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General and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following (in thousands):
| As of December 31,
| 2023 |  | 2022
Raw materials | $ | 296,037 |  |  | $ | 286,964 |
Work in process | 58,906 |  |  | 73,795 |
Finished goods | 354,417 |  |  | 335,250 |
Total | $ | 709,360 |  |  | $ | 696,009 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following (in thousands):
| As of December 31,
| 2023 |  | 2022
Machinery and equipment | $ | 483,382 |  |  | $ | 414,811 |
Land, building and building improvements | 278,251 |  |  | 274,063 |
Molds | 89,573 |  |  | 77,203 |
Computer equipment and software | 122,038 |  |  | 115,214 |
Furniture and fixtures | 30,662 |  |  | 29,876 |
Instruments placed with customers(1) | 115,672 |  |  | 98,481 |
Construction in progress | 117,219 |  |  | 152,909 |
Total property, plant and equipment, cost | 1,236,797 |  |  | 1,162,557 |
Accumulated depreciation | (623,888) |  |  | (526,444) |
Property, plant and equipment, net | $ | 612,909 |  |  | $ | 636,113 |
_______________________________ (1) Instruments placed with customers consist of drug-delivery and monitoring systems placed with customers 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 and 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 Goodwill | The following table presents the changes in the carrying amount of our goodwill for 2023, 2022 and 2021 (in thousands):
|  | Total
Balance as of January 1, 2021 |  | $ | 33,001 |
Goodwill acquired(1) |  | 10,626 |
Other |  | (188) |
Balance as of December 31, 2021 |  | 43,439 |
Goodwill(2) |  | 1,469,880 |
Other(3) |  | (7,128) |
Disposition(4) |  | (650) |
Currency translation |  | (56,283) |
Balance as of December 31, 2022 |  | 1,449,258 |
Currency translation |  | 23,188 |
Balance as of December 31, 2023 |  | $ | 1,472,446 |
_______________________________ (1) In 2021, we acquired a small foreign infusion systems supplier, which resulted in $10.6 million of goodwill. (2) Relates to Smiths Medical acquired on January 6, 2022 (see Note 2: Acquisitions). (3) Reflects a measurement period adjustment related to the 2021 acquisition of a small foreign infusion systems supplier. (4) Relates to the sale of a certain line of infusion products in China.
Schedule of Indefinite-Lived 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, 2023
|  |  | Cost |  | Accumulated Amortization |  | Net
Patents |  | 10 |  | $ | 33,261 |  |  | $ | 20,637 |  |  | $ | 12,624 |
Customer contracts |  | 12 |  | 10,018 |  |  | 6,755 |  |  | 3,263 |
Non-contractual customer relationships |  | 8 |  | 554,982 |  |  | 171,279 |  |  | 383,703 |
Trademarks |  | 1 |  | 5,425 |  |  | 5,425 |  |  | — |
Trade name |  | 15 |  | 18,251 |  |  | 7,162 |  |  | 11,089 |
Developed technology |  | 10 |  | 587,852 |  |  | 167,913 |  |  | 419,939 |
Non-compete |  | 3 |  | 9,100 |  |  | 7,450 |  |  | 1,650 |
Total amortized intangible assets |  |  |  | $ | 1,218,889 |  |  | $ | 386,621 |  |  | $ | 832,268 |
Internally developed software* |  |  |  | $ | 38,320 |  |  |  |  | $ | 38,320 |
Total intangible assets |  |  |  | $ | 1,257,209 |  |  | $ | 386,621 |  |  | $ | 870,588 |
_______________________________ * Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.
|  | Weighted-Average Amortization Life in Years |  | December 31, 2022
|  |  | Cost |  | Accumulated Amortization |  | Net
Patents |  | 10 |  | $ | 29,998 |  |  | $ | 18,610 |  |  | $ | 11,388 |
Customer contracts |  | 12 |  | 10,026 |  |  | 6,443 |  |  | 3,583 |
Non-contractual customer relationships |  | 8 |  | 546,935 |  |  | 101,556 |  |  | 445,379 |
Trademarks |  | 1 |  | 5,425 |  |  | 5,425 |  |  | — |
Trade name |  | 15 |  | 18,251 |  |  | 5,959 |  |  | 12,292 |
Developed technology |  | 10 |  | 583,176 |  |  | 108,708 |  |  | 474,468 |
Non-compete |  | 3 |  | 9,100 |  |  | 5,250 |  |  | 3,850 |
Total amortized intangible assets |  |  |  | $ | 1,202,911 |  |  | $ | 251,951 |  |  | $ | 950,960 |
Internally developed software* |  |  |  | $ | 31,806 |  |  |  |  | $ | 31,806 |
Total intangible assets |  |  |  | $ | 1,234,717 |  |  | $ | 251,951 |  |  | $ | 982,766 |
_______________________________ * Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2023, estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands):
2024 |  | $ | 132,623 |
2025 |  | 125,149 |
2026 |  | 124,396 |
2027 |  | 114,308 |
2028 |  | 113,710 |
Thereafter |  | 222,082 |
Total |  | $ | 832,268 |
Debt Securities, Available-for-sale | Our short-term and long-term investments in available-for-sale securities consist of the following (in thousands):
| As of December 31, 2023
| Amortized Cost |  | Unrealized Holding Gains (Losses) |  | Fair Value
Short-term corporate bonds | $ | 501 |  |  | $ | — |  |  | $ | 501 |
Short-term U.S. treasury securities | — |  |  | — |  |  | — |
Short-term government bonds | — |  |  | — |  |  | — |
Total short-term investment securities | 501 |  |  | — |  |  | 501 |
Long-term corporate bonds | — |  |  | — |  |  | — |
Total investment securities | $ | 501 |  |  | $ | — |  |  | $ | 501 |
| As of December 31, 2022
| Amortized Cost |  | Unrealized Holding Gains (Losses) |  | Fair Value
Short-term corporate bonds | $ | 2,314 |  |  | $ | — |  |  | $ | 2,314 |
Short-term U.S. treasury securities | 1,412 |  |  | — |  |  | 1,412 |
Short-term government bonds | 498 |  |  | — |  |  | 498 |
Total short-term investment securities | 4,224 |  |  | — |  |  | 4,224 |
Long-term corporate bonds | 516 |  |  | — |  |  | 516 |
Total investment securities | $ | 4,740 |  |  | $ | — |  |  | $ | 4,740 |
Equity Method Investments | Our non-marketable equity method investment consists of the following (in thousands):
| As of December 31,
| 2023 |  | 2022
Equity method investment | $ | 3,120 |  |  | $ | 3,178 |
Interest Income and Interest Expense Disclosure | Interest (expense) income, net The following table presents interest (expense) income, net (in thousands):
| As of December 31,
| 2023 |  | 2022 |  | 2021
Interest expense | $ | (102,727) |  |  | $ | (70,805) |  |  | $ | (858) |
Interest income | 7,508 |  |  | 4,430 |  |  | 2,840 |
Interest (expense) income, net | $ | (95,219) |  |  | $ | (66,375) |  |  | $ | 1,982 |
Schedule of Other Nonoperating Income (Expense) | Other expense, net The following table presents other expense, net (in thousands):
| As of December 31,
| 2023 |  | 2022 |  | 2021
Foreign exchange losses, net | $ | (5,918) |  |  | $ | (5,780) |  |  | $ | (1,017) |
Loss on disposition of assets | (153) |  |  | (2,554) |  |  | (1,651) |
Other miscellaneous income, net | 166 |  |  | 3,198 |  |  | 627 |
Other expense, net | $ | (5,905) |  |  | $ | (5,136) |  |  | $ | (2,041) |
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,
|  | 2023 |  | 2022 |  | 2021
Net (loss) income |  | $ | (29,655) |  |  | $ | (74,286) |  |  | $ | 103,135 |
Weighted-average number of common shares outstanding (basic) |  | 24,091 |  |  | 23,868 |  |  | 21,206 |
Dilutive securities |  | — |  |  | — |  |  | 575 |
Weighted-average common and common equivalent shares outstanding (diluted) |  | 24,091 |  |  | 23,868 |  |  | 21,781 |
EPS — basic |  | $ | (1.23) |  |  | $ | (3.11) |  |  | $ | 4.86 |
EPS — diluted |  | $ | (1.23) |  |  | $ | (3.11) |  |  | $ | 4.74 |

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