General and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consist of the following at December 31 (in thousands):

	As of December 31,
	2020		2019
Raw materials	$	126,499	$	119,709
Work in process	33,053		39,515
Finished goods	155,376		178,416
Total	$	314,928	$	337,640

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consist of the following at December 31 (in thousands): 

	As of December 31,
	2020		2019
Machinery and equipment	$	291,331	$	219,057
Land, building and building improvements	241,199		230,454
Molds	60,381		60,155
Computer equipment and software	98,311		83,217
Furniture and fixtures	7,767		7,498
Instruments placed with customers1	90,383		74,434
Construction in progress	53,724		101,425
Total property, plant and equipment, cost	843,096		776,240
Accumulated depreciation	(376,468)		(320,155)
Property, plant and equipment, net	$	466,628	$	456,085

______________________________

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, 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 2020, 2019 and 2018 (in thousands):

	Total
Balance as of January 1, 2018	$	12,357
Goodwill acquired(1)	1,300
Other(2)	(2,462)
Balance as of December 31, 2018	11,195
Goodwill acquired(3)	20,026
Other	24
Balance as of December 31, 2019	31,245
Other(4)	1,756
Balance as of December 31, 2020	$	33,001

  ______________________________

(1) In 2018, we acquired the consulting arm of a small software company, which resulted in $1.3 million of goodwill.

(2) In 2018, "Other" relates to a $1.9 million measurement period adjustment on our Medical Australia Limited acquisition and foreign currency translation.

(3) 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.

(4) In 2020, "Other" relates to a $1.3 million measurement period adjustment to deferred taxes related to the Pursuit acquisition and foreign currency translation.

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, 2020
		Cost		Accumulated Amortization		Net
Patents	10	$	24,797	$	15,056	$	9,741
Customer contracts	12	10,365		5,852		4,513
Non-contractual customer relationships	9	58,061		26,711		31,350
Trademarks	4	425		425		—
Trade name	15	18,270		3,500		14,770
Developed technology	13	152,893		36,927		115,966
Non-compete	3	2,500		972		1,528
Total amortized intangible assets		$	267,311	$	89,443	$	177,868
Internally developed software*		$	19,363			$	19,363
Total intangible assets		$	286,674	$	89,443	$	197,231

 ____________________________

* Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.

	Weighted Average	December 31, 2019
	Amortization Life in Years	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		$	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.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of December 31, 2020 estimated annual amortization for our intangible assets for each of the next five years is approximately (in thousands):

2021	$	23,563
2022	22,747
2023	21,724
2024	21,635
2025	17,095
Thereafter	71,104
Total	$	177,868

Available-for-sale Securities [Table Text Block]

Our investment securities consist of the following (in thousands):

	As of December 31, 2020
	Amortized Cost		Unrealized Holding Gains (Losses)		Fair Value
Short-term corporate bonds	$	14,687	$	—	$	14,687
Long-term corporate bonds	12,974		—		12,974
Total investment securities	$	27,661	$	—	$	27,661
	As of December 31, 2019
	Amortized Cost		Unrealized Holding Gains (Losses)		Fair Value
Short-term corporate bonds	$	23,967	$	—	$	23,967

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)
	2020		2019		2018
Net income	$	86,870	$	101,035	$	28,793
Weighted average number of common shares outstanding (basic)	20,907		20,629		20,394
Dilutive securities	684		916		1,207
Weighted average common and common equivalent shares outstanding (diluted)	21,591		21,545		21,601
EPS - basic	$	4.16	$	4.90	$	1.41
EPS - diluted	$	4.02	$	4.69	$	1.33