XML 46 R31.htm IDEA: XBRL DOCUMENT v3.24.0.1
General and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Inventory, Current [Table Text Block]
Inventories consist of the following (in thousands):
As of December 31,
 20232022
Raw materials$296,037 $286,964 
Work in process58,906 73,795 
Finished goods354,417 335,250 
Total$709,360 $696,009 
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consists of the following (in thousands): 
As of December 31,
 20232022
Machinery and equipment$483,382 $414,811 
Land, building and building improvements278,251 274,063 
Molds89,573 77,203 
Computer equipment and software122,038 115,214 
Furniture and fixtures30,662 29,876 
Instruments placed with customers(1)
115,672 98,481 
Construction in progress117,219 152,909 
Total property, plant and equipment, cost1,236,797 1,162,557 
Accumulated depreciation(623,888)(526,444)
Property, plant and equipment, net$612,909 $636,113 
_______________________________
(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 2023, 2022 and 2021 (in thousands):
Total
Balance as of January 1, 2021$33,001 
Goodwill acquired(1)
10,626 
Other(188)
Balance as of December 31, 202143,439 
Goodwill(2)
1,469,880 
Other(3)
(7,128)
Disposition(4)
(650)
Currency translation(56,283)
Balance as of December 31, 20221,449,258 
Currency translation23,188 
Balance as of December 31, 2023$1,472,446 
_______________________________
(1)    In 2021, we acquired a small foreign infusion systems supplier, which resulted in $10.6 million of goodwill.
(2)    Relates to Smiths Medical acquired on January 6, 2022 (see Note 2: Acquisitions).
(3)    Reflects a measurement period adjustment related to the 2021 acquisition of a small foreign infusion systems supplier.
(4)     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, 2023
 CostAccumulated
Amortization		Net
Patents10$33,261 $20,637 $12,624 
Customer contracts1210,018 6,755 3,263 
Non-contractual customer relationships8554,982 171,279 383,703 
Trademarks15,425 5,425 — 
Trade name1518,251 7,162 11,089 
Developed technology10587,852 167,913 419,939 
Non-compete39,100 7,450 1,650 
    Total amortized intangible assets $1,218,889 $386,621 $832,268 
Internally developed software*$38,320 $38,320 
Total intangible assets$1,257,209 $386,621 $870,588 
_______________________________
* 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, 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.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
As of December 31, 2023, estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands):
2024$132,623 
2025125,149 
2026124,396 
2027114,308 
2028113,710 
Thereafter222,082 
Total$832,268 
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, 2023
Amortized CostUnrealized Holding Gains (Losses)Fair Value
Short-term corporate bonds$501 $— $501 
Short-term U.S. treasury securities— — — 
Short-term government bonds— — — 
Total short-term investment securities501 — 501 
Long-term corporate bonds— — — 
Total investment securities$501 $— $501 
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 
Equity Method Investments
Our non-marketable equity method investment consists of the following (in thousands):

As of December 31,
20232022
Equity method investment$3,120 $3,178 
Interest Income and Interest Expense Disclosure
Interest (expense) income, net

The following table presents interest (expense) income, net (in thousands): 
As of December 31,
202320222021
Interest expense$(102,727)$(70,805)$(858)
Interest income7,508 4,430 2,840 
Interest (expense) income, net$(95,219)$(66,375)$1,982 
Schedule of Other Nonoperating Income (Expense)
Other expense, net
The following table presents other expense, net (in thousands): 
As of December 31,
202320222021
Foreign exchange losses, net$(5,918)$(5,780)$(1,017)
Loss on disposition of assets(153)(2,554)(1,651)
Other miscellaneous income, net166 3,198 627 
Other expense, net$(5,905)$(5,136)$(2,041)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data): 
 Year ended December 31,
 202320222021
Net (loss) income$(29,655)$(74,286)$103,135 
Weighted-average number of common shares outstanding (basic)24,091 23,868 21,206 
Dilutive securities— — 575 
Weighted-average common and common equivalent shares outstanding (diluted)24,091 23,868 21,781 
EPS — basic$(1.23)$(3.11)$4.86 
EPS — diluted$(1.23)$(3.11)$4.74