Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

The Company is a party to lease agreements to lease manufacturing facilities from entities owned by certain of the Company's employees who were former owners or employees of acquired businesses. As of March 31, 2024, the operating lease right-of-use asset and the lease liability related to these agreements is $3.3 million and $3.5 million, respectively.

As of March 31, 2024, the Company had a non-controlling interest in InnospeXion ApS ("INX"), a Danish manufacturer of x-ray technology. The Company purchases equipment, aftermarket parts, and services from INX, which are included as a component of Inventories on the Condensed Consolidated Balance Sheets, Cost of products or Cost of services in the Condensed Consolidated Statements of Income. Purchases of equipment, aftermarket parts, and services from INX were not material during the three months ended March 31, 2024.