Inventories:

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories [Text Block]

Inventories

    Inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method. Inventory costs include material, labor and overhead related to the manufacturing of our products.

Inventories consist of the following (in thousands): 

	As of
	September 30, 2022		December 31, 2021
Raw materials	$	264,518	$	135,528
Work in process	71,367		36,490
Finished goods	289,383		118,217
Total inventories	$	625,268	$	290,235

During 2022, inventories increased significantly due to the acquisition of Smiths Medical. All acquired inventory was recorded at fair value on January 6, 2022 in accordance with ASC 805, Business Combinations (see Note 3: Acquisitions).