DEI Document
DEI Document - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34634 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0022692 | |
Entity Address, Address Line One | 951 Calle Amanecer | |
Entity Address, City or Town | San Clemente | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92673 | |
City Area Code | 949 | |
Local Phone Number | 366-2183 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock, par value $0.10 per share | |
Trading Symbol | ICUI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 21,218,759 | |
Entity Central Index Key | 0000883984 | |
Entity Registrant Name | ICU MEDICAL INC/DE | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 424,249 | $ 396,097 | [1] |
Short-term investment securities | 11,693 | 14,687 | [1] |
TOTAL CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES | 435,942 | 410,784 | [1] |
Accounts receivable, net of allowance for doubtful accounts of $21,782 at March 31, 2021 and $21,490 at December 31, 2020 | 120,365 | 124,093 | [1] |
Inventories | 300,086 | 314,928 | [1] |
Prepaid income taxes | 31,480 | 29,480 | [1] |
Prepaid expenses and other current assets | 40,309 | 41,492 | [1] |
TOTAL CURRENT ASSETS | 928,182 | 920,777 | [1] |
PROPERTY AND EQUIPMENT, net | 459,072 | 466,628 | [1] |
Operating Lease, Right-of-Use Asset | 45,259 | 46,571 | [1] |
Long-term investment securities | 18,834 | 12,974 | |
GOODWILL | 32,952 | 33,001 | [1] |
INTANGIBLE ASSETS, net | 193,074 | 197,231 | [1] |
Deferred Income Tax Assets | 29,115 | 31,034 | |
OTHER ASSETS | 58,742 | 55,475 | [1] |
TOTAL ASSETS | 1,765,230 | 1,763,691 | [1] |
CURRENT LIABILITIES: | |||
Accounts payable | 73,049 | 71,864 | [1] |
Accrued liabilities | 79,056 | 97,021 | [1] |
Income tax liability | 1,457 | 303 | [1] |
Contingent earn-out liability | 26,300 | 26,300 | |
TOTAL CURRENT LIABILITIES | 179,862 | 195,488 | [1] |
Other long-term liabilities | 46,110 | 47,835 | |
DEFERRED INCOME TAXES | 1,663 | 1,663 | [1] |
INCOME TAX LIABILITY | 16,827 | 16,440 | [1] |
COMMITMENTS AND CONTINGENCIES | 0 | 0 | [1] |
STOCKHOLDERS' EQUITY: | |||
Convertible preferred stock, $1.00 par value Authorized-500 shares; Issued and outstanding - none | 0 | 0 | [1] |
Common stock, $0.10 par value - Authorized-80,000 shares; Issued 21,219 shares at March 31, 2021 and 21,058 shares at December 31, 2020 and outstanding 21,192 shares at March 31, 2021 and 21,058 shares at December 31, 2020 | 2,122 | 2,106 | [1] |
Additional paid-in capital | 701,586 | 693,068 | [1] |
Treasury Stock, at cost (26,785 and 209 shares, respectively) | (5,410) | (39) | [1] |
Retained earnings | 832,383 | 808,652 | [1] |
Accumulated other comprehensive loss | (9,913) | (1,522) | [1] |
TOTAL STOCKHOLDERS' EQUITY | 1,520,768 | 1,502,265 | [1] |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,765,230 | $ 1,763,691 | [1] |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss | $ 21,782 | $ 21,490 |
Convertible preferred stock, par value | $ 1 | |
Convertible preferred stock, authorized shares | 500,000 | |
Convertible preferred stock, issued shares | 0 | 0 |
Convertible preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.10 | |
Common stock, shares authorized | 80,000,000 | |
Common stock, shares issued | 21,219,000 | 21,058,000 |
Common stock, shares outstanding | 21,192,000 | 21,058,000 |
Treasury Stock, Shares | 26,785 | 209 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
REVENUES: | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 318,046 | $ 328,607 |
Cost of goods sold | 205,366 | 207,192 |
Gross Profit | 112,680 | 121,415 |
OPERATING EXPENSES: | ||
Selling, general and administrative | 72,391 | 72,305 |
Research and development | 10,709 | 10,746 |
Restructuring, strategic transaction and integration | 2,883 | 12,307 |
Change in fair value of contingent earn-out | 0 | 0 |
contract settlement | 127 | 0 |
TOTAL OPERATING EXPENSES | 86,110 | 95,358 |
INCOME FROM OPERATIONS | 26,570 | 26,057 |
Interest Expense | (161) | (196) |
OTHER INCOME (EXPENSE), net | 683 | (5,480) |
INCOME BEFORE INCOME TAXES | 27,092 | 20,381 |
PROVISION FOR INCOME TAXES | (3,361) | (3,547) |
NET INCOME | $ 23,731 | $ 16,834 |
NET INCOME PER SHARE | ||
Basic (in dollars per share) | $ 1.12 | $ 0.81 |
Diluted (in dollars per share) | $ 1.09 | $ 0.78 |
WEIGHTED AVERAGE NUMBER OF SHARES | ||
Basic (in shares) | 21,149 | 20,780 |
Diluted (in shares) | 21,695 | 21,507 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income | $ 23,731 | $ 16,834 |
Other comprehensive income (loss), net of tax | ||
Cash flow hedge adjustments, net of taxes of $356 and $116 for the three and months ended June 30, 2020 and 2019, respectively, and ($577) and $322 for the six months ended June 30, 2020 and 2019, respectively | (945) | (2,952) |
Foreign currency translation adjustment, net of taxes of $0 for all periods | (7,458) | (10,477) |
Other Comprehensive Income (Loss), Other Adjustments, after Tax | 12 | (81) |
Other comprehensive income (loss), net of taxes | (8,391) | (13,510) |
Comprehensive Income | $ 15,340 | $ 3,324 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Paranthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 298 | $ 932 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Common stock, shares outstanding at Dec. 31, 2019 | 20,742,000 | ||||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2019 | $ 1,377,244 | $ 2,074 | $ 668,947 | $ (157) | $ 721,782 | $ (15,402) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, New Issues | 155,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 560 | 9 | 10,758 | ||||
Adjustments to Additional Paid in Capital, Other | (10,207) | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (63,511) | (64,000) | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (12,174) | (12,174) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 6,939 | 6,939 | |||||
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (13,510) | ||||||
Net Income Attributable to Parent | 16,834 | 16,834 | |||||
Stockholders' Equity Attributable to Parent at Mar. 31, 2020 | 1,375,893 | 2,083 | 665,679 | (1,573) | 738,616 | (28,912) | |
Common stock, shares outstanding at Mar. 31, 2020 | 20,833,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other Comprehensive income (loss), net of Tax | $ (13,510) | (13,510) | |||||
Common stock, shares outstanding at Dec. 31, 2020 | 21,058,000 | 21,058,000 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2020 | $ 1,502,265 | 2,106 | 693,068 | (39) | 808,652 | (1,522) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, New Issues | 198,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 4,864 | 16 | 2,352 | ||||
Adjustments to Additional Paid in Capital, Other | 2,496 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (37,423) | (37,000) | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (7,723) | (7,723) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 6,022 | 6,022 | |||||
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (8,391) | ||||||
Net Income Attributable to Parent | 23,731 | 23,731 | |||||
Stockholders' Equity Attributable to Parent at Mar. 31, 2021 | $ 1,520,768 | $ 2,122 | $ 701,586 | $ (5,410) | $ 832,383 | (9,913) | |
Common stock, shares outstanding at Mar. 31, 2021 | 21,192,000 | 21,219,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other Comprehensive income (loss), net of Tax | $ (8,391) | $ (8,391) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 23,731 | $ 16,834 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 22,155 | 20,957 | |
Operatingleaserightofuseassetamortization | 2,372 | 2,305 | |
Provision for doubtful accounts | 0 | 5 | |
Provision for warranty and returns | 209 | (821) | |
Stock compensation | 6,022 | 6,939 | |
Loss on disposal of property and equipment | 659 | 562 | |
Bond premium amortization | 168 | 34 | |
Debt Issuance Costs amortization | 72 | 72 | |
Change in fair value of contingent earn-out | 0 | 0 | |
Inventory Recall Expense | 0 | 2,626 | |
Sparepartsusage | 2,825 | 4,900 | |
Other Noncash Income (Expense) | (1,287) | 876 | |
Cash provided by (used in) changes in operating assets and liabilities | |||
Accounts receivable | 1,506 | 899 | |
Inventories | 13,208 | 19,372 | |
Prepaid expenses and other assets | (742) | 2,634 | |
Increase (Decrease) in Other Operating Assets | (3,463) | (6,402) | |
Accounts payable | 2,411 | (35,063) | |
Accrued liabilities | (19,965) | 465 | |
Income taxes, including excess tax benefits and deferred income taxes | 1,439 | 2,325 | |
Net cash provided by operating activities | 51,320 | 39,519 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (14,028) | (25,463) | |
Proceeds from sale of asset | 55 | 131 | |
Intangible assets additions | (1,874) | (1,958) | |
Purchases of investment securities | (10,034) | (7,082) | |
Proceeds from sale of investment securities | 7,000 | 10,900 | |
Net cash used in investing activities | (18,881) | (23,472) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Lines of Credit | 0 | 150,000 | |
Proceeds from exercise of stock options | 4,864 | 560 | |
Finance Lease, Principal Payments | (141) | 0 | |
Payment, Tax Withholding, Share-based Payment Arrangement | 7,723 | 12,174 | |
Net cash (used in) provided by financing activities | (3,000) | 138,386 | |
Effect of exchange rate changes on cash | (1,287) | (3,546) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 28,152 | 150,887 | |
CASH AND CASH EQUIVALENTS, beginning of period | 396,097 | [1] | 268,670 |
CASH AND CASH EQUIVALENTS, end of period | 424,249 | 419,557 | |
NON-CASH INVESTING ACTIVITIES | |||
Capital Expenditures Incurred but Not yet Paid | $ 1,068 | $ 7,112 | |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Basis of Presentation_
Basis of Presentation: | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Text Block] | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.") and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the consolidated results for the interim periods presented. Results for the interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of ICU Medical, Inc., ("ICU") a Delaware corporation, filed with the SEC for the year ended December 31, 2020. We are engaged in the development, manufacturing and sale of innovative medical products used in vascular therapy and critical care applications. We sell the majority of our products through our direct sales force and through independent distributors throughout the U.S. and internationally. Additionally, we sell our products on an original equipment manufacturer basis to other medical device manufacturers. All subsidiaries are wholly owned and are included in the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated. |
New Accounting Pronouncements_
New Accounting Pronouncements: | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting PronouncementsRecently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional guidance for a limited period of time to ease the potential burden for reference rate reform on financial reporting. Due to concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate ("LIBOR"), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. Optional expedients may be applied to contracts that are modified as a result of the reference rate reform. Modifications of contracts within the scope of Topic 470, Debt, should be accounted for by prospectively adjusting the effective interest rate. Modifications of contracts within the scope of ASC 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate (incremental borrowing rate). Exceptions to Topic 815, Derivatives and Hedging, results in not having a dedesignation of a hedging relationship if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The impact of this ASU on our contracts has not been material. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional guidance for a limited period of time to ease the potential burden for reference rate reform on financial reporting. Due to concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate ("LIBOR"), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. Optional expedients may be applied to contracts that are modified as a result of the reference rate reform. Modifications of contracts within the scope of Topic 470, Debt, should be accounted for by prospectively adjusting the effective interest rate. Modifications of contracts within the scope of ASC 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate (incremental borrowing rate). Exceptions to Topic 815, Derivatives and Hedging, results in not having a dedesignation of a hedging relationship if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The impact of this ASU on our contracts has not been material. |
Restructuring, Strategic Transa
Restructuring, Strategic Transaction and Integration (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | Restructuring, Strategic Transaction and Integration Restructuring, strategic transaction and integration expenses were $2.9 million and $12.3 million for the three months ended March 31, 2021, and 2020 respectively. Restructuring During the three months ended March 31, 2021 and 2020, restructuring charges were $0.0 million and $7.2 million, respectively. Restructuring charges for the three months ended March 31, 2020 were primarily related to severance and costs related to office and other facility closures. Restructuring charges are included in the above restructuring, strategic transaction and integration expenses in our condensed consolidated statement of operations. The following table summarizes the details of changes in our restructuring-related accrual for the period ended March 31, 2021 (in thousands): Accrued Balance January 1, 2021 Charges Payments Currency Accrued Balance Severance pay and benefits $ 1,858 $ 43 $ (435) $ 12 $ 1,478 Facility closure expenses 1,563 — — 17 1,580 $ 3,421 $ 43 $ (435) $ 29 $ 3,058 Strategic transaction and integration expenses |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Our primary product lines are Infusion Consumables, Infusion Systems, IV Solutions and Critical Care. The vast majority of our sales of these products are made on a stand-alone basis to hospitals and distributors. Revenue is typically recognized upon transfer of control of the products, which we deem to be at point of shipment. However, for purposes of revenue recognition for our software licenses and renewals, we consider the control of these products to be transferred to a customer at a certain point in time; therefore, we recognize revenue at the start of the applicable license term. Payment is typically due in full within 30 days of delivery or the start of the contract term. Revenue is recorded in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We offer certain volume-based rebates to our distribution customers, which we record as variable consideration when calculating the transaction price. Rebates are offered on both a fixed and tiered/variable basis. In both cases, we use information available at the time and our historical experience with each customer to estimate the most likely rebate amount. We also provide chargebacks to distributors that sell to end-customers at prices determined under a contract between us and the end-customer. Chargebacks are the difference between the prices we charge our distribution customers and the contracted prices we have with the end customer which are processed as credits to our distribution customers. In estimating the expected value of chargeback amounts in order to determine the transaction price, we use information available at the time, including our historical experience. We also warranty products against defects and have a policy permitting the return of defective products, for which we accrue and expense at the time of sale using information available at that time and our historical experience. We also provide for extended service-type warranties, which we consider to be separate performance obligations. We allocate a portion of the transaction price to the extended service-type warranty based on its estimated relative selling price, and recognize revenue over the period the warranty service is provided. Our revenues are recorded at the net sales price, which includes an estimate for variable consideration related to rebates, chargebacks and product returns. Revenue disaggregated The following table represents our revenues disaggregated by geography (in thousands): For the three months Geography 2021 2020 Europe, the Middle East and Africa $ 34,800 $ 37,928 Other Foreign 55,895 60,521 Total Foreign 90,695 98,449 United States 227,351 230,158 Total Revenues $ 318,046 $ 328,607 The following table represents our revenues disaggregated by product (in thousands): For the three months Product line 2021 2020 Infusion Consumables $ 126,370 $ 123,507 Infusion Systems 84,334 88,380 IV Solutions 94,176 104,291 Critical Care 13,166 12,429 Total Revenues $ 318,046 $ 328,607 Contract balances The following table presents our changes in the contract balances for the three months ended March 31, 2021 and 2020 (in thousands): Contract Liabilities Beginning balance, January 1, 2021 $ (6,430) Equipment revenue recognized 461 Equipment revenue deferred due to implementation (2,921) Software revenue recognized 1,796 Software revenue deferred due to implementation (1,794) Ending balance, March 31, 2021 $ (8,888) Beginning balance, January 1, 2020 $ (4,855) Equipment revenue recognized 1,802 Equipment revenue deferred due to implementation (3,990) Software revenue recognized 1,235 Software revenue deferred due to implementation (2,664) Ending balance, March 31, 2020 $ (8,472) |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Leases We determine if an arrangement is a lease at inception. Our operating lease assets are separately stated in operating lease right-of-use ("ROU") assets and our financing lease assets are included in other assets on our condensed consolidated balance sheets. Our lease liabilities are included in accrued liabilities, and other long-term liabilities on our condensed consolidated balance sheets. We have elected not to recognize an ROU asset and lease liability for leases with terms of twelve months or less. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Most of our leases do not provide an implicit rate, therefore we use our incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term based on the information available at commencement date. Our lease ROU assets exclude lease incentives and initial direct costs incurred. Our lease terms include options to extend when it is reasonably certain that we will exercise that option. All of our leases have stated lease payments, which may include fixed rental increases. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Our leases are for corporate, research and development and sales and support offices, a distribution facility, device service centers and certain equipment. Our leases have original lease terms of one year to fifteen years, some of which include options to extend the leases for up to an additional five years. For all of our leases, we do not include optional periods of extension in our current lease terms for the exercise of options to extend is not reasonably certain. The following table presents the components of our lease cost (in thousands): For the three months 2021 2020 Operating lease cost $ 2,835 $ 2,791 Finance lease cost - interest 31 29 Finance lease cost - amortization of ROU asset 151 — Short-term lease cost 3 54 Total lease cost $ 3,020 $ 2,874 Interest expense on our finance leases is included in other income (expense), net in our condensed consolidated statement of operations. The amortization of the operating and finance ROU asset is included in selling, general and administrative expenses in our condensed consolidated statement of operations. The following table presents the supplemental cash flow information related to our leases (in thousands): For the three months ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,821 $ 2,457 Operating cash flows from finance leases $ 31 $ 29 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,095 $ 19,094 Finance leases $ 184 $ 800 The following table presents the supplemental balance sheet information related to our operating leases (in thousands, except lease term and discount rate): As of As of Operating leases Operating lease right-of-use assets $ 45,259 $ 46,571 Accrued liabilities $ 8,872 $ 8,740 Other long-term liabilities 39,588 41,019 Total operating lease liabilities $ 48,460 $ 49,759 Weighted Average Remaining Lease Term Operating leases 6.5 years 6.7 years Weighted Average Discount Rate Operating leases 5.00 % 5.02 % The following table presents the supplemental balance sheet information related to our finance leases (in thousands, except lease term and discount rate): As of As of Financing leases Financing lease right-of-use assets $ 2,877 $ 2,915 Accrued liabilities $ 583 $ 554 Other long-term liabilities 2,330 2,388 Total financing lease liabilities $ 2,913 $ 2,942 Weighted Average Remaining Lease Term Financing leases 6.2 years 6.4 years Weighted Average Discount Rate Financing leases 4.27 % 4.27 % As of March 31, 2021, the maturities of our operating and financing lease liabilities for each of the next five years is approximately (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 8,352 $ 520 2022 10,316 693 2023 9,120 693 2024 8,317 379 2025 5,008 211 2026 4,733 189 Thereafter 10,602 614 Total Lease Payments 56,448 3,299 Less imputed interest (7,988) (386) Total $ 48,460 $ 2,913 |
Net Income Per Share_
Net Income Per Share: | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share [Text Block] | Net Income Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period plus dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options and restricted stock units that are anti-dilutive are not included in the treasury stock method calculation. There were 12,080 and 15,333 anti-dilutive securities for the three months ended March 31, 2021 and 2020, respectively. The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data): Three months ended 2021 2020 Net income $ 23,731 $ 16,834 Weighted-average number of common shares outstanding (for basic calculation) 21,149 20,780 Dilutive securities 546 727 Weighted-average common and common equivalent shares outstanding (for diluted calculation) 21,695 21,507 EPS — basic $ 1.12 $ 0.81 EPS — diluted $ 1.09 $ 0.78 |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives and Hedging Activities Hedge Accounting and Hedging Program The purpose of our hedging program is to manage the foreign currency exchange rate risk on forecasted expenses denominated in currencies other than the functional currency of the operating unit. We do not issue derivatives for trading or speculative purposes. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The par forward contract is designated and qualifies as a cash flow hedge. Our derivative instruments are recorded at fair value on the condensed consolidated balance sheets and are classified based on the instrument's maturity date. We record changes in the intrinsic value of the effective portion of the gain or loss on the derivative instrument as a component of Other Comprehensive Income and we reclassify that gain or loss into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. In March 2020, we entered into a one-year cross-currency par forward contract that extends our current hedge of a portion of our Mexico forecasted expenses denominated in Pesos ("MXN"). The total notional amount of this outstanding derivative as of March 31, 2021 was approximately 327.6 million MXN. The term of the one-year contract is November 3, 2020 to December 1, 2021. The derivative instrument matures in equal monthly amounts at a fixed forward rate of 24.26 MXN/USD. In November 2018, we entered into a one-year cross-currency par forward contract that hedges of a portion of our Mexico forecasted expenses denominated in MXN. The term of the one-year hedge was November 1, 2019 to November 3, 2020. The derivative instrument matured in equal monthly amounts at a fixed forward rate of 22.109 MXN/USD. The following table presents the fair values of our derivative instruments included within the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in thousands): Derivatives Condensed Consolidated Balance Sheet March 31, 2021 December 31, 2020 Derivatives designated as cash flow hedging instruments Foreign exchange forward contract: Prepaid expenses and other current assets $ 2,312 $ 3,555 Total derivatives designated as cash flow hedging instruments $ 2,312 $ 3,555 The following table presents the amounts affecting the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (in thousands): Line Item in the Three months ended 2021 2020 Derivatives designated as cash flow hedging instruments Foreign exchange forward contracts Cost of goods sold $ 841 $ 692 We recognized the following (losses) gains on our foreign exchange contracts designated as a cash flow hedge (in thousands): Amount of Loss Recognized in Other Comprehensive Income on Derivatives Amount of Gain Reclassified From Accumulated Other Comprehensive Income into Income Three months ended Three months ended 2021 2020 Location of Gain Reclassified From Accumulated Other Comprehensive Income into Income 2021 2020 Derivatives designated as cash flow hedges: Foreign exchange forward contract $ (402) $ (3,192) Cost of goods sold $ 841 $ 692 Total derivatives designated as cash flow hedging instruments $ (402) $ (3,192) $ 841 $ 692 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs that may be used to measure fair value: • Level 1: quoted prices in active markets for identical assets or liabilities; • Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or • Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. Earn-out Liability In 2017, we recognized an earn-out liability upon the acquisition of HIS from Pfizer. Pfizer was entitled to receive between $191.3 million and $225.0 million in additional cash consideration based on the achievement of certain performance targets for the combined company for the three years ending December 31, 2019. The initial fair value of the earn-out was determined by employing a Monte Carlo simulation in a risk neutral framework. The underlying simulated variable was adjusted EBITDA. The adjusted EBITDA volatility estimate was based on a study of historical asset volatility for a set of comparable public companies. The model included other assumptions including the market price of risk, which was calculated as the weighted average cost of capital ("WACC") less the long term risk free rate. The initial value assigned to the contingent consideration was a result of forecasted product demand of our HIS business. At each reporting date subsequent to the acquisition we remeasured the earn-out using the same methodology above and recognized any changes in value. As of December 31, 2019, we determined that we did not meet the necessary performance targets that would require payout of any of the HIS earn-out liability. As of the date of this filing, Pfizer has disputed our determination that the performance targets requiring payout of the HIS earn-out liability were not met. The dispute is being resolved by binding arbitration that will likely be concluded during the third quarter of 2021. Given the uncertainty of any arbitration, it may be possible that we will incur a loss with regards to this matter. If we are unsuccessful in arbitration such that it is determined that we met the necessary performance targets for any of the HIS earn-out liability, we will be obligated to pay Pfizer between $191.3 million and $225.0 million in additional cash consideration. In the fourth quarter of 2019, we recognized an earn-out liability related to the acquisition of Pursuit Vascular, Inc. ("Pursuit"). Pursuit's former equity holders are entitled up to $50.0 million in additional cash consideration contingent upon the achievement of certain sales and gross profit targets for specific customers. The earn-out will be calculated as a percentage of gross profit achieved during the earn-out period against a pre-determined target gross profit, not to exceed $50.0 million. We used a Monte Carlo simulation model to determine the fair value of the earn-out liability. The Monte Carlo simulation model utilizes multiple input variables to determine the value of the earn-out liability including historical volatility, a risk free interest rate, counter party credit risk and projected future gross profit, see below simulation input table related to Pursuit. The historical volatility was based on the median of ICU and a certain peer group. The risk-free interest rate is equal to the yield, as of the valuation date, of the zero-coupon U.S. Treasury bill that is commensurate with the term of the earn-out. The counter party credit risk is based on a synthetic credit rating of B1. If the probabilities in the model significantly change from what we initially and subsequently anticipate, the change could have a significant impact on our financial statements in the period recognized. Our contingent earn-out liability is separately stated in our condensed consolidated balance sheets. The following tables provide a reconciliation of the Level 3 earn-out liabilities measured at estimated fair value (in thousands): Pursuit Earn-out Liability Accrued balance, January 1, 2021 $ 26,300 Change in fair value of earn-out (included in income from operations as a separate line item) — Accrued balance, March 31, 2021 $ 26,300 Pursuit Earn-out Liability Accrued balance, January 1, 2020 $ 17,300 Change in fair value of earn-out (included in income from operations as a separate line item) — Accrued balance, March 31, 2020 $ 17,300 The following tables provide quantitative information about Level 3 inputs for fair value measurement of our earn-out liabilities: Pursuit Earn-out Simulation Input As of As of As of Revenue/Gross Profit Volatility 25.00 % 25.00 % 20.00 % Discount Rate 12.50 % 12.50 % 15.00 % Risk Free Rate 0.09 % 0.09 % 1.55 % Counter Party Risk 3.10 % 3.10 % 6.00 % Investments and Foreign Currency Contracts The fair value of our investments is estimated using observable market-based inputs such as quoted prices, interest rates and yield curves or Level 2 inputs, which consisted of corporate bonds. The fair value of our Level 2 forward currency contracts are estimated using observable market inputs such as known notional value amounts, spot and forward exchange rates. These inputs relate to liquid, heavily traded currencies with active markets which are available for the full term of the derivative. Our assets and liabilities measured at fair value on a recurring basis consisted of the following (Level 1, 2 and 3 inputs as defined above) (in thousands): Fair value measurements at March 31, 2021 Total carrying Quoted prices Significant Significant Assets: Available for sale securities: Short-term $ 11,693 $ — $ 11,693 $ — Long-term 18,834 — 18,834 — Foreign exchange forwards: Prepaid expenses and other current assets 2,312 — 2,312 — Total Assets $ 32,839 $ — $ 32,839 $ — Liabilities: Earn-out liability $ 26,300 $ — $ — $ 26,300 Total Liabilities $ 26,300 $ — $ — $ 26,300 Fair value measurements at December 31, 2020 Total carrying Quoted prices Significant Significant Assets: Available for sale securities: Short-term $ 14,687 $ — $ 14,687 $ — Long-term 12,974 — 12,974 — Foreign exchange forwards: Prepaid expenses and other current assets 3,555 — 3,555 — Total Assets $ 31,216 $ — $ 31,216 $ — Liabilities: Earn-out liability $ 26,300 $ — $ — $ 26,300 Total Liabilities $ 26,300 $ — $ — $ 26,300 |
Investment Securities (Notes)
Investment Securities (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investment Securities Our investment securities currently consist of short-term and long-term corporate bonds. Our investment securities are considered available-for-sale and are “investment grade” and carried at fair value. Available-for-sale securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Unrealized losses on available-for-sale securities are charged against net earnings when a decline in fair value is determined to be other than temporary. Our management reviews several factors to determine whether a loss is other than temporary, such as the length and extent of the fair value decline, the financial condition and near term prospects of the issuer, and for equity investments, our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The amortized cost of the debt securities are adjusted for the amortization of premiums computed under the effective interest method. Such amortization is included in investment income in other income (expense), net on our condensed consolidated statements of operations. There have been no realized gains or losses on their disposal. Realized gains and losses are accounted for on the specific identification method. The scheduled maturities of the debt securities are between 2021 and 2024. All short-term investment securities are callable within one year. Our short investment securities consisted of the following (in thousands): As of March 31, 2021 Amortized Cost Unrealized Holding Gains (Losses) Fair Value Short-term corporate bonds $ 11,693 $ — $ 11,693 Long-term corporate bonds 18,834 — 18,834 Total investment securities $ 30,527 $ — $ 30,527 As of December 31, 2020 Amortized Cost Unrealized Holding Gains (Losses) Fair Value Short-term corporate bonds $ 14,687 $ — $ 14,687 Long-term corporate bonds 12,974 — 12,974 Total investment securities $ 27,661 $ — $ 27,661 |
Prepaids and Other Current Asse
Prepaids and Other Current Assets (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets [Text Block] | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Other prepaid expenses and receivables $ 16,084 $ 14,964 Deferred costs 6,554 6,402 Prepaid insurance and property taxes 4,639 6,178 VAT/GST receivable 3,674 3,676 Deferred tax charge 3,856 3,542 Foreign exchange forward contract 2,312 3,555 Deposits 1,343 1,353 Other 1,847 1,822 $ 40,309 $ 41,492 |
Inventories_
Inventories: | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method. Inventory costs consist of those costs directly attributable to products prior to sale including among other things raw material, labor and overhead. Inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 122,703 $ 126,499 Work in process 39,713 33,053 Finished goods 137,670 155,376 Total inventories $ 300,086 $ 314,928 |
Property and Equipment_
Property and Equipment: | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Text Block] | Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Machinery and equipment $ 293,653 $ 291,331 Land, building and building improvements 241,608 241,199 Molds 60,381 60,381 Computer equipment and software 98,780 98,311 Furniture and fixtures 7,712 7,767 Instruments placed with customers (1) 91,909 90,383 Construction in progress 55,757 53,724 Total property and equipment, cost 849,800 843,096 Accumulated depreciation (390,728) (376,468) Property and equipment, net $ 459,072 $ 466,628 ______________________________ (1) Instruments placed with customers consist of drug-delivery and monitoring systems placed with customers under operating leases. Depreciation expense was $16.3 million and $15.2 million for the three months ended March 31, 2021 and 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets, Net Goodwill The following table presents the changes in the carrying amount of our goodwill (in thousands): Total Balance as of January 1, 2021 $ 33,001 Currency translation (49) Balance as of March 31, 2021 $ 32,952 Intangible Assets, Net Intangible assets, carried at cost less accumulated amortization and amortized on a straight-lined basis, were as follows (in thousands): Weighted March 31, 2021 Amortization Cost Accumulated Net Patents 10 $ 25,423 $ 15,466 $ 9,957 Customer contracts 12 10,310 5,929 4,381 Non-contractual customer relationships 9 57,748 28,233 29,515 Trademarks 4 425 425 — Trade name 15 18,268 3,808 14,460 Developed technology 13 152,893 40,062 112,831 Non-compete 3 2,500 1,181 1,319 Total amortized intangible assets $ 267,567 $ 95,104 $ 172,463 Internally developed software* $ 20,611 $ 20,611 Total intangible assets $ 288,178 $ 95,104 $ 193,074 ______________________________ * Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use. Weighted December 31, 2020 Amortization Cost Accumulated Net Patents 10 $ 24,797 $ 15,056 $ 9,741 Customer contracts 12 10,365 5,852 4,513 Non-contractual customer relationships 9 58,061 26,711 31,350 Trademarks 4 425 425 — Trade name 15 18,270 3,500 14,770 Developed technology 13 152,893 36,927 115,966 Non-compete 3 2,500 972 1,528 Total amortized intangible assets $ 267,311 $ 89,443 $ 177,868 Internally developed software* $ 19,363 $ 19,363 Total intangible assets $ 286,674 $ 89,443 $ 197,231 ______________________________ * Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use. Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. During the three months ended March 31, 2021 and 2020, respectively, intangible asset amortization expense was $5.8 million and $5.8 million, respectively. As of March 31, 2021 estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands): Remainder of 2021 $ 17,807 2022 22,806 2023 21,783 2024 21,694 2025 15,980 2026 15,116 Thereafter 57,277 Total $ 172,463 |
Accrued Liabilities (Notes)
Accrued Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Accrued Liabilities and Other Long-Term Liabilities Accrued liabilities consist of the following (in thousands): March 31, 2021 December 31, 2020 Salaries and benefits $ 26,118 $ 25,786 Incentive compensation 8,130 27,023 Operating lease liability-ST 8,872 8,740 Accrued sales taxes 2,435 2,146 Restructuring accrual 3,058 3,421 Deferred revenue 8,195 5,566 Accrued other taxes 923 3,540 Accrued professional fees 730 1,273 Legal accrual 1,291 900 Distribution fees 5,080 5,300 Warranties and returns 554 1,027 Accrued freight 7,715 6,784 Other 5,955 5,515 $ 79,056 $ 97,021 Other long-term liabilities consist of the following (in thousands): March 31, 2021 December 31, 2020 Operating lease liability-LT $ 39,588 $ 41,019 Benefits 1,180 1,183 Accrued rent 1,427 1,462 Contract liabilities-LT 303 337 Financing lease liability-LT 2,330 2,388 Deferred revenue 693 864 Other 589 582 $ 46,110 $ 47,835 |
Income Taxes_
Income Taxes: | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income taxes were accrued at an estimated effective tax rate of 12% and 17% for the three months ended March 31, 2021 and 2020, respectively. The effective tax rate for the three months ended March 31, 2021 differs from the federal statutory rate of 21% principally because of the effect of the mix of U.S. and foreign incomes, state income taxes, global intangible low-taxed income ("GILTI"), foreign-derived intangible income ("FDII") and tax credits. The effective tax rate during the three months ended |
Long-Term Obligations (Notes)
Long-Term Obligations (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
LOng-Term Obligations Disclosure [Abstract] | |
Long-term Debt [Text Block] | Long-Term Obligations Five-year Senior Secured Revolving Credit Facility ("Credit Facility") On November 8, 2017, we entered into a Credit Facility with various lenders for $150.0 million, with Wells Fargo Bank, N.A. as the administrative agent, swingline lender and issuing lender. During March 2020, as a result of market uncertainty caused by COVID-19, we preemptively borrowed $150.0 million on our Credit Facility as a conservative measure to manage any potential short-term liquidity risk. In September 2020, we fully repaid the borrowings under our Credit Facility. As of March 31, 2021, we had no borrowings and $150.0 million of availability under the Credit Facility. Principal payments on the revolving Credit Facility are made at our discretion with the unpaid amount due at maturity. The Credit Facility matures on November 8, 2022. Interest on borrowings under the Credit Facility, at our option, is based on the Base Rate plus applicable margin or the London Interbank Offered Rate ("LIBOR") plus applicable margin, see further details in Part II, Item 8, of our 2019 Annual Report on Form 10-K. Debt Covenants The Credit Facility contains certain financial covenants pertaining to Consolidated Fixed Charge Coverage and Consolidated Total Leverage Ratios. In addition, the Credit Facility has restrictions pertaining to limitations on debt, liens, negative pledges, loans, advances, acquisitions, other investments, dividends, distributions, redemptions, repurchases of equity interests, fundamental changes and asset sales and other dispositions, prepayments, redemptions and purchases of subordinated debt and other junior debt, transactions with affiliates, dividend and payment restrictions affecting subsidiaries, changes in line of business, fiscal year and accounting practices and amendment of organizational documents and junior debt documents. The Consolidated Leverage Ratio is defined as the ratio of Consolidated Total Funded Indebtedness on such date, to Consolidated Adjusted EBITDA, as defined under the Credit Facility Agreement, for the most recently completed four fiscal quarters. The maximum Consolidated Leverage Ratio is not more than 3.00 to 1.00. The Consolidated Fixed Charge Coverage Ratio is defined as the ratio of: (a) Consolidated Adjusted EBITDA less the sum of (i) capital expenditures, (ii) federal, state, local and foreign income taxes paid in cash and (iii) cash restricted payments made after the closing date, to (b) Consolidated Fixed Charges for the most recently completed four fiscal quarters, calculated on a pro forma basis. The minimum Consolidated Fixed Charge Coverage Ratio is 2.00 to 1.00. |
Commitments and Contingencies_
Commitments and Contingencies: | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Legal Proceedings From time to time, we are involved in various legal proceedings, most of which are routine litigation, in the normal course of business. Our management does not believe that the resolution of the unsettled legal proceedings that we are involved with will have a material adverse impact on our financial position or results of operations. Off-Balance Sheet Arrangements In the normal course of business, we have agreed to indemnify our officers and directors to the maximum extent permitted under Delaware law and to indemnify customers as to certain intellectual property matters or other matters related to sales of our products. There is no maximum limit on the indemnification that may be required under these agreements. Although we can provide no assurances, we have never incurred, nor do we expect to incur, any material liability for indemnification. Contingencies During November 2019, we acquired Pursuit. Total consideration for the acquisition includes a potential contractual earn-out of up to $50.0 million, to be paid to former Pursuit equity holders, calculated based upon the achievement of certain performance targets during the earn-out period (see Note 8: Fair Value Measurement). We had a contractual obligation in connection with our 2017 acquisition of HIS, which as of December 31, 2019 we determined did not meet the necessary performance targets that would require payout of any of the HIS earn-out liability. As of the date of this filing, Pfizer has disputed our determination that the performance targets requiring payout of the HIS earn-out liability were not met. The dispute is being resolved by binding arbitration that will likely be concluded during the third quarter of 2021. Given the uncertainty of any arbitration, it may be possible that we will incur a loss with regards to this matter. If we are unsuccessful in arbitration such that it is determined that we met the necessary performance targets for any of the HIS earn- out liability, we will have to pay between $191.3 million and $225.0 million in additional cash consideration (see Note 8, Fair Value Measurements). Commitments |
Collaborative and Other Arrange
Collaborative and Other Arrangements (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangement Disclosure [Text Block] | Collaborative and Other Arrangements On February 3, 2017, we entered into two Manufacturing and Supply Agreements ("MSAs"), (i) whereby Pfizer will manufacture and supply us with certain agreed upon products for an initial five-year term with a one-time two-year option to extend and (ii) whereby we will manufacture and supply Pfizer certain agreed upon products for a term of five or ten years depending on the product, also with a one-time two-year option to extend. The MSAs provide each party with mutually beneficial interests and both of the MSAs are to be jointly managed by both Pfizer and ICU. The initial supply price, which will be annually updated, is in full consideration for all costs associated with the manufacture, documentation, packaging and certification of the products. On January 1, 2021, we amended our MSA with Pfizer, whereby we manufacture and supply certain agreed upon products to Pfizer. The amendments included a change to the term of the agreement to end on December 31, 2024 with Pfizer's unilateral election to extend through December 31, 2025. Other changes to the terms of the MSA included (i) amendments to our level of supply of products to Pfizer, (ii) certain changes to our manufacturing lines, (iii) updates to our supply price with added volume price tiers for annual periods and (iv) certain minimum purchase requirements for certain products. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Stockholders' Equity Treasury Stock In August 2019, our Board of Directors approved a new share purchase plan to purchase up to $100.0 million of our common stock. This plan replaced our existing plan and has no expiration date. During the three months ended March 31, 2021, we did not purchase any shares of our common stock under our stock purchase plans. As of March 31, 2021, 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 Facility (see Note 16: Long-Term Obligations). For the three months ended March 31, 2021, we withheld 37,423 shares of our common stock from employee vested restricted stock units in consideration for $7.7 million in payments made on the employee's behalf for their minimum statutory income tax withholding obligations. For the three months ended March 31, 2020, we withheld 63,511 shares of our common stock from employee vested restricted stock units in consideration for $12.2 million in payments made on the employee's behalf for their minimum statutory income tax withholding obligations. Treasury stock is used to issue shares for stock option exercises, restricted stock grants and employee stock purchase plan stock purchases. Accumulated Other Comprehensive (Loss) Income The components of accumulated other comprehensive (loss) income ("AOCI"), net of tax, were as follows (in thousands): Foreign Currency Translation Adjustments Unrealized Gains on Cash Flow Hedges Other Adjustments Total Balance as of January 1, 2021 $ (4,381) $ 2,784 $ 75 $ (1,522) Other comprehensive (loss) income before (7,458) (306) 12 (7,752) Amounts reclassified from AOCI — (639) — (639) Other comprehensive (loss) income (7,458) (945) 12 (8,391) Balance as of March 31, 2021 $ (11,839) $ 1,839 $ 87 $ (9,913) Foreign Currency Translation Adjustments Unrealized Gains on Cash Flow Hedges Other Adjustments Total Balance as of January 1, 2020 $ (17,310) $ 1,880 $ 28 $ (15,402) Other comprehensive loss before reclassifications (10,477) (2,426) (81) (12,984) Amounts reclassified from AOCI — (526) — (526) Other comprehensive loss (10,477) (2,952) (81) (13,510) Balance as of March 31, 2020 $ (27,787) $ (1,072) $ (53) $ (28,912) |
Restructuring, Strategic Tran_2
Restructuring, Strategic Transaction and Integration (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the details of changes in our restructuring-related accrual for the period ended March 31, 2021 (in thousands): Accrued Balance January 1, 2021 Charges Payments Currency Accrued Balance Severance pay and benefits $ 1,858 $ 43 $ (435) $ 12 $ 1,478 Facility closure expenses 1,563 — — 17 1,580 $ 3,421 $ 43 $ (435) $ 29 $ 3,058 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table represents our revenues disaggregated by geography (in thousands): For the three months Geography 2021 2020 Europe, the Middle East and Africa $ 34,800 $ 37,928 Other Foreign 55,895 60,521 Total Foreign 90,695 98,449 United States 227,351 230,158 Total Revenues $ 318,046 $ 328,607 The following table represents our revenues disaggregated by product (in thousands): For the three months Product line 2021 2020 Infusion Consumables $ 126,370 $ 123,507 Infusion Systems 84,334 88,380 IV Solutions 94,176 104,291 Critical Care 13,166 12,429 Total Revenues $ 318,046 $ 328,607 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents our changes in the contract balances for the three months ended March 31, 2021 and 2020 (in thousands): Contract Liabilities Beginning balance, January 1, 2021 $ (6,430) Equipment revenue recognized 461 Equipment revenue deferred due to implementation (2,921) Software revenue recognized 1,796 Software revenue deferred due to implementation (1,794) Ending balance, March 31, 2021 $ (8,888) Beginning balance, January 1, 2020 $ (4,855) Equipment revenue recognized 1,802 Equipment revenue deferred due to implementation (3,990) Software revenue recognized 1,235 Software revenue deferred due to implementation (2,664) Ending balance, March 31, 2020 $ (8,472) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table presents the components of our lease cost (in thousands): For the three months 2021 2020 Operating lease cost $ 2,835 $ 2,791 Finance lease cost - interest 31 29 Finance lease cost - amortization of ROU asset 151 — Short-term lease cost 3 54 Total lease cost $ 3,020 $ 2,874 |
Cash Flow, Supplemental Disclosures [Text Block] | The following table presents the supplemental cash flow information related to our leases (in thousands): For the three months ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,821 $ 2,457 Operating cash flows from finance leases $ 31 $ 29 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,095 $ 19,094 Finance leases $ 184 $ 800 |
Assets and Liabilities, Leases [Table Text Block] | The following table presents the supplemental balance sheet information related to our operating leases (in thousands, except lease term and discount rate): As of As of Operating leases Operating lease right-of-use assets $ 45,259 $ 46,571 Accrued liabilities $ 8,872 $ 8,740 Other long-term liabilities 39,588 41,019 Total operating lease liabilities $ 48,460 $ 49,759 Weighted Average Remaining Lease Term Operating leases 6.5 years 6.7 years Weighted Average Discount Rate Operating leases 5.00 % 5.02 % The following table presents the supplemental balance sheet information related to our finance leases (in thousands, except lease term and discount rate): As of As of Financing leases Financing lease right-of-use assets $ 2,877 $ 2,915 Accrued liabilities $ 583 $ 554 Other long-term liabilities 2,330 2,388 Total financing lease liabilities $ 2,913 $ 2,942 Weighted Average Remaining Lease Term Financing leases 6.2 years 6.4 years Weighted Average Discount Rate Financing leases 4.27 % 4.27 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of March 31, 2021, the maturities of our operating and financing lease liabilities for each of the next five years is approximately (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 8,352 $ 520 2022 10,316 693 2023 9,120 693 2024 8,317 379 2025 5,008 211 2026 4,733 189 Thereafter 10,602 614 Total Lease Payments 56,448 3,299 Less imputed interest (7,988) (386) Total $ 48,460 $ 2,913 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
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): Three months ended 2021 2020 Net income $ 23,731 $ 16,834 Weighted-average number of common shares outstanding (for basic calculation) 21,149 20,780 Dilutive securities 546 727 Weighted-average common and common equivalent shares outstanding (for diluted calculation) 21,695 21,507 EPS — basic $ 1.12 $ 0.81 EPS — diluted $ 1.09 $ 0.78 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the fair values of our derivative instruments included within the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in thousands): Derivatives Condensed Consolidated Balance Sheet March 31, 2021 December 31, 2020 Derivatives designated as cash flow hedging instruments Foreign exchange forward contract: Prepaid expenses and other current assets $ 2,312 $ 3,555 Total derivatives designated as cash flow hedging instruments $ 2,312 $ 3,555 The following table presents the amounts affecting the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (in thousands): Line Item in the Three months ended 2021 2020 Derivatives designated as cash flow hedging instruments Foreign exchange forward contracts Cost of goods sold $ 841 $ 692 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | We recognized the following (losses) gains on our foreign exchange contracts designated as a cash flow hedge (in thousands): Amount of Loss Recognized in Other Comprehensive Income on Derivatives Amount of Gain Reclassified From Accumulated Other Comprehensive Income into Income Three months ended Three months ended 2021 2020 Location of Gain Reclassified From Accumulated Other Comprehensive Income into Income 2021 2020 Derivatives designated as cash flow hedges: Foreign exchange forward contract $ (402) $ (3,192) Cost of goods sold $ 841 $ 692 Total derivatives designated as cash flow hedging instruments $ (402) $ (3,192) $ 841 $ 692 |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide a reconciliation of the Level 3 earn-out liabilities measured at estimated fair value (in thousands): Pursuit Earn-out Liability Accrued balance, January 1, 2021 $ 26,300 Change in fair value of earn-out (included in income from operations as a separate line item) — Accrued balance, March 31, 2021 $ 26,300 Pursuit Earn-out Liability Accrued balance, January 1, 2020 $ 17,300 Change in fair value of earn-out (included in income from operations as a separate line item) — Accrued balance, March 31, 2020 $ 17,300 |
Fair Value Measurement Inputs and Valuation Techniques | The following tables provide quantitative information about Level 3 inputs for fair value measurement of our earn-out liabilities:Pursuit Earn-out Simulation Input As of As of As of Revenue/Gross Profit Volatility 25.00 % 25.00 % 20.00 % Discount Rate 12.50 % 12.50 % 15.00 % Risk Free Rate 0.09 % 0.09 % 1.55 % Counter Party Risk 3.10 % 3.10 % 6.00 % |
Fair Value, by Balance Sheet Grouping | Our assets and liabilities measured at fair value on a recurring basis consisted of the following (Level 1, 2 and 3 inputs as defined above) (in thousands): Fair value measurements at March 31, 2021 Total carrying Quoted prices Significant Significant Assets: Available for sale securities: Short-term $ 11,693 $ — $ 11,693 $ — Long-term 18,834 — 18,834 — Foreign exchange forwards: Prepaid expenses and other current assets 2,312 — 2,312 — Total Assets $ 32,839 $ — $ 32,839 $ — Liabilities: Earn-out liability $ 26,300 $ — $ — $ 26,300 Total Liabilities $ 26,300 $ — $ — $ 26,300 Fair value measurements at December 31, 2020 Total carrying Quoted prices Significant Significant Assets: Available for sale securities: Short-term $ 14,687 $ — $ 14,687 $ — Long-term 12,974 — 12,974 — Foreign exchange forwards: Prepaid expenses and other current assets 3,555 — 3,555 — Total Assets $ 31,216 $ — $ 31,216 $ — Liabilities: Earn-out liability $ 26,300 $ — $ — $ 26,300 Total Liabilities $ 26,300 $ — $ — $ 26,300 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | Our short investment securities consisted of the following (in thousands): As of March 31, 2021 Amortized Cost Unrealized Holding Gains (Losses) Fair Value Short-term corporate bonds $ 11,693 $ — $ 11,693 Long-term corporate bonds 18,834 — 18,834 Total investment securities $ 30,527 $ — $ 30,527 As of December 31, 2020 Amortized Cost Unrealized Holding Gains (Losses) Fair Value Short-term corporate bonds $ 14,687 $ — $ 14,687 Long-term corporate bonds 12,974 — 12,974 Total investment securities $ 27,661 $ — $ 27,661 |
Prepaids and Other Current As_2
Prepaids and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Prepaid expenses and other current assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Other prepaid expenses and receivables $ 16,084 $ 14,964 Deferred costs 6,554 6,402 Prepaid insurance and property taxes 4,639 6,178 VAT/GST receivable 3,674 3,676 Deferred tax charge 3,856 3,542 Foreign exchange forward contract 2,312 3,555 Deposits 1,343 1,353 Other 1,847 1,822 $ 40,309 $ 41,492 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 122,703 $ 126,499 Work in process 39,713 33,053 Finished goods 137,670 155,376 Total inventories $ 300,086 $ 314,928 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Machinery and equipment $ 293,653 $ 291,331 Land, building and building improvements 241,608 241,199 Molds 60,381 60,381 Computer equipment and software 98,780 98,311 Furniture and fixtures 7,712 7,767 Instruments placed with customers (1) 91,909 90,383 Construction in progress 55,757 53,724 Total property and equipment, cost 849,800 843,096 Accumulated depreciation (390,728) (376,468) Property and equipment, net $ 459,072 $ 466,628 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table presents the changes in the carrying amount of our goodwill (in thousands): Total Balance as of January 1, 2021 $ 33,001 Currency translation (49) Balance as of March 31, 2021 $ 32,952 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets, carried at cost less accumulated amortization and amortized on a straight-lined basis, were as follows (in thousands): Weighted March 31, 2021 Amortization Cost Accumulated Net Patents 10 $ 25,423 $ 15,466 $ 9,957 Customer contracts 12 10,310 5,929 4,381 Non-contractual customer relationships 9 57,748 28,233 29,515 Trademarks 4 425 425 — Trade name 15 18,268 3,808 14,460 Developed technology 13 152,893 40,062 112,831 Non-compete 3 2,500 1,181 1,319 Total amortized intangible assets $ 267,567 $ 95,104 $ 172,463 Internally developed software* $ 20,611 $ 20,611 Total intangible assets $ 288,178 $ 95,104 $ 193,074 ______________________________ * Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use. Weighted December 31, 2020 Amortization Cost Accumulated Net Patents 10 $ 24,797 $ 15,056 $ 9,741 Customer contracts 12 10,365 5,852 4,513 Non-contractual customer relationships 9 58,061 26,711 31,350 Trademarks 4 425 425 — Trade name 15 18,270 3,500 14,770 Developed technology 13 152,893 36,927 115,966 Non-compete 3 2,500 972 1,528 Total amortized intangible assets $ 267,311 $ 89,443 $ 177,868 Internally developed software* $ 19,363 $ 19,363 Total intangible assets $ 286,674 $ 89,443 $ 197,231 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of March 31, 2021 estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands): Remainder of 2021 $ 17,807 2022 22,806 2023 21,783 2024 21,694 2025 15,980 2026 15,116 Thereafter 57,277 Total $ 172,463 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of the following (in thousands): March 31, 2021 December 31, 2020 Salaries and benefits $ 26,118 $ 25,786 Incentive compensation 8,130 27,023 Operating lease liability-ST 8,872 8,740 Accrued sales taxes 2,435 2,146 Restructuring accrual 3,058 3,421 Deferred revenue 8,195 5,566 Accrued other taxes 923 3,540 Accrued professional fees 730 1,273 Legal accrual 1,291 900 Distribution fees 5,080 5,300 Warranties and returns 554 1,027 Accrued freight 7,715 6,784 Other 5,955 5,515 $ 79,056 $ 97,021 Other long-term liabilities consist of the following (in thousands): March 31, 2021 December 31, 2020 Operating lease liability-LT $ 39,588 $ 41,019 Benefits 1,180 1,183 Accrued rent 1,427 1,462 Contract liabilities-LT 303 337 Financing lease liability-LT 2,330 2,388 Deferred revenue 693 864 Other 589 582 $ 46,110 $ 47,835 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive (loss) income ("AOCI"), net of tax, were as follows (in thousands): Foreign Currency Translation Adjustments Unrealized Gains on Cash Flow Hedges Other Adjustments Total Balance as of January 1, 2021 $ (4,381) $ 2,784 $ 75 $ (1,522) Other comprehensive (loss) income before (7,458) (306) 12 (7,752) Amounts reclassified from AOCI — (639) — (639) Other comprehensive (loss) income (7,458) (945) 12 (8,391) Balance as of March 31, 2021 $ (11,839) $ 1,839 $ 87 $ (9,913) Foreign Currency Translation Adjustments Unrealized Gains on Cash Flow Hedges Other Adjustments Total Balance as of January 1, 2020 $ (17,310) $ 1,880 $ 28 $ (15,402) Other comprehensive loss before reclassifications (10,477) (2,426) (81) (12,984) Amounts reclassified from AOCI — (526) — (526) Other comprehensive loss (10,477) (2,952) (81) (13,510) Balance as of March 31, 2020 $ (27,787) $ (1,072) $ (53) $ (28,912) |
Restructuring, Strategic Tran_3
Restructuring, Strategic Transaction and Integration Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring, strategic transaction and integration | $ 2,900 | $ 12,300 |
Restructuring Costs | $ 0 | $ 7,200 |
Restructuring, Strategic Tran_4
Restructuring, Strategic Transaction and Integration Liability (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | $ 3,421 |
Restructuring Charges | 43 |
Payments for Restructuring | 435 |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (29) |
Restructuring Reserve | 3,058 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 1,858 |
Restructuring Charges | 43 |
Payments for Restructuring | 435 |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (12) |
Restructuring Reserve | 1,478 |
Facility Closing [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 1,563 |
Restructuring Charges | 0 |
Payments for Restructuring | 0 |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (17) |
Restructuring Reserve | $ 1,580 |
Strategic Transaction and Integ
Strategic Transaction and Integration (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Strategic Transaction and Integration | $ 2.9 | $ 5.1 |
Revenue (Details)
Revenue (Details) $ in Millions | Mar. 31, 2021USD ($) |
Equipment revenue [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 7.3 |
Software revenue [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1.5 |
Revenue Disaggregated Revenue b
Revenue Disaggregated Revenue by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 318,046 | $ 328,607 |
EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 34,800 | 37,928 |
Other foreign countries [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 55,895 | 60,521 |
Foreign [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 90,695 | 98,449 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 227,351 | $ 230,158 |
Revenue Disaggregated Revenue_2
Revenue Disaggregated Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 318,046 | $ 328,607 |
Infusion Consumables [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 126,370 | 123,507 |
Infusion Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 84,334 | 88,380 |
IV Solutions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 94,176 | 104,291 |
Critical Care [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 13,166 | $ 12,429 |
Revenue Contract Liabilities (D
Revenue Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Movement in Deferred Revenue [Roll Forward] | ||
Contract with Customer, Liability | $ (6,430) | $ (4,855) |
Contract with Customer, Liability | (8,888) | (8,472) |
Equipment revenue [Member] | ||
Movement in Deferred Revenue [Roll Forward] | ||
Increase (Decrease) in Deferred Revenue | 461 | 1,802 |
Deferred Revenue, Additions | (2,921) | (3,990) |
Software revenue [Member] | ||
Movement in Deferred Revenue [Roll Forward] | ||
Increase (Decrease) in Deferred Revenue | 1,796 | 1,235 |
Deferred Revenue, Additions | $ (1,794) | $ (2,664) |
Leases Text (Details)
Leases Text (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Option to Extend | 5 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 15 years |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 2,835 | $ 2,791 |
Finance Lease, Interest Expense | 31 | 29 |
Finance Lease, Right-of-Use Asset, Amortization | 151 | 0 |
Short-term Lease, Cost | 3 | 54 |
Lease, Cost | $ 3,020 | $ 2,874 |
Leases Cash Flow, Operating Act
Leases Cash Flow, Operating Activities, Lessee (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 2,821 | $ 2,457 |
Finance Lease, Interest Payment on Liability | 31 | 29 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,095 | 19,094 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 184 | $ 800 |
Leases Assets and Liabilities,
Leases Assets and Liabilities, Lessee (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 45,259 | $ 46,571 | [1] |
Operating Lease, Liability, Current | 8,872 | 8,740 | |
Operating Lease, Liability, Noncurrent | 39,588 | 41,019 | |
Operating Lease, Liability | $ 48,460 | $ 49,759 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 6 months | 6 years 8 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | 5.02% | |
Finance Lease, Right-of-Use Asset | $ 2,877 | $ 2,915 | |
Finance Lease, Liability, Current | 583 | 554 | |
Finance Lease, Liability, Noncurrent | 2,330 | 2,388 | |
Finance Lease, Liability | $ 2,913 | $ 2,942 | |
Finance Lease, Weighted Average Remaining Lease Term | 6 years 2 months 12 days | 6 years 4 months 24 days | |
Finance Lease, Weighted Average Discount Rate, Percent | 4.27% | 4.27% | |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Leases Maturity (Details)
Leases Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 8,352 | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 10,316 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,120 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,317 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,008 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 4,733 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 10,602 | |
Lessee, Operating Lease, Liability, Payments, Due | 56,448 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (7,988) | |
Operating Lease, Liability | 48,460 | $ 49,759 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 520 | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 693 | |
Finance Lease, Liability, Payments, Due Year Two | 693 | |
Finance Lease, Liability, Payments, Due Year Three | 379 | |
Finance Lease, Liability, Payments, Due Year Four | 211 | |
Finance Lease, Liability, Payments, Due Year Five | 189 | |
Finance Lease, Liability, Payments, Due after Year Five | 614 | |
Finance Lease, Liability, Payment, Due | 3,299 | |
Finance Lease, Liability, Undiscounted Excess Amount | (386) | |
Finance Lease, Liability | $ 2,913 | $ 2,942 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,080 | 15,333 |
Net Income | $ 23,731 | $ 16,834 |
Weighted average number of common shares outstanding (for basic calculation) | 21,149,000 | 20,780,000 |
Dilutive securities | 546,000 | 727,000 |
Diluted (in shares) | 21,695,000 | 21,507,000 |
EPS - basic | $ 1.12 | $ 0.81 |
Diluted (In dollars per share) | $ 1.09 | $ 0.78 |
Net Income Per Share (Details 1
Net Income Per Share (Details 1) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,080 | 15,333 |
Dilutive securities | 546,000 | 727,000 |
Diluted (in shares) | 21,695,000 | 21,507,000 |
Basic (in dollars per share) | $ 1.12 | $ 0.81 |
Diluted (in dollars per share) | $ 1.09 | $ 0.78 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) $ in Millions | Mar. 31, 2021MXN ($) | Mar. 31, 2021USD ($) |
Derivative [Line Items] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 2,300,000 | |
Hedge 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Forward Exchange Rate | 24.26 | 24.26 |
Derivative Asset, Notional Amount | $ 327.6 | |
Hedge 3 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Forward Exchange Rate | 22.109 | 22.109 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Instruments and Hedging Activities - FV of Derivative Instruments Included Within Consolidated Balance Sheet (Details) - Foreign Exchange Forward [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 2,312 | $ 3,555 |
Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 2,312 | $ 3,555 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Instruments and Hedging Activities - Amounts Affecting Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 841 | $ 692 |
Derivative Financial Instrume_6
Derivative Financial Instruments Derivative Instruments and Hedging Activities - Cash Flow Hedge Activity Included in Accumulated Other Comprehensive Income (Loss) (Details) - Cost of Sales [Member] - Foreign Exchange Forward [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | $ (402) | $ (3,192) |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 841 | $ 692 |
Fair Value Measures and Discl_3
Fair Value Measures and Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Hospira [Member] | Maximum [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
contingent consideration gross | $ 225 | |
Hospira [Member] | Minimum [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
contingent consideration gross | $ 191.3 | |
Pursuit Vascular, Inc. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
contingent consideration gross | $ 50 |
Fair Value Measures and Discl_4
Fair Value Measures and Disclosures Liabilities Recurring Basis Unobservable Input Reconciliation Pursuit (Details) - Pursuit Vascular, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
CONTINGENT EARN-OUT LIABILITY | $ 26,300 | $ 17,300 | $ 26,300 | $ 17,300 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ 0 |
Fair Value Measures and Discl_5
Fair Value Measures and Disclosures Liabilities Recurring Basis Unobservable Input Reconciliation Hospira (Details) - Pursuit Vascular, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
CONTINGENT EARN-OUT LIABILITY | $ 26,300 | $ 17,300 | $ 26,300 | $ 17,300 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ 0 |
Fair Value Measures and Discl_6
Fair Value Measures and Disclosures Liability Measurement Inputs (Details) - Pursuit Vascular, Inc. [Member] | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
MeasurementinputadjustedEBITDAvolatility [Domain] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.2500 | 0.2500 | 0.2000 |
Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.1250 | 0.1250 | 0.1500 |
Measurement Input, Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0009 | 0.0009 | 0.0155 |
Measurement Input, Market Price of Risk [Domain] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0310 | 0.0310 | 0.0600 |
Fair Value Measures and Discl_7
Fair Value Measures and Disclosures Assets and Liabilities by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investment securities | $ 11,693 | $ 14,687 | [1] |
Long-term investment securities | 18,834 | 12,974 | |
Assets, Fair Value Disclosure | 32,839 | 31,216 | |
Earn-out liability [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 26,300 | 26,300 | |
Liabilities, Total [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 26,300 | 26,300 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 2,312 | 3,555 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investment securities | 0 | 0 | |
Long-term investment securities | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Earn-out liability [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Liabilities, Total [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investment securities | 11,693 | 14,687 | |
Long-term investment securities | 18,834 | 12,974 | |
Assets, Fair Value Disclosure | 32,839 | 31,216 | |
Fair Value, Inputs, Level 2 [Member] | Earn-out liability [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Liabilities, Total [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 2,312 | 3,555 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investment securities | 0 | 0 | |
Long-term investment securities | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Earn-out liability [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 26,300 | 26,300 | |
Fair Value, Inputs, Level 3 [Member] | Liabilities, Total [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial Liabilities Fair Value Disclosure | 26,300 | 26,300 | |
Fair Value, Inputs, Level 3 [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 0 | $ 0 | |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Investment Securities (Details)
Investment Securities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Gain (Loss) on Sale of Investments | $ 0 |
Investment Securities Table (De
Investment Securities Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Current | $ 11,693 | $ 14,687 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 11,693 | 14,687 |
Available-for-sale Equity Securities, Amortized Cost Basis | 30,527 | 27,661 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax | 0 | 0 |
Available-for-sale Securities | 30,527 | 27,661 |
Available-for-sale Debt Security Current [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Long-term Investments [Domain] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 18,834 | 12,974 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax | 0 | 0 |
Available-for-sale Securities | $ 18,834 | $ 12,974 |
Prepaids and Other Current As_3
Prepaids and Other Current Assets Prepaids and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Other Prepaid Expense, Current | $ 16,084 | $ 14,964 | |
Deferred Costs and Other Assets | 6,554 | 6,402 | |
Prepaid insurance and property taxes | 4,639 | 6,178 | |
Prepaid Taxes | 3,674 | 3,676 | |
Deferred tax charge | 3,856 | 3,542 | |
Derivative Asset, Current | 2,312 | 3,555 | |
Deposit Assets | 1,343 | 1,353 | |
Other Assets, Current | 1,847 | 1,822 | |
Prepaid expenses and other current assets | $ 40,309 | $ 41,492 | [1] |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||
Inventory, Raw Materials, Net of Reserves | $ 122,703 | $ 126,499 | |
Inventory, Work in Process, Net of Reserves | 39,713 | 33,053 | |
Inventory, Finished Goods, Net of Reserves | 137,670 | 155,376 | |
Total | $ 300,086 | $ 314,928 | [1] |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, cost | $ 849,800 | $ 843,096 | |
Accumulated depreciation | (390,728) | (376,468) | |
Net property and equipment | 459,072 | 466,628 | [1] |
Machinery and Equipment, Gross | 293,653 | 291,331 | |
Furniture and Fixtures, Gross | 7,712 | 7,767 | |
Construction in Progress, Gross | 55,757 | 53,724 | |
Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, cost | 241,608 | 241,199 | |
Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, cost | 60,381 | 60,381 | |
Computer Equipment and Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, cost | 98,780 | 98,311 | |
Instruments Placed with Customers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, cost | $ 91,909 | $ 90,383 | |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Property and Equipment Text (De
Property and Equipment Text (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Property, Plant and Equipment [Abstract] | |
Depreciation | $ 16.3 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Goodwill Table (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | [1] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
GOODWILL | $ 32,952 | $ 33,001 | |
Goodwill, Foreign Currency Translation Gain (Loss) | $ (49) | ||
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Intangibles Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 267,567 | $ 267,311 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 95,104 | 89,443 | |
Finite-Lived Intangible Assets, Net | 172,463 | 177,868 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 20,611 | 19,363 | |
Intangible Assets, Gross (Excluding Goodwill) | 288,178 | 286,674 | |
INTANGIBLE ASSETS, net | $ 193,074 | $ 197,231 | [1] |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |
Finite-Lived Intangible Assets, Gross | $ 25,423 | $ 24,797 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 15,466 | 15,056 | |
Finite-Lived Intangible Assets, Net | $ 9,957 | $ 9,741 | |
Customer Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | 12 years | |
Finite-Lived Intangible Assets, Gross | $ 10,310 | $ 10,365 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 5,929 | 5,852 | |
Finite-Lived Intangible Assets, Net | $ 4,381 | $ 4,513 | |
Customer-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 9 years | 9 years | |
Finite-Lived Intangible Assets, Gross | $ 57,748 | $ 58,061 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 28,233 | 26,711 | |
Finite-Lived Intangible Assets, Net | $ 29,515 | $ 31,350 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | 4 years | |
Finite-Lived Intangible Assets, Gross | $ 425 | $ 425 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 425 | 425 | |
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Finite-Lived Intangible Assets, Gross | $ 18,268 | $ 18,270 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,808 | 3,500 | |
Finite-Lived Intangible Assets, Net | $ 14,460 | $ 14,770 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | 13 years | |
Finite-Lived Intangible Assets, Gross | $ 152,893 | $ 152,893 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 40,062 | 36,927 | |
Finite-Lived Intangible Assets, Net | $ 112,831 | $ 115,966 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | |
Finite-Lived Intangible Assets, Gross | $ 2,500 | $ 2,500 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,181 | 972 | |
Finite-Lived Intangible Assets, Net | $ 1,319 | $ 1,528 | |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Text (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 5.8 | $ 5.8 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets 5-Year Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 17,807 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 22,806 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 21,783 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 21,694 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 15,980 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 15,116 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 57,277 | |
Finite-Lived Intangible Assets, Net | $ 172,463 | $ 177,868 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Accrued Liabilities [Abstract] | |||
Salaries and benefits | $ 26,118 | $ 25,786 | |
Incentive compensation | 8,130 | 27,023 | |
Operating Lease, Liability, Current | 8,872 | 8,740 | |
Sales taxes | 2,435 | 2,146 | |
Restructuring accrual | 3,058 | 3,421 | |
UnfavorablecontractliabilityST | 8,195 | 5,566 | |
Accrued other taxes | 923 | 3,540 | |
Accrued Professional Fees | 730 | 1,273 | |
Legal accrual | 1,291 | 900 | |
Distribution Fees | 5,080 | 5,300 | |
Warranties and returns | 554 | 1,027 | |
Accrued freight | 7,715 | 6,784 | |
Other | 5,955 | 5,515 | |
Accrued liabilities | $ 79,056 | $ 97,021 | [1] |
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |
Accrued Liabilities Long-term l
Accrued Liabilities Long-term liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities [Abstract] | ||
Operating Lease, Liability, Noncurrent | $ 39,588 | $ 41,019 |
Accrued Employee Benefits | 1,180 | 1,183 |
Accrued Rent | 1,427 | 1,462 |
Liabilities for contracts | 303 | 337 |
Finance Lease, Liability, Noncurrent | 2,330 | 2,388 |
Contract with Customer, Liability, Noncurrent | 693 | 864 |
Other Accrued Liabilities, Noncurrent | 589 | 582 |
OTHER LONG-TERM LIABILITIES | $ 46,110 | $ 47,835 |
Income Taxes Effective tax rate
Income Taxes Effective tax rate (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate | 12.00% | 17.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1.8 |
Long-Term Obligations (Details)
Long-Term Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
LOng-Term Obligations Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150 | |
Line of Credit, Current | 0 | $ 150 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 150 | |
Line of Credit Facility, Expiration Date | Nov. 8, 2022 |
Commitments and Contingencies C
Commitments and Contingencies Contingency (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Pursuit Vascular, Inc. [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
contingent consideration gross | $ 50 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Treasury Stock Purchase Plan | $ 100,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 100,000 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 37,423 | 63,511 |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 7,723 | $ 12,174 |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ (9,913) | $ (28,912) | $ (1,522) | [1] | $ (15,402) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7,752) | (12,984) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (639) | (526) | |||
Other Comprehensive income (loss), net of Tax | (8,391) | (13,510) | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | (11,839) | (27,787) | (4,381) | (17,310) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7,458) | (10,477) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |||
Other Comprehensive income (loss), net of Tax | (7,458) | (10,477) | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | 1,839 | (1,072) | 2,784 | 1,880 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (306) | (2,426) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (639) | (526) | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | (945) | (2,952) | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | 87 | (53) | $ 75 | $ 28 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 12 | (81) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | 0 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | $ 12 | $ (81) | |||
[1] | December 31, 2020 balances were derived from audited consolidated financial statements. |