General and Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Accounting Policies [Abstract] |
|
Schedule of Inventory, Current [Table Text Block] |
Inventories consist of the following at December 31 (in thousands):
| | | | | | | | | | 2018 | | 2017 | Raw material | $ | 104,104 |
| | $ | 82,397 |
| Work in process | 52,909 |
| | 42,304 |
| Finished goods | 154,150 |
| | 163,956 |
| Total | $ | 311,163 |
| | $ | 288,657 |
|
|
Property, Plant and Equipment [Table Text Block] |
Property, plant and equipment consist of the following at December 31 (in thousands): | | | | | | | | | | 2018 | | 2017 | Machinery and equipment | $ | 203,431 |
| | $ | 220,999 |
| Land, building and building improvements | 212,283 |
| | 206,846 |
| Molds | 59,700 |
| | 56,253 |
| Computer equipment and software | 80,420 |
| | 44,408 |
| Furniture and fixtures | 7,409 |
| | 7,361 |
| Instruments placed with customers1
| 60,757 |
| | 15,812 |
| Construction in progress | 70,864 |
| | 57,144 |
| Total property, plant and equipment, cost | 694,864 |
| | 608,823 |
| Accumulated depreciation | (262,223 | ) | | (210,139 | ) | Net property, plant and equipment | $ | 432,641 |
| | $ | 398,684 |
|
______________________________ 1Instruments 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 customers1
| 3 - 7 years |
|
Schedule of Intangible Assets and Goodwill [Table Text Block] |
The following table presents the changes in the carrying amount of our goodwill for 2018 and 2017 (in thousands): | | | | | | | | Total | Balance as of January 1, 2017 | | $ | 5,577 |
| Goodwill acquired(1) | | 6,536 |
| Other(2) | | 244 |
| Balance as of December 31, 2017 | | 12,357 |
| Goodwill acquired(3) | | 1,300 |
| Other (2) | | (2,462 | ) | Balance as of December 31, 2018 | | $ | 11,195 |
|
______________________________ (1) In 2017, our Fannin (UK) Limited ("Fannin") acquisition resulted in $1.0 million of goodwill and our Medical Australia Limited ("MLA") acquisition resulted in $5.5 million of goodwill.
(2) In 2018, "Other" relates to a $1.9 million measurement period adjustment on our MLA acquisition and foreign currency translation. In 2017, "Other" relates to foreign currency translation.
(3) In 2018, we acquired the consulting arm of True Process Inc., which resulted in $1.3 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, 2018 | | | | 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 amortized intangible assets
| | | | $ | 173,372 |
| | $ | 48,186 |
| | $ | 125,186 |
| | | | | | | | | | IPR&D | | | | $ | 8,235 |
| | | | $ | 8,235 |
| | | | | | | | | | Total intangible assets | | | | $ | 181,607 |
| | $ | 48,186 |
| | $ | 133,421 |
|
| | | | | | | | | | | | | | | | | | Weighted Average | | December 31, 2017 | | | Amortization Life in Years | | Cost | | Accumulated Amortization | | Net | Patents | | 10 | | $ | 17,064 |
| | $ | 10,970 |
| | $ | 6,094 |
| Customer contracts | | 9 | | 5,319 |
| | 4,892 |
| | 427 |
| Non-contractual customer relationships | | 9 | | 55,080 |
| | 6,562 |
| | 48,518 |
| Trademarks | | 4 | | 425 |
| | 425 |
| | — |
| Trade name | | 15 | | 7,310 |
| | 1,096 |
| | 6,214 |
| Developed technology | | 11 | | 81,846 |
| | 7,571 |
| | 74,275 |
| Total | | | | $ | 167,044 |
| | $ | 31,516 |
| | $ | 135,528 |
| | | | | | | | | | IPR&D | | | | $ | 8,225 |
| | | | $ | 8,225 |
| | | | | | | | | | Total intangible assets | | | | $ | 175,269 |
| | $ | 31,516 |
| | $ | 143,753 |
|
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
As of December 31, 2018 estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands):
| | | | | | 2019 | | $ | 17,103 |
| 2020 | | 16,126 |
| 2021 | | 15,825 |
| 2022 | | 15,681 |
| 2023 | | 15,532 |
| Thereafter | | 44,919 |
| Total | | $ | 125,186 |
|
|
Available-for-sale Securities [Table Text Block] |
Our investment securities consist of the following (in thousands): | | | | | | | | | | | | | | 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 |
| | | | | | | | December 31, 2017 | | Amortized Cost | | Unrealized Holding Gains (Losses) | | Fair Value | Short-term corporate bonds | $ | 10,061 |
| | $ | — |
| | $ | 10,061 |
| Long-term corporate bonds | 14,579 |
| | — |
| | 14,579 |
| Total investment securities | $ | 24,640 |
| | $ | — |
| | $ | 24,640 |
|
|
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) | | | 2018 |
| 2017 |
| 2016 | Net income | | $ | 28,793 |
| | $ | 68,644 |
| | $ | 63,084 |
| Weighted average number of common shares outstanding (basic) | | 20,394 |
| | 19,614 |
| | 16,168 |
| Dilutive securities | | 1,207 |
| | 1,244 |
| | 1,086 |
| Weighted average common and common equivalent shares outstanding (diluted) | | 21,601 |
| | 20,858 |
| | 17,254 |
| EPS - basic | | $ | 1.41 |
| | $ | 3.50 |
| | $ | 3.90 |
| EPS - diluted | | $ | 1.33 |
| | $ | 3.29 |
| | $ | 3.66 |
|
|