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Equity
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders' Equity Note Disclosure Stockholders' Equity
Shareholders Agreement

At the completion of the Smiths Medical acquisition in 2022, Smiths owned approximately 10.5% of the total outstanding shares of our common stock (see Note 3: Restructuring, Strategic Transaction and Integration). At closing, in connection with the issuance of the share consideration, we entered into a Shareholders Agreement (the “Shareholders Agreement”) with Smiths. The Shareholders Agreement permits Smiths to designate one individual for election to our Board of
Directors (the "Board") so long as Smiths beneficially owns at least 5.0% of the total outstanding shares of our common stock. On February 28, 2024, Smiths designated board member, Mr. William Seeger, notified us of his resignation from our Board in anticipation of his retirement from the Board of Directors of Smiths. See our Current Report on Form 8-K filed on February 29, 2024 for additional information. As of June 30, 2024, Smiths retained the right to designate a board member based on their ownership level as of that date. However, during July 2024, Smiths sold a portion of their outstanding shares of our common stock which left Smiths with an ownership percentage under the required 5.0% needed for the right to designate a board member.

Treasury Stock

    In August 2019, our Board approved a share purchase plan to purchase up to $100.0 million of our common stock. This plan has no expiration date. During the three and six months ended June 30, 2024, we did not purchase any shares of our common stock under our share purchase plan. As of June 30, 2024, all of the $100.0 million available for purchase was remaining under the plan. We are currently limited on share purchases in accordance with the terms and conditions of our Credit Agreement (see Note 16: Long-Term Debt).

    For the six months ended June 30, 2024, we withheld 112,876 shares of our common stock from employee vested restricted stock units in consideration for $11.7 million in payments made on the employees' behalf for their minimum statutory income tax withholding obligations. For the six months ended June 30, 2023, we withheld 54,371 shares of our common stock from employee vested restricted stock units in consideration for $8.7 million in payments made on the employees' behalf for their minimum statutory income tax withholding obligations. Treasury stock is used to issue shares for stock option exercises and restricted stock grants.

Accumulated Other Comprehensive (Loss) Income ("AOCI")

    The components of AOCI, net of tax, were as follows (in thousands):
Foreign Currency Translation AdjustmentsUnrealized Gains (Losses) on Cash Flow HedgesOther AdjustmentsTotal
Balance as of January 1, 2024
$(76,784)$21,884 $1,819 $(53,081)
Other comprehensive (loss) income before
reclassifications
(22,817)13,908 — (8,909)
Amounts reclassified from AOCI— (7,548)— (7,548)
Other comprehensive (loss) income (22,817)6,360 — (16,457)
Balance as of March 31, 2024$(99,601)$28,244 $1,819 $(69,538)
Other comprehensive (loss) income before reclassifications(15,865)436 — (15,429)
Amounts reclassified from AOCI— (6,818)— (6,818)
Other comprehensive loss(15,865)(6,382)— (22,247)
Balance as of June 30, 2024$(115,466)$21,862 $1,819 $(91,785)
Foreign Currency Translation AdjustmentsUnrealized Gains (Losses) on Cash Flow HedgesOther AdjustmentsTotal
Balance as of January 1, 2023
$(122,973)$40,779 $1,216 $(80,978)
Other comprehensive income (loss) before
reclassifications
24,983 (113)(31)24,839 
Amounts reclassified from AOCI— (5,464)— (5,464)
Other comprehensive income (loss) 24,983 (5,577)(31)19,375 
Balance as of March 31, 2023
$(97,990)$35,202 $1,185 $(61,603)
Other comprehensive income (loss) before reclassifications7,569 13,175 (34)20,710 
Amounts reclassified from AOCI— (7,901)— (7,901)
Other comprehensive income (loss)7,569 5,274 (34)12,809 
Balance as of June 30, 2023
$(90,421)$40,476 $1,151 $(48,794)