INTEGER HOLDINGS CORP, 10-Q filed on 7/28/2022
Quarterly Report
v3.22.2
Cover - shares
 6 Months Ended
Jul. 01, 2022
Jul. 22, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jul. 01, 2022  
Document Transition Report false  
Entity File Number 1-16137  
Entity Registrant Name INTEGER HOLDINGS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 16-1531026  
Entity Address, Address Line One 5830 Granite Parkway,  
Entity Address, Address Line Two Suite 1150  
Entity Address, City or Town Plano,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75024  
City Area Code 214  
Local Phone Number 618-5243  
Title of 12(b) Security Common Stock, $0.001 par value per share  
Trading Symbol ITGR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   33,122,853
Entity Central Index Key 0001114483  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.22.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 15,593 $ 17,885
Accounts receivable, net of provision for credit losses of $0.2 million and $0.1 million, respectively 221,939 182,310
Inventories 194,458 155,699
Refundable income taxes 4,627 4,735
Contract assets 70,408 64,743
Prepaid expenses and other current assets 25,988 27,610
Total current assets 533,013 452,982
Property, plant and equipment, net 280,461 277,099
Goodwill 978,559 924,704
Other intangible assets, net 841,122 807,810
Deferred income taxes 6,149 5,711
Operating lease assets 75,777 70,053
Other long-term assets 43,006 43,856
Total assets 2,758,087 2,582,215
Current liabilities:    
Current portion of long-term debt 15,250 15,250
Accounts payable 103,111 76,859
Income taxes payable 259 725
Operating lease liabilities 10,762 9,862
Accrued expenses and other current liabilities 68,344 56,933
Total current liabilities 197,726 159,629
Long-term debt 931,889 812,876
Deferred income taxes 178,695 171,505
Operating lease liabilities 64,436 59,767
Other long-term liabilities 21,890 23,741
Total liabilities 1,394,636 1,227,518
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 33,121,833 and 33,063,336 shares issued and outstanding, respectively 33 33
Additional paid-in capital 722,175 713,150
Retained earnings 646,527 614,324
Accumulated other comprehensive income (loss) (5,284) 27,190
Total stockholders’ equity 1,363,451 1,354,697
Total liabilities and stockholders’ equity $ 2,758,087 $ 2,582,215
v3.22.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jul. 01, 2022
Dec. 31, 2021
Current assets:    
Allowance for doubtful accounts $ 0.2 $ 0.1
Stockholders’ equity:    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 33,121,833 33,063,336
Common stock, shares outstanding (in shares) 33,121,833 33,063,336
v3.22.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Income Statement [Abstract]        
Sales $ 350,081 $ 312,023 $ 660,993 $ 602,490
Cost of sales 257,184 223,277 486,621 429,258
Gross profit 92,897 88,746 174,372 173,232
Operating expenses:        
Selling, general and administrative 41,786 35,379 81,346 70,881
Research, development and engineering 14,871 13,738 30,954 27,199
Restructuring and other charges 3,533 279 6,868 1,194
Total operating expenses 60,190 49,396 119,168 99,274
Operating income 32,707 39,350 55,204 73,958
Interest expense 7,773 7,532 13,741 16,064
Loss on equity investments 320 684 2,724 2,019
Other loss, net 191 356 368 119
Income before taxes 24,423 30,778 38,371 55,756
Provision for income taxes 3,587 1,345 6,168 4,803
Net income $ 20,836 $ 29,433 $ 32,203 $ 50,953
Earnings per share:        
Basic (in dollars per share) $ 0.63 $ 0.89 $ 0.97 $ 1.55
Diluted (in dollars per share) $ 0.62 $ 0.89 $ 0.97 $ 1.53
Weighted average shares outstanding:        
Basic (in shares) 33,111 32,982 33,101 32,970
Diluted (in shares) 33,350 33,254 33,326 33,221
Comprehensive Income (Loss)        
Net income $ 20,836 $ 29,433 $ 32,203 $ 50,953
Other comprehensive income (loss):        
Foreign currency translation gain (loss) (27,274) 2,484 (35,161) (13,880)
Change in fair value of cash flow hedges, net of tax (47) 845 2,687 139
Other comprehensive income (loss), net of tax (27,321) 3,329 (32,474) (13,741)
Comprehensive income (loss), net of tax $ (6,485) $ 32,762 $ (271) $ 37,212
v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Cash flows from operating activities:    
Net income $ 32,203 $ 50,953
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,753 40,419
Debt related charges included in interest expense 962 2,446
Inventory step-up amortization 798 0
Stock-based compensation 10,951 8,953
Non-cash lease expense 5,344 3,947
Non-cash loss on equity investments 2,724 2,019
Other non-cash losses 7,510 29
Deferred income taxes (969) (242)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (37,642) (19,141)
Inventories (41,471) 898
Prepaid expenses and other assets (783) (2,604)
Contract assets (6,189) (16,792)
Accounts payable 25,554 16,937
Accrued expenses and other liabilities (7,295) (13,737)
Income taxes (439) (5,298)
Net cash provided by operating activities 37,011 68,787
Cash flows from investing activities:    
Acquisition of property, plant and equipment (22,610) (18,416)
Proceeds from sale of property, plant and equipment 587 15
Acquisitions, net (126,636) 0
Net cash used in investing activities (148,659) (18,401)
Cash flows from financing activities:    
Principal payments of term loans (7,625) (64,750)
Proceeds from revolving credit facility 160,000 0
Payments of revolving credit facility (34,000) 0
Proceeds from the exercise of stock options 0 340
Payment of debt issuance costs 0 (141)
Tax withholdings related to net share settlements of restricted stock unit awards (1,926) (2,988)
Contingent consideration payments (493) (1,621)
Principal payments on finance leases (353) (24)
Net cash provided by (used in) financing activities 115,603 (69,184)
Effect of foreign currency exchange rates on cash and cash equivalents (6,247) 173
Net decrease in cash and cash equivalents (2,292) (18,625)
Cash and cash equivalents, beginning of period 17,885 49,206
Cash and cash equivalents, end of period $ 15,593 $ 30,581
v3.22.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Balance, beginning of period at Dec. 31, 2020 $ 1,271,055 $ 700,847 $ 517,516 $ 52,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock awards exercised or vested   (2,648)    
Stock-based compensation   8,953    
Net income 50,953   50,953  
Other comprehensive income (loss) (13,741)     (13,741)
Balance, ending balance at Jul. 02, 2021 1,314,572 707,152 568,469 38,951
Balance, beginning of period at Apr. 02, 2021 1,277,724 703,066 539,036 35,622
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock awards exercised or vested   (163)    
Stock-based compensation   4,249    
Net income 29,433   29,433  
Other comprehensive income (loss) 3,329     3,329
Balance, ending balance at Jul. 02, 2021 1,314,572 707,152 568,469 38,951
Balance, beginning of period at Dec. 31, 2021 1,354,697 713,183 614,324 27,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock awards exercised or vested   (1,926)    
Stock-based compensation   10,951    
Net income 32,203   32,203  
Other comprehensive income (loss) (32,474)     (32,474)
Balance, ending balance at Jul. 01, 2022 1,363,451 722,208 646,527 (5,284)
Balance, beginning of period at Apr. 01, 2022 1,364,350 716,622 625,691 22,037
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock awards exercised or vested   (370)    
Stock-based compensation   5,956    
Net income 20,836   20,836  
Other comprehensive income (loss) (27,321)     (27,321)
Balance, ending balance at Jul. 01, 2022 $ 1,363,451 $ 722,208 $ 646,527 $ (5,284)
v3.22.2
Basis of Presentation
 6 Months Ended
Jul. 01, 2022
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly-traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is a medical device outsource manufacturer serving the cardiac, neuromodulation, vascular, orthopedics, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in the energy, military, and environmental markets.
The accompanying condensed consolidated financial statements are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in the Company’s Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates.
The second quarter and first six months of 2022 ended on July 1 and consisted of 91 days and 182 days, respectively. The second quarter and first six months of 2021 ended on July 2 and consisted of 91 days and 183 days, respectively.
Reclassifications
Certain prior period amounts have been reclassified to conform to current year presentation. Refer to Note 5, “Goodwill and Other Intangibles, Net,” for a description of the changes made to the Company’s prior period definite-lived asset classification to reflect the current year presentation. Refer to Note 14, “Segment Information,” for a description of the changes made to the Company’s prior period product line sales classification to reflect the current year presentation.
Risks and Uncertainties
Significant uncertainty remains as to the potential impact of the COVID-19 pandemic on the Company’s operations, and on the global economy. 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 Company is uncertain of the future impact of the ongoing COVID-19 pandemic or recovery of prior deterioration in economic conditions to its sales channels, supply chain, manufacturing, and distribution. Additionally, the current conflict between Russia and Ukraine and the related sanctions and other penalties imposed by countries across the globe against Russia are creating substantial uncertainty in the global economy. While the Company does not have operations in Russia or Ukraine and does not have significant direct exposure to customers and vendors in those countries, it is unable to predict the impact that these actions will have on the global economy or on the Company’s financial condition, results of operations, and cash flows as of the date of these financial statements.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that are of significance, or potential significance, to the Company.
v3.22.2
Business Acquisitions
 6 Months Ended
Jul. 01, 2022
Business Combination and Asset Acquisition [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
2022 Acquisition
On April 6, 2022, the Company acquired 100% of the equity interests of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”), a recognized leader in proprietary medical textiles, high precision biomaterial coverings and coatings as well as advanced metal and polymer braiding. Aran delivers development and manufacturing solutions for implantable medical devices. Consistent with the Company’s strategy, the combination with Aran further increases Integer’s ability to offer complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets such as structural heart, neurovascular, peripheral vascular, and endovascular as well as general surgery. The Company funded the purchase price with borrowings under its Revolving Credit Facility. Aran is included in the Company’s Medical segment. The total consideration transferred was $141.3 million, which includes an initial cash payment of $133.9 million ($129.3 million net of cash acquired) and $7.4 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the purchase agreement, to make additional payments of up to €10 million ($10.9 million at the exchange rate as of April 6, 2022) based on Aran’s achievement of 2022 revenue growth milestones. The contingent consideration will be paid after completion of the earn-out period ending December 31, 2022, in accordance with the terms of the share purchase agreement. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.
The Company has preliminarily estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition. The determination of estimated fair value required management to make significant estimates and assumptions based on information that was available at the time the consolidated financial statements were prepared. The amounts reported are considered preliminary as the Company is completing the valuations that are required to allocate the purchase price in areas such as property and equipment, intangible assets, liabilities and goodwill. As a result, the allocation of the preliminary purchase price may change in the future, which could be material.
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
Fair value of net assets acquired
Current assets$9,319 
Property, plant and equipment4,151 
Goodwill68,460 
Definite-lived intangible assets71,485 
Operating lease assets3,505 
Other noncurrent assets1,354 
Current liabilities(4,370)
Operating lease liabilities(3,258)
Other noncurrent liabilities(9,377)
Fair value of net assets acquired$141,269 
The goodwill resulting from the transaction is primarily attributable to future customer relationships and the assembled workforce of the acquired business. The goodwill acquired in connection with the Aran acquisition was allocated to the Medical segment and is not deductible for tax purposes.
The breakout of definite-lived intangible assets acquired was as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Customer lists$53,395 26.09.5%
Technology17,435 12.09.5%
Tradenames655 1.59.5%
$71,485 
(2.)    BUSINESS ACQUISITIONS (Continued)
To determine the acquisition date estimated fair value of intangible assets acquired, the Company applied the income approach, specifically the multi-period excess earnings method for customer lists and the relief-from-royalty method for technology and tradenames. The significant assumptions used in these approaches include revenue growth rates and profit margins, terminal values, weighted-average cost of capital used to discount future cash flows, and a customer attrition rate for customer relationships and royalty rates for technology and tradenames. For additional information, see the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for the methods and assumptions used to estimate the fair value of each class of net assets acquired.
For segment reporting purposes, the results of operations from Aran have been included in the Company’s Medical segment since the acquisition date. Sales and earnings related to the operations of Aran for the three and six months ended July 1, 2022 were not material.
2021 Acquisition
On December 1, 2021, the Company acquired 100% of the equity interests of Oscor Inc., Oscor Caribe, LLC and Oscor Europe GmbH (collectively “Oscor”), privately-held companies with operations in Florida, the Dominican Republic and Germany that design, develop, manufacture and market a comprehensive portfolio of highly specialized medical devices, venous access systems and diagnostic catheters and implantable devices. Serving the Company’s current markets, Oscor broadens the Company’s product portfolio, expands its research and development capabilities, and adds low-cost manufacturing capacity. The preliminary purchase price of Oscor is $215.2 million, including working capital and other closing adjustments of $5.2 million, which were settled in the second quarter of 2022. The Company used proceeds from its Senior Secured Credit Facilities to fund the acquisition. Oscor is included in the Company’s Medical segment. The goodwill is primarily associated with future customer relationships and an acquired assembled work force.
The Company preliminarily estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition. The determination of estimated fair value requires management to make significant estimates and assumptions based on information that is available at the time the consolidated financial statements are prepared. The Company recorded the preliminary purchase price allocation in the fourth quarter of 2021. During the first six months of 2022, the Company recorded measurement period adjustments, inclusive of working capital and other closing adjustments, resulting in increases to goodwill and current liabilities of $0.4 million and $2.3 million, respectively, and decreases to current assets (excluding inventory) and inventory of $2.5 million and $0.8 million, respectively. The preliminary purchase price allocation remains subject to measurement period adjustments. As a result, the allocation of the preliminary purchase price may change in the future.
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$9,621 
Inventory11,360 
Property, plant and equipment17,977 
Goodwill78,302 
Intangible assets105,300 
Operating lease assets15,142 
Other noncurrent assets695 
Current liabilities(11,143)
Operating lease liabilities(12,044)
Fair value of net assets acquired$215,210 
(2.)    BUSINESS ACQUISITIONS (Continued)
Pro Forma (unaudited) disclosures
The following table presents (in thousands) unaudited pro forma financial information as if Aran and Oscor had been included in the Company’s financial results as of the beginning of fiscal year 2021 and 2020, respectively, through the date of acquisition. The pro forma results include the historical results of operations of the Company, Aran and Oscor, as well as adjustments for additional amortization of the assets acquired, additional interest expense related to the financing of the transaction and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisition. These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future.
Six Months Ended
July 1, 2022
Three Months Ended
July 2, 2021
Six Months Ended
July 2, 2021
Sales$666,356 $332,360 $639,966 
Net income45,357 27,693 44,452 
Acquisition costs
During the three and six months ended July 1, 2022, direct costs of these acquisitions of $1.6 million and $2.8 million, respectively, were expensed as incurred and included in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
v3.22.2
Supplemental Cash Flow Information
 6 Months Ended
Jul. 01, 2022
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
Six Months Ended
July 1,
2022		July 2,
2021
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$6,373 $4,364 
Supplemental lease disclosures:
Assets acquired under operating leases11,265 7,435 
v3.22.2
Inventories
 6 Months Ended
Jul. 01, 2022
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories comprise the following (in thousands):
July 1,
2022		December 31,
2021
Raw materials$91,328 $70,956 
Work-in-process90,886 74,152 
Finished goods12,244 10,591 
Total$194,458 $155,699 
v3.22.2
Goodwill and Other Intangible Assets, Net
 6 Months Ended
Jul. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The changes in the carrying amount of goodwill by reportable segment for the six months ended July 1, 2022 were as follows (in thousands):
MedicalNon- MedicalTotal
December 31, 2021$907,704 $17,000 $924,704 
Acquisition (Note 2)68,460 — 68,460 
Acquisition-related adjustments (Note 2)414 414 
Foreign currency translation(15,019)— (15,019)
July 1, 2022$961,559 $17,000 $978,559 
Intangible Assets
The Company reclassified purchased tradenames with a net carrying value of $16.2 million from Purchased technology and patents as of December 31, 2021 to Amortizing tradenames and other to conform to the current period presentation. The Company made this reclassification to better align with the classification of amortization expense for similar assets. See Note 2 “Business Acquisitions” for additional details regarding intangible assets acquired during 2022. Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
July 1, 2022
Definite-lived:
Purchased technology and patents$283,022 $(170,380)$112,642 
Customer lists822,121 (200,119)622,002 
Amortizing tradenames and other21,021 (4,831)16,190 
Total amortizing intangible assets$1,126,164 $(375,330)$750,834 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2021
Definite-lived:
Purchased technology and patents$269,359 $(164,298)$105,061 
Customer lists783,618 (187,412)596,206 
Amortizing tradenames and other20,462 (4,207)16,255 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
Aggregate intangible asset amortization expense comprises the following (in thousands):
 Three Months EndedSix Months Ended
 July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Cost of sales$4,037 $3,233 $7,682 $6,501 
Selling, general and administrative expenses8,248 7,106 16,207 14,288 
Total intangible asset amortization expense$12,285 $10,339 $23,889 $20,789 
(5.)     GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Continued)
Estimated future intangible asset amortization expense based on the carrying value as of July 1, 2022 is as follows (in thousands):
Remainder of 20222023202420252026After 2026
Amortization Expense$24,618 51,982 51,352 50,542 48,709 523,631 
v3.22.2
Debt
 6 Months Ended
Jul. 01, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
The Company has senior secured credit facilities (the “Senior Secured Credit Facilities”), which consist of a five-year $400 million revolving credit facility (the “Revolving Credit Facility”), a five-year “term A” loan (the “TLA Facility”) and a seven-year “term B” loan (the “TLB Facility” and, together with the TLA Facility, the “Term Loan Facilities”). The TLB Facility was issued at a 0.50% discount.
Long-term debt related to the Senior Secured Credit Facilities as of July 1, 2022 and December 31, 2021, respectively, comprises the following (in thousands):
 July 1,
2022		December 31,
2021
Senior secured term loan A$461,188 $467,062 
Senior secured term loan B347,375 349,125 
Senior secured revolving credit facility145,300 19,300 
Unamortized discount on term loan B and deferred debt issuance costs(6,724)(7,361)
Total debt947,139 828,126 
Current portion of long-term debt(15,250)(15,250)
Total long-term debt$931,889 $812,876 
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 July 1, 2022, the Company had available borrowing capacity on the Revolving Credit Facility of $249.2 million after giving effect to $145.3 million of outstanding borrowings and $5.5 million of outstanding standby letters of credit.
Interest rates on the Revolving Credit Facility are at the Company’s option, either at: (i) the applicable LIBOR (or an applicable benchmark replacement) plus the applicable margin, which will range between 1.25% and 2.25%, based on the Company’s Total Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement), or (ii) the Base Rate (as defined below) plus the applicable margin, which will range between 0.25% and 1.25%, based on the Company’s Total Net Leverage Ratio. The Base Rate is defined, for any day, as the per annum rate equal to the highest of (i) the prime rate (as defined in the Senior Secured Credit Facilities agreement), (ii) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, and (iii) one-month LIBOR plus 1.00%. As of July 1, 2022, the interest rate on outstanding borrowings under the Revolving Credit Facility was 3.21%.
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 July 1, 2022, the commitment fee on the unused portion of the Revolving Credit Facility was 0.18%.
Term Loan Facilities
The TLA Facility and TLB Facility mature on September 2, 2026 and September 2, 2028, respectively, and require quarterly installments. The quarterly principal installments under the TLA Facility increase over the term of the loan. The interest rate terms for the TLA Facility are the same as those outlined above for the Revolving Credit Facility. Interest rates on the TLB Facility are, at the Company’s option, either at: (i) the applicable LIBOR rate plus 2.50%, with LIBOR subject to a 0.50% floor, or (ii) the Base Rate plus 1.50%. As of July 1, 2022, the interest rates on the TLA Facility and TLB Facility were 3.17% and 4.17%, respectively.
(6.)     DEBT (Continued)
Covenants
The Senior Secured Credit Facilities agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.50:1.00 (stepping down to 5.00:1.00 for the third fiscal quarter of 2023 through maturity and subject to increase in certain circumstances following qualified acquisitions, but shall not exceed 5.50:1.00) and (ii) the Company maintain an interest coverage ratio of at least 2.50:1.00. The TLB Facility does not contain any financial maintenance covenants. As of July 1, 2022, the Company was in compliance with these financial covenants.
Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2022 and through maturity, excluding any discounts or premiums, as of July 1, 2022 are as follows (in thousands):
Remainder of 20222023202420252026After 2026
Future minimum principal payments$7,625 18,187 29,938 38,750 527,738 331,625 
v3.22.2
Stock-Based Compensation
 6 Months Ended
Jul. 01, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company maintains certain stock-based compensation plans that were approved by the Company’s stockholders and are administered by the Board of Directors (the “Board”) or the Compensation and Organization Committee of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.
Stock-based Compensation Expense
The components and classification of stock-based compensation expense were as follows (in thousands):
 Three Months EndedSix Months Ended
 July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
RSUs and PRSUs$5,956 $4,249 $10,951 $8,953 
Total stock-based compensation expense$5,956 $4,249 $10,951 $8,953 
Cost of sales$837 $823 $1,606 $1,937 
Selling, general and administrative4,308 3,215 7,853 6,570 
Research, development and engineering338 211 663 446 
Restructuring and other charges473 — 829 — 
Total stock-based compensation expense$5,956 $4,249 $10,951 $8,953 
Stock Options
The following table summarizes the Company’s stock option activity for the six month period ended July 1, 2022:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life
(In Years)		Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2021247,640 $38.03 
No activity— — 
Outstanding and exercisable at July 1, 2022247,640 $38.03 3.6$8.4 
(7.)     STOCK-BASED COMPENSATION (Continued)
Restricted Stock Units
During the six months ended July 1, 2022, the Company awarded grants of either time-based RSUs or a mix of time-based RSUs and performance-based RSUs (“PRSUs”) to members of its Board of Directors and certain members of management. Most time-based RSUs granted during the six months ended July 1, 2022 vest over a period of three years from the grant date, subject to the recipient’s continuous service to the Company. RSUs are issued to members of the Board as a portion of their annual retainer and vest quarterly over a one-year vesting term. The grant-date fair value of all time-based RSUs is equal to the closing market price of Integer common stock on the date of grant.
The following table summarizes time-vested RSU activity for the six month period ended July 1, 2022:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2021248,131 $81.14 
Granted179,242 78.85 
Vested(81,171)79.60 
Forfeited(10,997)79.35 
Nonvested at July 1, 2022335,205 $80.35 
For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of market-based performance conditions. The market-based performance conditions are based on the Company’s achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods, or contingent upon achieving specified stock price milestones over a five year performance period.
The following table summarizes PRSU activity for the six month period ended July 1, 2022:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2021198,869 $92.07 
Granted131,393 90.84 
Forfeited(51,375)99.62 
Nonvested at July 1, 2022278,887 $90.10 
The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market-based performance conditions. The grant-date fair value of all other PRSUs is equal to the closing market price of Integer common stock on the date of grant.
The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:
 Six Months Ended
 July 1,
2022		July 2,
2021
Weighted average fair value$97.58 $85.16 
Risk-free interest rate1.58 %0.19 %
Expected volatility42 %41 %
Expected life (in years)3.93.0
Expected dividend yield— %— %
The valuation of the market-based PRSUs granted during 2022 and 2021 also reflects a weighted average illiquidity discount of 9.25% and 8.19%, respectively, related to the six-month period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.
v3.22.2
Restructuring and Other Charges
 6 Months Ended
Jul. 01, 2022
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
The Company continuously evaluates the business and identifies opportunities to realign its resources to better serve its customers and markets, improve operational efficiency and capabilities, and lower its operating costs or improve profitability. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. The Company incurs costs associated with these activities, which primarily include exit and disposal costs and other costs directly related to the restructuring initiative. The Company records exit and disposal costs (“restructuring charges”) as incurred in accordance with ASC 420, Exit or Disposal Cost Obligations, and are classified within Restructuring and other charges, while other costs directly related to the restructuring initiatives (“restructuring-related charges”) are classified within Cost of sales, Selling, general and administrative, and Research, development and engineering expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
In addition, from time to time, the Company incurs costs associated with acquiring and integrating businesses, and certain other general expenses, including asset impairments. The Company classifies costs associated with these items within Restructuring and other charges in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Restructuring and other charges comprise the following (in thousands):
 Three Months EndedSix Months Ended
 July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Restructuring charges$(5)$191 $1,098 $845 
Acquisition and integration costs
3,333 26 5,269 110 
Other general expenses205 62 501 239 
Total restructuring and other charges
$3,533 $279 $6,868 $1,194 
Restructuring programs
The following table comprises restructuring and restructuring-related charges by income statement classification for the three and six month periods ended July 1, 2022 (in thousands):
 Three Months EndedSix Months Ended
 July 1, 2022July 1, 2022
Restructuring charges:
Restructuring and other charges
$(5)$1,098 
Restructuring-related expenses(a):
Cost of sales179 334 
Selling, general and administrative384 702 
Research, development and engineering326 503 
Total restructuring and restructuring-related charges
$884 $2,637 
__________
(a) Restructuring-related expenses primarily include retention bonuses and consulting expenses. Restructuring related expense for the three and six months ended July 2, 2021 were not material.
Operational excellence initiatives
The Company’s operational excellence (“OE”) initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes.
2022 OE Initiatives - Costs related to the Company’s 2022 OE initiatives are primarily recorded within the Medical segment or unallocated operating expenses and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2022 OE initiatives of between approximately $3 million to $5 million, the majority of which are expected to be cash expenditures. As of July 1, 2022, total restructuring and restructuring-related charges incurred since inception were $0.7 million. These actions are expected to be substantially complete by the end of 2023.
(8.)     RESTRUCTURING AND OTHER CHARGES (Continued)
2021 OE Initiatives - Costs related to the Company’s 2021 OE initiatives are primarily recorded within the Medical segment or unallocated operating expenses and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2021 OE initiatives of between approximately $4 million to $5 million, the majority of which are expected to be cash expenditures. As of July 1, 2022, total restructuring and restructuring-related charges incurred since inception were $4.6 million. These actions are expected to be substantially complete by the end of 2022.
Strategic reorganization and alignment
The Company’s strategic reorganization and alignment (“SRA”) initiatives primarily include those that align resources with market conditions and the Company’s strategic direction in order to enhance the profitability of its portfolio of products.
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 July 1, 2022, total restructuring and restructuring-related charges incurred since inception were $1.9 million. These actions are expected to be completed by the end of 2025.
The following table summarizes the activity for restructuring reserves (in thousands):
Operational
excellence
initiatives		Strategic reorganization and alignmentTotal
December 31, 2021$298 $134 $432 
Charges incurred, net of reversals704 394 1,098 
Cash payments(825)(46)(871)
July 1, 2022$177 $482 $659 
Acquisition and integration
Acquisition and integration costs primarily consist of professional fees and other costs related to business acquisitions. During the six months ended July 1, 2022, acquisition and integration costs included $5.3 million of expenses primarily related to the acquisitions of Oscor and Aran.
Other general expenses
During the six months ended July 1, 2022 and July 2, 2021, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future costs and improve efficiencies.
v3.22.2
Income Taxes
 6 Months Ended
Jul. 01, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.
The Company’s effective tax rate for the second quarter of 2022 was 14.7% on $24.4 million of income before taxes compared to 4.4% on $30.8 million of income before taxes for the same period in 2021. The Company’s effective tax rate for the six months ended July 1, 2022 was 16.1% on $38.4 million of income before taxes compared to 8.6% on $55.8 million of income before taxes for the same period of 2021. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the second quarter and first six months of 2022 and 2021 is due principally to the net impact of the Company’s earnings outside the U.S., which are generally taxed at rates that differ from the U.S federal rate, the Global Intangible Low-Taxed Income (“GILTI”) tax, the Foreign Derived Intangible Income (“FDII”) deduction, the availability of tax credits, and the recognition of certain discrete tax items.
The Company did not record discrete tax expense for the second quarter of 2022 and recorded discrete tax expense of $0.5 million for the first six months of 2022, compared to discrete tax benefits of $3.8 million and $4.4 million, respectively, for the second quarter and first six months of 2021. The discrete tax expense for the first six months of 2022 is predominately related to excess tax benefits recognized upon vesting of RSUs during those periods and/or tax shortfalls recorded for the forfeiture of certain PRSUs. Approximately $3.5 million of the discrete tax benefits recognized for the second quarter and first six months of 2021 relate to the reversal of unrecognized tax benefits resulting from the effective settlement of tax audits during the second quarter of 2021. The remainder of the discrete tax benefits relate predominately to excess tax benefits recognized upon vesting of RSUs or exercise of stock options during those quarters.
Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. As of July 1, 2022, the Company had unrecognized tax benefits of approximately $6.0 million, predominately all of which would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of July 1, 2022, the Company believes the reasonably possible total amount of unrecognized tax benefits that could increase or decrease in the next 12 months as a result of various statute expirations, audit closures, and/or tax settlements would not be material to its consolidated financial statements.
In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The CARES Act provided for deferred payment of the employer portion of social security taxes through the end of 2020. As of July 1, 2022 and December 31, 2021, the Company had a remaining deferred amount of $4.8 million, which the Company will pay prior to December 31, 2022. The deferred payroll taxes are included within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.
v3.22.2
Commitments and Contingencies
 6 Months Ended
Jul. 01, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingent Consideration Arrangements
The Company records contingent consideration liabilities related to the earn-out provisions for certain acquisitions. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information.
Litigation
The Company is subject to litigation arising from time to time in the ordinary course of its business. The Company does not expect that the ultimate resolution of any pending legal actions will have a material effect on its consolidated results of operations, financial position, or cash flows. However, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which the Company currently believes to be immaterial, will not become material in the future.
Product Warranties
The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The product warranty liability is presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The change in product warranty liability comprised the following (in thousands):
December 31, 2021$509 
Additions to warranty reserve, net of reversals(17)
Adjustments to pre-existing warranties (15)
July 1, 2022$477 
v3.22.2
Earnings Per Share (“EPS”)
 6 Months Ended
Jul. 01, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE (“EPS”) EARNINGS PER SHARE (“EPS”)
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Numerator for basic and diluted EPS:
Net income$20,836 $29,433 $32,203 $50,953 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic33,111 32,982 33,101 32,970 
Dilutive effect of share-based awards239 272 225 251 
Weighted average shares outstanding - Diluted33,350 33,254 33,326 33,221 
Basic EPS$0.63 $0.89 $0.97 $1.55 
Diluted EPS$0.62 $0.89 $0.97 $1.53 
The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Time-vested RSUs5 — 4 5 
PRSUs165 63 165 64 
v3.22.2
Stockholders' Equity
 6 Months Ended
Jul. 01, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Common Stock
The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended July 1, 2022 and July 2, 2021:
Six Months Ended
July 1,
2022		July 2,
2021
Shares outstanding at beginning of period33,063,336 32,908,178 
Stock options exercised— 15,075 
Vesting of RSUs, net of shares withheld to cover taxes58,497 75,798 
Shares outstanding at end of period33,121,833 32,999,051 
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
April 1, 2022$(890)$1,170 $21,833 $22,113 $(76)$22,037 
Unrealized loss on cash flow hedges— (291)— (291)61 (230)
Realized gain on foreign currency hedges— (295)— (295)62 (233)
Realized loss on interest rate swap hedge— 526 — 526 (110)416 
Foreign currency translation loss— — (27,274)(27,274)— (27,274)
July 1, 2022$(890)$1,110 $(5,441)$(5,221)$(63)$(5,284)
December 31, 2021$(890)$(2,291)$29,720 $26,539 $651 $27,190 
Unrealized gain on cash flow hedges— 2,565 — 2,565 (539)2,026 
Realized gain on foreign currency hedges— (457)— (457)96 (361)
Realized loss on interest rate swap hedges— 1,293 — 1,293 (271)1,022 
Foreign currency translation loss— — (35,161)(35,161)— (35,161)
July 1, 2022$(890)$1,110 $(5,441)$(5,221)$(63)$(5,284)
April 2, 2021$(1,095)$(5,850)$41,182 $34,237 $1,385 $35,622 
Unrealized gain on cash flow hedges— 565 — 565 (118)447 
Realized gain on foreign currency hedges— (490)— (490)102 (388)
Realized loss on interest rate swap hedges— 995 — 995 (209)786 
Foreign currency translation gain— — 2,484 2,484 — 2,484 
July 2, 2021$(1,095)$(4,780)$43,666 $37,791 $1,160 $38,951 
December 31, 2020$(1,095)$(4,956)$57,546 $51,495 $1,197 $52,692 
Unrealized loss on cash flow hedges— (704)— (704)148 (556)
Realized gain on foreign currency hedges— (1,149)— (1,149)241 (908)
Realized loss on interest rate swap hedges— 2,029 — 2,029 (426)1,603 
Foreign currency translation loss— — (13,880)(13,880)— (13,880)
July 2, 2021$(1,095)$(4,780)$43,666 $37,791 $1,160 $38,951 
v3.22.2
Financial Instruments and Fair Value Measurements
 6 Months Ended
Jul. 01, 2022
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.
The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and uses derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets.
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
July 1, 2022
Assets: Interest rate swaps$841 $— $841 $— 
Assets: Foreign currency hedging contracts1,395 — 1,395 — 
Liabilities: Foreign currency hedging contracts1,126 — 1,126 — 
Liabilities: Contingent consideration9,072 — — 9,072 
December 31, 2021
Assets: Foreign currency hedging contracts$687 $— $687 $— 
Liabilities: Interest rate swap2,978 — 2,978 — 
Liabilities: Contingent consideration2,415 — — 2,415 
Derivatives Designated as Hedging Instruments
Interest Rate Swaps
The Company periodically enters into interest rate swap agreements in order to reduce the cash flow risk caused by interest rate changes on its outstanding floating rate borrowings. Under these swap agreements, the Company pays a fixed rate of interest and receives a floating rate equal to one-month LIBOR. The variable rate received from the swap agreements and the variable rate paid on the outstanding debt will have the same rate of interest, excluding the credit spread, and will reset and pay interest on the same date. The Company has designated these swap agreements as cash flow hedges based on concluding the hedged forecasted transaction is probable of occurring within the period the cash flow hedge is anticipated to affect earnings.
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of July 1, 2022 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 %1.6240 %$841 Prepaid expenses and other current assets
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges 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
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Foreign Currency Contracts
The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges.
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of July 1, 2022 is as follows (dollars in thousands):
Notional AmountEnd
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$10,923 Dec 20220.0455MXN Peso$728 Prepaid expenses and other current assets
6,830 Dec 20221.1383Euro(522)Accrued expenses and other current liabilities
4,106 Dec 20220.0216UYU Peso667 Prepaid expenses and other current assets
6,760 Dec 20221.1266Euro(453)Accrued expenses and other current liabilities
3,833 Dec 20221.0952Euro(151)Accrued expenses and other current 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 AmountEnd
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
The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 1, 2022 and July 2, 2021 (in thousands):
Three Months Ended
July 1, 2022July 2, 2021
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$350,081 $(371)$312,023 $29 
Cost of sales257,184 554 223,277 450 
Operating expenses60,190 112 49,396 11 
Interest expense7,773 (526)7,532 (995)
Six Months Ended
July 1, 2022July 2, 2021
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$660,993 $(425)$602,490 $37 
Cost of sales486,621 746 429,258 1,074 
Operating expenses119,168 136 99,274 38 
Interest expense13,741 (1,293)16,064 (2,029)
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three Months Ended
Location in Statements of Operations and Comprehensive Income (Loss)
Three Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Interest rate swap$702 $(375)Interest expense$(526)$(995)
Foreign exchange contracts(1,167)148 Sales(371)29 
Foreign exchange contracts96 725 Cost of sales554 450 
Foreign exchange contracts78 67 Operating expenses112 11 
Six Months Ended
Location in Statements of Operations and Comprehensive Income (Loss)
Six Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Interest rate swaps$2,526 $(109)Interest expense$(1,293)$(2,029)
Foreign exchange contracts(1,681)(738)Sales(425)37 
Foreign exchange contracts1,365 166 Cost of sales746 1,074 
Foreign exchange contracts355 (23)Operating expenses136 38 
The Company expects to reclassify net losses totaling $1.1 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
Derivatives Not Designated as Hedging Instruments
The Company also has foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. To minimize foreign currency exposure, the Company enters into foreign currency contracts with a one month maturity. At July 1, 2022, the Company had two contracts outstanding, with a total notional amount of $13.9 million and a fair value of approximately $0.1 million. At December 31, 2021, the Company had one contract outstanding, with a notional amount of $15.0 million and a fair value of $(0.1) million. The Company recorded a net gain on foreign currency contracts not designated as hedging instruments of $0.4 million and $0.7 million, respectively, for the three and six months ended July 1, 2022, which is included in Other loss, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in Other loss, net. The Company did not have foreign currency contracts not designated as hedging instruments outstanding during the six months ended July 2, 2021.
Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended July 1, 2022 and July 2, 2021 (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Fair value measurement at beginning of period$1,976 $2,281 $2,415 $3,900 
Amount recorded for current year acquisitions
7,375 — 7,375 — 
Fair value measurement adjustment— — 54 — 
Payments
— — (493)(1,621)
Foreign currency translation(279)— (279)2 
Fair value measurement at end of period$9,072 $2,281 $9,072 $2,281 
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
On April 6, 2022, the Company acquired Aran. See Note 2 “Business Acquisitions” for additional information about the Aran acquisition and related contingent consideration. On February 19, 2020, the Company acquired certain assets and liabilities of InoMec Ltd. (“InoMec”), a privately-held company based in Israel that specializes in the research, development and manufacturing of medical devices, including minimally invasive tools, delivery systems, tubing and catheters, surgery tools, drug-device combination, laser combined devices, and tooling and production. On October 7, 2019, the Company acquired certain assets and liabilities of US BioDesign, LLC (“USB”), a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. The contingent consideration at July 1, 2022 is the estimated fair value of the Company’s obligations, under the asset purchase agreements for Aran, InoMec and USB, to make additional payments if certain revenue goals are met.
During 2022, the Company made payments associated with the USB acquisition, resulting from achievement of revenue-based goals for the period from January 1, 2021 to December 31, 2021. During 2021, the Company made payments associated with the InoMec and USB acquisitions, resulting from achievement of revenue-based goals for the period from March 1, 2020 to February 28, 2021 for InoMec and January 1, 2020 to December 31, 2020 for USB.
As of July 1, 2022 and December 31, 2021, the current portion of contingent consideration liabilities included in Accrued expenses and other current liabilities was $8.4 million and $0.9 million, respectively, and the non-current portion included in Other long-term liabilities on the Condensed Consolidated Balance Sheets was $0.7 million and $1.5 million, respectively.
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
July 1, 2022
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments:
InoMec and USB$5,375 $1,976 Monte CarloRevenue volatility26.7 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
Aran$10,484 $7,096 
Probability-weighted expected returns method
Probability of occurrence
0% - 50%
Discount rate9.7 %
Projected year(s) of payment2023
December 31, 2021
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments:
InoMec and USB$6,750 $2,415 Monte CarloRevenue volatility29.0 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items.
Borrowings under the Company’s Revolving Credit Facility, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets.
Equity investments comprise the following (in thousands):
July 1,
2022		December 31,
2021
Equity method investment$13,468 $16,192 
Non-marketable equity securities5,637 5,637 
Total equity investments
$19,105 $21,829 
The components of Loss on equity investments for each period were as follows (in thousands):
Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Equity method investment loss$320 $684 $2,724 $2,019 
The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of July 1, 2022, the Company owned 6.8% of this fund.
v3.22.2
Segment Information
 6 Months Ended
Jul. 01, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting. For purposes of segment reporting, intercompany sales between segments are not material.
The Company has communicated to certain customers that it is exiting certain markets it serves in the Advanced Surgical, Orthopedics & Portable Medical product line. In order to align with the planned exit of those markets and better align to its end markets and product line strategies, the Company recast its product line sales within the Medical segment to reflect the reclassification of certain products from the historical product lines to the product lines associated with those revenues that will be utilized for future revenue reporting. The Company believes the revised presentation will provide improved reporting and better transparency into the operational results of its business and markets. The Company has reclassified the prior year information in the table below to conform to the current year presentation. For the three and six months ended July 2, 2021, Cardio & Vascular sales of $7.9 million and $15.9 million, respectively, and Advanced Surgical, Orthopedics & Portable Medical sales of $6.0 million and $11.3 million, respectively, were reclassified to the Cardiac Rhythm Management & Neuromodulation product line.
The following table presents sales by product line (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Segment sales by product line:
Medical
Cardio & Vascular$180,604 $144,683 $339,641 $285,889 
Cardiac Rhythm Management & Neuromodulation
135,945 133,660 259,269 255,363 
Advanced Surgical, Orthopedics & Portable Medical23,285 23,283 42,951 43,339 
Total Medical339,834 301,626 641,861 584,591 
Non-Medical10,247 10,397 19,132 17,899 
Total sales$350,081 $312,023 $660,993 $602,490 
The following table presents income for the Company’s reportable segments (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Segment income:
Medical$54,580 $56,439 $98,728 $111,964 
Non-Medical1,625 3,356 2,290 3,358 
Total segment income56,205 59,795 101,018 115,322 
Unallocated operating expenses
(23,498)(20,445)(45,814)(41,364)
Operating income32,707 39,350 55,204 73,958 
Unallocated expenses, net(8,284)(8,572)(16,833)(18,202)
Income before taxes$24,423 $30,778 $38,371 $55,756 
v3.22.2
Revenue From Contracts With Customers
 6 Months Ended
Jul. 01, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenue
In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. For a summary by disaggregated product line sales for each segment, refer to Note 14, “Segment Information.”
Revenue recognized from products and services transferred to customers over time represented 32% and 31%, respectively, for the three and six months ended July 1, 2022, compared to 34% for the three and six months ended July 2, 2021. Substantially all of the revenue recognized from products and services transferred to customers over time during the periods presented was within the Medical segment.
The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
Three Months Ended
July 1, 2022July 2, 2021
CustomerMedicalNon-Medical MedicalNon-Medical
Customer A18%*20%*
Customer B17%*17%*
Customer C14%*14%*
Customer D*42%*36%
All other customers51%58%49%64%

Six Months Ended
July 1, 2022July 2, 2021
CustomerMedicalNon-MedicalMedicalNon-Medical
Customer A18%*21%*
Customer B17%*17%*
Customer C14%*14%*
Customer D*37%*32%
All other customers51%63%48%68%
__________
* Less than 10% of segment’s total revenues for the period.
(15.)    REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped.
Three Months Ended
July 1, 2022July 2, 2021
Ship to LocationMedicalNon-Medical MedicalNon-Medical
United States52%71%53%70%
Puerto Rico**10%*
All other countries48%29%37%30%
Six Months Ended
July 1, 2022July 2, 2021
Ship to LocationMedicalNon-MedicalMedicalNon-Medical
United States51%67%53%69%
Puerto Rico**10%*
All other countries49%33%37%31%
__________
* Less than 10% of segment’s total revenues for the period.

Contract Balances
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
July 1,
2022		December 31,
2021
Contract assets$70,408 $64,743 
Contract liabilities8,718 3,776 
During the three and six months ended July 1, 2022, the Company recognized $0.8 million and $1.7 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2021. During the three and six months ended July 2, 2021, the Company recognized $0.2 million and $1.1 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2020.
v3.22.2
Basis of Presentation (Policies)
 6 Months Ended
Jul. 01, 2022
Accounting Policies [Abstract]  
Interim Basis of Accounting In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates.
Reclassifications ReclassificationsCertain prior period amounts have been reclassified to conform to current year presentation.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that are of significance, or potential significance, to the Company.
Income Taxes The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.
Equity Investments
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets.
v3.22.2
Business Acquisitions (Tables)
 6 Months Ended
Jul. 01, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Final Allocation of Purchase Consideration
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
Fair value of net assets acquired
Current assets$9,319 
Property, plant and equipment4,151 
Goodwill68,460 
Definite-lived intangible assets71,485 
Operating lease assets3,505 
Other noncurrent assets1,354 
Current liabilities(4,370)
Operating lease liabilities(3,258)
Other noncurrent liabilities(9,377)
Fair value of net assets acquired$141,269 
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
Fair value of net assets acquired
Current assets (excluding inventory)$9,621 
Inventory11,360 
Property, plant and equipment17,977 
Goodwill78,302 
Intangible assets105,300 
Operating lease assets15,142 
Other noncurrent assets695 
Current liabilities(11,143)
Operating lease liabilities(12,044)
Fair value of net assets acquired$215,210 
Schedule of Definite-lived Intangible Assets Acquired
The breakout of definite-lived intangible assets acquired was as follows (dollars in thousands):
Definite-lived Intangible AssetsFair Value AssignedWeighted Average Amortization Period
(Years)		Weighted Average Discount Rate
Customer lists$53,395 26.09.5%
Technology17,435 12.09.5%
Tradenames655 1.59.5%
$71,485 
Schedule of Business Acquisition, Pro Forma Information These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future.
Six Months Ended
July 1, 2022
Three Months Ended
July 2, 2021
Six Months Ended
July 2, 2021
Sales$666,356 $332,360 $639,966 
Net income45,357 27,693 44,452 
v3.22.2
Supplemental Cash Flow Information (Tables)
 6 Months Ended
Jul. 01, 2022
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
Six Months Ended
July 1,
2022		July 2,
2021
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable$6,373 $4,364 
Supplemental lease disclosures:
Assets acquired under operating leases11,265 7,435 
v3.22.2
Inventories (Tables)
 6 Months Ended
Jul. 01, 2022
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories comprise the following (in thousands):
July 1,
2022		December 31,
2021
Raw materials$91,328 $70,956 
Work-in-process90,886 74,152 
Finished goods12,244 10,591 
Total$194,458 $155,699 
v3.22.2
Goodwill and Other Intangible Assets, Net (Tables)
 6 Months Ended
Jul. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill by reportable segment for the six months ended July 1, 2022 were as follows (in thousands):
MedicalNon- MedicalTotal
December 31, 2021$907,704 $17,000 $924,704 
Acquisition (Note 2)68,460 — 68,460 
Acquisition-related adjustments (Note 2)414 414 
Foreign currency translation(15,019)— (15,019)
July 1, 2022$961,559 $17,000 $978,559 
Schedule of Finite-Lived Intangible Assets, Major Class Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
July 1, 2022
Definite-lived:
Purchased technology and patents$283,022 $(170,380)$112,642 
Customer lists822,121 (200,119)622,002 
Amortizing tradenames and other21,021 (4,831)16,190 
Total amortizing intangible assets$1,126,164 $(375,330)$750,834 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2021
Definite-lived:
Purchased technology and patents$269,359 $(164,298)$105,061 
Customer lists783,618 (187,412)596,206 
Amortizing tradenames and other20,462 (4,207)16,255 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Indefinite-Lived Intangible Assets Intangible assets comprise the following (in thousands):
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
July 1, 2022
Definite-lived:
Purchased technology and patents$283,022 $(170,380)$112,642 
Customer lists822,121 (200,119)622,002 
Amortizing tradenames and other21,021 (4,831)16,190 
Total amortizing intangible assets$1,126,164 $(375,330)$750,834 
Indefinite-lived:
Trademarks and tradenames$90,288 
December 31, 2021
Definite-lived:
Purchased technology and patents$269,359 $(164,298)$105,061 
Customer lists783,618 (187,412)596,206 
Amortizing tradenames and other20,462 (4,207)16,255 
Total amortizing intangible assets$1,073,439 $(355,917)$717,522 
Indefinite-lived:
Trademarks and tradenames$90,288 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
Aggregate intangible asset amortization expense comprises the following (in thousands):
 Three Months EndedSix Months Ended
 July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Cost of sales$4,037 $3,233 $7,682 $6,501 
Selling, general and administrative expenses8,248 7,106 16,207 14,288 
Total intangible asset amortization expense$12,285 $10,339 $23,889 $20,789 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future intangible asset amortization expense based on the carrying value as of July 1, 2022 is as follows (in thousands):
Remainder of 20222023202420252026After 2026
Amortization Expense$24,618 51,982 51,352 50,542 48,709 523,631 
v3.22.2
Debt (Tables)
 6 Months Ended
Jul. 01, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt related to the Senior Secured Credit Facilities as of July 1, 2022 and December 31, 2021, respectively, comprises the following (in thousands):
 July 1,
2022		December 31,
2021
Senior secured term loan A$461,188 $467,062 
Senior secured term loan B347,375 349,125 
Senior secured revolving credit facility145,300 19,300 
Unamortized discount on term loan B and deferred debt issuance costs(6,724)(7,361)
Total debt947,139 828,126 
Current portion of long-term debt(15,250)(15,250)
Total long-term debt$931,889 $812,876 
Schedule of Maturities of Long-term Debt
Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2022 and through maturity, excluding any discounts or premiums, as of July 1, 2022 are as follows (in thousands):
Remainder of 20222023202420252026After 2026
Future minimum principal payments$7,625 18,187 29,938 38,750 527,738 331,625 
v3.22.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jul. 01, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The components and classification of stock-based compensation expense were as follows (in thousands):
 Three Months EndedSix Months Ended
 July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
RSUs and PRSUs$5,956 $4,249 $10,951 $8,953 
Total stock-based compensation expense$5,956 $4,249 $10,951 $8,953 
Cost of sales$837 $823 $1,606 $1,937 
Selling, general and administrative4,308 3,215 7,853 6,570 
Research, development and engineering338 211 663 446 
Restructuring and other charges473 — 829 — 
Total stock-based compensation expense$5,956 $4,249 $10,951 $8,953 
Schedule of Share-based Compensation, Stock Options Activity
The following table summarizes the Company’s stock option activity for the six month period ended July 1, 2022:
Number of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life
(In Years)		Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2021247,640 $38.03 
No activity— — 
Outstanding and exercisable at July 1, 2022247,640 $38.03 3.6$8.4 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes time-vested RSU activity for the six month period ended July 1, 2022:
Time-Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2021248,131 $81.14 
Granted179,242 78.85 
Vested(81,171)79.60 
Forfeited(10,997)79.35 
Nonvested at July 1, 2022335,205 $80.35 
The following table summarizes PRSU activity for the six month period ended July 1, 2022:
Performance-
Vested
Activity		Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2021198,869 $92.07 
Granted131,393 90.84 
Forfeited(51,375)99.62 
Nonvested at July 1, 2022278,887 $90.10 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:
 Six Months Ended
 July 1,
2022		July 2,
2021
Weighted average fair value$97.58 $85.16 
Risk-free interest rate1.58 %0.19 %
Expected volatility42 %41 %
Expected life (in years)3.93.0
Expected dividend yield— %— %
v3.22.2
Restructuring and Other Charges (Tables)
 6 Months Ended
Jul. 01, 2022
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Charges
Restructuring and other charges comprise the following (in thousands):
 Three Months EndedSix Months Ended
 July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Restructuring charges$(5)$191 $1,098 $845 
Acquisition and integration costs
3,333 26 5,269 110 
Other general expenses205 62 501 239 
Total restructuring and other charges
$3,533 $279 $6,868 $1,194 
The following table comprises restructuring and restructuring-related charges by income statement classification for the three and six month periods ended July 1, 2022 (in thousands):
 Three Months EndedSix Months Ended
 July 1, 2022July 1, 2022
Restructuring charges:
Restructuring and other charges
$(5)$1,098 
Restructuring-related expenses(a):
Cost of sales179 334 
Selling, general and administrative384 702 
Research, development and engineering326 503 
Total restructuring and restructuring-related charges
$884 $2,637 
__________
(a) Restructuring-related expenses primarily include retention bonuses and consulting expenses. Restructuring related expense for the three and six months ended July 2, 2021 were not material.
Schedule of Changes in Restructuring Reserves
The following table summarizes the activity for restructuring reserves (in thousands):
Operational
excellence
initiatives		Strategic reorganization and alignmentTotal
December 31, 2021$298 $134 $432 
Charges incurred, net of reversals704 394 1,098 
Cash payments(825)(46)(871)
July 1, 2022$177 $482 $659 
v3.22.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jul. 01, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability The change in product warranty liability comprised the following (in thousands):
December 31, 2021$509 
Additions to warranty reserve, net of reversals(17)
Adjustments to pre-existing warranties (15)
July 1, 2022$477 
v3.22.2
Earnings Per Share (“EPS”) (Tables)
 6 Months Ended
Jul. 01, 2022
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share
The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Numerator for basic and diluted EPS:
Net income$20,836 $29,433 $32,203 $50,953 
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic33,111 32,982 33,101 32,970 
Dilutive effect of share-based awards239 272 225 251 
Weighted average shares outstanding - Diluted33,350 33,254 33,326 33,221 
Basic EPS$0.63 $0.89 $0.97 $1.55 
Diluted EPS$0.62 $0.89 $0.97 $1.53 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Time-vested RSUs5 — 4 5 
PRSUs165 63 165 64 
v3.22.2
Stockholders' Equity (Tables)
 6 Months Ended
Jul. 01, 2022
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended July 1, 2022 and July 2, 2021:
Six Months Ended
July 1,
2022		July 2,
2021
Shares outstanding at beginning of period33,063,336 32,908,178 
Stock options exercised— 15,075 
Vesting of RSUs, net of shares withheld to cover taxes58,497 75,798 
Shares outstanding at end of period33,121,833 32,999,051 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) comprises the following (in thousands):
Defined
Benefit
Plan
Liability		Cash
Flow
Hedges		Foreign
Currency
Translation
Adjustment		Total
Pre-Tax
Amount		TaxNet-of-Tax
Amount
April 1, 2022$(890)$1,170 $21,833 $22,113 $(76)$22,037 
Unrealized loss on cash flow hedges— (291)— (291)61 (230)
Realized gain on foreign currency hedges— (295)— (295)62 (233)
Realized loss on interest rate swap hedge— 526 — 526 (110)416 
Foreign currency translation loss— — (27,274)(27,274)— (27,274)
July 1, 2022$(890)$1,110 $(5,441)$(5,221)$(63)$(5,284)
December 31, 2021$(890)$(2,291)$29,720 $26,539 $651 $27,190 
Unrealized gain on cash flow hedges— 2,565 — 2,565 (539)2,026 
Realized gain on foreign currency hedges— (457)— (457)96 (361)
Realized loss on interest rate swap hedges— 1,293 — 1,293 (271)1,022 
Foreign currency translation loss— — (35,161)(35,161)— (35,161)
July 1, 2022$(890)$1,110 $(5,441)$(5,221)$(63)$(5,284)
April 2, 2021$(1,095)$(5,850)$41,182 $34,237 $1,385 $35,622 
Unrealized gain on cash flow hedges— 565 — 565 (118)447 
Realized gain on foreign currency hedges— (490)— (490)102 (388)
Realized loss on interest rate swap hedges— 995 — 995 (209)786 
Foreign currency translation gain— — 2,484 2,484 — 2,484 
July 2, 2021$(1,095)$(4,780)$43,666 $37,791 $1,160 $38,951 
December 31, 2020$(1,095)$(4,956)$57,546 $51,495 $1,197 $52,692 
Unrealized loss on cash flow hedges— (704)— (704)148 (556)
Realized gain on foreign currency hedges— (1,149)— (1,149)241 (908)
Realized loss on interest rate swap hedges— 2,029 — 2,029 (426)1,603 
Foreign currency translation loss— — (13,880)(13,880)— (13,880)
July 2, 2021$(1,095)$(4,780)$43,666 $37,791 $1,160 $38,951 
v3.22.2
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Jul. 01, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
July 1, 2022
Assets: Interest rate swaps$841 $— $841 $— 
Assets: Foreign currency hedging contracts1,395 — 1,395 — 
Liabilities: Foreign currency hedging contracts1,126 — 1,126 — 
Liabilities: Contingent consideration9,072 — — 9,072 
December 31, 2021
Assets: Foreign currency hedging contracts$687 $— $687 $— 
Liabilities: Interest rate swap2,978 — 2,978 — 
Liabilities: Contingent consideration2,415 — — 2,415 
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of July 1, 2022 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 %1.6240 %$841 Prepaid expenses and other current assets
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges 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
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of July 1, 2022 is as follows (dollars in thousands):
Notional AmountEnd
Date		$/Foreign CurrencyFair ValueBalance Sheet Location
$10,923 Dec 20220.0455MXN Peso$728 Prepaid expenses and other current assets
6,830 Dec 20221.1383Euro(522)Accrued expenses and other current liabilities
4,106 Dec 20220.0216UYU Peso667 Prepaid expenses and other current assets
6,760 Dec 20221.1266Euro(453)Accrued expenses and other current liabilities
3,833 Dec 20221.0952Euro(151)Accrued expenses and other current 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 AmountEnd
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
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 1, 2022 and July 2, 2021 (in thousands):
Three Months Ended
July 1, 2022July 2, 2021
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$350,081 $(371)$312,023 $29 
Cost of sales257,184 554 223,277 450 
Operating expenses60,190 112 49,396 11 
Interest expense7,773 (526)7,532 (995)
Six Months Ended
July 1, 2022July 2, 2021
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$660,993 $(425)$602,490 $37 
Cost of sales486,621 746 429,258 1,074 
Operating expenses119,168 136 99,274 38 
Interest expense13,741 (1,293)16,064 (2,029)
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three Months Ended
Location in Statements of Operations and Comprehensive Income (Loss)
Three Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Interest rate swap$702 $(375)Interest expense$(526)$(995)
Foreign exchange contracts(1,167)148 Sales(371)29 
Foreign exchange contracts96 725 Cost of sales554 450 
Foreign exchange contracts78 67 Operating expenses112 11 
Six Months Ended
Location in Statements of Operations and Comprehensive Income (Loss)
Six Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Interest rate swaps$2,526 $(109)Interest expense$(1,293)$(2,029)
Foreign exchange contracts(1,681)(738)Sales(425)37 
Foreign exchange contracts1,365 166 Cost of sales746 1,074 
Foreign exchange contracts355 (23)Operating expenses136 38 
Schedule of Estimated Fair Values for Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended July 1, 2022 and July 2, 2021 (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Fair value measurement at beginning of period$1,976 $2,281 $2,415 $3,900 
Amount recorded for current year acquisitions
7,375 — 7,375 — 
Fair value measurement adjustment— — 54 — 
Payments
— — (493)(1,621)
Foreign currency translation(279)— (279)2 
Fair value measurement at end of period$9,072 $2,281 $9,072 $2,281 
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:
July 1, 2022
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments:
InoMec and USB$5,375 $1,976 Monte CarloRevenue volatility26.7 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
Aran$10,484 $7,096 
Probability-weighted expected returns method
Probability of occurrence
0% - 50%
Discount rate9.7 %
Projected year(s) of payment2023
December 31, 2021
Contingency TypeMaximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments:
InoMec and USB$6,750 $2,415 Monte CarloRevenue volatility29.0 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Schedule of Equity Method Investments
Equity investments comprise the following (in thousands):
July 1,
2022		December 31,
2021
Equity method investment$13,468 $16,192 
Non-marketable equity securities5,637 5,637 
Total equity investments
$19,105 $21,829 
The components of Loss on equity investments for each period were as follows (in thousands):
Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Equity method investment loss$320 $684 $2,724 $2,019 
v3.22.2
Segment Information (Tables)
 6 Months Ended
Jul. 01, 2022
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenue from Segments to Consolidated
The following table presents sales by product line (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Segment sales by product line:
Medical
Cardio & Vascular$180,604 $144,683 $339,641 $285,889 
Cardiac Rhythm Management & Neuromodulation
135,945 133,660 259,269 255,363 
Advanced Surgical, Orthopedics & Portable Medical23,285 23,283 42,951 43,339 
Total Medical339,834 301,626 641,861 584,591 
Non-Medical10,247 10,397 19,132 17,899 
Total sales$350,081 $312,023 $660,993 $602,490 
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table presents income for the Company’s reportable segments (in thousands):
 Three Months EndedSix Months Ended
July 1,
2022		July 2,
2021		July 1,
2022		July 2,
2021
Segment income:
Medical$54,580 $56,439 $98,728 $111,964 
Non-Medical1,625 3,356 2,290 3,358 
Total segment income56,205 59,795 101,018 115,322 
Unallocated operating expenses
(23,498)(20,445)(45,814)(41,364)
Operating income32,707 39,350 55,204 73,958 
Unallocated expenses, net(8,284)(8,572)(16,833)(18,202)
Income before taxes$24,423 $30,778 $38,371 $55,756 
v3.22.2
Revenue From Contracts With Customers (Tables)
 6 Months Ended
Jul. 01, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
Three Months Ended
July 1, 2022July 2, 2021
CustomerMedicalNon-Medical MedicalNon-Medical
Customer A18%*20%*
Customer B17%*17%*
Customer C14%*14%*
Customer D*42%*36%
All other customers51%58%49%64%

Six Months Ended
July 1, 2022July 2, 2021
CustomerMedicalNon-MedicalMedicalNon-Medical
Customer A18%*21%*
Customer B17%*17%*
Customer C14%*14%*
Customer D*37%*32%
All other customers51%63%48%68%
__________
* Less than 10% of segment’s total revenues for the period.
Schedule of Revenue by Ship To Location
The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped.
Three Months Ended
July 1, 2022July 2, 2021
Ship to LocationMedicalNon-Medical MedicalNon-Medical
United States52%71%53%70%
Puerto Rico**10%*
All other countries48%29%37%30%
Six Months Ended
July 1, 2022July 2, 2021
Ship to LocationMedicalNon-MedicalMedicalNon-Medical
United States51%67%53%69%
Puerto Rico**10%*
All other countries49%33%37%31%
__________
* Less than 10% of segment’s total revenues for the period.
Schedule of Contract with Customer, Asset and Liability
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):
July 1,
2022		December 31,
2021
Contract assets$70,408 $64,743 
Contract liabilities8,718 3,776 
v3.22.2
Business Acquisitions (Narrative) (Details)
$ in Thousands, € in Millions
 3 Months Ended 6 Months Ended
Apr. 06, 2022
USD ($)
Dec. 01, 2021
USD ($)
Jul. 01, 2022
USD ($)
Jul. 01, 2022
USD ($)
Jul. 02, 2021
USD ($)
Apr. 06, 2022
EUR (€)
Business Acquisition [Line Items]            
Net of cash acquired       $ 126,636 $ 0  
Goodwill accounting adjustment       414    
Aran Acquisition            
Business Acquisition [Line Items]            
Percentage of voting interests acquired 100.00%         100.00%
Consideration transferred $ 141,300          
Payments to acquire business 133,900          
Net of cash acquired 129,300          
Fair value of contingent consideration 7,400          
Contingent consideration liability, current $ 10,900         € 10
Oscor Inc            
Business Acquisition [Line Items]            
Percentage of voting interests acquired   100.00%        
Consideration transferred   $ 215,200        
Goodwill accounting adjustment     $ 5,200 400    
Adjustment in current liabilities       2,300    
Adjustment in current assets       2,500    
Decrease in inventory       800    
Acquisition related costs     $ 1,600 $ 2,800    
v3.22.2
Business Acquisitions (Allocation Of The Provisional Purchase Price) (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Apr. 06, 2022
Dec. 31, 2021
Dec. 01, 2021
Business Acquisition [Line Items]        
Goodwill $ 978,559   $ 924,704  
Aran Acquisition        
Business Acquisition [Line Items]        
Current assets (excluding inventory)   $ 9,319    
Property, plant and equipment   4,151    
Goodwill   68,460    
Definite-lived intangible assets   71,485    
Operating lease assets   3,505    
Other noncurrent assets   1,354    
Current liabilities   (4,370)    
Operating lease liabilities   (3,258)    
Other noncurrent liabilities   (9,377)    
Fair value of net assets acquired   $ 141,269    
Oscor Inc        
Business Acquisition [Line Items]        
Current assets (excluding inventory)       $ 9,621
Inventory       11,360
Property, plant and equipment       17,977
Goodwill       78,302
Definite-lived intangible assets       105,300
Operating lease assets       15,142
Other noncurrent assets       695
Current liabilities       (11,143)
Operating lease liabilities       (12,044)
Fair value of net assets acquired       $ 215,210
v3.22.2
Business Acquisitions (Definite-lived Intangible Assets Acquired) (Details)
$ in Thousands
 6 Months Ended
Jul. 01, 2022
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 71,485
Customer lists  
Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 53,395
Weighted Average Amortization Period (Years) 26 years
Weighted Average Discount Rate 9.50%
Technology  
Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 17,435
Weighted Average Amortization Period (Years) 12 years
Weighted Average Discount Rate 9.50%
Tradenames  
Finite-Lived Intangible Assets [Line Items]  
Fair Value Assigned $ 655
Weighted Average Amortization Period (Years) 1 year 6 months
Weighted Average Discount Rate 9.50%
v3.22.2
Business Acquisitions (Pro Forma Information) (Details) - Oscor Inc - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Business Combination, Separately Recognized Transactions [Line Items]      
Sales $ 332,360 $ 666,356 $ 639,966
Net income $ 27,693 $ 45,357 $ 44,452
v3.22.2
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Noncash investing and financing activities:    
Property, plant and equipment purchases included in accounts payable $ 6,373 $ 4,364
Supplemental lease disclosures:    
Assets acquired under operating leases $ 11,265 $ 7,435
v3.22.2
Inventories (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]    
Raw materials $ 91,328 $ 70,956
Work-in-process 90,886 74,152
Finished goods 12,244 10,591
Total $ 194,458 $ 155,699
v3.22.2
Goodwill and Other Intangible Assets, Net (Schedule of Goodwill) (Details)
$ in Thousands
 6 Months Ended
Jul. 01, 2022
USD ($)
Goodwill [Roll Forward]  
Opening goodwill $ 924,704
Acquisition (Note 2) 68,460
Acquisition-related adjustments (Note 2) 414
Foreign currency translation (15,019)
Closing goodwill 978,559
Medical  
Goodwill [Roll Forward]  
Opening goodwill 907,704
Acquisition (Note 2) 68,460
Acquisition-related adjustments (Note 2) 414
Foreign currency translation (15,019)
Closing goodwill 961,559
Non-Medical  
Goodwill [Roll Forward]  
Opening goodwill 17,000
Acquisition (Note 2) 0
Acquisition-related adjustments (Note 2)
Foreign currency translation 0
Closing goodwill $ 17,000
v3.22.2
Goodwill and Other Intangible Assets, Net (Intangible Assets Narrative) (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible asset $ 750,834 $ 717,522
Purchased technology and patents | Revision of Prior Period, Adjustment    
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible asset   (16,200)
Amortizing tradenames and other | Revision of Prior Period, Adjustment    
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible asset   $ 16,200
v3.22.2
Goodwill and Other Intangible Assets, Net (Schedule of Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,126,164 $ 1,073,439
Accumulated Amortization (375,330) (355,917)
Net Carrying Amount 750,834 717,522
Trademarks and tradenames    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived 90,288 90,288
Purchased technology and patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 283,022 269,359
Accumulated Amortization (170,380) (164,298)
Net Carrying Amount 112,642 105,061
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 822,121 783,618
Accumulated Amortization (200,119) (187,412)
Net Carrying Amount 622,002 596,206
Amortizing tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 21,021 20,462
Accumulated Amortization (4,831) (4,207)
Net Carrying Amount $ 16,190 $ 16,255
v3.22.2
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense $ 12,285 $ 10,339 $ 23,889 $ 20,789
Cost of sales        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense 4,037 3,233 7,682 6,501
Selling, general and administrative expenses        
Finite-Lived Intangible Assets [Line Items]        
Total intangible asset amortization expense $ 8,248 $ 7,106 $ 16,207 $ 14,288
v3.22.2
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Jul. 01, 2022
USD ($)
Amortization Expense  
Remainder of 2022 $ 24,618
2023 51,982
2024 51,352
2025 50,542
2026 48,709
After 2026 $ 523,631
v3.22.2
Debt (Narrative) (Details)
 6 Months Ended
Jul. 01, 2022
USD ($)
Secured Debt | Senior secured term loan A  
Debt Instrument [Line Items]  
Debt instrument term 5 years
Debt weighted average interest rate 3.17%
Secured Debt | Senior secured term loan B  
Debt Instrument [Line Items]  
Debt instrument term 7 years
Discount percentage 0.50%
Debt weighted average interest rate 4.17%
Secured Debt | Senior secured term loan B | London Interbank Offered Rate One- Month (LIBOR)  
Debt Instrument [Line Items]  
Variable rate basis spread 2.50%
Interest rate floor 0.50%
Secured Debt | Senior secured term loan B | Base rate  
Debt Instrument [Line Items]  
Variable rate basis spread 1.50%
Revolving Credit Facility  
Debt Instrument [Line Items]  
Debt weighted average interest rate 3.21%
Revolving Credit Facility | Line of Credit  
Debt Instrument [Line Items]  
Debt instrument term 5 years
Remaining borrowing capacity $ 249,200,000
Commitment fee on unused portion 0.18%
Revolving Credit Facility | Line of Credit | Minimum  
Debt Instrument [Line Items]  
Commitment fee on unused portion 0.15%
Revolving Credit Facility | Line of Credit | Maximum  
Debt Instrument [Line Items]  
Commitment fee on unused portion 0.25%
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate One- Month (LIBOR) | Minimum  
Debt Instrument [Line Items]  
Variable rate basis spread 1.25%
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate One- Month (LIBOR) | Maximum  
Debt Instrument [Line Items]  
Variable rate basis spread 2.25%
Revolving Credit Facility | Line of Credit | Senior secured term loan A  
Debt Instrument [Line Items]  
Credit facility maximum borrowing capacity $ 400,000,000
Revolving Credit Facility | Line of Credit | Senior secured term loan A | London Interbank Offered Rate One- Month (LIBOR)  
Debt Instrument [Line Items]  
Variable rate basis spread 1.00%
Revolving Credit Facility | Line of Credit | Senior secured term loan A | Base rate | Minimum  
Debt Instrument [Line Items]  
Variable rate basis spread 0.25%
Revolving Credit Facility | Line of Credit | Senior secured term loan A | Base rate | Maximum  
Debt Instrument [Line Items]  
Variable rate basis spread 1.25%
Revolving Credit Facility | Line of Credit | Senior secured term loan A | Federal funds rate  
Debt Instrument [Line Items]  
Variable rate basis spread 0.50%
Revolving Credit Facility | Secured Debt | Senior secured term loan A  
Debt Instrument [Line Items]  
Interest expense ratio 2.50
Revolving Credit Facility | Secured Debt | Senior secured term loan A | Through Maturity  
Debt Instrument [Line Items]  
Net leverage ratio incremental increase option 5.50
Revolving Credit Facility | Secured Debt | Senior secured term loan A | Third Fiscal Quarter of 2023  
Debt Instrument [Line Items]  
Net leverage ratio incremental increase option 5.00
Swingline loans | Line of Credit  
Debt Instrument [Line Items]  
Credit facility maximum borrowing capacity $ 40,000,000
Standby Letters of Credit  
Debt Instrument [Line Items]  
Letters of credit outstanding amount $ 5,500,000
v3.22.2
Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Unamortized discount on term loan B and deferred debt issuance costs $ (6,724) $ (7,361)
Total debt 947,139 828,126
Current portion of long-term debt (15,250) (15,250)
Total long-term debt 931,889 812,876
Secured Debt | Senior secured term loan A    
Debt Instrument [Line Items]    
Long-term debt, gross 461,188 467,062
Secured Debt | Senior secured term loan B    
Debt Instrument [Line Items]    
Long-term debt, gross 347,375 349,125
Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Long-term debt, gross $ 145,300 $ 19,300
v3.22.2
Debt (Long-term Debt Maturity Schedule) (Details)
$ in Thousands
Jul. 01, 2022
USD ($)
Debt Disclosure [Abstract]  
Remainder of 2022 $ 7,625
2023 18,187
2024 29,938
2025 38,750
2026 527,738
After 2026 $ 331,625
v3.22.2
Stock-Based Compensation (Allocation of Recognized Period Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based payment arrangement, expense $ 5,956 $ 4,249 $ 10,951 $ 8,953
Cost of sales        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based payment arrangement, expense 837 823 1,606 1,937
Selling, general and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based payment arrangement, expense 4,308 3,215 7,853 6,570
Research, development and engineering        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based payment arrangement, expense 338 211 663 446
Restructuring and other charges        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based payment arrangement, expense 473 0 829 0
RSUs and PRSUs        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based payment arrangement, expense $ 5,956 $ 4,249 $ 10,951 $ 8,953
v3.22.2
Stock-Based Compensation (Stock Options Activity) (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Jul. 01, 2022
USD ($)
$ / shares
shares
Number of Stock Options  
Options outstanding, beginning balance (in shares) | shares 247,640
Options outstanding, ending balance (in shares) | shares 247,640
Options exercisable at period end (in dollars per share) | shares 247,640
Weighted Average Exercise Price  
Options outstanding, beginning (in dollars per share) | $ / shares $ 38.03
Options outstanding, ending (in dollars per share) | $ / shares 38.03
Options exercisable at period end (in dollars per share) | $ / shares $ 38.03
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options outstanding, weighted average remaining contractual life 3 years 7 months 6 days
Options exercisable, weighted average remaining contractual life 3 years 7 months 6 days
Options outstanding, intrinsic value | $ $ 8.4
Options exercisable, intrinsic value | $ $ 8.4
v3.22.2
Stock-Based Compensation (Narrative) (Details)
 6 Months Ended
Jul. 01, 2022
Time-vested RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Requisite service period 3 years
Award vesting period 1 year
PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Requisite service period 3 years
Performance period 5 years
v3.22.2
Stock-Based Compensation (Restricted Stock and Restricted Stock Units Activity) (Details)
 6 Months Ended
Jul. 01, 2022
$ / shares
shares
Time-vested RSUs  
Time-Vested and Performance-Vested Activity  
Nonvested, beginning (in shares) | shares 248,131
Granted (in shares) | shares 179,242
Vested (in shares) | shares (81,171)
Forfeited (in shares) | shares (10,997)
Nonvested, ending (in shares) | shares 335,205
Weighted Average Grant Date Fair Value  
Nonvested, beginning (in dollars per share) | $ / shares $ 81.14
Granted (in dollars per share) | $ / shares 78.85
Vested (in dollars per share) | $ / shares 79.60
Forfeited (in dollars per share) | $ / shares 79.35
Nonvested, ending (in dollars per share) | $ / shares $ 80.35
PRSUs  
Time-Vested and Performance-Vested Activity  
Nonvested, beginning (in shares) | shares 198,869
Granted (in shares) | shares 131,393
Forfeited (in shares) | shares (51,375)
Nonvested, ending (in shares) | shares 278,887
Weighted Average Grant Date Fair Value  
Nonvested, beginning (in dollars per share) | $ / shares $ 92.07
Granted (in dollars per share) | $ / shares 90.84
Forfeited (in dollars per share) | $ / shares 99.62
Nonvested, ending (in dollars per share) | $ / shares $ 90.10
v3.22.2
Stock-Based Compensation (Valuation Assumptions) (Details) - PRSUs - $ / shares
 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value (in dollars per share) $ 97.58 $ 85.16
Risk-free interest rate 1.58% 0.19%
Expected volatility 42.00% 41.00%
Expected life (in years) 3 years 10 months 24 days 3 years
Expected dividend yield 0.00% 0.00%
Weighted average illiquidity discount 9.25% 8.19%
Restriction period 6 months 6 months
v3.22.2
Restructuring and Other Charges (Schedule of Restructuring And Other Charges Components) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Restructuring and Related Activities [Abstract]        
Restructuring and other charges $ (5) $ 191 $ 1,098 $ 845
Acquisition and integration costs 3,333 26 5,269 110
Other general expenses 205 62 501 239
Restructuring and other charges $ 3,533 $ 279 $ 6,868 $ 1,194
v3.22.2
Restructuring and Other Charges (Schedule of Restructuring Restructuring-Related Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Restructuring charges:        
Restructuring and other charges $ (5) $ 191 $ 1,098 $ 845
Total restructuring and restructuring-related charges 884   2,637  
Cost of sales        
Restructuring charges:        
Total restructuring and restructuring-related charges 179   334  
Selling, general and administrative expenses        
Restructuring charges:        
Total restructuring and restructuring-related charges 384   702  
Research, development and engineering        
Restructuring charges:        
Total restructuring and restructuring-related charges $ 326   $ 503  
v3.22.2
Restructuring and Other Charges (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Restructuring Cost and Reserve [Line Items]        
Acquisition and integration costs $ 3,333 $ 26 $ 5,269 $ 110
Oscor And Aran Acquisitions        
Restructuring Cost and Reserve [Line Items]        
Acquisition and integration costs     5,300  
Strategic Reorganization And Alignment Initiatives 2021        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 1,900   1,900  
Strategic Reorganization And Alignment Initiatives 2021 | Minimum        
Restructuring Cost and Reserve [Line Items]        
Expected costs 5,000   5,000  
Strategic Reorganization And Alignment Initiatives 2021 | Maximum        
Restructuring Cost and Reserve [Line Items]        
Expected costs 8,000   8,000  
Employee Severance | Operational Excellence Initiatives, 2022 Initiatives        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 700   700  
Employee Severance | Operational Excellence Initiatives, 2022 Initiatives | Minimum        
Restructuring Cost and Reserve [Line Items]        
Expected costs 3,000   3,000  
Employee Severance | Operational Excellence Initiatives, 2022 Initiatives | Maximum        
Restructuring Cost and Reserve [Line Items]        
Expected costs 5,000   5,000  
Employee Severance | Operational Excellence Initiatives, 2021 Initiatives        
Restructuring Cost and Reserve [Line Items]        
Costs incurred since inception 4,600   4,600  
Employee Severance | Operational Excellence Initiatives, 2021 Initiatives | Minimum        
Restructuring Cost and Reserve [Line Items]        
Expected costs 4,000   4,000  
Employee Severance | Operational Excellence Initiatives, 2021 Initiatives | Maximum        
Restructuring Cost and Reserve [Line Items]        
Expected costs $ 5,000   $ 5,000  
v3.22.2
Restructuring and Other Charges (Schedule of Restructuring Reserve By Type of Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Restructuring Reserve [Roll Forward]        
Beginning balance     $ 432  
Charges incurred, net of reversals $ (5) $ 191 1,098 $ 845
Cash payments     (871)  
Ending balance 659   659  
Operational excellence initiatives        
Restructuring Reserve [Roll Forward]        
Beginning balance     298  
Charges incurred, net of reversals     704  
Cash payments     (825)  
Ending balance 177   177  
Strategic reorganization and alignment        
Restructuring Reserve [Roll Forward]        
Beginning balance     134  
Charges incurred, net of reversals     394  
Cash payments     (46)  
Ending balance $ 482   $ 482  
v3.22.2
Income Taxes (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Dec. 31, 2021
Income Tax Disclosure [Abstract]          
Effective income tax rate 14.70% 4.40% 16.10% 8.60%  
Income before provision for income taxes $ 24,423,000 $ 30,778,000 $ 38,371,000 $ 55,756,000  
Discrete tax benefits 0 3,800,000 500,000 4,400,000  
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit   $ 3,500,000   $ 3,500,000  
Unrecognized tax benefits 6,000,000   6,000,000    
Accrued payroll taxes $ 4,800,000   $ 4,800,000   $ 4,800,000
v3.22.2
Commitments and Contingencies (Schedule of Product Warranty Liability) (Details)
$ in Thousands
 6 Months Ended
Jul. 01, 2022
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Balance at beginning of period $ 509
Additions to warranty reserve, net of reversals (17)
Adjustments to pre-existing warranties (15)
Balance at end of period $ 477
v3.22.2
Earnings Per Share (“EPS”) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Numerator for basic and diluted EPS:        
Net income $ 20,836 $ 29,433 $ 32,203 $ 50,953
Denominator for basic and diluted EPS:        
Weighted average shares outstanding - Basic (in shares) 33,111 32,982 33,101 32,970
Dilutive effect of share-based awards (in shares) 239 272 225 251
Weighted average shares outstanding - Diluted (in shares) 33,350 33,254 33,326 33,221
Basic EPS (in dollars per share) $ 0.63 $ 0.89 $ 0.97 $ 1.55
Diluted EPS (in dollars per share) $ 0.62 $ 0.89 $ 0.97 $ 1.53
Time-vested RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Securities excluded from calculation of earnings per share (in shares) 5 0 4 5
PRSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Securities excluded from calculation of earnings per share (in shares) 165 63 165 64
v3.22.2
Stockholders' Equity (Shares Issued and Outstanding) (Details) - shares
 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Class Of Stock [Roll Forward]    
Shares outstanding beginning balance (in shares) 33,063,336  
Shares outstanding ending balance (in shares) 33,121,833  
Common Stock    
Class Of Stock [Roll Forward]    
Shares outstanding beginning balance (in shares) 33,063,336 32,908,178
Stock options exercised (in shares) 0 15,075
Shares outstanding ending balance (in shares) 33,121,833 32,999,051
Restricted Stock | Common Stock    
Class Of Stock [Roll Forward]    
Vesting of RSUs, net of shares withheld to cover taxes (in shares) 58,497 75,798
v3.22.2
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period $ 1,364,350 $ 1,277,724 $ 1,354,697 $ 1,271,055
Unrealized loss on cash flow hedges (230) 447 2,026 (556)
Balance, ending balance 1,363,451 1,314,572 1,363,451 1,314,572
Foreign exchange contracts        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Unrealized loss on cash flow hedges (233) (388) (361) (908)
Interest rate swap        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Unrealized loss on cash flow hedges 416 786 1,022 1,603
Defined Benefit Plan Liability        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period (890) (1,095) (890) (1,095)
Balance, ending balance (890) (1,095) (890) (1,095)
Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 1,170 (5,850) (2,291) (4,956)
Reclassification from AOCI, before tax (291) 565 2,565 (704)
Reclassification from AOCI, tax 61 (118) (539) 148
Balance, ending balance 1,110 (4,780) 1,110 (4,780)
Cash Flow Hedges | Foreign exchange contracts        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification from AOCI, before tax (295) (490) (457) (1,149)
Reclassification from AOCI, tax 62 102 96 241
Cash Flow Hedges | Interest rate swap        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification from AOCI, before tax 526 995 1,293 2,029
Reclassification from AOCI, tax (110) (209) (271) (426)
Foreign Currency Translation Adjustment        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 21,833 41,182 29,720 57,546
Reclassification from AOCI, before tax (27,274) 2,484 (35,161) (13,880)
Reclassification from AOCI, tax 0 0 0 0
Unrealized loss on cash flow hedges (27,274) 2,484 (35,161) (13,880)
Balance, ending balance (5,441) 43,666 (5,441) 43,666
Total Pre-Tax Amount        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 22,113 34,237 26,539 51,495
Balance, ending balance (5,221) 37,791 (5,221) 37,791
Tax        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period (76) 1,385 651 1,197
Balance, ending balance (63) 1,160 (63) 1,160
Net-of-Tax Amount        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance, beginning of period 22,037 35,622 27,190 52,692
Balance, ending balance $ (5,284) $ 38,951 $ (5,284) $ 38,951
v3.22.2
Financial Instruments and Fair Value Measurements (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Interest rate swaps $ 841  
Assets: Foreign currency hedging contracts 1,395 $ 687
Liabilities: Foreign currency hedging contracts 1,126  
Liabilities: Interest rate swap   2,978
Liabilities: Contingent consideration 9,072 2,415
Quoted Prices in Active Markets (Level 1)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Interest rate swaps 0  
Assets: Foreign currency hedging contracts 0 0
Liabilities: Foreign currency hedging contracts 0  
Liabilities: Interest rate swap   0
Liabilities: Contingent consideration 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Interest rate swaps 841  
Assets: Foreign currency hedging contracts 1,395 687
Liabilities: Foreign currency hedging contracts 1,126  
Liabilities: Interest rate swap   2,978
Liabilities: Contingent consideration 0 0
Significant Unobservable Inputs (Level 3)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets: Interest rate swaps 0  
Assets: Foreign currency hedging contracts 0 0
Liabilities: Foreign currency hedging contracts 0  
Liabilities: Interest rate swap   0
Liabilities: Contingent consideration $ 9,072 $ 2,415
v3.22.2
Financial Instruments and Fair Value Measurements (Schedule of Interest Rate Swaps) (Details) - Interest Rate Swap Maturing June 2023 - Designated as Hedging Instrument - USD ($)
Jul. 01, 2022
Dec. 31, 2021
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 150,000,000  
Pay Fixed Rate 2.1785%  
Receive Current Floating Rate 1.624%  
Fair Value $ 841,000  
Other long-term liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 150,000,000
Pay Fixed Rate   2.1785%
Receive Current Floating Rate   0.1013%
Fair Value   $ (2,978,000)
v3.22.2
Financial Instruments and Fair Value Measurements (Schedule of Foreign Currency Contracts) (Details) - Foreign Exchange Contract Maturing December 2022 - Designated as Hedging Instrument
$ in Thousands
Jul. 01, 2022
USD ($)
$ / €
$ / $
$ / $
Dec. 31, 2021
USD ($)
$ / €
$ / $
$ / $
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 10,923  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0455  
Fair Value $ 728  
Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 6,830  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.1383  
Fair Value $ (522)  
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 4,106  
$/Foreign currency (in dollars per foreign currency) | $ / $ 0.0216  
Fair Value $ 667  
Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 6,760  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.1266  
Fair Value $ (453)  
Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 3,833  
$/Foreign currency (in dollars per foreign currency) | $ / € 1.0952  
Fair Value $ (151)  
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 22,201
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0463
Fair Value   $ 408
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 17,017
$/Foreign currency (in dollars per foreign currency) | $ / €   1.1344
Fair Value   $ 130
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 9,020
$/Foreign currency (in dollars per foreign currency) | $ / $   0.0220
Fair Value   $ 149
v3.22.2
Financial Instruments and Fair Value Measurements (Impact of Cash Flow Hedges on Other Comprehensive Income (Loss), AOCI and the Condensed Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total sales $ 350,081 $ 312,023 $ 660,993 $ 602,490
Cost of sales 257,184 223,277 486,621 429,258
Operating expenses 60,190 49,396 119,168 99,274
Interest expense 7,773 7,532 13,741 16,064
Sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (371) 29 (425) 37
Sales | Foreign exchange contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI (1,167) 148 (1,681) (738)
Cost of sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity 554 450 746 1,074
Cost of sales | Foreign exchange contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI 96 725 1,365 166
Operating expenses        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity 112 11 136 38
Operating expenses | Foreign exchange contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI 78 67 355 (23)
Interest expense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (526) (995) (1,293) (2,029)
Interest expense | Interest rate swap        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized Gain (Loss) Recognized in OCI $ 702 $ (375) $ 2,526 $ (109)
v3.22.2
Financial Instruments and Fair Value Measurements (Narrative) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2022
USD ($)
contract
Jul. 01, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative instruments net loss to be reclassified to net income during next twelve months   $ 1.1  
Chinese Venture Capital Fund      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity method investment ownership 6.80% 6.80%  
Accrued expenses and other current liabilities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Contingent consideration liability, current $ 8.4 $ 8.4 $ 0.9
Other long-term liabilities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Contingent consideration liability, noncurrent $ 0.7 $ 0.7 $ 1.5
Not Designated as Hedging Instrument | Foreign exchange contracts      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Number of contract outstanding | contract 2 2 1
National amount $ 13.9 $ 13.9 $ 15.0
Derivative asset, fair value 0.1 0.1  
Fair Value     $ 0.1
Unrealized gain on cash flow hedges, pretax $ 0.4 $ 0.7  
v3.22.2
Financial Instruments and Fair Value Measurements (Estimated Fair Values for Contingent Consideration) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance at beginning of period $ 1,976 $ 2,281 $ 2,415 $ 3,900
Amount recorded for current year acquisitions 7,375 0 7,375 0
Fair value measurement adjustment 0 0 54 0
Payments 0 0 (493) (1,621)
Foreign currency translation (279) 0 (279) 2
Balance at end of period $ 9,072 $ 2,281 $ 9,072 $ 2,281
v3.22.2
Financial Instruments and Fair Value Measurements (Contingent Consideration Measurement Inputs) (Details)
$ in Thousands
Jul. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
InoMec Ltd    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Revenue-based payments, maximum payout (undiscounted) $ 5,375 $ 6,750
Aran    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Revenue-based payments, maximum payout (undiscounted) 10,484  
Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Revenue-based payments, fair value 9,072 2,415
Fair Value | InoMec Ltd    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Revenue-based payments, fair value 1,976 $ 2,415
Fair Value | Aran    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Revenue-based payments, fair value $ 7,096  
Fair Value | Revenue volatility | Weighted Average | InoMec Ltd    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.267 0.290
Fair Value | Discount rate | Weighted Average | InoMec Ltd    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.018 0.018
Fair Value | Discount rate | Weighted Average | Aran    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.097  
Fair Value | Probability Of Occurrence Measurement Input | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0  
Fair Value | Probability Of Occurrence Measurement Input | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.50  
v3.22.2
Financial Instruments and Fair Value Measurements (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Dec. 31, 2021
Fair Value Disclosures [Abstract]          
Equity method investment $ 13,468   $ 13,468   $ 16,192
Non-marketable equity securities 5,637   5,637   5,637
Total equity investments 19,105   19,105   $ 21,829
Equity method investment loss $ 320 $ 684 $ 2,724 $ 2,019  
v3.22.2
Segment Information (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
USD ($)
Jul. 02, 2021
USD ($)
Jul. 01, 2022
USD ($)
segment
Jul. 02, 2021
USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]        
Number of reportable segments | segment     2  
Total sales $ 350,081 $ 312,023 $ 660,993 $ 602,490
Operating Segments | Medical        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 339,834 301,626 641,861 584,591
Cardio & Vascular | Operating Segments | Medical        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 180,604 144,683 339,641 285,889
Cardio & Vascular | Operating Segments | Medical | Revision of Prior Period, Adjustment        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales   (7,900)   (15,900)
Advanced Surgical, Orthopedics & Portable Medical | Operating Segments | Medical        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales $ 23,285 23,283 $ 42,951 43,339
Advanced Surgical, Orthopedics & Portable Medical | Operating Segments | Medical | Revision of Prior Period, Adjustment        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales   $ (6,000)   $ (11,300)
v3.22.2
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales $ 350,081 $ 312,023 $ 660,993 $ 602,490
Operating Segments | Medical        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 339,834 301,626 641,861 584,591
Operating Segments | Medical | Cardio & Vascular        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 180,604 144,683 339,641 285,889
Operating Segments | Medical | Cardiac Rhythm Management & Neuromodulation        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 135,945 133,660 259,269 255,363
Operating Segments | Medical | Advanced Surgical, Orthopedics & Portable Medical        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 23,285 23,283 42,951 43,339
Operating Segments | Non-Medical        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales $ 10,247 $ 10,397 $ 19,132 $ 17,899
v3.22.2
Segment Information (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Segment Reporting Information [Line Items]        
Operating income $ 32,707 $ 39,350 $ 55,204 $ 73,958
Unallocated expenses, net (8,284) (8,572) (16,833) (18,202)
Income before taxes 24,423 30,778 38,371 55,756
Operating Segments        
Segment Reporting Information [Line Items]        
Operating income 56,205 59,795 101,018 115,322
Operating Segments | Medical        
Segment Reporting Information [Line Items]        
Operating income 54,580 56,439 98,728 111,964
Operating Segments | Non-Medical        
Segment Reporting Information [Line Items]        
Operating income 1,625 3,356 2,290 3,358
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Operating income $ (23,498) $ (20,445) $ (45,814) $ (41,364)
v3.22.2
Revenue From Contracts With Customers (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Concentration Risk [Line Items]        
Revenue recognized that was included in contract liability balance at beginning of period $ 0.8 $ 0.2 $ 1.7 $ 1.1
Revenue Benchmark | Product Concentration Risk | Transferred over Time        
Concentration Risk [Line Items]        
Concentration risk percentage 32.00% 34.00% 31.00% 34.00%
v3.22.2
Revenue From Contracts With Customers (Disaggregated Revenue) (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Medical | Customer A        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 18.00% 20.00% 18.00% 21.00%
Medical | Customer B        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 17.00% 17.00% 17.00% 17.00%
Medical | Customer C        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 14.00% 14.00% 14.00% 14.00%
Medical | All other customers        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 51.00% 49.00% 51.00% 48.00%
Non-Medical | Customer D        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 42.00% 36.00% 37.00% 32.00%
Non-Medical | All other customers        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 58.00% 64.00% 63.00% 68.00%
v3.22.2
Revenue From Contracts With Customers (Schedule of Revenue by Ship To Location) (Details) - Geographic Concentration Risk - Revenue from contract with customer benchmark
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Medical | United States        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 52.00% 53.00% 51.00% 53.00%
Medical | Puerto Rico        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage   10.00%   10.00%
Medical | All other countries        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 48.00% 37.00% 49.00% 37.00%
Non-Medical | United States        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 71.00% 70.00% 67.00% 69.00%
Non-Medical | All other countries        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage 29.00% 30.00% 33.00% 31.00%
v3.22.2
Revenue From Contracts With Customers Contract with Customer (Assets and Liability) (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Contract assets $ 70,408 $ 64,743
Contract liabilities $ 8,718 $ 3,776