XML 41 R26.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Unaudited Quarterly Results | 12 Months Ended
--- | ---
Dec. 31, 2023
Quarterly Financial Data [Abstract] |
Unaudited Quarterly Results | 19  Unaudited Quarterly Results The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  |  |
2023 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 684,674 |  |  | $ | 740,576 |  |  | $ | 711,692 |  |  | $ | 819,474 |  |  | $ | 2,956,416 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 284,380 |  |  |  | 301,076 |  |  |  | 291,407 |  |  |  | 318,360 |  |  |  | 1,195,223 |
Selling and administrative expenses |  |  | 181,956 |  |  |  | 186,953 |  |  |  | 186,748 |  |  |  | 180,357 |  |  |  | 736,014 |
Research and development expenses |  |  | 42,691 |  |  |  | 45,873 |  |  |  | 41,995 |  |  |  | 44,386 |  |  |  | 174,945 |
Purchased intangibles amortization |  |  | 1,479 |  |  |  | 6,815 |  |  |  | 12,116 |  |  |  | 12,148 |  |  |  | 32,558 |
Total costs and operating expenses |  |  | 510,506 |  |  |  | 540,717 |  |  |  | 532,266 |  |  |  | 555,251 |  |  |  | 2,138,740 |
Operating income |  |  | 174,168 |  |  |  | 199,859 |  |  |  | 179,426 |  |  |  | 264,223 |  |  |  | 817,676 |
Other income (expense), net |  |  | 1,388 |  |  |  | (352 | ) |  |  | 328 |  |  |  | (557 | ) |  |  | 807 |
Interest expense |  |  | (14,444 | ) |  |  | (23,272 | ) |  |  | (30,442 | ) |  |  | (30,703 | ) |  |  | (98,861 | )
Interest income |  |  | 4,061 |  |  |  | 4,040 |  |  |  | 3,883 |  |  |  | 4,637 |  |  |  | 16,621 |
Income before income taxes |  |  | 165,173 |  |  |  | 180,275 |  |  |  | 153,195 |  |  |  | 237,600 |  |  |  | 736,243 |
Provision for income taxes |  |  | 24,250 |  |  |  | 29,721 |  |  |  | 18,643 |  |  |  | 21,395 |  |  |  | 94,009 |
Net income |  | $ | 140,923 |  |  | $ | 150,554 |  |  | $ | 134,552 |  |  | $ | 216,205 |  |  | $ | 642,234 |
Net income per basic common share |  |  | 2.39 |  |  |  | 2.56 |  |  |  | 2.28 |  |  |  | 3.66 |  |  |  | 10.87 |
Weighted-average number of basic common shares |  |  | 59,023 |  |  |  | 58,857 |  |  |  | 59,093 |  |  |  | 59,142 |  |  |  | 59,076 |
Net income per diluted common share |  |  | 2.38 |  |  |  | 2.55 |  |  |  | 2.27 |  |  |  | 3.65 |  |  |  | 10.84 |
Weighted-average number of diluted common shares and equivalents |  |  | 59,317 |  |  |  | 59,010 |  |  |  | 59,225 |  |  |  | 59,311 |  |  |  | 59,270 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  |  |
2022 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 690,572 |  |  | $ | 714,319 |  |  | $ | 708,555 |  |  | $ | 858,510 |  |  | $ | 2,971,956 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 285,685 |  |  |  | 307,206 |  |  |  | 307,101 |  |  |  | 348,190 |  |  |  | 1,248,182 |
Selling and administrative expenses |  |  | 157,475 |  |  |  | 161,877 |  |  |  | 164,417 |  |  |  | 174,257 |  |  |  | 658,026 |
Research and development expenses |  |  | 40,472 |  |  |  | 44,006 |  |  |  | 43,435 |  |  |  | 48,277 |  |  |  | 176,190 |
Purchased intangibles amortization |  |  | 1,673 |  |  |  | 1,598 |  |  |  | 1,592 |  |  |  | 1,503 |  |  |  | 6,366 |
Acquired in-process research and development |  |  | 9,797 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,797 |
Total costs and operating expenses |  |  | 495,102 |  |  |  | 514,687 |  |  |  | 516,545 |  |  |  | 572,227 |  |  |  | 2,098,561 |
Operating income |  |  | 195,470 |  |  |  | 199,632 |  |  |  | 192,010 |  |  |  | 286,283 |  |  |  | 873,395 |
Other income (expense), net |  |  | 170 |  |  |  | 1,535 |  |  |  | 895 |  |  |  | (372 | ) |  |  | 2,228 |
Interest expense |  |  | (11,059 | ) |  |  | (11,419 | ) |  |  | (12,420 | ) |  |  | (13,899 | ) |  |  | (48,797 | )
Interest income |  |  | 2,114 |  |  |  | 2,526 |  |  |  | 2,896 |  |  |  | 3,484 |  |  |  | 11,020 |
Income before income taxes |  |  | 186,695 |  |  |  | 192,274 |  |  |  | 183,381 |  |  |  | 275,496 |  |  |  | 837,846 |
Provision for income taxes |  |  | 26,864 |  |  |  | 27,410 |  |  |  | 27,383 |  |  |  | 48,434 |  |  |  | 130,091 |
Net income |  | $ | 159,831 |  |  | $ | 164,864 |  |  | $ | 155,998 |  |  | $ | 227,062 |  |  | $ | 707,755 |
Net income per basic common share |  |  | 2.64 |  |  |  | 2.74 |  |  |  | 2.61 |  |  |  | 3.83 |  |  |  | 11.80 |
Weighted-average number of basic common shares |  |  | 60,580 |  |  |  | 60,206 |  |  |  | 59,801 |  |  |  | 59,329 |  |  |  | 59,985 |
Net income per diluted common share |  |  | 2.62 |  |  |  | 2.72 |  |  |  | 2.60 |  |  |  | 3.81 |  |  |  | 11.73 |
Weighted-average number of diluted common shares and equivalents |  |  | 60,952 |  |  |  | 60,510 |  |  |  | 60,081 |  |  |  | 59,644 |  |  |  | 60,331 |
The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year-end. Selling and administrative expenses are typically higher after the first quarter in each year as the Company’s annual payroll merit increases take effect. The C ompany experienced significant increases in purchased intangibles amortization and interest expense beginning in Q2 of 2023 as a result of the Wyatt acquisition.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialDataAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147482964/270-10-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 270 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//270/tableOfContent + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration