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 customers1	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

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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 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