XML 44 R29.htm IDEA: XBRL DOCUMENT v3.22.4
General and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Inventory, Current [Table Text Block]
Inventories consist of the following (in thousands):
As of December 31,
 20222021
Raw materials$286,964 $135,528 
Work in process73,795 36,490 
Finished goods335,250 118,217 
Total$696,009 $290,235 
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consists of the following (in thousands): 
As of December 31,
 20222021
Machinery and equipment$414,811 $321,078 
Land, building and building improvements274,063 243,377 
Molds77,203 60,463 
Computer equipment and software115,214 102,979 
Furniture and fixtures29,876 7,670 
Instruments placed with customers(1)
98,481 97,384 
Construction in progress152,909 72,153 
Total property, plant and equipment, cost1,162,557 905,104 
Accumulated depreciation(526,444)(436,739)
Property, plant and equipment, net$636,113 $468,365 
_______________________________
(1)    Instruments placed with customers consist of drug-delivery and monitoring systems placed with customers under operating leases.

All property, plant and equipment are stated at cost. We use the straight-line method for depreciating property, plant and equipment over their estimated useful lives.  Estimated useful lives are:
Buildings
15 - 30 years
Building improvements
15 - 30 years
Machinery and equipment and molds
2 - 15 years
Furniture, fixtures and office equipment
2 - 5 years
Computer equipment and software
3 - 5 years
Instruments placed with customers
3 - 10 years
Schedule of Goodwill
The following table presents the changes in the carrying amount of our goodwill for 2022, 2021 and 2020 (in thousands):
Total
Balance as of January 1, 2020$31,245 
Other(1)
1,756 
Balance as of December 31, 2020$33,001 
Goodwill acquired(2)
10,626 
Other(188)
Balance as of December 31, 202143,439 
Goodwill(3)
1,469,880 
Other(4)
(7,128)
Disposition(5)
(650)
Currency translation(56,283)
Balance as of December 31, 2022$1,449,258 
_______________________________
(1)    In 2020, "Other" primarily relates to a $1.3 million measurement period adjustment to deferred taxes related to the 2019 acquisition of Pursuit Vascular, Inc. and foreign currency translation.
(2)    In 2021, we acquired a small foreign infusion systems supplier, which resulted in $10.6 million of goodwill.
(3)    Relates to Smiths Medical acquired on January 6, 2022 (see Note 2: Acquisitions).
(4)    Reflects a measurement period adjustment related to the 2021 acquisition of a small foreign infusion systems supplier.
(5)     Relates to the sale of a certain line of infusion products in China.
Schedule of Indefinite-Lived Intangible Assets Intangible assets, carried at cost less accumulated amortization and amortized on a straight-lined basis, were as follows (in thousands):
 Weighted-Average Amortization Life
in Years		December 31, 2022
 CostAccumulated
Amortization		Net
Patents10$29,998 $18,610 $11,388 
Customer contracts1210,026 6,443 3,583 
Non-contractual customer relationships8546,935 101,556 445,379 
Trademarks15,425 5,425 — 
Trade name1518,251 5,959 12,292 
Developed technology10583,176 108,708 474,468 
Non-compete39,100 5,250 3,850 
    Total amortized intangible assets $1,202,911 $251,951 $950,960 
Internally developed software*$31,806 $31,806 
Total intangible assets$1,234,717 $251,951 $982,766 
_______________________________
* Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.
 Weighted-Average Amortization Life
in Years		December 31, 2021
 CostAccumulated
Amortization		Net
Patents10$27,429 $16,764 $10,665 
Customer contracts1210,412 6,196 4,216 
Non-contractual customer relationships957,316 33,004 24,312 
Trademarks4425 425 — 
Trade name1518,260 4,731 13,529 
Developed technology13152,893 49,406 103,487 
Non-compete39,100 2,356 6,744 
Total amortized intangible assets $275,835 $112,882 $162,953 
Internally developed software*$25,358 $25,358 
Total intangible assets$301,193 $112,882 $188,311 
_______________________________
* Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] As of December 31, 2022, estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands):
2023$130,972 
2024130,882 
2025123,223 
2026122,654 
2027114,622 
Thereafter328,607 
Total$950,960 
Debt Securities, Available-for-sale
Our short-term and long-term investments in available-for-sale securities consist of the following (in thousands):
As of December 31, 2022
Amortized CostUnrealized Holding Gains (Losses)Fair Value
Short-term corporate bonds$2,314 $— $2,314 
Short-term U.S. treasury securities1,412 — 1,412 
Short-term government bonds498 — 498 
Total short-term investment securities4,224 — 4,224 
Long-term corporate bonds516 — 516 
Total investment securities$4,740 $— $4,740 
As of December 31, 2021
Amortized CostUnrealized Holding Gains (Losses)Fair Value
Short-term corporate bonds$14,420 $— $14,420 
Long-term corporate bonds4,620 — 4,620 
Total investment securities$19,040 $— $19,040 
Equity Method Investments
Our non-marketable equity method investment consists of the following (in thousands):

As of December 31,
20222021
Equity method investment$3,178 $3,238 
Interest Income and Interest Expense Disclosure
Interest (expense) income, net

The following table presents interest (expense) income, net (in thousands): 
As of December 31,
202220212020
Interest expense$(70,805)$(858)$(1,753)
Interest income4,430 2,840 3,677 
Interest (expense) income, net$(66,375)$1,982 $1,924 
Schedule of Other Nonoperating Income (Expense)
Other expense, net

The following table presents other income (expense), net (in thousands): 
As of December 31,
202220212020
Foreign exchange losses, net$(5,780)$(1,017)$(7,177)
(Loss) gain on disposition of assets(2,554)(1,651)1,773 
Other miscellaneous income, net3,198 627 2,812 
Other expense, net$(5,136)$(2,041)$(2,592)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data): 
 Year ended December 31,
 202220212020
Net (loss) income$(74,286)$103,135 $86,870 
Weighted-average number of common shares outstanding (basic)23,868 21,206 20,907 
Dilutive securities— 575 684 
Weighted-average common and common equivalent shares outstanding (diluted)23,868 21,781 21,591 
EPS — basic$(3.11)$4.86 $4.16 
EPS — diluted$(3.11)$4.74 $4.02