Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment

Property, plant & equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification	Estimated Useful Life
Buildings	Thirty years
Leasehold improvements	Shorter of the term of the lease or estimated useful life
Equipment	Three to twelve years
Furniture, fixtures and office equipment	Three to eight years
Computer hardware and software	Three to seven years or estimated useful life

Reconciliation of Basic and Diluted Shares Amounts

A reconciliation of basic and diluted weighted average share outstanding is as follows:

	For the Years Ended December 31,
	2022		2021		2020
	(Amounts in thousands, except per share data)
Numerator:
Net income	$	185,959	$	128,291	$	59,926
Effect of dilutive securities:
Charges associated with convertible debt instruments, net of tax		387		—		—
Numerator for diluted earnings per share - net income available to common stockholders after the effect of dilutive securities	$	186,346	$	128,291	$	59,926
Denominator:
Weighted average shares used in computing net income per    share - basic		55,460		55,015		52,554
Effect of dilutive shares:
Options and stock units		608		915		971
Convertible senior notes		1,360		1,253		367
Contingent consideration		11		—		—
Dilutive effect of unvested performance stock units		16		81		—
Dilutive potential common shares		1,995		2,249		1,338
Denominator for diluted earnings per share - adjusted weighted average shares used in computing net income per share - diluted		57,455		57,264		53,892
Earnings per share:
Basic	$	3.35	$	2.33	$	1.14
Diluted	$	3.24	$	2.24	$	1.11

For the years ended December 31, 2022, 2021 and 2020

Summary of Product Revenues by Product Line

The following table represents product revenues by product line:

	For the Years Ended December 31,
	2022		2021(1)		2020(2)
	(Amounts in thousands)
Filtration products	$	495,930	$	403,505	$	174,851
Chromatography products(3)		131,680		91,037		70,677
Process analytics products		53,512		48,019		33,346
Proteins products(3)		114,320		123,707		83,317
Other		5,741		4,051		3,945
Total product revenue	$	801,183	$	670,319	$	366,136

(1)2021 revenue for filtration products includes revenue related to Polymem from July 1, 2021, as well as BioFlex and NTM from December 16, 2021 through December 31, 2021. 2021 revenue for proteins products includes revenue related to Avitide from September 20, 2021 through December 31, 2021.

(2)2020 revenue for filtration products includes revenue related to EMT from July 13, 2020, NMS from October 20, 2020, and ARTeSYN from December 3, 2020 through December 31, 2020.

(3)Revised 2020 revenue in the table above reflects a shift in product revenue from chromatography products to proteins products of approximately $3 million. These changes are consistent with the current year presentation of product revenue.

Total Assets by Geographic Area

The following table represents the Company’s total assets by our country of domicile (the United States) and other countries where our major subsidiaries are domiciled for the periods presented:

	December 31,
	2022		2021
	(Amounts in thousands)
Total assets by geographic locations:
North America	$	2,209,244	$	2,082,721
Europe		287,543		243,076
APAC		27,871		32,557
Total assets by geographic location	$	2,524,658	$	2,358,354

Long Lived Assets by Geographic Area

The following table represents the Company’s long-lived assets by our country of domicile (the United States) and other countries where our major subsidiaries are domiciled for the periods presented:

	December 31,
	2022		2021
	(Amounts in thousands)
Long-lived assets by geographic locations:
North America	$	275,151	$	198,436
Europe		38,541		27,168
APAC		2,819		1,534
Total long-lived assets by geographic location	$	316,511	$	227,138

Total Revenue

Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by our country of domicile (the United States) and other countries where our major subsidiaries are domiciled for the periods presented (based on the location of the customer):

	For the Years Ended December 31,
	2022			2021			2020
Revenue by customers' geographic locations:
North America		43	%		41	%		48	%
Europe		37	%		40	%		38	%
APAC/Other		20	%		19	%		14	%
Total revenue		100	%		100	%		100	%

Trade Accounts Receivable Member

Percentage of Revenue from Significant Customers

is as follows:

	December 31,			December 31,
	2022			2021
Purolite (an Ecolab Inc. company)		13	%	N/A
Pfizer Inc.	N/A				14	%