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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 27, 2025
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.
The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and may use derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets.
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
Fair ValueQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
June 27, 2025
Assets: Foreign currency hedging contracts$6,488 $— $6,488 $— 
Liabilities: Contingent consideration3,136 — — 3,136 
December 31, 2024
Liabilities: Foreign currency hedging contracts$6,482 $— $6,482 $— 
Liabilities: Contingent consideration904 — — 904 
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Derivatives Designated as Hedging Instruments
Foreign Currency Contracts
The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges.
Information regarding outstanding foreign currency forward contracts as of June 27, 2025 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$31,756 Apr 20261.0874Euro$2,654 Prepaid expenses and other current assets
7,266 Apr 20260.0232UYU Peso509 Prepaid expenses and other current assets
3,094 Apr 20260.2275MYR Ringgit137 Prepaid expenses and other current assets
48,004 May 20260.0494MXN Peso2,851 Prepaid expenses and other current assets
6,687 Oct 20260.0481MXN Peso337 Other long-term assets
Information regarding outstanding foreign currency forward contracts as of December 31, 2024 is as follows (dollars in thousands):
Notional AmountMaturity Date$/Foreign CurrencyFair ValueBalance Sheet Location
$60,589 Dec 20251.0831Euro$1,950 Accrued expenses and other current liabilities
10,690 Dec 20250.0248UYU Peso248 Accrued expenses and other current liabilities
51,341 Dec 20250.0566MXN Peso3,893 Accrued expenses and other current liabilities
10,322 Jul 20260.0566MXN Peso391 Other long-term liabilities
The following tables present the effect of cash flow hedge derivative instruments on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 27, 2025 and June 28, 2024 (in thousands):
Three Months Ended
June 27, 2025June 28, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$476,494 $725 $427,886 $(76)
Cost of sales347,342 277 310,509 449 
Operating expenses69,814 (1)62,883 66 
Six Months Ended
June 27, 2025June 28, 2024
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Sales$913,886 $142 $835,682 $(66)
Cost of sales664,416 (416)610,032 806 
Operating expenses140,580 (18)132,455 130 
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Unrealized Gain (Loss) Recognized in OCIRealized Gain (Loss) Reclassified from AOCI
Three Months Ended
Location in Statements of Operations and Comprehensive
 Income
Three Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Foreign exchange contracts$2,938 $(295)Sales$725 $(76)
Foreign exchange contracts5,214 (3,209)Cost of sales277 449 
Foreign exchange contracts126 (293)Operating expenses(1)66 
Six Months Ended
Location in Statements of Operations and Comprehensive
 Income
Six Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Foreign exchange contracts$4,746 $(1,554)Sales$142 $(66)
Foreign exchange contracts7,633 (493)Cost of sales(416)806 
Foreign exchange contracts299 56 Operating expenses(18)130 
The Company expects to reclassify net gains totaling $6.2 million related to its cash flow hedges from AOCI into earnings during the next twelve months.
Derivatives Not Designated as Hedging Instruments
The Company also has foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. To minimize foreign currency exposure, the Company enters into foreign currency contracts with a one month maturity. At June 27, 2025 and December 31, 2024, the Company had total notional amounts of $68.8 million and $33.0 million, respectively, of foreign currency contracts outstanding that were not designated as hedges. The fair value of derivatives not designated as hedges was not material for any period presented. Gains/losses on foreign currency contracts not designated as hedging instruments are included in Other (income) loss, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. The Company recorded losses of $2.6 million and $2.2 million, respectively, for the three and six months ended June 27, 2025, compared to net losses of $0.3 million and $1.2 million, respectively, for the three and six months ended June 28, 2024.
Contingent Consideration
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended June 27, 2025 and June 28, 2024 (in thousands):
 Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Fair value measurement at beginning of period$3,445 $4,454 $904 $876 
Amount recorded for current year acquisitions
— — 2,541 3,578 
Fair value measurement adjustment(309)— (309)— 
Fair value measurement at end of period$3,136 $4,454 $3,136 $4,454 
As of June 27, 2025, the current and non-current portions of the contingent consideration liability were $1.8 million and $1.3 million, respectively, and included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2024, the contingent consideration liability was non-current and included in Other long-term liabilities.
(14.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
The contingent consideration at June 27, 2025 is the estimated fair value of the Company’s remaining obligations under the purchase agreements for Precision, VSi, Pulse and InNeuroCo, to make additional payments if certain revenue goals are met. During the three months ended June 27, 2025, the Company assessed the probability of meeting the required revenue thresholds on certain acquisitions as unlikely and recorded fair value measurement adjustments totaling $0.3 million in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income. The fair value of the contingent consideration liability relating to the acquisitions of Precision and VSi was $1.4 million and $1.1 million, respectively, at the date of acquisition and at June 27, 2025. See Note 2, “Business Acquisitions,” for additional information about the Precision, VSi and Pulse acquisitions and related contingent consideration.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items.
Borrowings under the Company’s Revolving Credit Facility and TLA Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.
As of June 27, 2025 and December 31, 2024, the estimated fair value of the 2028 Convertible Notes was approximately $176 million and $800 million, respectively. As of June 27, 2025, the estimated fair value of the 2030 Convertible Notes was approximately $1.036 billion.
The estimated fair value of the Convertible Notes was determined through consideration of quoted market prices. The fair value of the Convertible Notes is categorized in Level 2 of the fair value hierarchy.
Equity Investments
The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets.
Equity investments comprise the following (in thousands):
June 27,
2025		December 31,
2024
Equity method investment$7,332 $7,237 
Non-marketable equity securities180 180 
Total equity investments
$7,512 $7,417 
The components of (Gain) loss on equity investments for each period were as follows (in thousands):
Three Months EndedSix Months Ended
June 27,
2025		June 28,
2024		June 27,
2025		June 28,
2024
Equity method investment (gain) loss$8 $7 $(173)$(1,129)
During the six months ended June 27, 2025, the Company received a cash distribution representing a return of capital on its equity method investment of $0.1 million. The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of June 27, 2025, the Company owned 7.6% of this fund.