instruments and Fair Value Measurements (Schedule of Foreign Currency Contracts) (Details) - Prepaid Expenses and Other Current Assets - Designated as Hedging Instrument
$ in Thousands
Dec. 31, 2021
USD ($)
$ / $
$ / $
Dec. 31, 2020
USD ($)
$ / €
$ / $
$ / $
Foreign Exchange Contract Maturing December Two Thousand Twenty Two Contract One    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 22,201  
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $ 0.0463  
Fair Value $ 408  
Foreign Exchange Contract Maturing December Two Thousand Twenty Two Contract Two    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 17,017  
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $ 1.1344  
Fair Value $ 130  
Foreign Exchange Contract Maturing December Two Thousand Twenty Two Contract Three    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 9,020  
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $ 0.0220  
Fair Value $ 149  
Foreign Exchange Contract Maturing September 2021, Contract One    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 16,132
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / €   1.1949
Fair Value   $ 399
Foreign Exchange Contract Maturing September 2021, Contract Two    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 10,224
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $   0.0454
Fair Value   $ 922
Foreign Exchange Contract Maturing March 2021    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 2,656
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $   0.0443
Fair Value   $ 341
Foreign Exchange Contract Maturing December 2021    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 7,269
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $   0.0485
Fair Value   $ 77
Foreign Exchange Contract Maturing August 2021    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 3,252
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $   0.0232
Fair Value   $ 165
Foreign Exchange Contract Maturing November 2021    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 3,966
Derivative, Forward Exchange Rate (in dollars per Euro and dollars per Mexican Peso) | $ / $   0.0227
Fair Value   $ 166
v3.22.0.1
Financial Instruments and Fair Value Measurements (Schedule of Derivative Instruments with Hedge Accounting Designation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI $ (3,406) $ (3,447) $ 1,621
Interest expense | Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI 642 (7,405) (5,618)
Sales      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI (674) 618 (1,334)
Sales | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI (943) 1,017 (1,044)
Cost of sales      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI 1,437 (1,177) 1,482
Cost of sales | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI 399 (355) 2,634
Operating expenses      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Reclassified from AOCI 69 (79) 0
Operating expenses | Foreign exchange contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in OCI $ (7) $ 60 $ 0
v3.22.0.1
Financial Instruments and Fair Value Measurements (Narratives) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 28, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred   $ 1,800,000    
Contingent consideration liability, current $ 1,700,000 900,000 $ 1,700,000  
Contingent consideration liability, noncurrent 2,200,000 1,500,000 2,200,000  
Non-marketable securities impairment 400,000 100,000    
Non-marketable securities fair value $ 2,200,000 0 2,200,000  
Equity method investment, return of capital   2,200,000 $ 400,000 $ 100,000
Foreign Exchange Contract | Not Designated as Hedging Instrument        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Notional amount   15,000,000    
Fair value   100,000    
Foreign exchange contracts | Not Designated as Hedging Instrument        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Gain (loss) recognized in OCI   $ 400,000    
Chinese Venture Capital Fund        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Percentage of ownership interest   6.70%    
v3.22.0.1
Financial Instruments and Fair Value Measurements (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 3,900 $ 4,200
Amount recorded for current year acquisitions   2,700
Fair value measurement adjustment 133 (2,000)
Payments (1,621) (1,000)
Foreign currency translation 3  
Balance at end of period $ 2,415 $ 3,900
v3.22.0.1
Financial Instruments and Fair Value Measurements (Contingent Consideration Measurement Inputs) (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Feb. 19, 2020
USD ($)
InoMec Ltd      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Remaining Maximum Payout (undiscounted) $ 6,750 $ 9,000 $ 3,500
Fair Value, Recurring      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair Value $ 2,415 $ 3,900  
Fair Value, Recurring | Revenue volatility | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Unobservable Inputs 0.290 0.350  
Fair Value, Recurring | Discount rate | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Unobservable Inputs 0.018 0.040  
v3.22.0.1
Financial Instruments and Fair Value Measurements (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair Value Disclosures [Abstract]      
Equity method investment $ 16,192 $ 21,470  
Non-marketable equity securities 5,637 5,723  
Total equity investments 21,829 27,193  
Equity method investment (income) loss 3,057 (5,706) $ (1,100)
Impairment charges 86 369 1,575
Total (gain) loss on equity investments, net $ 3,143 $ (5,337) $ 475
v3.22.0.1
Segment and Geographic Information (Narrative) (Details)
 12 Months Ended
Dec. 31, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.22.0.1
Segment and Geographic Information (Sales by Product Lines) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]      
Sales $ 1,221,079 $ 1,073,442 $ 1,258,094
Medical      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Sales 1,182,626 1,037,978 1,199,679
Medical | Cardio & Vascular      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Sales 626,013 569,948 610,056
Medical | Cardiac & Neuromodulation      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Sales 446,569 346,242 457,194
Medical | Advanced Surgical, Orthopedics & Portable Medical      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Sales 110,044 121,788 132,429
Non-Medical      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Sales $ 38,453 $ 35,464 $ 58,415
v3.22.0.1
Segment and Geographic Information (Sales by Geographic Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales $ 1,221,079 $ 1,073,442 $ 1,258,094
U.S.      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 671,502 596,804 698,474
Puerto Rico      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 110,162 96,048 154,644
Costa Rica      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales 66,975 58,853 63,634
Rest of world      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total sales $ 372,440 $ 321,737 $ 341,342
v3.22.0.1
Segment and Geographic Information (Significant Customers) (Details) - Customer Concentration Risk - Sales
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Customer A      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 18.00% 18.00% 21.00%
Customer B      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 16.00% 16.00% 17.00%
Customer C      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 13.00% 14.00% 12.00%
Medical | Customer A      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 19.00% 19.00%  
Medical | Customer B      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 17.00% 17.00%  
Medical | Customer C      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 14.00% 15.00%  
Medical | All other customers      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 50.00% 49.00%  
Non-Medical | Customer D      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 36.00% 22.00%  
Non-Medical | Customer E      
Revenue, Major Customer [Line Items]      
Concentration risk percentage   10.00%  
Non-Medical | All other customers      
Revenue, Major Customer [Line Items]      
Concentration risk percentage 64.00% 68.00%  
v3.22.0.1
Segment and Geographic Information (Schedule of Revenue by Ship To Location) (Details) - Sales - Geographic Concentration Risk
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
United States | Medical    
Segment Reporting Information [Line Items]    
Concentration risk percentage 54.00% 55.00%
United States | Non-Medical    
Segment Reporting Information [Line Items]    
Concentration risk percentage 71.00% 60.00%
Rest of world | Medical    
Segment Reporting Information [Line Items]    
Concentration risk percentage 46.00% 45.00%
Rest of world | Non-Medical    
Segment Reporting Information [Line Items]    
Concentration risk percentage 29.00% 40.00%
v3.22.0.1
Segment and Geographic Information (Reconciliation of Segment Information) (Details 1) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Operating income as reported $ 135,711 $ 120,612 $ 157,635
Unallocated other income (expense), net (34,648) (34,405) (52,442)
Income from continuing operations before taxes 101,063 86,207 105,193
Total depreciation and amortization 81,369 79,324 77,895
Total assets 2,582,215 2,371,857  
Expenditures for tangible long-lived assets, excluding acquisitions 53,463 46,832 48,198
Operating Segments      
Segment Reporting Information [Line Items]      
Operating income as reported 221,622 174,244 240,162
Total depreciation and amortization 76,533 73,334 69,906
Total assets 2,504,281 2,265,171  
Expenditures for tangible long-lived assets, excluding acquisitions 48,992 43,473 44,423
Operating Segments | Medical      
Segment Reporting Information [Line Items]      
Operating income as reported 213,600 169,396 223,873
Total depreciation and amortization 75,366 72,338 68,867
Total assets 2,448,123 2,212,489  
Expenditures for tangible long-lived assets, excluding acquisitions 48,364 42,435 44,026
Operating Segments | Non-Medical      
Segment Reporting Information [Line Items]      
Operating income as reported 8,022 4,848 16,289
Total depreciation and amortization 1,167 996 1,039
Total assets 56,158 52,682  
Expenditures for tangible long-lived assets, excluding acquisitions 628 1,038 397
Unallocated Amount to Segment      
Segment Reporting Information [Line Items]      
Operating income as reported (85,911) (53,632) (82,527)
Total depreciation and amortization 4,836 5,990 7,989
Total assets 77,934 106,686  
Expenditures for tangible long-lived assets, excluding acquisitions $ 4,471 $ 3,359 $ 3,775
v3.22.0.1
Segment and Geographic Information (Long lived Tangible Assets by Region) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-lived tangible assets $ 277,099 $ 253,964
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-lived tangible assets 184,474 170,871
Mexico    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-lived tangible assets 33,877 32,723
Ireland    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-lived tangible assets 41,501 38,526
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-lived tangible assets $ 17,247 $ 11,844
v3.22.0.1
Revenue From Contracts With Customers (Disaggregated Revenue) (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Percent of revenue from contract with customer compared to total revenue 33.00% 29.00%  
Sales | Customer Concentration Risk | Customer A      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 18.00% 18.00% 21.00%
Sales | Customer Concentration Risk | Customer B      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 16.00% 16.00% 17.00%
Sales | Customer Concentration Risk | Customer C      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 13.00% 14.00% 12.00%
Sales | Customer Concentration Risk | Top Customers      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 47.00% 48.00% 50.00%
Accounts Receivable | Customer Concentration Risk | Customer A      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 15.00% 15.00%  
Accounts Receivable | Customer Concentration Risk | Customer B      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 19.00% 19.00%  
Accounts Receivable | Customer Concentration Risk | Customer C      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 10.00% 13.00%  
Accounts Receivable | Customer Concentration Risk | Top Customers      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage 44.00% 47.00%  
v3.22.0.1
Revenue From Contracts With Customers (Contract Balances) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]    
Contract assets $ 64,743 $ 40,218
Contract liabilities 3,776 2,498
Increase in contract assets 24,500  
Contract with customer, liability, revenue recognized $ 1,900 $ 1,300
v3.22.0.1
Discontinued Operations (AS&O Business Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Proceeds from sale of discontinued operations, gross   $ 4.8
Discontinued Operations, Held-for-sale | AS&O Product Line    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax $ 4.9  
v3.22.0.1
Discontinued Operations (Income from Discontinued Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income from discontinued operations before taxes $ 4,931 $ 0 $ 5,296
Provision for income taxes 1,143 0 178
Income from discontinued operations 3,788 0 5,118
AS&O Product Line | Discontinued Operations, Held-for-sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Gain on sale of discontinued operations 0 0 (4,974)
Other income, net (4,931) 0 (322)
Income from discontinued operations before taxes 4,931 0 5,296
Provision for income taxes 1,143 0 178
Income from discontinued operations $ 3,788 $ 0 $ 5,118
v3.22.0.1
Discontinued Operations (Cash Flow Information from Discontinued Operations) (Details) - AS&O Product Line - Discontinued Operations, Held-for-sale - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Cash used in operating activities $ 0 $ 0 $ (78)
Cash provided by investing activities $ 0 $ 0 $ 4,734
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
SEC Schedule, 12-09, valuation allowances and reserves, additions, charge to cost and expense, customer bankruptcy     $ 2,300
Provision for credit losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 155 $ 2,443 592
Charged to Costs & Expenses 20 28 1,884
Charged to Other Accounts- Describe 0 0 2
Deductions (43) (2,316) (35)
Balance at end of period 132 155 2,443
Valuation allowance for deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 20,739 22,229 34,339
Charged to Costs & Expenses (941) (275) 736
Charged to Other Accounts- Describe 26 0 0
Deductions (368) (1,215) (12,846)
Balance at end of period $ 19,456 $ 20,739 $ 22,229
v3.22.0.1
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2016-02 [Member]