XML 45 R25.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

General and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Accounting Policies [Abstract] |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following at December 31 (in thousands):
| 2019 |  | 2018
Raw materials | $ | 119,709 |  |  | $ | 104,104 |
Work in process | 39,515 |  |  | 52,909 |
Finished goods | 178,416 |  |  | 154,150 |
Total | $ | 337,640 |  |  | $ | 311,163 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following at December 31 (in thousands):
| 2019 |  | 2018
Machinery and equipment | $ | 219,057 |  |  | $ | 203,431 |
Land, building and building improvements | 230,454 |  |  | 212,283 |
Molds | 60,155 |  |  | 59,700 |
Computer equipment and software | 83,217 |  |  | 80,420 |
Furniture and fixtures | 7,498 |  |  | 7,409 |
Instruments placed with customers 1 | 74,434 |  |  | 60,757 |
Construction in progress | 101,425 |  |  | 70,864 |
Total property, plant and equipment, cost | 776,240 |  |  | 694,864 |
Accumulated depreciation | (320,155 | ) |  | (262,223 | )
Net property, plant and equipment | $ | 456,085 |  |  | $ | 432,641 |
______________________________ 1 Instruments placed with customers consist of drug-delivery and monitoring systems placed with customer under operating leases. All property, plant and equipment are stated at cost. We use the straight-line method for depreciating property, plant and equipment over their estimated useful lives. Estimated useful lives are:
Buildings | 15 - 30 years
Building improvements | 15 - 30 years
Machinery, equipment and molds | 2 - 15 years
Furniture, fixtures and office equipment | 2 - 5 years
Computer equipment and software | 3 - 5 years
Instruments placed with customers | 3 - 10 years
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table presents the changes in the carrying amount of our goodwill for 2019, 2018 and 2017 (in thousands):
|  | Total
Balance as of January 1, 2017 |  | $ | 5,577 |
Goodwill acquired(1) |  | 6,536 |
Other |  | 244 |
Balance as of December 31, 2017 |  | 12,357 |
Goodwill acquired(2) |  | 1,300 |
Other(3) |  | (2,462 | )
Balance as of December 31, 2018 |  | 11,195 |
Goodwill acquired(4) |  | 20,026 |
Other |  | 24 |
Balance as of December 31, 2019 |  | $ | 31,245 |
______________________________ (1) In 2017, the goodwill acquired primarily relates to our acquisition of Medical Australia Limited ("MLA"). (2) In 2018, we acquired the consulting arm of a small software company, which resulted in $1.3 million of goodwill. (3) In 2018, "Other" relates to a $1.9 million measurement period adjustment on our MLA acquisition and foreign currency translation. (4) In 2019, we acquired Pursuit Vascular, Inc. ("Pursuit"), which resulted in $19.1 million of goodwill. We also acquired a small foreign distributor, which resulted in $0.9 million of goodwill. Intangible Assets Intangible assets, carried at cost less accumulated amortization and amortized on a straight-lined basis, were as follows (in thousands):
|  | Weighted Average Amortization Life in Years |  | December 31, 2019
|  |  | Cost |  | Accumulated Amortization |  | Net
Patents |  | 10 |  | $ | 22,322 |  |  | $ | 13,519 |  |  | $ | 8,803 |
Customer contracts |  | 12 |  | 10,122 |  |  | 5,506 |  |  | 4,616 |
Non-contractual customer relationships |  | 9 |  | 57,296 |  |  | 19,787 |  |  | 37,509 |
Trademarks |  | 4 |  | 425 |  |  | 425 |  |  | — |
Trade name |  | 15 |  | 18,256 |  |  | 2,254 |  |  | 16,002 |
Developed technology |  | 13 |  | 152,354 |  |  | 24,228 |  |  | 128,126 |
Non-compete |  | 3 |  | 2,500 |  |  | 139 |  |  | 2,361 |
Total amortized intangible assets |  |  |  | $ | 263,275 |  |  | $ | 65,858 |  |  | $ | 197,417 |
Internally developed software* |  |  |  | $ | 13,991 |  |  |  |  | $ | 13,991 |
Total intangible assets |  |  |  | $ | 277,266 |  |  | $ | 65,858 |  |  | $ | 211,408 |
____________________________ * Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.
|  | Weighted Average |  | December 31, 2018
|  | Amortization Life in Years |  | Cost |  | Accumulated Amortization |  | Net
Patents |  | 10 |  | $ | 19,399 |  |  | $ | 12,147 |  |  | $ | 7,252 |
Customer contracts |  | 9 |  | 5,319 |  |  | 5,272 |  |  | 47 |
Non-contractual customer relationships |  | 9 |  | 57,916 |  |  | 13,363 |  |  | 44,553 |
Trademarks |  | 4 |  | 425 |  |  | 425 |  |  | — |
Trade name |  | 15 |  | 7,456 |  |  | 1,618 |  |  | 5,838 |
Developed technology |  | 11 |  | 82,857 |  |  | 15,361 |  |  | 67,496 |
Total |  |  |  | $ | 173,372 |  |  | $ | 48,186 |  |  | $ | 125,186 |
Internally developed software* |  |  |  | $ | 8,235 |  |  |  |  | $ | 8,235 |
Total intangible assets |  |  |  | $ | 181,607 |  |  | $ | 48,186 |  |  | $ | 133,421 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2019 estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands):
2020 |  | $ | 21,692 |
2021 |  | 22,587 |
2022 |  | 22,303 |
2023 |  | 21,461 |
2024 |  | 21,371 |
Thereafter |  | 88,003 |
Total |  | $ | 197,417 |
Available-for-sale Securities [Table Text Block] | Our investment securities consist of the following (in thousands):
| December 31, 2019
| Amortized Cost |  | Unrealized Holding Gains (Losses) |  | Fair Value
Short-term corporate bonds | 23,967 |  |  | $ | — |  |  | $ | 23,967 |
Long-term corporate bonds | — |  |  | — |  |  | — |
Total investment securities | $ | 23,967 |  |  | $ | — |  |  | $ | 23,967 |
| December 31, 2018
| Amortized Cost |  | Unrealized Holding Gains (Losses) |  | Fair Value
Short-term corporate bonds | $ | 37,329 |  |  | $ | — |  |  | $ | 37,329 |
Long-term corporate bonds | 2,025 |  |  | — |  |  | 2,025 |
Total investment securities | $ | 39,354 |  |  | $ | — |  |  | $ | 39,354 |
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):
|  | Year ended December 31, (in thousands, except per share data)
|  | 2019 |  | 2018 |  | 2017
Net income |  | $ | 101,035 |  |  | $ | 28,793 |  |  | $ | 68,644 |
Weighted average number of common shares outstanding (basic) |  | 20,629 |  |  | 20,394 |  |  | 19,614 |
Dilutive securities |  | 916 |  |  | 1,207 |  |  | 1,244 |
Weighted average common and common equivalent shares outstanding (diluted) |  | 21,545 |  |  | 21,601 |  |  | 20,858 |
EPS - basic |  | $ | 4.90 |  |  | $ | 1.41 |  |  | $ | 3.50 |
EPS - diluted |  | $ | 4.69 |  |  | $ | 1.33 |  |  | $ | 3.29 |

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

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration