Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

The following table presents the components of our lease cost (in thousands):

	Year ended December 31,
	2023		2022		2021
Operating lease cost	$	24,024	$	22,038	$	11,251
Finance lease cost — interest	125		112		122
Finance lease cost — reduction of ROU asset	1,035		712		648
Short-term lease cost	29		7		14
Total lease cost	$	25,213	$	22,869	$	12,035

Interest expense on our finance leases is included in interest expense, net in our consolidated statements of operations. The reduction of the operating and finance ROU assets is included as noncash lease expense in costs of goods sold and selling, general and administrative expenses in our consolidated statements of operations.

Supplemental Cash Flow Information Leases

The following table presents the supplemental cash flow information related to our leases (in thousands):

	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)	$	24,604	$	25,225	$	11,256
Operating cash flows from finance leases	$	125	$	112	$	122
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	15,873	$	5,994	$	2,589
Finance leases	$	1,028	$	715	$	558

_____________________________

(1) In January 2022, we acquired $55.2 million of operating right-of-use assets as part of the Smiths Medical acquisition, see Note 2: Acquisitions.

Supplemental Balance Sheet Information Leases

The following table presents the supplemental balance sheet information related to our operating leases (in thousands, except lease term and discount rate):

	As of December 31,
	2023			2022
Operating leases
Operating lease right-of-use assets	$	69,909		$	74,864
Accrued liabilities	$	20,161		$	18,169
Other long-term liabilities	52,972			60,916
Total operating lease liabilities	$	73,133		$	79,085
Weighted-Average Remaining Lease Term
Operating leases	5.6 years			6.1 years
Weighted-Average Discount Rate
Operating leases	4.31		%	4.34		%

The following table presents the supplemental balance sheet information related to our finance leases (in thousands, except lease term and discount rate):

	As of December 31,
	2023			2022
Finance leases
Finance lease right-of-use assets	$	2,707		$	2,598
Accrued liabilities	$	860		$	816
Other long-term liabilities	1,954			1,855
Total finance lease liabilities	$	2,814		$	2,671
Weighted-Average Remaining Lease Term
Finance leases	4.1 years			4.8 years
Weighted-Average Discount Rate
Finance leases	4.93		%	4.23		%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

As of December 31, 2023, the maturities of our operating and finance lease liabilities for each of the next five years are approximately (in thousands):

	Operating Leases		Finance Leases
2024	$	22,291	$	977
2025	16,409		763
2026	14,095		639
2027	10,150		291
2028	5,735		189
Thereafter	13,041		236
Total Lease Payments	81,721		3,095
Less imputed interest	(8,588)		(281)
Total	$	73,133	$	2,814