Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jul. 02, 2021 |
Dec. 31, 2020 |
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Current assets: | ||
Allowance for doubtful accounts | $ 0.2 | $ 0.2 |
Stockholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 32,999,051 | 32,908,178 |
Common stock, shares outstanding (in shares) | 32,999,051 | 32,908,178 |
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
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Income Statement [Abstract] | ||||
Sales | $ 312,023 | $ 240,115 | $ 602,490 | $ 568,541 |
Cost of sales | 223,277 | 182,252 | 429,258 | 413,976 |
Gross profit | 88,746 | 57,863 | 173,232 | 154,565 |
Operating expenses: | ||||
Selling, general and administrative | 35,379 | 33,903 | 70,881 | 70,360 |
Research, development and engineering | 13,738 | 12,746 | 27,199 | 25,987 |
Other operating expenses | 279 | 2,029 | 1,194 | 4,957 |
Total operating expenses | 49,396 | 48,678 | 99,274 | 101,304 |
Operating income | 39,350 | 9,185 | 73,958 | 53,261 |
Interest expense | 7,532 | 9,273 | 16,064 | 19,634 |
(Gain) loss on equity investments | 684 | 205 | 2,019 | (1,720) |
Other (income) loss, net | 356 | (458) | 119 | (1,457) |
Income before taxes | 30,778 | 165 | 55,756 | 36,804 |
Provision (benefit) for income taxes | 1,345 | (224) | 4,803 | 5,315 |
Net income | $ 29,433 | $ 389 | $ 50,953 | $ 31,489 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.89 | $ 0.01 | $ 1.55 | $ 0.96 |
Diluted (in dollars per share) | $ 0.89 | $ 0.01 | $ 1.53 | $ 0.95 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 32,982 | 32,834 | 32,970 | 32,820 |
Diluted (in shares) | 33,254 | 33,129 | 33,221 | 33,123 |
Comprehensive Income | ||||
Net income | $ 29,433 | $ 389 | $ 50,953 | $ 31,489 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | 2,484 | 12,948 | (13,880) | 916 |
Change in fair value of cash flow hedges, net of tax | 845 | 2,204 | 139 | (6,425) |
Other comprehensive income (loss), net of tax | 3,329 | 15,152 | (13,741) | (5,509) |
Comprehensive income, net of tax | $ 32,762 | $ 15,541 | $ 37,212 | $ 25,980 |
Basis of Presentation |
6 Months Ended |
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Jul. 02, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly-traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is one of the largest medical device outsource manufacturers in the world serving the cardiac, neuromodulation, vascular, orthopedics, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in the energy, military, and environmental markets. The Company’s reportable segments are: (1) Medical and (2) Non-Medical. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. Intercompany transactions and balances have been fully eliminated in consolidation. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The second quarter and first six months of 2021 ended on July 2 and consisted of 92 day sand 183 days, respectively. The second quarter and first six months of 2020 ended on July 3 and consisted of 91 days and 185 days, respectively. Risks and Uncertainties Beginning in early March 2020, the global spread of the novel coronavirus (“COVID-19”) has created significant uncertainty and worldwide economic disruption. Specific impacts to the Company’s business include labor shortages, disruptions in the supply chain, delayed or reduced customer orders and sales, restrictions on associates’ ability to travel or work, and delays in shipments to and from certain countries. The extent to which COVID-19 will continue to impact the Company’s operations depends on future developments, which remain highly uncertain and difficult to predict, including, among others, the duration of the outbreak, the effectiveness and utilization of vaccines for COVID-19 and its variants, new information that may emerge concerning the severity of COVID-19 and the actions, especially those taken by governmental authorities to contain the pandemic or treat its impact. As pandemic-related events continue to evolve, additional impacts may arise that the Company is not aware of currently. Any prolonged material disruption of the Company’s labor force, suppliers, manufacturing, or customers could materially impact its consolidated financial position, results of operations or cash flows. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, that are of significance, or potential significance, to the Company.
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Business Acquisition |
6 Months Ended |
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Jul. 02, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS ACQUISITION | BUSINESS ACQUISITION On February 19, 2020, the Company acquired certain assets and liabilities of InoMec Ltd. (“InoMec”), a privately-held company based in Israel that specializes in the research, development and manufacturing of medical devices, including minimally invasive tools, delivery systems, tubing and catheters, surgery tools, drug-device combination, laser combined devices, and tooling and production. The acquisition enables the Company to create a research and development center in Israel, closer to the customer base in the region. The fair value of the consideration transferred was $7.0 million, which included an initial cash payment of $5.3 million and $1.7 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the asset purchase agreement, to make additional payments of up to $3.5 million over the four years following the acquisition based on specified conditions being met. Based on the final purchase price allocation, the assets acquired principally comprise $2.0 million of intangible assets, $4.8 million of goodwill, $0.3 million of acquired property, plant and equipment, and a net liability for other working capital items of $0.1 million. Intangible assets included developed technology, customer relationships and non-compete provisions, which are being amortized over a weighted average period of 5.9 years from the date of acquisition. The amount allocated to goodwill for this acquisition is deductible for income tax purposes. The fair value of the contingent consideration was estimated using the Monte Carlo valuation approach. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration. For segment reporting purposes, the results of operations and assets from this acquisition have been included in the Company’s Medical segment since the acquisition date. Sales related to InoMec were $0.9 million and $1.7 million, respectively, for the three and six months ended July 2, 2021. Sales related to InoMec were $0.8 million and $1.1 million, respectively, for the three and six months ended July 3, 2020. Earnings related to the operations consisting of the assets and liabilities acquired from InoMec for the three and six months ended July 2, 2021 and July 3, 2020 were not material. During the three and six months ended on July 3, 2020, direct costs of this acquisition of $0.1 million and $0.8 million, respectively, were expensed as incurred and included in Other operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Pro forma financial information has not been presented for this acquisition as the net effects were not significant or material to the Company’s results of operations or financial position.
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Supplemental Cash Flow Information |
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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):
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories comprise the following (in thousands):
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Goodwill and Other Intangible Assets, Net |
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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 2, 2021 were as follows (in thousands):
Intangible Assets Intangible assets comprise the following (in thousands):
Aggregate intangible asset amortization expense comprises the following (in thousands):
Estimated future intangible asset amortization expense based on the carrying value as of July 2, 2021 is as follows (in thousands):
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Long-term debt comprises the following (in thousands):
The Company has senior secured credit facilities (the “Senior Secured Credit Facilities”) as of July 2, 2021, consisting of (i) a $200 million revolving credit facility (the “Revolving Credit Facility”), (ii) a term loan A facility (the “TLA Facility”), and (iii) a term loan B facility (the “TLB Facility”). The TLA Facility and TLB Facility are collectively referred to as the “Term Loan Facilities.” The TLB Facility was issued at a 1% discount. The Senior Secured Credit Facilities mature on October 27, 2022. The Company expects to refinance its Senior Secured Credit Facilities prior to October 27, 2021. Revolving Credit Facility The Revolving Credit Facility includes a $15 million sublimit for swingline loans and a $25 million sublimit for standby letters of credit. The Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.175% and 0.25%, depending on the Company’s Total Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement). As of July 2, 2021, the commitment fee on the unused portion of the Revolving Credit Facility was 0.25%. Interest rates on the Revolving Credit Facility, as well as the TLA Facility, are at the Company’s option, either at: (i) the prime rate plus the applicable margin, which will range between 0.50% and 2.00%, based on the Company’s Total Net Leverage Ratio, or (ii) the applicable London Interbank Offered Rate (“LIBOR”) plus the applicable margin, which will range between 1.50% and 3.00%, based on the Company’s Total Net Leverage Ratio. The Company also pays certain of its lenders a deferred amendment fee, payable in installments of 0.03125% of the outstanding Revolving Credit Facility and TLA Facility each quarter through maturity when the Company’s total net leverage ratio equals or exceeds 3.00 to 1.00. As of July 2, 2021, the Company had no outstanding borrowings on the Revolving Credit Facility and an available borrowing capacity of $194.3 million after giving effect to $5.7 million of outstanding standby letters of credit. Term Loan Facilities Interest rates on the TLB Facility are, at the Company’s option, either at: (i) the prime rate plus 1.50% or (ii) the applicable LIBOR rate plus 2.50%, with LIBOR subject to a 1.00% floor. As of July 2, 2021, the interest rates on the TLA Facility and TLB Facility were 2.35% and 3.50%, respectively. Covenants The Revolving Credit Facility and TLA Facility contain covenants requiring (A) a maximum Total Net Leverage Ratio of 4.75:1.00, subject to a step down to 4.50 to 1.00 for the third fiscal quarter of 2021, and reverting to and remaining at 4.00 to 1.00 beginning with the fourth quarter of 2021 through maturity, and (B) a minimum interest coverage ratio of adjusted EBITDA (as defined in the Senior Secured Credit Facilities) to interest expense of not less than 3.00:1.00. The TLB Facility does not contain any financial maintenance covenants. As of July 2, 2021, the Company was in compliance with these financial covenants. Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2021 and through maturity, excluding any discounts or premiums, as of July 2, 2021 are as follows (in thousands):
The Company's TLA facility requires quarterly minimum principal payments of $9.4 million. The Company's TLB facility has no contractual minimum pre-payments. During the six months ended July 2, 2021, the Company prepaid $46.0 million of its TLB Facility and recognized a loss from extinguishment of debt of $0.4 million. The loss from extinguishment of debt represents the portion of the unamortized discount and debt issuance costs related to the portion of the TLB Facility that was prepaid and is included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
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Stock-Based Compensation |
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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. On March 25, 2021, the Company’s Board adopted, subject to stockholder approval, the Integer Holdings Corporation 2021 Omnibus Incentive Plan (the “2021 Plan”). The Company’s stockholders approved the 2021 Plan at the Company’s 2021 annual meeting of stockholders on May 19, 2021, at which time the 2021 Plan replaced the Company’s 2016 Stock Incentive Plan (the “2016 Plan”) and the Company ceased granting any new awards under the 2016 Plan. The number of shares initially reserved for issuance under the 2021 Plan is (i) 1,450,000 plus (ii) the total number of shares of common stock available for issuance under the 2016 Plan, plus (iii) any shares of common stock that are subject to awards forfeited, cancelled, expired, terminated or otherwise lapsed or settled in cash, in whole or in part, without the delivery of shares under the 2016 Plan. Each of the Company’s 2011 Stock Incentive Plan, the 2009 Stock Incentive Plan and the 2005 Stock Incentive Plan have expired, and no awards are available for issuance under these expired plans. The components and classification of stock-based compensation expense were as follows (in thousands):
Stock Options The following table summarizes the Company’s stock option activity for the six month period ended July 2, 2021:
Restricted Stock Units During the six months ended July 2, 2021, the Company awarded grants of either time-based RSUs or a mix of time-based RSUs and performance-based RSUs (“PRSUs”) to certain members of its Board and management. New Board members appointed during the first quarter of 2021 received a pro-rated portion of the their annual equity retainer in the form of time-based RSUs that vest in accordance with the regularly scheduled vesting schedule applicable to existing members of the Board. All other time-based RSUs granted during six months ended July 2, 2021 vest over a period of three years from the grant date, subject to the recipient’s continuous service to the Company. For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of market-based conditions. The market-based conditions are based on the Company’s achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods. (7.) STOCK-BASED COMPENSATION (Continued) The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with TSR-based performance conditions. The grant-date fair value of all other RSUs is equal to the closing market price of Integer common stock on the date of grant. The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
The valuation of the TSR portion of the PRSUs granted during 2021 and 2020 also reflects a weighted average illiquidity discount of 8.19% and 8.00%, respectively, related to the six-month period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting. The following table summarizes time-vested RSU activity for the six month period ended July 2, 2021:
The following table summarizes PRSU activity for the six month period ended July 2, 2021:
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Other Operating Expenses |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER OPERATING EXPENSES | OTHER OPERATING EXPENSES Other operating expenses comprise the following (in thousands):
Operational excellence initiatives The Company’s operational excellence initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes. 2021 Initiatives - Costs related to the Company’s 2021 initiatives are primarily recorded within the Medical segment and mainly include termination benefits. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2021 realignment plan of between approximately $1 million to $2 million, the majority of which are expected to be cash expenditures. As of July 2, 2021, total restructuring and related charges incurred since inception was $0.6 million. These actions are expected to be substantially completed by the end of 2021. 2020 Initiatives - Costs related to the Company’s 2020 initiatives are primarily recorded within the Medical segment and mainly include termination benefits. As of July 2, 2021, total restructuring and related charges incurred since inception was $3.1 million. These actions were substantially complete at the end of 2020. Strategic reorganization and alignment These initiatives primarily included aligning resources with the Company’s strategic direction, improving profitability to invest in accelerated growth and the expansion of a facility. These actions began in 2017 and were completed during the second quarter of 2020. The Company recorded, primarily within the Medical segment, $23.0 million of restructuring and related charges since inception. Manufacturing alignment to support growth These initiatives were designed to reduce costs, increase manufacturing capacity to accommodate growth and improve operating efficiencies by relocating certain manufacturing operations and expanding certain facilities. These actions began in 2017 and were completed during the fourth quarter of 2020. The Company recorded, primarily within the Medical segment, $5.8 million of restructuring and related charges since inception. The following table summarizes the change in accrued liabilities, presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets, related to the initiatives described above (in thousands):
(8.) OTHER OPERATING EXPENSES (Continued) Acquisition and integration Acquisition and integration costs primarily consist of professional fees and other costs related to business acquisitions. During the six months ended July 2, 2021 and July 3, 2020, acquisition and integration costs included $0.1 million and $0.9 million, respectively, of expenses related to the acquisition of certain assets and liabilities of InoMec, which was acquired in February 2020, and US BioDesign, LLC (“USB”), which was acquired in October 2019. Acquisition and integration costs for the six months ended July 3, 2020, also includes a $0.5 million adjustment to reduce the fair value of acquisition-related contingent consideration liability associated with the Company’s acquisition of USB. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration. Other general expenses During the six months ended July 2, 2021 and July 3, 2020, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future costs and improve efficiencies. The 2021 and 2020 amounts primarily include data archiving expenses, information technology systems conversion expenses, and expenses related to the restructuring of certain legal entities of the Company.
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Income Taxes |
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Jul. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate. The Company’s effective tax rate for the second quarter of 2021 was 4.4% on $30.8 million of income before taxes compared to (135.8)% on $0.2 million of income before taxes for the same period in 2020. The Company’s effective tax rate for the first six months of 2021 was 8.6% on $55.8 million of income before taxes compared to 14.4% on $36.8 million of income before taxes for the same period in 2020. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the second quarter and first six months of 2021 and 2020 is due principally to the net impact of the Company’s earnings outside the U.S., which are generally taxed at rates that differ from the U.S federal rate, the Global Intangible Low-Taxed Income (“GILTI”) tax, the availability of tax credits, and the recognition of certain discrete tax benefits. The Company recorded discrete tax benefits of $3.8 million and $4.4 million, respectively, for the second quarter and first six months of 2021, compared to discrete tax benefits of $0.1 million and $1.0 million, respectively, for the second quarter and first six months of 2020. 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 2, 2021, the Company had unrecognized tax benefits of approximately $2.1 million, of which approximately $2.0 million would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of July 2, 2021, 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 provides for deferred payment of the employer portion of social security taxes through the end of 2020, with 50% of the deferred amount due January 3, 2022 and the remaining 50% due January 3, 2023. As of July 2, 2021 and December 31, 2020, the Company had deferred a total of $9.7 million of payroll taxes. The deferred payroll taxes are included within Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheets.
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Commitments and Contingencies |
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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):
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Earnings Per Share (“EPS”) |
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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):
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):
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended July 2, 2021 and July 3, 2020:
Accumulated Other Comprehensive Income (Loss) (“AOCI”) comprises the following (in thousands):
(12.) STOCKHOLDERS’ EQUITY (Continued)
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Financial Instruments and Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis. The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and uses derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets. The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) 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 2, 2021 is as follows (dollars in thousands):
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
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 2, 2021 is as follows (dollars in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
Derivative Instruments with Hedge Accounting Designation The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income for the six months ended July 2, 2021 and July 3, 2020 (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The Company expects to reclassify net losses totaling $2.8 million related to its cash flow hedges from AOCI into earnings during the next twelve months. Contingent Consideration The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended July 2, 2021 and July 3, 2020 (in thousands):
__________ (1)Amounts for 2021 periods consist of payments associated with the Company’s acquisitions of InoMec and USB, resulting from achievement of revenue-based goals for the period from March 1, 2020 to February 28, 2021 for InoMec and January 1, 2020 to December 31, 2020 for USB. Amounts for 2020 periods consist of a payment made to settle a portion of a contingent consideration arrangement relating to a license to use technology. On February 19, 2020, the Company acquired certain assets and liabilities of InoMec. See Note 2 “Business Acquisition” for additional information about the InoMec acquisition. On October 7, 2019, the Company acquired certain assets and liabilities of USB, a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. The contingent consideration at July 2, 2021 is the estimated fair value of the Company’s obligations, under the asset purchase agreements for InoMec and USB, to make additional payments if certain revenue goals are met. (13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) As of July 2, 2021, the current portion of contingent consideration liabilities is $1.0 million and included in Accrued expenses and other current liabilities, and the non-current portion is $1.3 million and included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. As of December 31, 2020, the current portion of contingent consideration liabilities was $1.7 million and included in Accrued expenses and other current liabilities, and the non-current portion was $2.2 million and included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:
During the first quarter of 2020, the Company acquired a set of similar identifiable intangible assets relating to a license to use technology within its Non-Medical segment. At the date of acquisition, the Company estimated the original fair value of the contingent consideration to be $1.0 million, which was paid during 2020 upon achievement of the applicable milestones. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items. Borrowings under the Company’s Revolving Credit Facility, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments. Equity Investments The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets. Non-marketable equity securities are equity securities without readily determinable fair value. The Company has elected the practicability exception to use an alternative approach that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. If an impairment is recognized on the Company’s non-marketable equity securities during the period, these assets are classified as Level 3 within the fair value hierarchy based on the nature of the fair value inputs. Equity investments comprise the following (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) The components of (Gain) loss on equity investments for each period were as follows (in thousands):
The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of July 2, 2021, the Company owned 6.6% of this fund.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting. For purposes of segment reporting, intercompany sales between segments are not material. The following table presents sales by product line (in thousands):
The following table presents income for the Company’s reportable segments (in thousands):
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Revenue From Contracts With Customers |
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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 34% of total revenue for the three and six months ended July 2, 2021, compared to 25% and 28%, respectively, for the three and six months ended July 3, 2020. All revenue recognized from products and services transferred to customers over time during the periods presented was within the Medical segment. The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.
__________ * Less than 10% of segment’s total revenues for the period. The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped.
(15.) REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
__________ * 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):
Contract assets at July 2, 2021, increased $16.6 million from December 31, 2020, due to a contract modification to add existing products and extend the contractual term. 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. During the three and six months ended July 3, 2020, the Company recognized $1.0 million and $1.1 million respectively, of revenue that was included in the contract liability balance as of December 31, 2019.
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Basis of Presentation (Policies) |
6 Months Ended |
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Jul. 02, 2021 | |
Accounting Policies [Abstract] | |
Interim Basis of Accounting | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. Intercompany transactions and balances have been fully eliminated in consolidation.Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. For further information, refer to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.The second quarter and first six months of 2021 ended on July 2 and consisted of 92 day sand 183 days, respectively. The second quarter and first six months of 2020 ended on July 3 and consisted of 91 days and 185 days, respectively. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, that are of significance, or potential significance, to the Company.
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Income Taxes | The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate. |
Cost And Equity Method Investments | The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets. Non-marketable equity securities are equity securities without readily determinable fair value. The Company has elected the practicability exception to use an alternative approach that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. |
Supplemental Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands):
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories comprise the following (in thousands):
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Goodwill and Other Intangible Assets, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2, 2021 were as follows (in thousands):
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Schedule of Finite-Lived Intangible Assets, Major Class | Intangible assets comprise the following (in thousands):
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Schedule of Indefinite-Lived Intangible Assets | Intangible assets comprise the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Amortization Expense | Aggregate intangible asset amortization expense comprises the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future intangible asset amortization expense based on the carrying value as of July 2, 2021 is as follows (in thousands):
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt comprises the following (in thousands):
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Schedule of Maturities of Long-term Debt | Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2021 and through maturity, excluding any discounts or premiums, as of July 2, 2021 are as follows (in thousands):
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Stock-Based Compensation (Tables) |
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The components and classification of stock-based compensation expense were as follows (in thousands):
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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 2, 2021:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:
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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 2, 2021:
The following table summarizes PRSU activity for the six month period ended July 2, 2021:
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Other Operating Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense By Component | Other operating expenses comprise the following (in thousands):
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Schedule of Changes in Accrued Liabilities | The following table summarizes the change in accrued liabilities, presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets, related to the initiatives described above (in thousands):
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Commitments and Contingencies (Tables) |
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | The change in product warranty liability comprised the following (in thousands):
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Earnings Per Share (“EPS”) (Tables) |
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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):
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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):
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward | The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended July 2, 2021 and July 3, 2020:
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Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) (“AOCI”) comprises the following (in thousands):
(12.) STOCKHOLDERS’ EQUITY (Continued)
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Financial Instruments and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of July 2, 2021 is as follows (dollars in thousands):
Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 is as follows (dollars in thousands):
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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 for the six months ended July 2, 2021 and July 3, 2020 (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
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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 2, 2021 and July 3, 2020 (in thousands):
__________ (1)Amounts for 2021 periods consist of payments associated with the Company’s acquisitions of InoMec and USB, resulting from achievement of revenue-based goals for the period from March 1, 2020 to February 28, 2021 for InoMec and January 1, 2020 to December 31, 2020 for USB. Amounts for 2020 periods consist of a payment made to settle a portion of a contingent consideration arrangement relating to a license to use technology.
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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:
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Schedule of Equity Method Investments | Equity investments comprise the following (in thousands):
(13.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) The components of (Gain) loss on equity investments for each period were as follows (in thousands):
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table presents sales by product line (in thousands):
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents income for the Company’s reportable segments (in thousands):
|
Revenue From Contracts With Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
__________ * Less than 10% of segment’s total revenues for the period.
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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.
(15.) REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
__________ * Less than 10% of segment’s total revenues for the period.
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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):
|
Business Acquisition (Acquisition of Assets from InoMec Narrative) (Details) - USD ($) $ in Thousands |
Feb. 19, 2020 |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 853,309 | $ 859,442 | |
InoMec Ltd | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 7,000 | ||
Payments to acquire business | 5,300 | ||
Fair value of contingent consideration recognized | 1,700 | ||
Contingent consideration, range of outcomes, value, high | $ 3,500 | $ 6,750 | $ 9,000 |
Contingent consideration payment period | 4 years | ||
Intangible assets acquired | $ 2,000 | ||
Goodwill | 4,800 | ||
Property, plant and equipment acquired | 300 | ||
Other working capital items acquired | $ 100 | ||
Acquired finite-lived intangible assets, weighted average useful life | 5 years 10 months 24 days |
Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Business Acquisition [Line Items] | ||||
Sales | $ 312,023 | $ 240,115 | $ 602,490 | $ 568,541 |
InoMec Ltd | ||||
Business Acquisition [Line Items] | ||||
Sales | $ 900 | 800 | $ 1,700 | 1,100 |
InoMec Ltd | Other operating expenses | ||||
Business Acquisition [Line Items] | ||||
Acquisition related costs | $ 100 | $ 800 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Noncash investing and financing activities: | ||
Property, plant and equipment purchases included in accounts payable | $ 4,364 | $ 3,282 |
Purchase of intangible asset included in accrued expenses | 0 | 500 |
Supplemental lease disclosures: | ||
Operating lease assets obtained in exchange for new or remeasured operating lease liabilities | $ 7,435 | $ 7,556 |
Inventories (Details) - USD ($) $ in Thousands |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 62,938 | $ 72,477 |
Work-in-process | 72,482 | 58,806 |
Finished goods | 12,416 | 18,040 |
Total | $ 147,836 | $ 149,323 |
Goodwill and Other Intangible Assets, Net (Schedule of Goodwill) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jul. 02, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Opening goodwill | $ 859,442 |
Foreign currency translation | (6,133) |
Closing goodwill | 853,309 |
Medical | |
Goodwill [Roll Forward] | |
Opening goodwill | 842,442 |
Foreign currency translation | (6,133) |
Closing goodwill | 836,309 |
Non-Medical | |
Goodwill [Roll Forward] | |
Opening goodwill | 17,000 |
Foreign currency translation | 0 |
Closing goodwill | $ 17,000 |
Goodwill and Other Intangible Assets, Net (Schedule of Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($) $ in Thousands |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 977,160 | $ 985,386 |
Accumulated Amortization | (337,369) | (318,450) |
Net Carrying Amount | 639,791 | 666,936 |
Trademarks and tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and tradenames | 90,288 | 90,288 |
Purchased technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 255,872 | 257,453 |
Accumulated Amortization | (158,610) | (152,798) |
Net Carrying Amount | 97,262 | 104,655 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 717,156 | 723,791 |
Accumulated Amortization | (174,810) | (161,856) |
Net Carrying Amount | 542,346 | 561,935 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,132 | 4,142 |
Accumulated Amortization | (3,949) | (3,796) |
Net Carrying Amount | $ 183 | $ 346 |
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. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible asset amortization expense | $ 10,339 | $ 10,151 | $ 20,789 | $ 20,595 |
Cost of sales | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible asset amortization expense | 3,233 | 3,172 | 6,501 | 6,441 |
Selling, general and administrative expenses | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible asset amortization expense | $ 7,106 | $ 6,979 | $ 14,288 | $ 14,154 |
Goodwill and Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Thousands |
Jul. 02, 2021
USD ($)
|
---|---|
Amortization Expense | |
Remainder of 2021 | $ 20,592 |
2022 | 40,233 |
2023 | 38,812 |
2024 | 37,858 |
2025 | 36,542 |
After 2025 | $ 465,754 |
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Unamortized discount on term loan B and debt issuance costs | $ (4,519) | $ (6,715) |
Total debt | 668,704 | 731,258 |
Current portion of long-term debt | (37,500) | (37,500) |
Total long-term debt | 631,204 | 693,758 |
Secured Debt | Loans Payable | Senior secured term loan A | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 210,937 | 229,687 |
Secured Debt | Loans Payable | Senior secured term loan B | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 462,286 | $ 508,286 |
Debt (Long-term Debt Maturity Schedule) (Details) $ in Thousands |
Jul. 02, 2021
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2021 | $ 18,750 |
2022 | $ 654,473 |
Stock-Based Compensation (Narrative) (Details) |
6 Months Ended |
---|---|
Jul. 02, 2021
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance (in shares) | 1,450,000 |
Restricted Stock And Restricted Stock Units Time Based | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite service period | 3 years |
Stock-Based Compensation (Valuation Assumptions) (Details) - Performance-based RSUs (PSUs) - $ / shares |
6 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value (in dollars per share) | $ 85.16 | $ 107.42 |
Risk-free interest rate | 0.19% | 1.53% |
Expected volatility | 41.00% | 30.00% |
Expected life (in years) | 3 years | 2 years 10 months 24 days |
Expected dividend yield | 0.00% | 0.00% |
Weighted average illiquidity discount | 8.19% | 8.00% |
Other Operating Expenses (Schedule of Other Operating Cost and Expense By Component) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Other Operating Income Expense Detail [Line Items] | ||||
Total other operating expenses | $ 279 | $ 2,029 | $ 1,194 | $ 4,957 |
Operational excellence initiatives | ||||
Other Operating Income Expense Detail [Line Items] | ||||
Total other operating expenses | 191 | 443 | 845 | 1,417 |
Strategic reorganization and alignment | ||||
Other Operating Income Expense Detail [Line Items] | ||||
Total other operating expenses | 0 | 138 | 0 | 686 |
Manufacturing alignment to support growth | ||||
Other Operating Income Expense Detail [Line Items] | ||||
Total other operating expenses | 0 | 60 | 0 | 188 |
Acquisition and integration | ||||
Other Operating Income Expense Detail [Line Items] | ||||
Total other operating expenses | 26 | 47 | 110 | 403 |
Other general expenses | ||||
Other Operating Income Expense Detail [Line Items] | ||||
Total other operating expenses | $ 62 | $ 1,341 | $ 239 | $ 2,263 |
Other Operating Expenses (Schedule of Restructuring Reserve By Type of Cost) (Details) - Operational excellence initiatives $ in Thousands |
6 Months Ended |
---|---|
Jul. 02, 2021
USD ($)
| |
Operational excellence initiatives | |
Beginning balance | $ 291 |
Charges incurred, net of reversals | 845 |
Cash payments | (1,089) |
Ending balance | $ 47 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 4.40% | (135.80%) | 8.60% | 14.40% | |
Income (loss) before provision for income taxes | $ 30,778 | $ 165 | $ 55,756 | $ 36,804 | |
Discrete tax benefits | 3,800 | $ 100 | 4,400 | $ 1,000 | |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 3,500 | 3,500 | |||
Unrecognized tax benefits | 2,100 | 2,100 | |||
Unrecognized tax benefits that would impact effective tax rate | 2,000 | 2,000 | |||
Accrued payroll taxes | $ 9,700 | $ 9,700 | $ 9,700 |
Commitments and Contingencies (Schedule of Product Warranty Liability) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jul. 02, 2021
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance at beginning of period | $ 163 |
Additions to warranty reserve, net of reversals | 9 |
Adjustments to pre-existing warranties | (31) |
Balance at end of period | $ 141 |
Earnings Per Share (“EPS”) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 29,433 | $ 389 | $ 50,953 | $ 31,489 |
Denominator for basic and diluted EPS: | ||||
Weighted average shares outstanding - Basic (in shares) | 32,982 | 32,834 | 32,970 | 32,820 |
Dilutive effect of share-based awards (in shares) | 272 | 295 | 251 | 303 |
Weighted average shares outstanding - Diluted (in shares) | 33,254 | 33,129 | 33,221 | 33,123 |
Earnings per share: | ||||
Basic EPS (in dollars per share) | $ 0.89 | $ 0.01 | $ 1.55 | $ 0.96 |
Diluted EPS (in dollars per share) | $ 0.89 | $ 0.01 | $ 1.53 | $ 0.95 |
Anitdilutive Securities Excluded From Earnings Per Share [Abstract] | ||||
Time-vested RSUs (in shares) | 0 | 146 | 5 | 131 |
PRSUs (in shares) | 63 | 12 | 64 | 16 |
Financial Instruments and Fair Value Measurements (Schedule of Interest Rate Swaps) (Details) - Interest Rate Swap Maturing June 2023 - Other long-term liabilities - Designated as Hedging Instrument - USD ($) |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150,000,000 | $ 200,000,000 |
Pay Fixed Rate | 2.1785% | 2.1785% |
Receive Current Floating Rate | 0.095% | 0.148% |
Fair Value | $ (5,106,000) | $ (7,026,000) |
Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jul. 02, 2021 |
Dec. 31, 2020 |
Apr. 03, 2020 |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative instruments net loss to be reclassified to net income during next twelve months | $ 2.8 | ||
Asset acquisition contingent consideration recognized | $ 1.0 | ||
Accrued expenses and other current liabilities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration liability, current | 1.0 | $ 1.7 | |
Other long-term liabilities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration liability, noncurrent | $ 1.3 | $ 2.2 | |
Chinese Venture Capital Fund | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity method investment ownership | 6.60% |
Financial Instruments and Fair Value Measurements (Estimated Fair Values for Contingent Consideration) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 2,281 | $ 6,400 | $ 3,900 | $ 4,200 |
Amount recorded for acquisitions | 0 | 0 | 0 | 2,700 |
Fair value measurement adjustment | 0 | 0 | 0 | (500) |
Payments | 0 | (500) | (1,621) | (500) |
Foreign currency translation | 0 | (13) | 2 | (13) |
Balance at end of period | $ 2,281 | $ 5,887 | $ 2,281 | $ 5,887 |
Financial Instruments and Fair Value Measurements (Contingent Consideration Measurement Inputs) (Details) $ in Thousands |
Jul. 02, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Feb. 19, 2020
USD ($)
|
---|---|---|---|
InoMec Ltd | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Revenue-based payments, maximum payout (undiscounted) | $ 6,750 | $ 9,000 | $ 3,500 |
Fair Value, Recurring | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Revenue-based payments, fair value | $ 2,281 | $ 3,900 | |
Fair Value, Recurring | Revenue volatility | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Inputs | 0.350 | 0.350 | |
Fair Value, Recurring | Discount rate | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Inputs | 0.040 | 0.040 |
Financial Instruments and Fair Value Measurements (Equity Method Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | |||||
Equity method investment | $ 19,451 | $ 19,451 | $ 21,470 | ||
Non-marketable equity securities | 5,723 | 5,723 | 5,723 | ||
Total equity investments | 25,174 | 25,174 | $ 27,193 | ||
Equity method investment (gain) loss | $ 684 | $ 205 | $ 2,019 | $ (1,720) |
Segment Information (Narrative) (Details) |
6 Months Ended |
---|---|
Jul. 02, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Operating income | $ 39,350 | $ 9,185 | $ 73,958 | $ 53,261 |
Unallocated expenses, net | (8,572) | (9,020) | (18,202) | (16,457) |
Income before taxes | 30,778 | 165 | 55,756 | 36,804 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 59,795 | 29,377 | 115,322 | 95,806 |
Operating Segments | Medical | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 56,439 | 26,910 | 111,964 | 92,126 |
Operating Segments | Non-Medical | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 3,356 | 2,467 | 3,358 | 3,680 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ (20,445) | $ (20,192) | $ (41,364) | $ (42,545) |
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Percent of revenue from contract with customer compared to total revenue | 34.00% | 25.00% | 28.00% | |
Contract with customer, asset, cumulative catch-up adjustment to revenue, modification of contract | $ 16.6 | |||
Revenue recognized that was included in contract liability balance at beginning of period | $ 0.2 | $ 1.0 | $ 1.1 | $ 1.1 |
Revenue From Contracts With Customers Contract with Customer (Assets and Liability) (Details) - USD ($) $ in Thousands |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 56,824 | $ 40,218 |
Contract liabilities | $ 2,521 | $ 2,498 |