ITGR Integer Holdings Corporation

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Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly-traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is a medical device outsource manufacturer serving the cardiac rhythm management, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition to medical technologies, the Company develops batteries for high-end niche applications in the energy, military, and environmental markets. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries.

The accompanying condensed consolidated financial statements are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in the Company’s Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates.

The second quarter and first six months of 2023 ended on June 30 and consisted of 91 days and 181 days, respectively. The second quarter and first six months of 2022 ended on July 1 and consisted of 91 days and 182 days, respectively.

Trade Accounts Receivable - Factoring Arrangements

In the second quarter of 2023, the Company entered into a receivables factoring arrangement, pursuant to which certain receivables may be sold to a financial institution without recourse in exchange for cash. Transactions under the receivables factoring arrangement are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet. Under this arrangement, the Company does not maintain any beneficial interest in the receivables sold. Once sold, the receivables are no longer available to satisfy creditors in the event of bankruptcy. Sale proceeds are reflected in Cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the six months ended June 30, 2023, the Company sold, without recourse, $50.3 million of accounts receivable. Factoring fees were $0.4 million for the three and six months ended June 30, 2023.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, that are of significance, or potential significance, to the Company.

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On April 6, 2022, the Company acquired 100% of the equity interests of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”), a recognized leader in proprietary medical textiles, high precision biomaterial coverings and coatings as well as advanced metal and polymer braiding. Aran delivers development and manufacturing solutions for implantable medical devices. Consistent with the Company’s strategy, the combination with Aran further increases Integer’s ability to offer complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets such as structural heart, neurovascular, peripheral vascular, and endovascular as well as general surgery. The Company funded the purchase price with borrowings under its Revolving Credit Facility. Aran is included in the Company’s Medical segment.

The total consideration transferred was $141.3 million, which includes an initial cash payment of $133.9 million ($129.3 million net of cash acquired) and $7.4 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the purchase agreement, to make additional payments of up to €10 million ($10.9 million at the exchange rate as of April 6, 2022) based on Aran’s achievement of 2022 revenue growth milestones. The earn-out period ended on December 31, 2022 and, in accordance with the terms of the share purchase agreement, full payment was made in April 2023. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.

The cost of the acquisition was allocated to the assets acquired and liabilities assumed based upon their estimated fair value at the date of the acquisition. There were no adjustments to the initial purchase price allocation. The following table summarizes the final fair values of the assets acquired and liabilities assumed (in thousands):

Fair value of net assets acquired
Current assets									$	9,319
Property, plant and equipment									4,151
Goodwill									68,460
Definite-lived intangible assets									71,485
Operating lease assets									3,505
Other noncurrent assets									1,354
Current liabilities									(4,370)
Operating lease liabilities									(3,258)
Other noncurrent liabilities									(9,377)
Fair value of net assets acquired									$	141,269

Pro Forma (unaudited) disclosures

The following table presents (in thousands) unaudited pro forma results of operations for the three and six months ended July 1, 2022 as if Aran had been included in the Company’s financial results as of the beginning of fiscal year 2021, through the date of acquisition. The pro forma results include the historical results of operations of the Company and Aran, as well as adjustments for additional amortization of the assets acquired, additional interest expense related to the financing of the transactions and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisition. These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future.

									Three Months Ended July 1, 2022						Six Months Ended July 1, 2022
Sales									$	350,081					$	666,356
Net income									22,101						34,228

Acquisition costs

Direct costs of this acquisition were not material for the three and six months ended June 30, 2023. During the three and six months ended July 1, 2022, direct costs of this acquisition of $1.5 million and $2.3 million were expensed as incurred and included in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands):

			Six Months Ended
			June 30, 2023						July 1, 2022
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable			$	9,059					$	6,373
Supplemental lease disclosures:
Assets acquired under operating leases			912						11,265

Inventories comprise the following (in thousands):

			June 30, 2023						December 31, 2022
Raw materials			$	102,280					$	98,640
Work-in-process			112,887						98,188
Finished goods			13,764						11,938
Total			$	228,931					$	208,766

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Goodwill

The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2023 were as follows (in thousands):

			Medical						Non- Medical						Total
December 31, 2022			$	965,192					$	17,000					$	982,192
Foreign currency translation			3,790						—						3,790
June 30, 2023			$	968,982					$	17,000					$	985,982

Intangible Assets

Intangible assets comprise the following (in thousands):

			Gross Carrying Amount						Accumulated Amortization												Net Carrying Amount
June 30, 2023
Definite-lived:
Purchased technology and patents			$	284,921					$	(187,279)											$	97,642
Customer lists			829,550						(234,506)												595,044
Amortizing tradenames and other			21,012						(6,392)												14,620
Total amortizing intangible assets			$	1,135,483					$	(428,177)											$	707,306
Indefinite-lived:
Trademarks and tradenames																					$	90,288
December 31, 2022
Definite-lived:
Purchased technology and patents			$	283,929					$	(178,844)											$	105,085
Customer lists			825,634						(216,546)												609,088
Amortizing tradenames and other			21,028						(5,600)												15,428
Total amortizing intangible assets			$	1,130,591					$	(400,990)											$	729,601
Indefinite-lived:
Trademarks and tradenames																					$	90,288

Aggregate intangible asset amortization expense comprises the following (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Cost of sales			$	4,037					$	4,037					$	8,014					$	7,682
Selling, general and administrative expenses			9,070						8,248						18,017						16,207
Total intangible asset amortization expense			$	13,107					$	12,285					$	26,031					$	23,889

Estimated future intangible asset amortization expense based on the carrying value as of June 30, 2023 is as follows (in thousands):

			Remainder of 2023						2024						2025						2026						2027						After 2027
Amortization Expense			$	26,368					$	51,803					$	51,014					$	49,189					$	46,232					$	482,700

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Long-term debt comprises the following (in thousands):

			June 30, 2023																		December 31, 2022
			Principal Amount						UnamortizedDiscounts and Issuance Costs						Net Carrying Amount						Principal Amount						UnamortizedDiscounts and Issuance Costs						Net Carrying Amount
Senior Secured Credit Facilities:
Revolving credit facilities			$	108,640					$	—					$	108,640					$	140,300					$	—					$	140,300
Term loan A			392,500						(1,958)						390,542						455,313						(2,172)						453,141
Term loan B			—						—						—						335,625						(3,805)						331,820
Convertible Senior Notes due 2028			500,000						(13,784)						486,216						—						—						—
Total			$	1,001,140					$	(15,742)					$	985,398					$	931,238					$	(5,977)					$	925,261
Current portion of long-term debt															(5,000)																		(18,188)
Long-term debt															$	980,398																	$	907,073

Senior Secured Credit Facilities

On September 2, 2021, the Company entered into a credit agreement (the “2021 Credit Agreement”), governing the Company’s senior secured credit facilities (the “Senior Secured Credit Facilities”). As of December 31, 2022, the Senior Secured Credit Facilities consisted of a five-year $400 million revolving credit facility (the “Revolving Credit Facility”), a five-year “term A” loan (the “TLA Facility”) and a seven-year “term B” loan (the “TLB Facility” and, together with the TLA Facility, the “Term Loan Facilities”). The TLB Facility was issued at a 0.50% discount.

Amendments to the 2021 Credit Agreement

On January 30, 2023, the Company entered into a first amendment (the “First Amendment”) to the 2021 Credit Agreement to, among other things: (i) permit the Company to issue the notes (described below under 2028 Convertible Notes and Related Capped Call Transactions) and incur indebtedness thereunder in an aggregate principal amount of up to $600 million at any time outstanding; (ii) permit the Company to enter into bond hedge and capped call transactions; (iii) permit the Company to issue call options, warrants or purchase rights relating to the Company’s common stock; provided, in each case, that the terms of any such transaction are customary for transactions of such type.

On February 15, 2023, the Company entered into a second amendment (the “Second Amendment”) to the 2021 Credit Agreement to, among other things: (i) increase the maximum borrowing capacity under the Revolving Credit Facility by $100 million from $400 million to $500 million, (ii) extend the maturity date for both the Revolving Credit Facility and the TLA Facility to February 15, 2028, (iii) allow for borrowings by the Company under the Revolving Credit Facility denominated in Euros, subject to a sublimit equal to 50% of the maximum borrowing capacity under the Revolving Credit Facility, (iv) replace the LIBOR-based reference interest rate option with a forward-looking term rate based on the secured overnight financing rate (SOFR) for the applicable interest period plus an adjustment of 0.10% per annum (“Adjusted Term SOFR”), and (v) add carveouts to certain negative covenants included within the 2021 Credit Agreement to permit the expansion of capacity in Ireland by the Company and incur indebtedness related thereto.

The information provided below reflects the First Amendment and Second Amendment (collectively the “2023 Amendments”) described above. Details of our Long-term debt as of December 31, 2022 can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Revolving Credit Facility

The Revolving Credit Facility matures on February 15, 2028. As of June 30, 2023, the Company had available borrowing capacity on the Revolving Credit Facility of $387.9 million after giving effect to $108.6 million of outstanding borrowings and $3.5 million of outstanding standby letters of credit. Borrowings under the Revolving Credit Facility will bear interest at a rate of Adjusted Term SOFR, in relation to any loan in U.S. dollars, and EURIBOR, in relation to any loan in Euros, plus a margin based on the Company’s Secured Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement). In addition, the Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.15% and 0.25%, depending on the Company’s Secured Net Leverage Ratio. As of June 30, 2023, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 4.92% and the commitment fee on the unused portion of the Revolving Credit Facility was 0.18%.

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(6.)     DEBT (Continued)

Term Loan Facilities

The TLA Facility matures on February 15, 2028, and requires quarterly installments. The quarterly principal installments under the TLA Facility increase over the term of the loan. The interest rate terms for the TLA Facility are the same as those above for the Revolving Credit Facility borrowings in U.S. dollars. As of June 30, 2023, the interest rate on the TLA Facility was 6.70%.

In February 2023, the Company used a portion of the proceeds from its notes offering (see 2028 Convertible Senior Notes and Related Capped Call Transactions) to settle in full principal and interest due under the TLB Facility.

Deferred Debt Issuance Costs and Discounts

The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility is as follows (in thousands):

December 31, 2022			$	2,387
Financing costs incurred			579
Write-off of deferred debt issuance costs			(260)
Amortization during the period			(271)
June 30, 2023			$	2,435

The change in unamortized discount and deferred debt issuance costs related to the Term Loan Facilities is as follows (in thousands):

			Deferred Debt Issuance Costs						Unamortized Discount on TLB Facility						Total
December 31, 2022			$	4,569					$	1,408					$	5,977
Financing costs incurred			418						—						418
Write-off of deferred debt issuance costs and unamortized discount			(2,780)						(1,391)						(4,171)
Amortization during the period			(249)						(17)						(266)
June 30, 2023			$	1,958					$	—					$	1,958

Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. In connection with the 2023 Amendments, the Company incurred and capitalized an aggregate of $1.0 million of debt issuance costs.

In connection with the 2023 Amendments, for each separate debt instrument on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt.

Based on this assessment, $3.8 million of unamortized deferred debt issuance costs related to the Revolving Credit Facility and TLA Facility were deemed to be related to the issuance of new debt, or the modification of existing debt, and therefore will continue to be deferred and amortized over the term of the associated debt. The remaining $0.6 million of unamortized deferred debt issuance costs related to the Revolving Credit Facility and TLA Facility were deemed to be related to the extinguishment of debt and were expensed and included in Interest expense during the six months ended June 30, 2023. Additionally, in connection with the full repayment of the TLB Facility, the Company incurred a $3.8 million loss on extinguishment of debt from the write-off of the remaining deferred debt issuance costs and original issue discount, which were expensed and included in Interest expense during the six months ended June 30, 2023.

Covenants

The Senior Secured Credit Facilities agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.50:1.00 (stepping down to 5.00:1.00 for the third fiscal quarter of 2023 through maturity and subject to increase in certain circumstances following qualified acquisitions, but shall not exceed 5.50:1.00) and (ii) the Company maintain an interest coverage ratio of at least 2.50:1.00. As of June 30, 2023, the Company was in compliance with these financial covenants.

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(6.)     DEBT (Continued)

Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2023 and through maturity, excluding any discounts or premiums, as of June 30, 2023 are as follows (in thousands):

						Remainder of 2023						2024						2025						2026						2027						After 2027
Future minimum principal payments						$	—					$	10,000					$	17,500					$	27,500					$	30,000					$	416,140

2028 Convertible Senior Notes and Related Capped Call Transactions

In February of 2023, the Company issued $500 million aggregate principal amount of Convertible Senior Notes due in 2028 (“2028 Notes”) in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $65 million principal amount of the 2028 Notes. The 2028 Notes mature on February 15, 2028 and bear interest at a fixed rate of 2.125% per annum, payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2023. The total net proceeds from the issuance of the 2028 Notes (which includes the additional proceeds from the purchasers’ option), after deducting initial purchasers' discounts and commissions and debt issuance costs, were approximately $485 million.

Conversion and Redemption Terms of the 2028 Notes

Each $1,000 principal amount of the 2028 Notes is initially convertible into 11.4681 shares of the Company’s common stock (the “2028 Conversion Option”), which is equivalent to an initial conversion price of approximately $87.20 per share of common stock, subject to standard anti-dilutive adjustments and adjustments upon the occurrence of specified events. The initial conversion price represents a premium of approximately 32.5% to the $65.81 per share closing price of the Company’s common stock on January 31, 2023.

The 2028 Notes are convertible, in multiples of $1,000 principal amount, at the option of the holders prior to the close of business on the business day immediately preceding November 15, 2027, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the Indenture governing the 2028 Notes) per $1,000 principal amount of the 2028 Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2028 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2028 Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.

Upon conversion, the 2028 Notes will be settled in cash up to the aggregate principal amount of the 2028 Notes to be converted, and in cash, shares of the Company’s common stock or a combination thereof, at the Company’s option, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2028 Notes being converted. If the Company undergoes a fundamental change (as defined in the indenture governing the 2028 Notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2028 Notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period.

As of June 30, 2023, the conditions allowing holders of the Convertible Notes to convert had not been met and, therefore, the Convertible Notes are classified as a long-term liability on the Condensed Consolidated Balance Sheets at June 30, 2023.

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(6.)     DEBT (Continued)

The Company may not redeem the 2028 Notes prior to February 20, 2026. The Company may redeem for cash all or any portion of the 2028 Notes, at its option, on or after February 20, 2026 and prior to February 15, 2028, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes.

Seniority of the 2028 Notes

The 2028 Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2028 Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

Indenture

The Company issued the Notes pursuant to an indenture dated as of February 3, 2023 (the “Indenture”) by and between the Company and Wilmington Trust, National Association, as trustee. The Indenture provides for customary events of default, which include (subject in certain cases to grace and cure periods), among others: nonpayment of principal or interest; failure by the Company to comply with its conversion obligations upon exercise of a holder’s conversion right under the Indenture; breach of covenants or other agreements in the Indenture; defaults by the Company or any significant subsidiary (as defined in the Indenture) with respect to other indebtedness in excess of a threshold amount; failure by the Company or any significant subsidiary to pay final judgments in excess of a threshold amount; and the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to the Company or any significant subsidiary. Generally, if an event of default occurs and is continuing under the Indenture, either the Indenture trustee or the holders of at least 25% in aggregate principal amount of the 2028 Notes then outstanding may declare the principal amount plus accrued and unpaid interest on the Notes to be immediately due and payable.

Covenants

The 2028 Notes do not contain financial maintenance covenants.

Deferred Debt Issuance Costs and Discounts

The 2028 Notes are accounted for as a single liability measured at amortized cost. The discount and issuance costs related to the 2028 Notes are being amortized to interest expense over the contractual term of the 2028 Notes at an effective interest rate of 2.76%.

Fair Value of the 2028 Notes

The estimated fair value of the 2028 Notes was approximately $593 million as of June 30, 2023. The estimated fair value of the 2028 Notes was determined through consideration of quoted market prices. The fair value of the 2028 Notes are categorized in Level 2 of the fair value hierarchy.

Capped Call Transactions

In connection with the issuance of the 2028 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions. The Capped Calls are expected generally to reduce the potential dilution to the Company’s common stock in connection with any conversion of the 2028 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2028 Notes, as the case may be, with such reduction and/or offset subject to a cap based on strike price of written warrants. The initial upper strike price of the Capped Calls is $108.59 per share and is subject to certain adjustments under the terms of the Capped Calls. The Capped Calls cover, subject to anti-dilution adjustments, approximately 5.7 million shares of the Company’s common stock, the same number of shares initially underlying the 2028 Notes. For accounting purposes, the Capped Calls are separate transactions, and not integrated with the issuance of the 2028 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The 2028 Notes and the Capped Calls will be integrated for tax purposes. The accounting impact of this tax treatment results in the Capped Calls being deductible as original issue discount for tax purposes over the term of the 2028 Notes, which generates an $8.8 million deferred tax asset recognized through equity. The cost to the Company of the Capped Calls was $35 million, which was recorded, net of tax, as a reduction to additional paid-in capital.

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The Company maintains certain stock-based compensation plans that were approved by the Company’s stockholders and are administered by the Board of Directors (the “Board”) or the Compensation and Organization Committee of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock awards, performance awards, time-based restricted stock units (“RSUs”), performance-based RSUs (“PRSUs”), stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers.

Stock-based Compensation Expense

The components and classification of stock-based compensation expense were as follows (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
RSUs and PRSUs			$	5,501					$	5,956					$	11,603					$	10,951
Total stock-based compensation expense			$	5,501					$	5,956					$	11,603					$	10,951
Cost of sales			$	1,155					$	837					$	2,262					$	1,606
Selling, general and administrative			4,085						4,308						8,550						7,853
Research, development and engineering			259						338						728						663
Restructuring and other charges			2						473						63						829
Total stock-based compensation expense			$	5,501					$	5,956					$	11,603					$	10,951

Stock Options

The following table summarizes the Company’s stock option activity for the six month period ended June 30, 2023:

			Number of Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (In Years)						Aggregate Intrinsic Value (In Millions)
Outstanding at December 31, 2022			240,622						$	38.51
Exercised			(68,821)						38.92
Outstanding and exercisable at June 30, 2023			171,801						$	38.35					3.3						$	8.1

Time-Based Restricted Stock Units

Most RSUs granted to employees during the six months ended June 30, 2023 vest over a period of three years from the grant date, subject to the recipient’s continuous service to the Company. RSUs are issued to members of the Board as a portion of their annual retainer and vest quarterly over a period of one year. The grant-date fair value of all time-based RSUs is equal to the closing market price of Integer common stock on the date of grant.

The following table summarizes RSU activity for the six month period ended June 30, 2023:

			Time-Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022			291,929						$	77.58
Granted			230,782						75.74
Vested			(100,648)						79.20
Forfeited			(40,091)						71.21
Nonvested at June 30, 2023			381,972						$	76.71

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(7.)     STOCK-BASED COMPENSATION (Continued)

Performance-Based Restricted Stock Units

For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of financial and market-based performance conditions over three year performance periods. The financial performance conditions are based on the Company’s sales targets. The market-based performance conditions are based on the Company’s achievement of a relative total shareholder return performance requirement, on a percentile basis, compared to a defined group of peer companies, or contingent upon achieving specified stock price milestones over a five year performance period.

The following table summarizes PRSU activity for the six month period ended June 30, 2023:

			Performance- Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022			263,906						$	90.29
Granted			105,757						74.32
Vested			(24,427)						107.26
Forfeited			(62,396)						83.39
Nonvested at June 30, 2023			282,840						$	84.38

The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market-based performance conditions. The grant-date fair value of all other PRSUs is equal to the closing market price of Integer common stock on the date of grant. The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:

			Six Months Ended
			June 30, 2023						July 1, 2022
Weighted average fair value			$	74.29					$	97.58
Risk-free interest rate			3.79		%				1.58		%
Expected volatility			46		%				42		%
Expected life (in years)			3.0						3.9
Expected dividend yield			—		%				—		%

The valuation of the market-based PRSUs granted during 2023 and 2022 also reflects a weighted average illiquidity discount of 11.23% and 9.25%, respectively, related to the six-month period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.

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The Company continuously evaluates the business and identifies opportunities to realign its resources to better serve its customers and markets, improve operational efficiency and capabilities, and lower its operating costs or improve profitability. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. The Company incurs costs associated with these activities, which primarily include exit and disposal costs and other costs directly related to the restructuring initiative. Exit and disposal costs (“restructuring charges”) are expensed as incurred in accordance with ASC 420, Exit or Disposal Cost Obligations, and are classified within Restructuring and other charges, while other costs directly related to the restructuring initiatives (“restructuring-related charges”) are classified within Cost of sales, Selling, general and administrative, and Research, development and engineering expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

In addition, from time to time, the Company incurs costs associated with acquiring and integrating businesses, and certain other general expenses, including asset impairments. The Company classifies costs associated with these items within Restructuring and other charges in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Restructuring and other charges comprise the following (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Restructuring charges			$	936					$	(5)					$	2,000					$	1,098
Acquisition and integration costs			556						3,333						938						5,269
Other general expenses			26						205						109						501
Total restructuring and other charges			$	1,518					$	3,533					$	3,047					$	6,868

The following table comprises restructuring and restructuring-related charges by classification in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Restructuring charges:
Restructuring and other charges			$	936					$	(5)					$	2,000					$	1,098
Restructuring-related expenses(a):
Cost of sales			516						179						693						334
Selling, general and administrative			1,346						384						1,587						702
Research, development and engineering			318						326						641						503
Total restructuring and restructuring-related charges			$	3,116					$	884					$	4,921					$	2,637

__________

(a) Restructuring-related expenses primarily include retention bonuses and consulting expenses.

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(8.)     RESTRUCTURING AND OTHER CHARGES (Continued)

Restructuring programs

Operational excellence initiatives

The Company’s operational excellence initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes.

Strategic reorganization and alignment

The Company’s strategic reorganization and alignment initiatives primarily include those that align resources with market conditions and the Company’s strategic direction in order to enhance the profitability of its portfolio of products.

Manufacturing alignment to support growth

In 2022, the Company commenced initiatives designed to reduce costs and improve operating efficiencies by relocating certain manufacturing operations.

The following table summarizes the activity for restructuring reserves (in thousands):

			Operational excellence initiatives						Strategic reorganization and alignment						Manufacturing alignment to support growth						Total
December 31, 2022			$	232					$	2,134					$	—					$	2,366
Charges incurred, net of reversals			710						979						311						2,000
Cash payments			(833)						(2,170)						—						(3,003)
June 30, 2023			$	109					$	943					$	311					$	1,363

Acquisition and integration

Acquisition and integration costs primarily consist of professional fees and other costs related to business acquisitions. During the six months ended June 30, 2023 and July 1, 2022, acquisition and integration costs of $0.9 million and $5.3 million, respectively, included expenses primarily related to the acquisitions of Oscor and Aran. Acquisition and integration costs for the six months ended June 30, 2023 and July 1, 2022, included a benefit of $0.3 million and expense of $0.1 million, respectively, to adjust the fair value of acquisition-related contingent consideration liabilities. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration.

Other general expenses

During the six months ended June 30, 2023 and July 1, 2022, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future costs and improve efficiencies.

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The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.

The Company’s effective tax rate for the second quarter of 2023 was 19.8% on $29.9 million of income before taxes compared to 14.7% on $24.4 million of income before taxes for the same period in 2022. The Company’s effective tax rate for the six months ended June 30, 2023 was 19.3% on $45.9 million of income before taxes compared to 16.1% on $38.4 million of income before taxes for the same period of 2022. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the second quarter and first six months of 2023 and 2022 is due principally to the net impact of the Company’s earnings outside the U.S., which are generally taxed at rates that differ from the U.S federal rate, the Global Intangible Low-Taxed Income (“GILTI”) tax, the Foreign Derived Intangible Income (“FDII”) deduction, the availability of tax credits, and the recognition of certain discrete tax items. For the second quarter and first six months of 2023, the Company recorded discrete tax expense of $0.4 million and $0.5 million, respectively. The Company did not record discrete tax expense for the second quarter of 2022 and recorded discrete tax expense of $0.5 million for the first six months of 2022. The discrete tax expense for the second quarter and first six months of 2023 is predominately related to unfavorable return to provision adjustments attributable to certain foreign tax returns filed during the quarter. The remainder of the discrete tax amounts relate predominately to excess tax benefits recognized upon vesting of RSUs during those periods partially offset by tax expense from shortfalls recorded for the forfeiture of certain PRSUs. The discrete tax amounts for the second quarter and first six months of 2022 are predominately related to tax expense on shortfalls recorded for the forfeiture of certain PRSUs, partially offset by excess tax benefits recognized upon vesting of RSUs during those periods.

Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. As of June 30, 2023, the Company had unrecognized tax benefits of approximately $8.0 million, of which approximately $7.9 million would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of June 30, 2023, the Company believes it is reasonably possible that a reduction of approximately $1.9 million of the balance of unrecognized tax benefits may occur within the next 12 months as a result of various statute expirations, audit closures, and/or tax settlements.

Contingent Consideration Arrangements

The Company records contingent consideration liabilities related to the earn-out provisions for certain acquisitions. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information.

Litigation

The Company is subject to litigation arising from time to time in the ordinary course of its business. The Company does not expect that the ultimate resolution of any pending legal actions will have a material effect on its consolidated results of operations, financial position, or cash flows. However, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which the Company currently believes to be immaterial, will not become material in the future.

Product Warranties

The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The product warranty liability is presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The change in product warranty liability comprised the following (in thousands):

December 31, 2022			$	77
Additions to warranty reserve, net of reversals			7
June 30, 2023			$	84

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The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Numerator for basic and diluted EPS:
Net income			$	23,971					$	20,836					$	37,036					$	32,203
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic			33,312						33,111						33,285						33,101
Dilutive effect of share-based awards			374						239						346						225
Weighted average shares outstanding - Diluted			33,686						33,350						33,631						33,326
Basic EPS			$	0.72					$	0.63					$	1.11					$	0.97
Diluted EPS			$	0.71					$	0.62					$	1.10					$	0.97

The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
RSUs			—						5						2						4
PRSUs			83						165						108						165

The dilutive effect for the Company's 2028 Notes is calculated using the if-converted method. The Company is required, pursuant to the Indenture governing the 2028 Notes, to settle the principal amount of the 2028 Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2028 Notes are converted. Because the average closing price of the Company's common stock for the three months ended June 30, 2023, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $87.20, all associated shares were antidilutive.

In connection with the issuance of the 2028 Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions. The Capped Calls cover, subject to anti-dilution adjustments substantially similar to those in the 2028 Notes, approximately 5.7 million shares of the Company's common stock, the same number of shares initially underlying the 2028 Notes, at a strike price of approximately $108.59, subject to certain adjustments under the terms of the Capped Calls. The Capped Calls will expire upon the maturity of the 2028 Notes, subject to earlier exercise or termination. Exercise of the Capped Calls would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.

See Note 6 “Debt” for additional information related to 2028 Notes and Capped Calls.

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Common Stock

The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended June 30, 2023 and July 1, 2022:

			Six Months Ended
			June 30, 2023						July 1, 2022
Shares outstanding at beginning of period			33,169,778						33,063,336
Stock options exercised			58,413						—
Vesting of RSUs, net of shares withheld to cover taxes			79,889						58,497
Shares outstanding at end of period			33,308,080						33,121,833

Accumulated Other Comprehensive Income

Accumulated other comprehensive income (“AOCI”) comprises the following (in thousands):

			Defined Benefit Plan Liability						Cash Flow Hedges						Foreign Currency Translation Adjustment						Total Pre-Tax Amount						Tax						Net-of-Tax Amount
March 31, 2023			$	(346)					$	3,927					$	12,075					$	15,656					$	(690)					$	14,966
Unrealized gain on cash flow hedges			—						2,126						—						2,126						(447)						1,679
Realized gain on foreign currency hedges			—						(1,318)						—						(1,318)						277						(1,041)
Realized gain on interest rate swap hedge			—						(675)						—						(675)						142						(533)
Foreign currency translation loss			—						—						(2,901)						(2,901)						—						(2,901)
June 30, 2023			$	(346)					$	4,060					$	9,174					$	12,888					$	(718)					$	12,170
December 31, 2022			$	(346)					$	1,760					$	4,150					$	5,564					$	(235)					$	5,329
Unrealized gain on cash flow hedges			—						5,572						—						5,572						(1,170)						4,402
Realized gain on foreign currency hedges			—						(2,010)						—						(2,010)						422						(1,588)
Realized gain on interest rate swap hedge			—						(1,262)						—						(1,262)						265						(997)
Foreign currency translation gain			—						—						5,024						5,024						—						5,024
June 30, 2023			$	(346)					$	4,060					$	9,174					$	12,888					$	(718)					$	12,170

April 1, 2022			$	(890)					$	1,170					$	21,833					$	22,113					$	(76)					$	22,037
Unrealized loss on cash flow hedges			—						(291)						—						(291)						61						(230)
Realized gain on foreign currency hedges			—						(295)						—						(295)						62						(233)
Realized loss on interest rate swap hedge			—						526						—						526						(110)						416
Foreign currency translation loss			—						—						(27,274)						(27,274)						—						(27,274)
July 1, 2022			$	(890)					$	1,110					$	(5,441)					$	(5,221)					$	(63)					$	(5,284)
December 31, 2021			$	(890)					$	(2,291)					$	29,720					$	26,539					$	651					$	27,190
Unrealized gain on cash flow hedges			—						2,565						—						2,565						(539)						2,026
Realized gain on foreign currency hedges			—						(457)						—						(457)						96						(361)
Realized loss on interest rate swap hedge			—						1,293						—						1,293						(271)						1,022
Foreign currency translation loss			—						—						(35,161)						(35,161)						—						(35,161)
July 1, 2022			$	(890)					$	1,110					$	(5,441)					$	(5,221)					$	(63)					$	(5,284)

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.

The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and may use derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets.

The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):

			Fair Value						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
June 30, 2023
Assets: Foreign currency hedging contracts			$	4,060					$	—					$	4,060					$	—
Liabilities: Contingent consideration			555						—						—						555
December 31, 2022
Assets: Interest rate swap			$	1,262					$	—					$	1,262					$	—
Assets: Foreign currency hedging contracts			521						—						521						—
Liabilities: Foreign currency hedging contracts			23												23
Liabilities: Contingent consideration			11,756						—						—						11,756

Derivatives Designated as Hedging Instruments

Interest Rate Swaps

The Company may periodically enter into interest rate swap agreements in order to reduce the cash flow risk caused by interest rate changes on its outstanding floating rate borrowings. Under these swap agreements, the Company pays a fixed rate of interest and receives a floating rate.

The Company had no outstanding interest rate swaps as of June 30, 2023. Information regarding the Company’s outstanding interest rate swap, designated as a cash flow hedge, as of December 31, 2022 is as follows (dollars in thousands):

Notional Amount																		Maturity Date						Pay Fixed Rate						Receive Current Floating Rate						Fair Value						Balance Sheet Location
$	100,000																	Jun 2023						2.1785		%				4.3869		%				$	1,262					Prepaid expenses and other current assets

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(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

Foreign Currency Contracts

The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges.

Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of June 30, 2023 is as follows (dollars in thousands):

Notional Amount						Maturity Date						$/Foreign Currency												Fair Value						Balance Sheet Location
$	18,289					Dec 2023						0.0481						MXN Peso						$	3,436					Prepaid expenses and other current assets
40,377						Dec 2023						1.0796						Euro						624						Prepaid expenses and other current assets

Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2022 is as follows (dollars in thousands):

Notional Amount						Maturity Date						$/Foreign Currency												Fair Value						Balance Sheet Location
$	37,175					Dec 2023						0.0489						MXN Peso						$	504					Prepaid expenses and other current assets
2,685						Mar 2023						0.0249						UYU Peso						17						Prepaid expenses and other current assets
17,309						Mar 2023						1.0751						Euro						(23)						Accrued expenses and other current liabilities

The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and July 1, 2022 (in thousands):

						Three Months Ended
						June 30, 2023												July 1, 2022
						Total						Amount of Gain (Loss) on Cash Flow Hedge Activity						Total						Amount of Gain (Loss) on Cash Flow Hedge Activity
Sales						$	400,044					$	(83)					$	350,081					$	(371)
Cost of sales						294,240						1,384						257,184						554
Operating expenses						64,228						17						60,190						112
Interest expense						11,459						675						7,773						(526)

						Six Months Ended
						June 30, 2023												July 1, 2022
						Total						Amount of Gain (Loss) on Cash Flow Hedge Activity						Total						Amount of Gain (Loss) on Cash Flow Hedge Activity
Sales						$	778,829					$	(134)					$	660,993					$	(425)
Cost of sales						576,352						2,092						486,621						746
Operating expenses						126,735						52						119,168						136
Interest expense						28,713						1,262						13,741						(1,293)

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(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

						Unrealized Gain (Loss) Recognized in OCI												Realized Gain (Loss) Reclassified from AOCI
						Three Months Ended												Location in Statements of Operations and Comprehensive  Income (Loss)						Three Months Ended
						June 30, 2023						July 1, 2022												June 30, 2023						July 1, 2022
Interest rate swap						$	6					$	702					Interest expense						$	675					$	(526)
Foreign exchange contracts						364						(1,167)						Sales						(83)						(371)
Foreign exchange contracts						1,739						96						Cost of sales						1,384						554
Foreign exchange contracts						17						78						Operating expenses						17						112
						Six Months Ended												Location in Statements of Operations and Comprehensive  Income (Loss)						Six Months Ended
						June 30, 2023						July 1, 2022												June 30, 2023						July 1, 2022
Interest rate swap						$	—					$	2,526					Interest expense						$	1,262					$	(1,293)
Foreign exchange contracts						513						(1,681)						Sales						(134)						(425)
Foreign exchange contracts						5,014						1,365						Cost of sales						2,092						746
Foreign exchange contracts						45						355						Operating expenses						52						136

The Company expects to reclassify net gains totaling $4.1 million related to its cash flow hedges from AOCI into earnings during the next twelve months.

Net Investment Hedges

The Company has foreign-denominated long-term debt balances that qualify as net investment hedges. Changes in the value of these net investment hedges due to foreign currency gains or losses are deferred as foreign currency translation adjustments in Other comprehensive income (loss) on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and will remain in Accumulated other comprehensive income (loss) until the hedged investment is sold or substantially liquidated. We evaluate the effectiveness of the net investment hedges each quarter.

As of June 30, 2023, the Company had a €100 million borrowing on the Revolving Credit Facility that was designated as a net investment hedge on a portion of the Company’s net investments in certain of its entities with functional currencies denominated in the Euro. There were no net investment hedges outstanding at December 31, 2022.

Derivatives Not Designated as Hedging Instruments

The Company also has foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. To minimize foreign currency exposure, the Company enters into foreign currency contracts with a one month maturity. At June 30, 2023 and December 31, 2022, the Company had total gross notional amounts of $15.0 million and $12.0 million, respectively, of foreign currency contracts outstanding that were not designated as hedges. The fair value of derivatives not designated as hedges was not material for any period presented. Net gains/losses on foreign currency contracts not designated as hedging instruments are included in Other loss, net on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company recorded net losses of approximately $0.1 million for the three and six months ended June 30, 2023, compared to gains of $0.4 million and $0.7 million, respectively, for the three and six months ended July 1, 2022, respectively. Each of the foreign currency contracts not designated as hedging instruments will have approximately offsetting effects from the underlying intercompany loans subject to foreign exchange remeasurement.

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(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

Contingent Consideration

The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2023 and July 1, 2022 (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Fair value measurement at beginning of period			$	11,732					$	1,976					$	11,756					$	2,415
Amount recorded for current year acquisitions			—						7,375						—						7,375
Fair value measurement adjustment			—						—						(265)						54
Payments			(11,177)						—						(11,177)						(493)
Foreign currency translation			—						(279)						241						(279)
Fair value measurement at end of period			$	555					$	9,072					$	555					$	9,072

On October 7, 2019, the Company acquired certain assets and liabilities of US BioDesign, LLC (“USB”), a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. As of June 30, 2023 and December 31, 2022, the Company assessed the probability of meeting the required revenue threshold as unlikely and determined the fair value of the contingent consideration liability relating to the acquisition of USB was zero. The final earnout period under the asset purchase agreement for USB ends on December 31, 2023. During the six months ended July 1, 2022, the Company made a $0.5 million payment associated with the USB acquisition, resulting from achievement of revenue-based goals for the period from January 1, 2021 to December 31, 2021.

On February 19, 2020, the Company acquired certain assets and liabilities of InoMec Ltd. (“InoMec”), a privately-held company based in Israel that specializes in the research, development and manufacturing of medical devices, including minimally invasive tools, delivery systems, tubing and catheters, surgery tools, drug-device combination, laser combined devices, and tooling and production. As of June 30, 2023 and December 31, 2022, the fair value of the contingent consideration liability relating to the acquisition of InoMec was $0.6 million and $1.1 million, respectively. During the six months ended June 30, 2023, the Company made a $0.3 million payment associated with the InoMec acquisition, resulting from achievement of revenue-based goals for the period from March 1, 2022 to February 28, 2023. The final earnout period under the asset purchase agreement for InoMec ends on February 29, 2024. The remaining maximum potential undiscounted payout for the contingent consideration liability relating to the acquisition of InoMec is $0.9 million.

On April 6, 2022, the Company acquired Aran. See Note 2 “Business Acquisitions” for additional information about the Aran acquisition and related contingent consideration. During the six months ended June 30, 2023, the Company made a $10.9 million payment associated with the final earnout period under the asset purchase agreement for Aran, resulting from achievement of the maximum revenue-based goals for the year ended December 31, 2022. As of December 31, 2022, the fair value of the contingent consideration liability relating to the acquisition of Aran was $10.9 million.

The contingent consideration at June 30, 2023 is the estimated fair value of the Company’s remaining obligations under the asset purchase agreements for InoMec and USB. As of June 30, 2023, contingent consideration liabilities of $0.6 million are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the current portion of contingent consideration liabilities included in Accrued expenses and other current liabilities was $11.2 million and the non-current portion included in Other long-term liabilities was $0.6 million.

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(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items.

Borrowings under the Company’s Revolving Credit Facility and TLA Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments.

Equity Investments

The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets.

Equity investments comprise the following (in thousands):

															June 30, 2023						December 31, 2022
Equity method investment															$	8,231					$	8,252
Non-marketable equity securities															5,637						5,637
Total equity investments															$	13,868					$	13,889

The components of (Gain) loss on equity investments for each period were as follows (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Equity method investment (gain) loss			$	(134)					$	320					$	21					$	2,724

The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of June 30, 2023, the Company owned 7.4% of this fund.

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The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting. For purposes of segment reporting, intercompany sales between segments are not material.

The following table presents sales by product line (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Segment sales by product line:
Medical
Cardio & Vascular			$	208,494					$	180,604					$	399,697					$	339,641
Cardiac Rhythm Management & Neuromodulation			153,411						135,945						298,550						259,269
Advanced Surgical, Orthopedics & Portable Medical			27,206						23,285						55,130						42,951
Total Medical			389,111						339,834						753,377						641,861
Non-Medical			10,933						10,247						25,452						19,132
Total sales			$	400,044					$	350,081					$	778,829					$	660,993

The following table presents income for the Company’s reportable segments (in thousands):

			Three Months Ended												Six Months Ended
			June 30, 2023						July 1, 2022						June 30, 2023						July 1, 2022
Segment income:
Medical			$	68,497					$	54,580					$	123,303					$	98,728
Non-Medical			278						1,625						4,304						2,290
Total segment income			68,775						56,205						127,607						101,018
Unallocated operating expenses			(27,199)						(23,498)						(51,865)						(45,814)
Operating income			41,576						32,707						75,742						55,204
Unallocated expenses, net			(11,684)						(8,284)						(29,853)						(16,833)
Income before taxes			$	29,892					$	24,423					$	45,889					$	38,371

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Disaggregated Revenue

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. For a summary by disaggregated product line sales for each segment, refer to Note 14, “Segment Information.”

Revenue recognized from products and services transferred to customers over time represented 27% of total revenue for the three and six months ended June 30, 2023, compared to 32% and 31%, respectively, for the three and six months ended July 1, 2022. Substantially all of the revenue recognized from products and services transferred to customers over time during the periods presented was within the Medical segment.

The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues.

Three Months Ended

June 30, 2023

July 1, 2022

Customer

Medical

Non-Medical

Medical

Non-Medical

Customer A

17%

*

18%

*

Customer B

17%

*

17%

*

Customer C

13%

*

14%

*

Customer D

*

20%

*

42%

All other customers

53%

80%

51%

58%

Six Months Ended

June 30, 2023

July 1, 2022

Customer

Medical

Non-Medical

Medical

Non-Medical

Customer A

18%

*

18%

*

Customer B

17%

*

17%

*

Customer C

13%

*

14%

*

Customer D

*

21%

*

37%

All other customers

52%

79%

51%

63%

__________

* Less than 10% of segment’s total revenues for the period.

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(15.)    REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped.

Three Months Ended

June 30, 2023

July 1, 2022

Ship to Location

Medical

Non-Medical

Medical

Non-Medical

United States

54%

64%

52%

71%

Canada

*

12%

*

*

All other countries

46%

24%

48%

29%

Six Months Ended

June 30, 2023

July 1, 2022

Ship to Location

Medical

Non-Medical

Medical

Non-Medical

United States

54%

62%

51%

67%

Canada

*

11%

*

*

All other countries

46%

27%

49%

33%

__________

* Less than 10% of segment’s total revenues for the period.

Contract Balances

The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands):

			June 30, 2023						December 31, 2022
Contract assets			$	80,010					$	71,927
Contract liabilities			8,777						5,616

During the three and six months ended June 30, 2023, the Company recognized $1.3 million and $2.7 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2022. During the three and six months ended July 1, 2022, the Company recognized $0.8 million and $1.7 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2021.

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v3.23.2

COVER - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-16137
Entity Registrant Name	INTEGER HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1531026
Entity Address, Address Line One	5830 Granite Parkway,
Entity Address, Address Line Two	Suite 1150
Entity Address, City or Town	Plano,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	214
Local Phone Number	618-5243
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ITGR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		33,308,080
Entity Central Index Key	0001114483
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

v3.23.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 38,615	$ 24,272
Accounts receivable, net of provision for credit losses of $0.4 million and $0.3 million, respectively	236,526	224,325
Inventories	228,931	208,766
Refundable income taxes	3,030	2,003
Contract assets	80,010	71,927
Prepaid expenses and other current assets	28,816	27,005
Total current assets	615,928	558,298
Property, plant and equipment, net	348,895	317,243
Goodwill	985,982	982,192
Other intangible assets, net	797,594	819,889
Deferred income taxes	6,447	6,247
Operating lease assets	70,281	74,809
Financing lease assets	8,537	8,852
Other long-term assets	27,680	26,856
Total assets	2,861,344	2,794,386
Current liabilities:
Current portion of long-term debt	5,000	18,188
Accounts payable	107,507	110,780
Income taxes payable	3,036	10,923
Operating lease liabilities	10,075	10,362
Accrued expenses and other current liabilities	74,214	73,499
Total current liabilities	199,832	223,752
Long-term debt	980,398	907,073
Deferred income taxes	152,926	160,671
Operating lease liabilities	59,988	64,049
Financing lease liabilities	7,677	8,006
Other long-term liabilities	14,868	13,379
Total liabilities	1,415,689	1,376,930
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 33,308,080 and 33,169,778 shares issued and outstanding, respectively	33	33
Additional paid-in capital	715,715	731,393
Retained earnings	717,737	680,701
Accumulated other comprehensive income	12,170	5,329
Total stockholders’ equity	1,445,655	1,417,456
Total liabilities and stockholders’ equity	$ 2,861,344	$ 2,794,386

v3.23.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Allowance for doubtful accounts	$ 0.4	$ 0.3
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	33,308,080	33,169,778
Common stock, shares outstanding (in shares)	33,308,080	33,169,778

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Sales	$ 400,044	$ 350,081	$ 778,829	$ 660,993
Cost of sales	294,240	257,184	576,352	486,621
Gross profit	105,804	92,897	202,477	174,372
Operating expenses:
Selling, general and administrative	45,827	41,786	87,713	81,346
Research, development and engineering	16,883	14,871	35,975	30,954
Restructuring and other charges	1,518	3,533	3,047	6,868
Total operating expenses	64,228	60,190	126,735	119,168
Operating income	41,576	32,707	75,742	55,204
Interest expense	11,459	7,773	28,713	13,741
(Gain) loss on equity investments	(134)	320	21	2,724
Other loss, net	359	191	1,119	368
Income before taxes	29,892	24,423	45,889	38,371
Provision for income taxes	5,921	3,587	8,853	6,168
Net income	$ 23,971	$ 20,836	$ 37,036	$ 32,203
Earnings per share:
Basic (in dollars per share)	$ 0.72	$ 0.63	$ 1.11	$ 0.97
Diluted (in dollars per share)	$ 0.71	$ 0.62	$ 1.10	$ 0.97
Weighted average shares outstanding:
Basic (in shares)	33,312	33,111	33,285	33,101
Diluted (in shares)	33,686	33,350	33,631	33,326
Comprehensive Income (Loss)
Net income	$ 23,971	$ 20,836	$ 37,036	$ 32,203
Other comprehensive income (loss):
Foreign currency translation gain (loss)	(2,901)	(27,274)	5,024	(35,161)
Change in fair value of cash flow hedges, net of tax	105	(47)	1,817	2,687
Other comprehensive income (loss), net of tax	(2,796)	(27,321)	6,841	(32,474)
Comprehensive income (loss), net of tax	$ 21,175	$ (6,485)	$ 43,877	$ (271)

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Cash flows from operating activities:
Net income	$ 37,036	$ 32,203
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	48,569	45,753
Debt related charges included in interest expense	6,118	962
Inventory step-up amortization	0	798
Stock-based compensation	11,603	10,951
Non-cash lease expense	5,473	5,344
Non-cash loss on equity investments	21	2,724
Contingent consideration fair value adjustment	(265)	0
Other non-cash (gains) losses	(1,437)	7,510
Deferred income taxes	(4)	(969)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(9,742)	(37,642)
Inventories	(21,646)	(41,471)
Prepaid expenses and other assets	1,308	(783)
Contract assets	(7,983)	(6,189)
Accounts payable	797	25,554
Accrued expenses and other liabilities	1,781	(7,295)
Income taxes	(9,296)	(439)
Net cash provided by operating activities	62,333	37,011
Cash flows from investing activities:
Acquisition of property, plant and equipment	(57,416)	(22,610)
Proceeds from sale of property, plant and equipment	50	587
Acquisitions, net of cash acquired	0	(126,636)
Net cash used in investing activities	(57,366)	(148,659)
Cash flows from financing activities:
Principal payments of term loans	(398,438)	(7,625)
Proceeds from issuance of convertible notes, net of discount	486,250	0
Proceeds from revolving credit facility	229,604	160,000
Payments of revolving credit facility	(263,443)	(34,000)
Purchase of capped calls	(35,000)	0
Payment of debt issuance costs	(2,181)	0
Proceeds from the exercise of stock options	1,948	0
Tax withholdings related to net share settlements of restricted stock unit awards	(2,930)	(1,926)
Contingent consideration payments	(7,660)	(493)
Principal payments on finance leases	(557)	(353)
Net cash provided by financing activities	7,593	115,603
Effect of foreign currency exchange rates on cash and cash equivalents	1,783	(6,247)
Net increase (decrease) in cash and cash equivalents	14,343	(2,292)
Cash and cash equivalents, beginning of period	24,272	17,885
Cash and cash equivalents, end of period	$ 38,615	$ 15,593

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common stock and additional paid-in capital	Retained earnings	Accumulated other comprehensive income
Balance, beginning of period at Dec. 31, 2021	$ 1,354,697	$ 713,183	$ 614,324	$ 27,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock awards exercised or vested		(1,926)
Stock-based compensation		10,951
Capped calls related to the issuance of convertible notes, net of tax		0
Net income	32,203		32,203
Other comprehensive income (loss)	(32,474)			(32,474)
Balance, ending balance at Jul. 01, 2022	1,363,451	722,208	646,527	(5,284)
Balance, beginning of period at Apr. 01, 2022	1,364,350	716,622	625,691	22,037
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock awards exercised or vested		(370)
Stock-based compensation		5,956
Capped calls related to the issuance of convertible notes, net of tax		0
Net income	20,836		20,836
Other comprehensive income (loss)	(27,321)			(27,321)
Balance, ending balance at Jul. 01, 2022	1,363,451	722,208	646,527	(5,284)
Balance, beginning of period at Dec. 31, 2022	1,417,456	731,426	680,701	5,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock awards exercised or vested		(1,031)
Stock-based compensation		11,603
Capped calls related to the issuance of convertible notes, net of tax		(26,250)
Net income	37,036		37,036
Other comprehensive income (loss)	6,841			6,841
Balance, ending balance at Jun. 30, 2023	1,445,655	715,748	717,737	12,170
Balance, beginning of period at Mar. 31, 2023	1,417,936	709,204	693,766	14,966
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock awards exercised or vested		1,043
Stock-based compensation		5,501
Capped calls related to the issuance of convertible notes, net of tax		0
Net income	23,971		23,971
Other comprehensive income (loss)	(2,796)			(2,796)
Balance, ending balance at Jun. 30, 2023	$ 1,445,655	$ 715,748	$ 717,737	$ 12,170

v3.23.2

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Integer Holdings Corporation (together with its consolidated subsidiaries, “Integer” or the “Company”) is a publicly-traded corporation listed on the New York Stock Exchange under the symbol “ITGR.” Integer is a medical device outsource manufacturer serving the cardiac rhythm management, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition to medical technologies, the Company develops batteries for high-end niche applications in the energy, military, and environmental markets. The Company’s customers include large multi-national original equipment manufacturers (“OEMs”) and their affiliated subsidiaries. The accompanying condensed consolidated financial statements are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in the Company’s Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates. The second quarter and first six months of 2023 ended on June 30 and consisted of 91 days and 181 days, respectively. The second quarter and first six months of 2022 ended on July 1 and consisted of 91 days and 182 days, respectively. Trade Accounts Receivable - Factoring Arrangements In the second quarter of 2023, the Company entered into a receivables factoring arrangement, pursuant to which certain receivables may be sold to a financial institution without recourse in exchange for cash. Transactions under the receivables factoring arrangement are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet. Under this arrangement, the Company does not maintain any beneficial interest in the receivables sold. Once sold, the receivables are no longer available to satisfy creditors in the event of bankruptcy. Sale proceeds are reflected in Cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the six months ended June 30, 2023, the Company sold, without recourse, $50.3 million of accounts receivable. Factoring fees were $0.4 million for the three and six months ended June 30, 2023. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, that are of significance, or potential significance, to the Company.

v3.23.2

BUSINESS ACQUISITIONS	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS ACQUISITIONS	BUSINESS ACQUISITIONS On April 6, 2022, the Company acquired 100% of the equity interests of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”), a recognized leader in proprietary medical textiles, high precision biomaterial coverings and coatings as well as advanced metal and polymer braiding. Aran delivers development and manufacturing solutions for implantable medical devices. Consistent with the Company’s strategy, the combination with Aran further increases Integer’s ability to offer complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets such as structural heart, neurovascular, peripheral vascular, and endovascular as well as general surgery. The Company funded the purchase price with borrowings under its Revolving Credit Facility. Aran is included in the Company’s Medical segment. The total consideration transferred was $141.3 million, which includes an initial cash payment of $133.9 million ($129.3 million net of cash acquired) and $7.4 million in estimated fair value of contingent consideration. The contingent consideration represents the estimated fair value of the Company’s obligation, under the purchase agreement, to make additional payments of up to €10 million ($10.9 million at the exchange rate as of April 6, 2022) based on Aran’s achievement of 2022 revenue growth milestones. The earn-out period ended on December 31, 2022 and, in accordance with the terms of the share purchase agreement, full payment was made in April 2023. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration. The cost of the acquisition was allocated to the assets acquired and liabilities assumed based upon their estimated fair value at the date of the acquisition. There were no adjustments to the initial purchase price allocation. The following table summarizes the final fair values of the assets acquired and liabilities assumed (in thousands): Fair value of net assets acquired Current assets $ 9,319  Property, plant and equipment 4,151  Goodwill 68,460  Definite-lived intangible assets 71,485  Operating lease assets 3,505  Other noncurrent assets 1,354  Current liabilities (4,370) Operating lease liabilities (3,258) Other noncurrent liabilities (9,377) Fair value of net assets acquired $ 141,269  Pro Forma (unaudited) disclosures The following table presents (in thousands) unaudited pro forma results of operations for the three and six months ended July 1, 2022 as if Aran had been included in the Company’s financial results as of the beginning of fiscal year 2021, through the date of acquisition. The pro forma results include the historical results of operations of the Company and Aran, as well as adjustments for additional amortization of the assets acquired, additional interest expense related to the financing of the transactions and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisition. These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. Three Months Ended July 1, 2022 Six Months Ended July 1, 2022 Sales $ 350,081  $ 666,356  Net income 22,101  34,228  Acquisition costs Direct costs of this acquisition were not material for the three and six months ended June 30, 2023. During the three and six months ended July 1, 2022, direct costs of this acquisition of $1.5 million and $2.3 million were expensed as incurred and included in Restructuring and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

v3.23.2

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands): Six Months Ended June 30, 2023 July 1, 2022 Noncash investing and financing activities: Property, plant and equipment purchases included in accounts payable $ 9,059  $ 6,373  Supplemental lease disclosures: Assets acquired under operating leases 912  11,265

v3.23.2

INVENTORIES	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories comprise the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 102,280  $ 98,640  Work-in-process 112,887  98,188  Finished goods 13,764  11,938  Total $ 228,931  $ 208,766

v3.23.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS, NET	GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2023 were as follows (in thousands): Medical Non- Medical Total December 31, 2022 $ 965,192  $ 17,000  $ 982,192  Foreign currency translation 3,790  —  3,790  June 30, 2023 $ 968,982  $ 17,000  $ 985,982  Intangible Assets Intangible assets comprise the following (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2023 Definite-lived: Purchased technology and patents $ 284,921  $ (187,279) $ 97,642  Customer lists 829,550  (234,506) 595,044  Amortizing tradenames and other 21,012  (6,392) 14,620  Total amortizing intangible assets $ 1,135,483  $ (428,177) $ 707,306  Indefinite-lived: Trademarks and tradenames $ 90,288  December 31, 2022 Definite-lived: Purchased technology and patents $ 283,929  $ (178,844) $ 105,085  Customer lists 825,634  (216,546) 609,088  Amortizing tradenames and other 21,028  (5,600) 15,428  Total amortizing intangible assets $ 1,130,591  $ (400,990) $ 729,601  Indefinite-lived: Trademarks and tradenames $ 90,288  Aggregate intangible asset amortization expense comprises the following (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Cost of sales $ 4,037  $ 4,037  $ 8,014  $ 7,682  Selling, general and administrative expenses 9,070  8,248  18,017  16,207  Total intangible asset amortization expense $ 13,107  $ 12,285  $ 26,031  $ 23,889  Estimated future intangible asset amortization expense based on the carrying value as of June 30, 2023 is as follows (in thousands): Remainder of 2023 2024 2025 2026 2027 After 2027 Amortization Expense $ 26,368  $ 51,803  $ 51,014  $ 49,189  $ 46,232  $ 482,700

v3.23.2

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt comprises the following (in thousands):   June 30, 2023 December 31, 2022 Principal Amount UnamortizedDiscounts and Issuance Costs Net Carrying Amount Principal Amount UnamortizedDiscounts and Issuance Costs Net Carrying Amount Senior Secured Credit Facilities: Revolving credit facilities $ 108,640  $ —  $ 108,640  $ 140,300  $ —  $ 140,300  Term loan A 392,500  (1,958) 390,542  455,313  (2,172) 453,141  Term loan B —  —  —  335,625  (3,805) 331,820  Convertible Senior Notes due 2028 500,000  (13,784) 486,216  —  —  —  Total $ 1,001,140  $ (15,742) $ 985,398  $ 931,238  $ (5,977) $ 925,261  Current portion of long-term debt (5,000) (18,188) Long-term debt $ 980,398  $ 907,073  Senior Secured Credit Facilities On September 2, 2021, the Company entered into a credit agreement (the “2021 Credit Agreement”), governing the Company’s senior secured credit facilities (the “Senior Secured Credit Facilities”). As of December 31, 2022, the Senior Secured Credit Facilities consisted of a five-year $400 million revolving credit facility (the “Revolving Credit Facility”), a five-year “term A” loan (the “TLA Facility”) and a seven-year “term B” loan (the “TLB Facility” and, together with the TLA Facility, the “Term Loan Facilities”). The TLB Facility was issued at a 0.50% discount. Amendments to the 2021 Credit Agreement On January 30, 2023, the Company entered into a first amendment (the “First Amendment”) to the 2021 Credit Agreement to, among other things: (i) permit the Company to issue the notes (described below under 2028 Convertible Notes and Related Capped Call Transactions) and incur indebtedness thereunder in an aggregate principal amount of up to $600 million at any time outstanding; (ii) permit the Company to enter into bond hedge and capped call transactions; (iii) permit the Company to issue call options, warrants or purchase rights relating to the Company’s common stock; provided, in each case, that the terms of any such transaction are customary for transactions of such type. On February 15, 2023, the Company entered into a second amendment (the “Second Amendment”) to the 2021 Credit Agreement to, among other things: (i) increase the maximum borrowing capacity under the Revolving Credit Facility by $100 million from $400 million to $500 million, (ii) extend the maturity date for both the Revolving Credit Facility and the TLA Facility to February 15, 2028, (iii) allow for borrowings by the Company under the Revolving Credit Facility denominated in Euros, subject to a sublimit equal to 50% of the maximum borrowing capacity under the Revolving Credit Facility, (iv) replace the LIBOR-based reference interest rate option with a forward-looking term rate based on the secured overnight financing rate (SOFR) for the applicable interest period plus an adjustment of 0.10% per annum (“Adjusted Term SOFR”), and (v) add carveouts to certain negative covenants included within the 2021 Credit Agreement to permit the expansion of capacity in Ireland by the Company and incur indebtedness related thereto. The information provided below reflects the First Amendment and Second Amendment (collectively the “2023 Amendments”) described above. Details of our Long-term debt as of December 31, 2022 can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Revolving Credit Facility The Revolving Credit Facility matures on February 15, 2028. As of June 30, 2023, the Company had available borrowing capacity on the Revolving Credit Facility of $387.9 million after giving effect to $108.6 million of outstanding borrowings and $3.5 million of outstanding standby letters of credit. Borrowings under the Revolving Credit Facility will bear interest at a rate of Adjusted Term SOFR, in relation to any loan in U.S. dollars, and EURIBOR, in relation to any loan in Euros, plus a margin based on the Company’s Secured Net Leverage Ratio (as defined in the Senior Secured Credit Facilities agreement). In addition, the Company is required to pay a commitment fee on the unused portion of the Revolving Credit Facility, which will range between 0.15% and 0.25%, depending on the Company’s Secured Net Leverage Ratio. As of June 30, 2023, the weighted average interest rate on outstanding borrowings under the Revolving Credit Facility was 4.92% and the commitment fee on the unused portion of the Revolving Credit Facility was 0.18%. (6.)     DEBT (Continued) Term Loan Facilities The TLA Facility matures on February 15, 2028, and requires quarterly installments. The quarterly principal installments under the TLA Facility increase over the term of the loan. The interest rate terms for the TLA Facility are the same as those above for the Revolving Credit Facility borrowings in U.S. dollars. As of June 30, 2023, the interest rate on the TLA Facility was 6.70%. In February 2023, the Company used a portion of the proceeds from its notes offering (see 2028 Convertible Senior Notes and Related Capped Call Transactions) to settle in full principal and interest due under the TLB Facility. Deferred Debt Issuance Costs and Discounts The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility is as follows (in thousands): December 31, 2022 $ 2,387  Financing costs incurred 579  Write-off of deferred debt issuance costs (260) Amortization during the period (271) June 30, 2023 $ 2,435  The change in unamortized discount and deferred debt issuance costs related to the Term Loan Facilities is as follows (in thousands): Deferred Debt Issuance Costs Unamortized Discount on TLB Facility Total December 31, 2022 $ 4,569  $ 1,408  $ 5,977  Financing costs incurred 418  —  418  Write-off of deferred debt issuance costs and unamortized discount (2,780) (1,391) (4,171) Amortization during the period (249) (17) (266) June 30, 2023 $ 1,958  $ —  $ 1,958  Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. In connection with the 2023 Amendments, the Company incurred and capitalized an aggregate of $1.0 million of debt issuance costs. In connection with the 2023 Amendments, for each separate debt instrument on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Based on this assessment, $3.8 million of unamortized deferred debt issuance costs related to the Revolving Credit Facility and TLA Facility were deemed to be related to the issuance of new debt, or the modification of existing debt, and therefore will continue to be deferred and amortized over the term of the associated debt. The remaining $0.6 million of unamortized deferred debt issuance costs related to the Revolving Credit Facility and TLA Facility were deemed to be related to the extinguishment of debt and were expensed and included in Interest expense during the six months ended June 30, 2023. Additionally, in connection with the full repayment of the TLB Facility, the Company incurred a $3.8 million loss on extinguishment of debt from the write-off of the remaining deferred debt issuance costs and original issue discount, which were expensed and included in Interest expense during the six months ended June 30, 2023. Covenants The Senior Secured Credit Facilities agreement contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of the lenders under the Revolving Credit Facility and the TLA Facility, which require that (i) the Company maintain a Total Net Leverage Ratio not to exceed 5.50:1.00 (stepping down to 5.00:1.00 for the third fiscal quarter of 2023 through maturity and subject to increase in certain circumstances following qualified acquisitions, but shall not exceed 5.50:1.00) and (ii) the Company maintain an interest coverage ratio of at least 2.50:1.00. As of June 30, 2023, the Company was in compliance with these financial covenants. (6.)     DEBT (Continued) Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2023 and through maturity, excluding any discounts or premiums, as of June 30, 2023 are as follows (in thousands): Remainder of 2023 2024 2025 2026 2027 After 2027 Future minimum principal payments $ —  $ 10,000  $ 17,500  $ 27,500  $ 30,000  $ 416,140  2028 Convertible Senior Notes and Related Capped Call Transactions In February of 2023, the Company issued $500 million aggregate principal amount of Convertible Senior Notes due in 2028 (“2028 Notes”) in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $65 million principal amount of the 2028 Notes. The 2028 Notes mature on February 15, 2028 and bear interest at a fixed rate of 2.125% per annum, payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2023. The total net proceeds from the issuance of the 2028 Notes (which includes the additional proceeds from the purchasers’ option), after deducting initial purchasers' discounts and commissions and debt issuance costs, were approximately $485 million. Conversion and Redemption Terms of the 2028 Notes Each $1,000 principal amount of the 2028 Notes is initially convertible into 11.4681 shares of the Company’s common stock (the “2028 Conversion Option”), which is equivalent to an initial conversion price of approximately $87.20 per share of common stock, subject to standard anti-dilutive adjustments and adjustments upon the occurrence of specified events. The initial conversion price represents a premium of approximately 32.5% to the $65.81 per share closing price of the Company’s common stock on January 31, 2023. The 2028 Notes are convertible, in multiples of $1,000 principal amount, at the option of the holders prior to the close of business on the business day immediately preceding November 15, 2027, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the Indenture governing the 2028 Notes) per $1,000 principal amount of the 2028 Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2028 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2028 Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the 2028 Notes will be settled in cash up to the aggregate principal amount of the 2028 Notes to be converted, and in cash, shares of the Company’s common stock or a combination thereof, at the Company’s option, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2028 Notes being converted. If the Company undergoes a fundamental change (as defined in the indenture governing the 2028 Notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2028 Notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period. As of June 30, 2023, the conditions allowing holders of the Convertible Notes to convert had not been met and, therefore, the Convertible Notes are classified as a long-term liability on the Condensed Consolidated Balance Sheets at June 30, 2023. (6.)     DEBT (Continued) The Company may not redeem the 2028 Notes prior to February 20, 2026. The Company may redeem for cash all or any portion of the 2028 Notes, at its option, on or after February 20, 2026 and prior to February 15, 2028, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes. Seniority of the 2028 Notes The 2028 Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2028 Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. Indenture The Company issued the Notes pursuant to an indenture dated as of February 3, 2023 (the “Indenture”) by and between the Company and Wilmington Trust, National Association, as trustee. The Indenture provides for customary events of default, which include (subject in certain cases to grace and cure periods), among others: nonpayment of principal or interest; failure by the Company to comply with its conversion obligations upon exercise of a holder’s conversion right under the Indenture; breach of covenants or other agreements in the Indenture; defaults by the Company or any significant subsidiary (as defined in the Indenture) with respect to other indebtedness in excess of a threshold amount; failure by the Company or any significant subsidiary to pay final judgments in excess of a threshold amount; and the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to the Company or any significant subsidiary. Generally, if an event of default occurs and is continuing under the Indenture, either the Indenture trustee or the holders of at least 25% in aggregate principal amount of the 2028 Notes then outstanding may declare the principal amount plus accrued and unpaid interest on the Notes to be immediately due and payable. Covenants The 2028 Notes do not contain financial maintenance covenants. Deferred Debt Issuance Costs and Discounts The 2028 Notes are accounted for as a single liability measured at amortized cost. The discount and issuance costs related to the 2028 Notes are being amortized to interest expense over the contractual term of the 2028 Notes at an effective interest rate of 2.76%. Fair Value of the 2028 Notes The estimated fair value of the 2028 Notes was approximately $593 million as of June 30, 2023. The estimated fair value of the 2028 Notes was determined through consideration of quoted market prices. The fair value of the 2028 Notes are categorized in Level 2 of the fair value hierarchy. Capped Call Transactions In connection with the issuance of the 2028 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions. The Capped Calls are expected generally to reduce the potential dilution to the Company’s common stock in connection with any conversion of the 2028 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2028 Notes, as the case may be, with such reduction and/or offset subject to a cap based on strike price of written warrants. The initial upper strike price of the Capped Calls is $108.59 per share and is subject to certain adjustments under the terms of the Capped Calls. The Capped Calls cover, subject to anti-dilution adjustments, approximately 5.7 million shares of the Company’s common stock, the same number of shares initially underlying the 2028 Notes. For accounting purposes, the Capped Calls are separate transactions, and not integrated with the issuance of the 2028 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The 2028 Notes and the Capped Calls will be integrated for tax purposes. The accounting impact of this tax treatment results in the Capped Calls being deductible as original issue discount for tax purposes over the term of the 2028 Notes, which generates an $8.8 million deferred tax asset recognized through equity. The cost to the Company of the Capped Calls was $35 million, which was recorded, net of tax, as a reduction to additional paid-in capital.

v3.23.2

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company maintains certain stock-based compensation plans that were approved by the Company’s stockholders and are administered by the Board of Directors (the “Board”) or the Compensation and Organization Committee of the Board. The stock-based compensation plans provide for the granting of stock options, restricted stock awards, performance awards, time-based restricted stock units (“RSUs”), performance-based RSUs (“PRSUs”), stock appreciation rights and stock bonuses to employees, non-employee directors, consultants, and service providers. Stock-based Compensation Expense The components and classification of stock-based compensation expense were as follows (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 RSUs and PRSUs $ 5,501  $ 5,956  $ 11,603  $ 10,951  Total stock-based compensation expense $ 5,501  $ 5,956  $ 11,603  $ 10,951  Cost of sales $ 1,155  $ 837  $ 2,262  $ 1,606  Selling, general and administrative 4,085  4,308  8,550  7,853  Research, development and engineering 259  338  728  663  Restructuring and other charges 2  473  63  829  Total stock-based compensation expense $ 5,501  $ 5,956  $ 11,603  $ 10,951  Stock Options The following table summarizes the Company’s stock option activity for the six month period ended June 30, 2023: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value (In Millions) Outstanding at December 31, 2022 240,622  $ 38.51  Exercised (68,821) 38.92  Outstanding and exercisable at June 30, 2023 171,801  $ 38.35  3.3 $ 8.1  Time-Based Restricted Stock Units Most RSUs granted to employees during the six months ended June 30, 2023 vest over a period of three years from the grant date, subject to the recipient’s continuous service to the Company. RSUs are issued to members of the Board as a portion of their annual retainer and vest quarterly over a period of one year. The grant-date fair value of all time-based RSUs is equal to the closing market price of Integer common stock on the date of grant. The following table summarizes RSU activity for the six month period ended June 30, 2023: Time-Vested Activity Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 291,929  $ 77.58  Granted 230,782  75.74  Vested (100,648) 79.20  Forfeited (40,091) 71.21  Nonvested at June 30, 2023 381,972  $ 76.71  (7.)     STOCK-BASED COMPENSATION (Continued) Performance-Based Restricted Stock Units For the Company’s PRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of financial and market-based performance conditions over three year performance periods. The financial performance conditions are based on the Company’s sales targets. The market-based performance conditions are based on the Company’s achievement of a relative total shareholder return performance requirement, on a percentile basis, compared to a defined group of peer companies, or contingent upon achieving specified stock price milestones over a five year performance period. The following table summarizes PRSU activity for the six month period ended June 30, 2023: Performance- Vested Activity Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 263,906  $ 90.29  Granted 105,757  74.32  Vested (24,427) 107.26  Forfeited (62,396) 83.39  Nonvested at June 30, 2023 282,840  $ 84.38  The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market-based performance conditions. The grant-date fair value of all other PRSUs is equal to the closing market price of Integer common stock on the date of grant. The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:   Six Months Ended   June 30, 2023 July 1, 2022 Weighted average fair value $ 74.29  $ 97.58  Risk-free interest rate 3.79  % 1.58  % Expected volatility 46  % 42  % Expected life (in years) 3.0 3.9 Expected dividend yield —  % —  % The valuation of the market-based PRSUs granted during 2023 and 2022 also reflects a weighted average illiquidity discount of 11.23% and 9.25%, respectively, related to the six-month period that recipients are restricted from selling, transferring, pledging or assigning the underlying shares, in the event of vesting.

v3.23.2

RESTRUCTURING AND OTHER CHARGES	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND OTHER CHARGES	RESTRUCTURING AND OTHER CHARGES The Company continuously evaluates the business and identifies opportunities to realign its resources to better serve its customers and markets, improve operational efficiency and capabilities, and lower its operating costs or improve profitability. To realize the benefits associated with these opportunities, the Company undertakes restructuring-type activities to transform its business. The Company incurs costs associated with these activities, which primarily include exit and disposal costs and other costs directly related to the restructuring initiative. Exit and disposal costs (“restructuring charges”) are expensed as incurred in accordance with ASC 420, Exit or Disposal Cost Obligations, and are classified within Restructuring and other charges, while other costs directly related to the restructuring initiatives (“restructuring-related charges”) are classified within Cost of sales, Selling, general and administrative, and Research, development and engineering expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, from time to time, the Company incurs costs associated with acquiring and integrating businesses, and certain other general expenses, including asset impairments. The Company classifies costs associated with these items within Restructuring and other charges in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Restructuring and other charges comprise the following (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Restructuring charges $ 936  $ (5) $ 2,000  $ 1,098  Acquisition and integration costs 556  3,333  938  5,269  Other general expenses 26  205  109  501  Total restructuring and other charges $ 1,518  $ 3,533  $ 3,047  $ 6,868  The following table comprises restructuring and restructuring-related charges by classification in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Restructuring charges: Restructuring and other charges $ 936  $ (5) $ 2,000  $ 1,098  Restructuring-related expenses(a): Cost of sales 516  179  693  334  Selling, general and administrative 1,346  384  1,587  702  Research, development and engineering 318  326  641  503  Total restructuring and restructuring-related charges $ 3,116  $ 884  $ 4,921  $ 2,637  __________ (a) Restructuring-related expenses primarily include retention bonuses and consulting expenses. (8.)     RESTRUCTURING AND OTHER CHARGES (Continued) Restructuring programs Operational excellence initiatives The Company’s operational excellence initiatives mainly consist of costs associated with executing on its sales force, manufacturing, business process and performance excellence operational strategic imperatives. These projects focus on changing the Company’s organizational structure to match product line growth strategies and customer needs, transitioning its manufacturing process into a competitive advantage and standardizing and optimizing its business processes. Strategic reorganization and alignment The Company’s strategic reorganization and alignment initiatives primarily include those that align resources with market conditions and the Company’s strategic direction in order to enhance the profitability of its portfolio of products. Manufacturing alignment to support growth In 2022, the Company commenced initiatives designed to reduce costs and improve operating efficiencies by relocating certain manufacturing operations. The following table summarizes the activity for restructuring reserves (in thousands): Operational excellence initiatives Strategic reorganization and alignment Manufacturing alignment to support growth Total December 31, 2022 $ 232  $ 2,134  $ —  $ 2,366  Charges incurred, net of reversals 710  979  311  2,000  Cash payments (833) (2,170) —  (3,003) June 30, 2023 $ 109  $ 943  $ 311  $ 1,363  Acquisition and integration Acquisition and integration costs primarily consist of professional fees and other costs related to business acquisitions. During the six months ended June 30, 2023 and July 1, 2022, acquisition and integration costs of $0.9 million and $5.3 million, respectively, included expenses primarily related to the acquisitions of Oscor and Aran. Acquisition and integration costs for the six months ended June 30, 2023 and July 1, 2022, included a benefit of $0.3 million and expense of $0.1 million, respectively, to adjust the fair value of acquisition-related contingent consideration liabilities. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information related to the fair value measurement of the contingent consideration. Other general expenses During the six months ended June 30, 2023 and July 1, 2022, the Company recorded expenses related to other initiatives not described above, which relate primarily to integration and operational initiatives to reduce future costs and improve efficiencies.

v3.23.2

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate. The Company’s effective tax rate for the second quarter of 2023 was 19.8% on $29.9 million of income before taxes compared to 14.7% on $24.4 million of income before taxes for the same period in 2022. The Company’s effective tax rate for the six months ended June 30, 2023 was 19.3% on $45.9 million of income before taxes compared to 16.1% on $38.4 million of income before taxes for the same period of 2022. The difference between the Company’s effective tax rates and the U.S. federal statutory income tax rate of 21% for the second quarter and first six months of 2023 and 2022 is due principally to the net impact of the Company’s earnings outside the U.S., which are generally taxed at rates that differ from the U.S federal rate, the Global Intangible Low-Taxed Income (“GILTI”) tax, the Foreign Derived Intangible Income (“FDII”) deduction, the availability of tax credits, and the recognition of certain discrete tax items. For the second quarter and first six months of 2023, the Company recorded discrete tax expense of $0.4 million and $0.5 million, respectively. The Company did not record discrete tax expense for the second quarter of 2022 and recorded discrete tax expense of $0.5 million for the first six months of 2022. The discrete tax expense for the second quarter and first six months of 2023 is predominately related to unfavorable return to provision adjustments attributable to certain foreign tax returns filed during the quarter. The remainder of the discrete tax amounts relate predominately to excess tax benefits recognized upon vesting of RSUs during those periods partially offset by tax expense from shortfalls recorded for the forfeiture of certain PRSUs. The discrete tax amounts for the second quarter and first six months of 2022 are predominately related to tax expense on shortfalls recorded for the forfeiture of certain PRSUs, partially offset by excess tax benefits recognized upon vesting of RSUs during those periods. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. As of June 30, 2023, the Company had unrecognized tax benefits of approximately $8.0 million, of which approximately $7.9 million would favorably impact the effective tax rate, net of federal benefit on state issues, if recognized. As of June 30, 2023, the Company believes it is reasonably possible that a reduction of approximately $1.9 million of the balance of unrecognized tax benefits may occur within the next 12 months as a result of various statute expirations, audit closures, and/or tax settlements.

v3.23.2

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contingent Consideration Arrangements The Company records contingent consideration liabilities related to the earn-out provisions for certain acquisitions. See Note 13 “Financial Instruments and Fair Value Measurements” for additional information. Litigation The Company is subject to litigation arising from time to time in the ordinary course of its business. The Company does not expect that the ultimate resolution of any pending legal actions will have a material effect on its consolidated results of operations, financial position, or cash flows. However, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which the Company currently believes to be immaterial, will not become material in the future. Product Warranties The Company generally warrants that its products will meet customer specifications and will be free from defects in materials and workmanship. The product warranty liability is presented within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The change in product warranty liability comprised the following (in thousands): December 31, 2022 $ 77  Additions to warranty reserve, net of reversals 7  June 30, 2023 $ 84

v3.23.2

EARNINGS PER SHARE (“EPS”)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE (“EPS”)	EARNINGS PER SHARE (“EPS”) The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Numerator for basic and diluted EPS: Net income $ 23,971  $ 20,836  $ 37,036  $ 32,203  Denominator for basic and diluted EPS: Weighted average shares outstanding - Basic 33,312  33,111  33,285  33,101  Dilutive effect of share-based awards 374  239  346  225  Weighted average shares outstanding - Diluted 33,686  33,350  33,631  33,326  Basic EPS $ 0.72  $ 0.63  $ 1.11  $ 0.97  Diluted EPS $ 0.71  $ 0.62  $ 1.10  $ 0.97  The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 RSUs —  5  2  4  PRSUs 83  165  108  165  The dilutive effect for the Company's 2028 Notes is calculated using the if-converted method. The Company is required, pursuant to the Indenture governing the 2028 Notes, to settle the principal amount of the 2028 Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2028 Notes are converted. Because the average closing price of the Company's common stock for the three months ended June 30, 2023, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $87.20, all associated shares were antidilutive. In connection with the issuance of the 2028 Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions. The Capped Calls cover, subject to anti-dilution adjustments substantially similar to those in the 2028 Notes, approximately 5.7 million shares of the Company's common stock, the same number of shares initially underlying the 2028 Notes, at a strike price of approximately $108.59, subject to certain adjustments under the terms of the Capped Calls. The Capped Calls will expire upon the maturity of the 2028 Notes, subject to earlier exercise or termination. Exercise of the Capped Calls would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive. See Note 6 “Debt” for additional information related to 2028 Notes and Capped Calls.

v3.23.2

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Common Stock The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended June 30, 2023 and July 1, 2022: Six Months Ended June 30, 2023 July 1, 2022 Shares outstanding at beginning of period 33,169,778  33,063,336  Stock options exercised 58,413  —  Vesting of RSUs, net of shares withheld to cover taxes 79,889  58,497  Shares outstanding at end of period 33,308,080  33,121,833  Accumulated Other Comprehensive Income Accumulated other comprehensive income (“AOCI”) comprises the following (in thousands): Defined Benefit Plan Liability Cash Flow Hedges Foreign Currency Translation Adjustment Total Pre-Tax Amount Tax Net-of-Tax Amount March 31, 2023 $ (346) $ 3,927  $ 12,075  $ 15,656  $ (690) $ 14,966  Unrealized gain on cash flow hedges —  2,126  —  2,126  (447) 1,679  Realized gain on foreign currency hedges —  (1,318) —  (1,318) 277  (1,041) Realized gain on interest rate swap hedge —  (675) —  (675) 142  (533) Foreign currency translation loss —  —  (2,901) (2,901) —  (2,901) June 30, 2023 $ (346) $ 4,060  $ 9,174  $ 12,888  $ (718) $ 12,170  December 31, 2022 $ (346) $ 1,760  $ 4,150  $ 5,564  $ (235) $ 5,329  Unrealized gain on cash flow hedges —  5,572  —  5,572  (1,170) 4,402  Realized gain on foreign currency hedges —  (2,010) —  (2,010) 422  (1,588) Realized gain on interest rate swap hedge —  (1,262) —  (1,262) 265  (997) Foreign currency translation gain —  —  5,024  5,024  —  5,024  June 30, 2023 $ (346) $ 4,060  $ 9,174  $ 12,888  $ (718) $ 12,170  April 1, 2022 $ (890) $ 1,170  $ 21,833  $ 22,113  $ (76) $ 22,037  Unrealized loss on cash flow hedges —  (291) —  (291) 61  (230) Realized gain on foreign currency hedges —  (295) —  (295) 62  (233) Realized loss on interest rate swap hedge —  526  —  526  (110) 416  Foreign currency translation loss —  —  (27,274) (27,274) —  (27,274) July 1, 2022 $ (890) $ 1,110  $ (5,441) $ (5,221) $ (63) $ (5,284) December 31, 2021 $ (890) $ (2,291) $ 29,720  $ 26,539  $ 651  $ 27,190  Unrealized gain on cash flow hedges —  2,565  —  2,565  (539) 2,026  Realized gain on foreign currency hedges —  (457) —  (457) 96  (361) Realized loss on interest rate swap hedge —  1,293  —  1,293  (271) 1,022  Foreign currency translation loss —  —  (35,161) (35,161) —  (35,161) July 1, 2022 $ (890) $ 1,110  $ (5,441) $ (5,221) $ (63) $ (5,284)

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments and contingent consideration. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis. The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates, and may use derivatives to manage these exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets. The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands): Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2023 Assets: Foreign currency hedging contracts $ 4,060  $ —  $ 4,060  $ —  Liabilities: Contingent consideration 555  —  —  555  December 31, 2022 Assets: Interest rate swap $ 1,262  $ —  $ 1,262  $ —  Assets: Foreign currency hedging contracts 521  —  521  —  Liabilities: Foreign currency hedging contracts 23  23  Liabilities: Contingent consideration 11,756  —  —  11,756  Derivatives Designated as Hedging Instruments Interest Rate Swaps The Company may periodically enter into interest rate swap agreements in order to reduce the cash flow risk caused by interest rate changes on its outstanding floating rate borrowings. Under these swap agreements, the Company pays a fixed rate of interest and receives a floating rate. The Company had no outstanding interest rate swaps as of June 30, 2023. Information regarding the Company’s outstanding interest rate swap, designated as a cash flow hedge, as of December 31, 2022 is as follows (dollars in thousands): Notional Amount Maturity Date Pay Fixed Rate Receive Current Floating Rate Fair Value Balance Sheet Location $ 100,000  Jun 2023 2.1785  % 4.3869  % $ 1,262  Prepaid expenses and other current assets (13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Foreign Currency Contracts The Company periodically enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate fluctuations in its international operations. The Company has designated these foreign currency forward contracts as cash flow hedges. Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of June 30, 2023 is as follows (dollars in thousands): Notional Amount Maturity Date $/Foreign Currency Fair Value Balance Sheet Location $ 18,289  Dec 2023 0.0481 MXN Peso $ 3,436  Prepaid expenses and other current assets 40,377  Dec 2023 1.0796 Euro 624  Prepaid expenses and other current assets Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2022 is as follows (dollars in thousands): Notional Amount Maturity Date $/Foreign Currency Fair Value Balance Sheet Location $ 37,175  Dec 2023 0.0489 MXN Peso $ 504  Prepaid expenses and other current assets 2,685  Mar 2023 0.0249 UYU Peso 17  Prepaid expenses and other current assets 17,309  Mar 2023 1.0751 Euro (23) Accrued expenses and other current liabilities The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and July 1, 2022 (in thousands): Three Months Ended June 30, 2023 July 1, 2022 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Sales $ 400,044  $ (83) $ 350,081  $ (371) Cost of sales 294,240  1,384  257,184  554  Operating expenses 64,228  17  60,190  112  Interest expense 11,459  675  7,773  (526) Six Months Ended June 30, 2023 July 1, 2022 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Sales $ 778,829  $ (134) $ 660,993  $ (425) Cost of sales 576,352  2,092  486,621  746  Operating expenses 126,735  52  119,168  136  Interest expense 28,713  1,262  13,741  (1,293) (13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Unrealized Gain (Loss) Recognized in OCI Realized Gain (Loss) Reclassified from AOCI Three Months Ended Location in Statements of Operations and Comprehensive  Income (Loss) Three Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Interest rate swap $ 6  $ 702  Interest expense $ 675  $ (526) Foreign exchange contracts 364  (1,167) Sales (83) (371) Foreign exchange contracts 1,739  96  Cost of sales 1,384  554  Foreign exchange contracts 17  78  Operating expenses 17  112  Six Months Ended Location in Statements of Operations and Comprehensive  Income (Loss) Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Interest rate swap $ —  $ 2,526  Interest expense $ 1,262  $ (1,293) Foreign exchange contracts 513  (1,681) Sales (134) (425) Foreign exchange contracts 5,014  1,365  Cost of sales 2,092  746  Foreign exchange contracts 45  355  Operating expenses 52  136  The Company expects to reclassify net gains totaling $4.1 million related to its cash flow hedges from AOCI into earnings during the next twelve months. Net Investment Hedges The Company has foreign-denominated long-term debt balances that qualify as net investment hedges. Changes in the value of these net investment hedges due to foreign currency gains or losses are deferred as foreign currency translation adjustments in Other comprehensive income (loss) on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and will remain in Accumulated other comprehensive income (loss) until the hedged investment is sold or substantially liquidated. We evaluate the effectiveness of the net investment hedges each quarter. As of June 30, 2023, the Company had a €100 million borrowing on the Revolving Credit Facility that was designated as a net investment hedge on a portion of the Company’s net investments in certain of its entities with functional currencies denominated in the Euro. There were no net investment hedges outstanding at December 31, 2022. Derivatives Not Designated as Hedging Instruments The Company also has foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. To minimize foreign currency exposure, the Company enters into foreign currency contracts with a one month maturity. At June 30, 2023 and December 31, 2022, the Company had total gross notional amounts of $15.0 million and $12.0 million, respectively, of foreign currency contracts outstanding that were not designated as hedges. The fair value of derivatives not designated as hedges was not material for any period presented. Net gains/losses on foreign currency contracts not designated as hedging instruments are included in Other loss, net on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company recorded net losses of approximately $0.1 million for the three and six months ended June 30, 2023, compared to gains of $0.4 million and $0.7 million, respectively, for the three and six months ended July 1, 2022, respectively. Each of the foreign currency contracts not designated as hedging instruments will have approximately offsetting effects from the underlying intercompany loans subject to foreign exchange remeasurement. (13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Contingent Consideration The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2023 and July 1, 2022 (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Fair value measurement at beginning of period $ 11,732  $ 1,976  $ 11,756  $ 2,415  Amount recorded for current year acquisitions —  7,375  —  7,375  Fair value measurement adjustment —  —  (265) 54  Payments (11,177) —  (11,177) (493) Foreign currency translation —  (279) 241  (279) Fair value measurement at end of period $ 555  $ 9,072  $ 555  $ 9,072  On October 7, 2019, the Company acquired certain assets and liabilities of US BioDesign, LLC (“USB”), a privately-held developer and manufacturer of complex braided biomedical structures for disposable and implantable medical devices. As of June 30, 2023 and December 31, 2022, the Company assessed the probability of meeting the required revenue threshold as unlikely and determined the fair value of the contingent consideration liability relating to the acquisition of USB was zero. The final earnout period under the asset purchase agreement for USB ends on December 31, 2023. During the six months ended July 1, 2022, the Company made a $0.5 million payment associated with the USB acquisition, resulting from achievement of revenue-based goals for the period from January 1, 2021 to December 31, 2021. On February 19, 2020, the Company acquired certain assets and liabilities of InoMec Ltd. (“InoMec”), a privately-held company based in Israel that specializes in the research, development and manufacturing of medical devices, including minimally invasive tools, delivery systems, tubing and catheters, surgery tools, drug-device combination, laser combined devices, and tooling and production. As of June 30, 2023 and December 31, 2022, the fair value of the contingent consideration liability relating to the acquisition of InoMec was $0.6 million and $1.1 million, respectively. During the six months ended June 30, 2023, the Company made a $0.3 million payment associated with the InoMec acquisition, resulting from achievement of revenue-based goals for the period from March 1, 2022 to February 28, 2023. The final earnout period under the asset purchase agreement for InoMec ends on February 29, 2024. The remaining maximum potential undiscounted payout for the contingent consideration liability relating to the acquisition of InoMec is $0.9 million. On April 6, 2022, the Company acquired Aran. See Note 2 “Business Acquisitions” for additional information about the Aran acquisition and related contingent consideration. During the six months ended June 30, 2023, the Company made a $10.9 million payment associated with the final earnout period under the asset purchase agreement for Aran, resulting from achievement of the maximum revenue-based goals for the year ended December 31, 2022. As of December 31, 2022, the fair value of the contingent consideration liability relating to the acquisition of Aran was $10.9 million. The contingent consideration at June 30, 2023 is the estimated fair value of the Company’s remaining obligations under the asset purchase agreements for InoMec and USB. As of June 30, 2023, contingent consideration liabilities of $0.6 million are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the current portion of contingent consideration liabilities included in Accrued expenses and other current liabilities was $11.2 million and the non-current portion included in Other long-term liabilities was $0.6 million. (13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items. Borrowings under the Company’s Revolving Credit Facility and TLA Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments. Equity Investments The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets. Equity investments comprise the following (in thousands): June 30, 2023 December 31, 2022 Equity method investment $ 8,231  $ 8,252  Non-marketable equity securities 5,637  5,637  Total equity investments $ 13,868  $ 13,889  The components of (Gain) loss on equity investments for each period were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Equity method investment (gain) loss $ (134) $ 320  $ 21  $ 2,724  The Company’s equity method investment is in a venture capital fund focused on investing in life sciences companies. As of June 30, 2023, the Company owned 7.4% of this fund.

v3.23.2

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company organizes its business into two reportable segments: (1) Medical and (2) Non-Medical. This segment structure reflects the financial information and reports used by the Company’s management, specifically its Chief Operating Decision Maker, to make decisions regarding the Company’s business, including resource allocations and performance assessments. This segment structure reflects the Company’s current operating focus in compliance with ASC 280, Segment Reporting. For purposes of segment reporting, intercompany sales between segments are not material. The following table presents sales by product line (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Segment sales by product line: Medical Cardio & Vascular $ 208,494  $ 180,604  $ 399,697  $ 339,641  Cardiac Rhythm Management & Neuromodulation 153,411  135,945  298,550  259,269  Advanced Surgical, Orthopedics & Portable Medical 27,206  23,285  55,130  42,951  Total Medical 389,111  339,834  753,377  641,861  Non-Medical 10,933  10,247  25,452  19,132  Total sales $ 400,044  $ 350,081  $ 778,829  $ 660,993  The following table presents income for the Company’s reportable segments (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Segment income: Medical $ 68,497  $ 54,580  $ 123,303  $ 98,728  Non-Medical 278  1,625  4,304  2,290  Total segment income 68,775  56,205  127,607  101,018  Unallocated operating expenses (27,199) (23,498) (51,865) (45,814) Operating income 41,576  32,707  75,742  55,204  Unallocated expenses, net (11,684) (8,284) (29,853) (16,833) Income before taxes $ 29,892  $ 24,423  $ 45,889  $ 38,371

v3.23.2

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. For a summary by disaggregated product line sales for each segment, refer to Note 14, “Segment Information.” Revenue recognized from products and services transferred to customers over time represented 27% of total revenue for the three and six months ended June 30, 2023, compared to 32% and 31%, respectively, for the three and six months ended July 1, 2022. Substantially all of the revenue recognized from products and services transferred to customers over time during the periods presented was within the Medical segment. The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues. Three Months Ended June 30, 2023 July 1, 2022 Customer Medical Non-Medical   Medical Non-Medical Customer A 17% * 18% * Customer B 17% * 17% * Customer C 13% * 14% * Customer D * 20% * 42% All other customers 53% 80% 51% 58% Six Months Ended June 30, 2023 July 1, 2022 Customer Medical Non-Medical Medical Non-Medical Customer A 18% * 18% * Customer B 17% * 17% * Customer C 13% * 14% * Customer D * 21% * 37% All other customers 52% 79% 51% 63% __________ * Less than 10% of segment’s total revenues for the period. (15.)    REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued) The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped. Three Months Ended June 30, 2023 July 1, 2022 Ship to Location Medical Non-Medical   Medical Non-Medical United States 54% 64% 52% 71% Canada * 12% * * All other countries 46% 24% 48% 29% Six Months Ended June 30, 2023 July 1, 2022 Ship to Location Medical Non-Medical Medical Non-Medical United States 54% 62% 51% 67% Canada * 11% * * All other countries 46% 27% 49% 33% __________ * Less than 10% of segment’s total revenues for the period. Contract Balances The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands): June 30, 2023 December 31, 2022 Contract assets $ 80,010  $ 71,927  Contract liabilities 8,777  5,616  During the three and six months ended June 30, 2023, the Company recognized $1.3 million and $2.7 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2022. During the three and six months ended July 1, 2022, the Company recognized $0.8 million and $1.7 million, respectively, of revenue that was included in the contract liability balance as of December 31, 2021.

v3.23.2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Pay vs Performance Disclosure
Net income	$ 23,971	$ 20,836	$ 37,036	$ 32,203

v3.23.2

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.23.2

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Interim Basis of Accounting	In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. The results for interim periods are not necessarily indicative of results or trends that may be expected for the fiscal year as a whole. The condensed consolidated financial statements were prepared using U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, certain components of equity, sales, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ materially from these estimates.
Trade Accounts Receivable - Factoring Arrangements	Trade Accounts Receivable - Factoring ArrangementsIn the second quarter of 2023, the Company entered into a receivables factoring arrangement, pursuant to which certain receivables may be sold to a financial institution without recourse in exchange for cash. Transactions under the receivables factoring arrangement are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet. Under this arrangement, the Company does not maintain any beneficial interest in the receivables sold. Once sold, the receivables are no longer available to satisfy creditors in the event of bankruptcy. Sale proceeds are reflected in Cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Factoring fees are recorded in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The Company evaluated all recent accounting pronouncements issued, including those that are currently effective, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, that are of significance, or potential significance, to the Company.
Income Taxes	The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including discrete items, changes in the mix and amount of pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, business reorganizations, settlements with taxing authorities and foreign currency fluctuations. In addition, the Company continues to explore tax planning opportunities that may have a material impact on its effective tax rate.
Equity Investments	Equity Investments The Company holds long-term, strategic investments in companies to promote business and strategic objectives. These investments are included in Other long-term assets on the Condensed Consolidated Balance Sheets.

v3.23.2

BUSINESS ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Final Allocation of Purchase Consideration	The following table summarizes the final fair values of the assets acquired and liabilities assumed (in thousands): Fair value of net assets acquired Current assets $ 9,319  Property, plant and equipment 4,151  Goodwill 68,460  Definite-lived intangible assets 71,485  Operating lease assets 3,505  Other noncurrent assets 1,354  Current liabilities (4,370) Operating lease liabilities (3,258) Other noncurrent liabilities (9,377) Fair value of net assets acquired $ 141,269
Schedule of Business Acquisition, Pro Forma Information	These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. Three Months Ended July 1, 2022 Six Months Ended July 1, 2022 Sales $ 350,081  $ 666,356  Net income 22,101  34,228

v3.23.2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following is supplemental information relating to the Condensed Consolidated Statements of Cash Flows (in thousands): Six Months Ended June 30, 2023 July 1, 2022 Noncash investing and financing activities: Property, plant and equipment purchases included in accounts payable $ 9,059  $ 6,373  Supplemental lease disclosures: Assets acquired under operating leases 912  11,265

v3.23.2

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories comprise the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 102,280  $ 98,640  Work-in-process 112,887  98,188  Finished goods 13,764  11,938  Total $ 228,931  $ 208,766

v3.23.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2023 were as follows (in thousands): Medical Non- Medical Total December 31, 2022 $ 965,192  $ 17,000  $ 982,192  Foreign currency translation 3,790  —  3,790  June 30, 2023 $ 968,982  $ 17,000  $ 985,982
Schedule of Finite-Lived Intangible Assets, Major Class	Intangible assets comprise the following (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2023 Definite-lived: Purchased technology and patents $ 284,921  $ (187,279) $ 97,642  Customer lists 829,550  (234,506) 595,044  Amortizing tradenames and other 21,012  (6,392) 14,620  Total amortizing intangible assets $ 1,135,483  $ (428,177) $ 707,306  Indefinite-lived: Trademarks and tradenames $ 90,288  December 31, 2022 Definite-lived: Purchased technology and patents $ 283,929  $ (178,844) $ 105,085  Customer lists 825,634  (216,546) 609,088  Amortizing tradenames and other 21,028  (5,600) 15,428  Total amortizing intangible assets $ 1,130,591  $ (400,990) $ 729,601  Indefinite-lived: Trademarks and tradenames $ 90,288
Schedule of Indefinite-Lived Intangible Assets	Intangible assets comprise the following (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2023 Definite-lived: Purchased technology and patents $ 284,921  $ (187,279) $ 97,642  Customer lists 829,550  (234,506) 595,044  Amortizing tradenames and other 21,012  (6,392) 14,620  Total amortizing intangible assets $ 1,135,483  $ (428,177) $ 707,306  Indefinite-lived: Trademarks and tradenames $ 90,288  December 31, 2022 Definite-lived: Purchased technology and patents $ 283,929  $ (178,844) $ 105,085  Customer lists 825,634  (216,546) 609,088  Amortizing tradenames and other 21,028  (5,600) 15,428  Total amortizing intangible assets $ 1,130,591  $ (400,990) $ 729,601  Indefinite-lived: Trademarks and tradenames $ 90,288
Schedule of Finite-Lived Intangible Assets, Amortization Expense	Aggregate intangible asset amortization expense comprises the following (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Cost of sales $ 4,037  $ 4,037  $ 8,014  $ 7,682  Selling, general and administrative expenses 9,070  8,248  18,017  16,207  Total intangible asset amortization expense $ 13,107  $ 12,285  $ 26,031  $ 23,889
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future intangible asset amortization expense based on the carrying value as of June 30, 2023 is as follows (in thousands): Remainder of 2023 2024 2025 2026 2027 After 2027 Amortization Expense $ 26,368  $ 51,803  $ 51,014  $ 49,189  $ 46,232  $ 482,700

v3.23.2

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt comprises the following (in thousands):   June 30, 2023 December 31, 2022 Principal Amount UnamortizedDiscounts and Issuance Costs Net Carrying Amount Principal Amount UnamortizedDiscounts and Issuance Costs Net Carrying Amount Senior Secured Credit Facilities: Revolving credit facilities $ 108,640  $ —  $ 108,640  $ 140,300  $ —  $ 140,300  Term loan A 392,500  (1,958) 390,542  455,313  (2,172) 453,141  Term loan B —  —  —  335,625  (3,805) 331,820  Convertible Senior Notes due 2028 500,000  (13,784) 486,216  —  —  —  Total $ 1,001,140  $ (15,742) $ 985,398  $ 931,238  $ (5,977) $ 925,261  Current portion of long-term debt (5,000) (18,188) Long-term debt $ 980,398  $ 907,073
Schedule of Deferred Financing Costs	Deferred Debt Issuance Costs and Discounts The change in deferred debt issuance costs related to the Company’s Revolving Credit Facility is as follows (in thousands): December 31, 2022 $ 2,387  Financing costs incurred 579  Write-off of deferred debt issuance costs (260) Amortization during the period (271) June 30, 2023 $ 2,435  The change in unamortized discount and deferred debt issuance costs related to the Term Loan Facilities is as follows (in thousands): Deferred Debt Issuance Costs Unamortized Discount on TLB Facility Total December 31, 2022 $ 4,569  $ 1,408  $ 5,977  Financing costs incurred 418  —  418  Write-off of deferred debt issuance costs and unamortized discount (2,780) (1,391) (4,171) Amortization during the period (249) (17) (266) June 30, 2023 $ 1,958  $ —  $ 1,958
Schedule of Maturities of Long-term Debt	Contractual maturities under the Senior Secured Credit Facilities for the remainder of 2023 and through maturity, excluding any discounts or premiums, as of June 30, 2023 are as follows (in thousands): Remainder of 2023 2024 2025 2026 2027 After 2027 Future minimum principal payments $ —  $ 10,000  $ 17,500  $ 27,500  $ 30,000  $ 416,140

v3.23.2

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs	The components and classification of stock-based compensation expense were as follows (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 RSUs and PRSUs $ 5,501  $ 5,956  $ 11,603  $ 10,951  Total stock-based compensation expense $ 5,501  $ 5,956  $ 11,603  $ 10,951  Cost of sales $ 1,155  $ 837  $ 2,262  $ 1,606  Selling, general and administrative 4,085  4,308  8,550  7,853  Research, development and engineering 259  338  728  663  Restructuring and other charges 2  473  63  829  Total stock-based compensation expense $ 5,501  $ 5,956  $ 11,603  $ 10,951
Schedule of Share-Based Compensation, Stock Options Activity	The following table summarizes the Company’s stock option activity for the six month period ended June 30, 2023: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value (In Millions) Outstanding at December 31, 2022 240,622  $ 38.51  Exercised (68,821) 38.92  Outstanding and exercisable at June 30, 2023 171,801  $ 38.35  3.3 $ 8.1
Schedule of Share-Based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes RSU activity for the six month period ended June 30, 2023: Time-Vested Activity Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 291,929  $ 77.58  Granted 230,782  75.74  Vested (100,648) 79.20  Forfeited (40,091) 71.21  Nonvested at June 30, 2023 381,972  $ 76.71  The following table summarizes PRSU activity for the six month period ended June 30, 2023: Performance- Vested Activity Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 263,906  $ 90.29  Granted 105,757  74.32  Vested (24,427) 107.26  Forfeited (62,396) 83.39  Nonvested at June 30, 2023 282,840  $ 84.38
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:   Six Months Ended   June 30, 2023 July 1, 2022 Weighted average fair value $ 74.29  $ 97.58  Risk-free interest rate 3.79  % 1.58  % Expected volatility 46  % 42  % Expected life (in years) 3.0 3.9 Expected dividend yield —  % —  %

v3.23.2

RESTRUCTURING AND OTHER CHARGES (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Charges	Restructuring and other charges comprise the following (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Restructuring charges $ 936  $ (5) $ 2,000  $ 1,098  Acquisition and integration costs 556  3,333  938  5,269  Other general expenses 26  205  109  501  Total restructuring and other charges $ 1,518  $ 3,533  $ 3,047  $ 6,868  The following table comprises restructuring and restructuring-related charges by classification in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands):   Three Months Ended Six Months Ended   June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Restructuring charges: Restructuring and other charges $ 936  $ (5) $ 2,000  $ 1,098  Restructuring-related expenses(a): Cost of sales 516  179  693  334  Selling, general and administrative 1,346  384  1,587  702  Research, development and engineering 318  326  641  503  Total restructuring and restructuring-related charges $ 3,116  $ 884  $ 4,921  $ 2,637  __________ (a) Restructuring-related expenses primarily include retention bonuses and consulting expenses.
Schedule of Changes in Restructuring Reserves	The following table summarizes the activity for restructuring reserves (in thousands): Operational excellence initiatives Strategic reorganization and alignment Manufacturing alignment to support growth Total December 31, 2022 $ 232  $ 2,134  $ —  $ 2,366  Charges incurred, net of reversals 710  979  311  2,000  Cash payments (833) (2,170) —  (3,003) June 30, 2023 $ 109  $ 943  $ 311  $ 1,363

v3.23.2

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The change in product warranty liability comprised the following (in thousands): December 31, 2022 $ 77  Additions to warranty reserve, net of reversals 7  June 30, 2023 $ 84

v3.23.2

EARNINGS PER SHARE (“EPS”) (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth a reconciliation of the information used in computing basic and diluted EPS (in thousands, except per share amounts):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Numerator for basic and diluted EPS: Net income $ 23,971  $ 20,836  $ 37,036  $ 32,203  Denominator for basic and diluted EPS: Weighted average shares outstanding - Basic 33,312  33,111  33,285  33,101  Dilutive effect of share-based awards 374  239  346  225  Weighted average shares outstanding - Diluted 33,686  33,350  33,631  33,326  Basic EPS $ 0.72  $ 0.63  $ 1.11  $ 0.97  Diluted EPS $ 0.71  $ 0.62  $ 1.10  $ 0.97
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 RSUs —  5  2  4  PRSUs 83  165  108  165

v3.23.2

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following is a summary of the number of shares of common stock issued, treasury stock and common stock outstanding for the six month periods ended June 30, 2023 and July 1, 2022: Six Months Ended June 30, 2023 July 1, 2022 Shares outstanding at beginning of period 33,169,778  33,063,336  Stock options exercised 58,413  —  Vesting of RSUs, net of shares withheld to cover taxes 79,889  58,497  Shares outstanding at end of period 33,308,080  33,121,833
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (“AOCI”) comprises the following (in thousands): Defined Benefit Plan Liability Cash Flow Hedges Foreign Currency Translation Adjustment Total Pre-Tax Amount Tax Net-of-Tax Amount March 31, 2023 $ (346) $ 3,927  $ 12,075  $ 15,656  $ (690) $ 14,966  Unrealized gain on cash flow hedges —  2,126  —  2,126  (447) 1,679  Realized gain on foreign currency hedges —  (1,318) —  (1,318) 277  (1,041) Realized gain on interest rate swap hedge —  (675) —  (675) 142  (533) Foreign currency translation loss —  —  (2,901) (2,901) —  (2,901) June 30, 2023 $ (346) $ 4,060  $ 9,174  $ 12,888  $ (718) $ 12,170  December 31, 2022 $ (346) $ 1,760  $ 4,150  $ 5,564  $ (235) $ 5,329  Unrealized gain on cash flow hedges —  5,572  —  5,572  (1,170) 4,402  Realized gain on foreign currency hedges —  (2,010) —  (2,010) 422  (1,588) Realized gain on interest rate swap hedge —  (1,262) —  (1,262) 265  (997) Foreign currency translation gain —  —  5,024  5,024  —  5,024  June 30, 2023 $ (346) $ 4,060  $ 9,174  $ 12,888  $ (718) $ 12,170  April 1, 2022 $ (890) $ 1,170  $ 21,833  $ 22,113  $ (76) $ 22,037  Unrealized loss on cash flow hedges —  (291) —  (291) 61  (230) Realized gain on foreign currency hedges —  (295) —  (295) 62  (233) Realized loss on interest rate swap hedge —  526  —  526  (110) 416  Foreign currency translation loss —  —  (27,274) (27,274) —  (27,274) July 1, 2022 $ (890) $ 1,110  $ (5,441) $ (5,221) $ (63) $ (5,284) December 31, 2021 $ (890) $ (2,291) $ 29,720  $ 26,539  $ 651  $ 27,190  Unrealized gain on cash flow hedges —  2,565  —  2,565  (539) 2,026  Realized gain on foreign currency hedges —  (457) —  (457) 96  (361) Realized loss on interest rate swap hedge —  1,293  —  1,293  (271) 1,022  Foreign currency translation loss —  —  (35,161) (35,161) —  (35,161) July 1, 2022 $ (890) $ 1,110  $ (5,441) $ (5,221) $ (63) $ (5,284)

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands): Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2023 Assets: Foreign currency hedging contracts $ 4,060  $ —  $ 4,060  $ —  Liabilities: Contingent consideration 555  —  —  555  December 31, 2022 Assets: Interest rate swap $ 1,262  $ —  $ 1,262  $ —  Assets: Foreign currency hedging contracts 521  —  521  —  Liabilities: Foreign currency hedging contracts 23  23  Liabilities: Contingent consideration 11,756  —  —  11,756  Information regarding the Company’s outstanding interest rate swap, designated as a cash flow hedge, as of December 31, 2022 is as follows (dollars in thousands): Notional Amount Maturity Date Pay Fixed Rate Receive Current Floating Rate Fair Value Balance Sheet Location $ 100,000  Jun 2023 2.1785  % 4.3869  % $ 1,262  Prepaid expenses and other current assets Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of June 30, 2023 is as follows (dollars in thousands): Notional Amount Maturity Date $/Foreign Currency Fair Value Balance Sheet Location $ 18,289  Dec 2023 0.0481 MXN Peso $ 3,436  Prepaid expenses and other current assets 40,377  Dec 2023 1.0796 Euro 624  Prepaid expenses and other current assets Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2022 is as follows (dollars in thousands): Notional Amount Maturity Date $/Foreign Currency Fair Value Balance Sheet Location $ 37,175  Dec 2023 0.0489 MXN Peso $ 504  Prepaid expenses and other current assets 2,685  Mar 2023 0.0249 UYU Peso 17  Prepaid expenses and other current assets 17,309  Mar 2023 1.0751 Euro (23) Accrued expenses and other current liabilities
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the effect of cash flow hedge derivative instruments on other comprehensive income (loss) (“OCI”), AOCI and the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and July 1, 2022 (in thousands): Three Months Ended June 30, 2023 July 1, 2022 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Sales $ 400,044  $ (83) $ 350,081  $ (371) Cost of sales 294,240  1,384  257,184  554  Operating expenses 64,228  17  60,190  112  Interest expense 11,459  675  7,773  (526) Six Months Ended June 30, 2023 July 1, 2022 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Sales $ 778,829  $ (134) $ 660,993  $ (425) Cost of sales 576,352  2,092  486,621  746  Operating expenses 126,735  52  119,168  136  Interest expense 28,713  1,262  13,741  (1,293) Unrealized Gain (Loss) Recognized in OCI Realized Gain (Loss) Reclassified from AOCI Three Months Ended Location in Statements of Operations and Comprehensive  Income (Loss) Three Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Interest rate swap $ 6  $ 702  Interest expense $ 675  $ (526) Foreign exchange contracts 364  (1,167) Sales (83) (371) Foreign exchange contracts 1,739  96  Cost of sales 1,384  554  Foreign exchange contracts 17  78  Operating expenses 17  112  Six Months Ended Location in Statements of Operations and Comprehensive  Income (Loss) Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Interest rate swap $ —  $ 2,526  Interest expense $ 1,262  $ (1,293) Foreign exchange contracts 513  (1,681) Sales (134) (425) Foreign exchange contracts 5,014  1,365  Cost of sales 2,092  746  Foreign exchange contracts 45  355  Operating expenses 52  136
Schedule of Estimated Fair Values for Contingent Consideration	The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2023 and July 1, 2022 (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Fair value measurement at beginning of period $ 11,732  $ 1,976  $ 11,756  $ 2,415  Amount recorded for current year acquisitions —  7,375  —  7,375  Fair value measurement adjustment —  —  (265) 54  Payments (11,177) —  (11,177) (493) Foreign currency translation —  (279) 241  (279) Fair value measurement at end of period $ 555  $ 9,072  $ 555  $ 9,072
Schedule of Equity Method Investments	Equity investments comprise the following (in thousands): June 30, 2023 December 31, 2022 Equity method investment $ 8,231  $ 8,252  Non-marketable equity securities 5,637  5,637  Total equity investments $ 13,868  $ 13,889  The components of (Gain) loss on equity investments for each period were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Equity method investment (gain) loss $ (134) $ 320  $ 21  $ 2,724

v3.23.2

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenue from Segments to Consolidated	The following table presents sales by product line (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Segment sales by product line: Medical Cardio & Vascular $ 208,494  $ 180,604  $ 399,697  $ 339,641  Cardiac Rhythm Management & Neuromodulation 153,411  135,945  298,550  259,269  Advanced Surgical, Orthopedics & Portable Medical 27,206  23,285  55,130  42,951  Total Medical 389,111  339,834  753,377  641,861  Non-Medical 10,933  10,247  25,452  19,132  Total sales $ 400,044  $ 350,081  $ 778,829  $ 660,993
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table presents income for the Company’s reportable segments (in thousands):   Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Segment income: Medical $ 68,497  $ 54,580  $ 123,303  $ 98,728  Non-Medical 278  1,625  4,304  2,290  Total segment income 68,775  56,205  127,607  101,018  Unallocated operating expenses (27,199) (23,498) (51,865) (45,814) Operating income 41,576  32,707  75,742  55,204  Unallocated expenses, net (11,684) (8,284) (29,853) (16,833) Income before taxes $ 29,892  $ 24,423  $ 45,889  $ 38,371

v3.23.2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major Customers by Reporting Segments	The following tables present revenues by significant customers, which are defined as any customer who individually represents 10% or more of a segment’s total revenues. Three Months Ended June 30, 2023 July 1, 2022 Customer Medical Non-Medical   Medical Non-Medical Customer A 17% * 18% * Customer B 17% * 17% * Customer C 13% * 14% * Customer D * 20% * 42% All other customers 53% 80% 51% 58% Six Months Ended June 30, 2023 July 1, 2022 Customer Medical Non-Medical Medical Non-Medical Customer A 18% * 18% * Customer B 17% * 17% * Customer C 13% * 14% * Customer D * 21% * 37% All other customers 52% 79% 51% 63% __________ * Less than 10% of segment’s total revenues for the period. (15.)    REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
Schedule of Revenue by Ship To Location	The following tables present revenues by significant ship to location, which is defined as any country where 10% or more of a segment’s total revenues are shipped. Three Months Ended June 30, 2023 July 1, 2022 Ship to Location Medical Non-Medical   Medical Non-Medical United States 54% 64% 52% 71% Canada * 12% * * All other countries 46% 24% 48% 29% Six Months Ended June 30, 2023 July 1, 2022 Ship to Location Medical Non-Medical Medical Non-Medical United States 54% 62% 51% 67% Canada * 11% * * All other countries 46% 27% 49% 33% __________ * Less than 10% of segment’s total revenues for the period.
Schedule of Contract with Customer, Asset and Liability	The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (in thousands): June 30, 2023 December 31, 2022 Contract assets $ 80,010  $ 71,927  Contract liabilities 8,777  5,616

v3.23.2

BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Amount of accounts receivable sold	$ 50.3	$ 50.3
Factoring fee	$ 0.4	$ 0.4

v3.23.2

BUSINESS ACQUISITIONS (Narrative) (Details) € in Millions		3 Months Ended		6 Months Ended
	Apr. 06, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Apr. 06, 2022 EUR (€)
Business Acquisition [Line Items]
Net of cash acquired				$ 0	$ 126,636,000
Aran Acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%					100.00%
Consideration transferred	$ 141,300,000
Payments to acquire business	133,900,000			10,900,000
Net of cash acquired	129,300,000
Fair value of contingent consideration	7,400,000
Contingent consideration liability, current	$ 10,900,000					€ 10
Oscor Inc
Business Acquisition [Line Items]
Acquisition related costs		$ 0	$ 1,500,000	$ 0	$ 2,300,000

v3.23.2

BUSINESS ACQUISITIONS (Allocation Of The Provisional Purchase Price) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Apr. 06, 2022
Business Acquisition [Line Items]
Goodwill	$ 985,982	$ 982,192
Aran Acquisition
Business Acquisition [Line Items]
Current assets			$ 9,319
Property, plant and equipment			4,151
Goodwill			68,460
Definite-lived intangible assets			71,485
Operating lease assets			3,505
Other noncurrent assets			1,354
Current liabilities			(4,370)
Operating lease liabilities			(3,258)
Other noncurrent liabilities			(9,377)
Fair value of net assets acquired			$ 141,269

v3.23.2

BUSINESS ACQUISITIONS (Pro Forma Information) (Details) - Oscor Inc - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2022	Jul. 01, 2022
Business Combination, Separately Recognized Transactions [Line Items]
Sales	$ 350,081	$ 666,356
Net income	$ 22,101	$ 34,228

v3.23.2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Noncash investing and financing activities:
Property, plant and equipment purchases included in accounts payable	$ 9,059	$ 6,373
Supplemental lease disclosures:
Assets acquired under operating leases	$ 912	$ 11,265

v3.23.2

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 102,280	$ 98,640
Work-in-process	112,887	98,188
Finished goods	13,764	11,938
Total	$ 228,931	$ 208,766

v3.23.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Opening goodwill	$ 982,192
Foreign currency translation	3,790
Closing goodwill	985,982
Medical
Goodwill [Roll Forward]
Opening goodwill	965,192
Foreign currency translation	3,790
Closing goodwill	968,982
Non-Medical
Goodwill [Roll Forward]
Opening goodwill	17,000
Foreign currency translation	0
Closing goodwill	$ 17,000

v3.23.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Definite-Lived and Indefinite-Lived Intangible Assets, Major Class) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,135,483	$ 1,130,591
Accumulated Amortization	(428,177)	(400,990)
Net Carrying Amount	707,306	729,601
Trademarks and tradenames
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived	90,288	90,288
Purchased technology and patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	284,921	283,929
Accumulated Amortization	(187,279)	(178,844)
Net Carrying Amount	97,642	105,085
Customer lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	829,550	825,634
Accumulated Amortization	(234,506)	(216,546)
Net Carrying Amount	595,044	609,088
Amortizing tradenames and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,012	21,028
Accumulated Amortization	(6,392)	(5,600)
Net Carrying Amount	$ 14,620	$ 15,428

v3.23.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Finite-Lived Intangible Assets, Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Finite-Lived Intangible Assets [Line Items]
Total intangible asset amortization expense	$ 13,107	$ 12,285	$ 26,031	$ 23,889
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Total intangible asset amortization expense	4,037	4,037	8,014	7,682
Selling, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total intangible asset amortization expense	$ 9,070	$ 8,248	$ 18,017	$ 16,207

v3.23.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Amortization Expense
Remainder of 2023	$ 26,368
2024	51,803
2025	51,014
2026	49,189
2027	46,232
After 2027	$ 482,700

v3.23.2

DEBT (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Feb. 28, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 1,001,140		$ 931,238
UnamortizedDiscounts and Issuance Costs	(15,742)		(5,977)
Net Carrying Amount	985,398		925,261
Current portion of long-term debt	(5,000)		(18,188)
Long-term debt	980,398		907,073
Convertible Debt | 2028 Convertible Senior Notes
Debt Instrument [Line Items]
Net Carrying Amount		$ 65,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Principal Amount	108,640		140,300
UnamortizedDiscounts and Issuance Costs	0		0
Net Carrying Amount	108,640		140,300
Secured Debt | Loans Payable | Term Loan A (TLA) Facility
Debt Instrument [Line Items]
Principal Amount	392,500		455,313
UnamortizedDiscounts and Issuance Costs	(1,958)		(2,172)
Net Carrying Amount	390,542		453,141
Secured Debt | Loans Payable | Term Loan B (TLB) Facility
Debt Instrument [Line Items]
Principal Amount	0		335,625
UnamortizedDiscounts and Issuance Costs	0		(3,805)
Net Carrying Amount	0		331,820
Secured Debt | Convertible Debt | 2028 Convertible Senior Notes
Debt Instrument [Line Items]
Principal Amount	500,000		0
UnamortizedDiscounts and Issuance Costs	(13,784)		0
Net Carrying Amount	$ 486,216		$ 0

v3.23.2

DEBT (Narrative) (Details) $ / shares in Units, shares in Millions				1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 15, 2023 USD ($)	Feb. 03, 2023	Sep. 02, 2021	Feb. 28, 2023 USD ($) d $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Feb. 14, 2023 USD ($)	Jan. 31, 2023 $ / shares	Jan. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt issuance costs, net					$ 15,742,000	$ 5,977,000
Long-term debt					$ 985,398,000	$ 925,261,000
Conversion premium on share price (in dollars per share) | $ / shares								$ 65.81
Capped Call Options
Debt Instrument [Line Items]
Capped call (in shares) | shares				5.7
Capped Call Options
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares				$ 108.59
Capped call (in shares) | shares				5.7
Deferred tax assets				$ 8,800,000
Derivative, cost of hedge				35,000,000
Secured Debt | Term Loan A (TLA) Facility
Debt Instrument [Line Items]
Debt instrument term						5 years
Debt weighted average interest rate					6.70%
Debt issuance costs, net					$ 1,958,000	$ 5,977,000
Write off of debt issuance cost					2,780,000
Secured Debt | Term Loan B (TLB) Facility
Debt Instrument [Line Items]
Debt instrument term						7 years
Discount percentage			0.50%
Write off of debt issuance cost					3,800,000
Secured Debt | Revolving Credit Facility And Term Loan A (TLA) Faility
Debt Instrument [Line Items]
Debt issuance costs, net					3,800,000
Write off of debt issuance cost					$ 600,000
Convertible Debt | 2028 Convertible Senior Notes
Debt Instrument [Line Items]
Debt principal payments				500,000,000
Long-term debt				$ 65,000,000
Stated interest rate				2.125%
Convertible debt				$ 485,000,000
Conversion price (in dollars per share) | $ / shares				$ 87.20	$ 87.20
Conversion premium interest rate								0.325
Trading days | d				20
Consecutive trading days | d				30
Percentage of stock price				130.00%
Number of preceding days				2 days
Redemption price, percentage				100.00%
Percent of holders to declare debt and interest immediately payable					25.00%
Effective Interest rate				2.76%
Conversion ratio		0.0114681
Convertible Debt | 2028 Convertible Senior Notes | Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Fair value					$ 593,000,000
Convertible Debt | 2028 Convertible Senior Notes | Measurement Period
Debt Instrument [Line Items]
Trading days | d				5
Consecutive trading days | d				10
Percentage of stock price				98.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument term						5 years
Line of credit facility, maximum borrowing capacity	$ 500,000,000						$ 400,000,000		$ 600,000,000
Increase in maximum borrowing capacity	$ 100,000,000
Borrowing capacity sublimit percentage	50.00%
Remaining borrowing capacity					387,900,000
Outstanding borrowings					$ 108,600,000
Commitment fee on unused portion					0.18%
Debt weighted average interest rate					4.92%
Debt issuance costs	$ 1,000,000
Debt issuance costs, net					$ 0	$ 0
Write off of debt issuance cost					260,000
Long-term debt					$ 108,640,000	140,300,000
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee on unused portion					0.15%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee on unused portion					0.25%
Revolving Credit Facility | Line of Credit | Adjusted Term Secured Overnight Financing Rate (SOFT)
Debt Instrument [Line Items]
Variable rate basis spread	0.10%
Revolving Credit Facility | Line of Credit | Term Loan A (TLA) Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 400,000,000
Revolving Credit Facility | Secured Debt | Term Loan A (TLA) Facility
Debt Instrument [Line Items]
Interest expense ratio					2.50
Revolving Credit Facility | Secured Debt | Term Loan A (TLA) Facility | Through Maturity
Debt Instrument [Line Items]
Net leverage ratio incremental increase option					5.50
Revolving Credit Facility | Secured Debt | Term Loan A (TLA) Facility | Third Fiscal Quarter of 2023
Debt Instrument [Line Items]
Net leverage ratio incremental increase option					5.00
Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding amount					$ 3,500,000

v3.23.2

Debt (Schedule of Deferred Financing Costs) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Debt Instrument [Line Items]
Total, beginning balance	$ 5,977
Total, Amortization during the period	(6,118)	$ (962)
Total, ending balance	15,742
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, beginning balance	2,387
Financing costs incurred	579
Write-off of debt issuance costs and unamortized discount	(260)
Amortization during the period	(271)
Debt issuance costs, ending balance	2,435
Total, beginning balance	0
Total, ending balance	0
Secured Debt | Term Loan A (TLA) Facility
Debt Instrument [Line Items]
Debt issuance costs, beginning balance	4,569
Financing costs incurred	418
Write-off of debt issuance costs and unamortized discount	(2,780)
Amortization during the period	(249)
Debt issuance costs, ending balance	1,958
Unamortized discount on TLB Facility, beginning balance	1,408
Unamortized discount on TLB Facility, Financing costs incurred	0
Unamortized discount on TLB Facility, Write-off during the period	(1,391)
Unamortized discount on TLB Facility, Amortization during the period	(17)
Unamortized discount on TLB Facility, ending balance	0
Total, beginning balance	5,977
Total, Financing costs incurred	418
Total, Write-off during the period	(4,171)
Total, Amortization during the period	(266)
Total, ending balance	$ 1,958

v3.23.2

DEBT (Long-term Debt Maturity Schedule) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 0
2024	10,000
2025	17,500
2026	27,500
2027	30,000
After 2027	$ 416,140

v3.23.2

STOCK-BASED COMPENSATION (Allocation of Recognized Period Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based payment arrangement, expense	$ 5,501	$ 5,956	$ 11,603	$ 10,951
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based payment arrangement, expense	1,155	837	2,262	1,606
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based payment arrangement, expense	4,085	4,308	8,550	7,853
Research, development and engineering
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based payment arrangement, expense	259	338	728	663
Restructuring and other charges
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based payment arrangement, expense	2	473	63	829
RSUs and PRSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based payment arrangement, expense	$ 5,501	$ 5,956	$ 11,603	$ 10,951

v3.23.2

STOCK-BASED COMPENSATION (Stock Options Activity) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Number of Stock Options
Options outstanding, beginning balance (in shares) | shares	240,622
Exercised (in shares) | shares	(68,821)
Options outstanding, ending balance (in shares) | shares	171,801
Options exercisable at period end (in shares ) | shares	171,801
Weighted Average Exercise Price
Options outstanding, beginning (in dollars per share) | $ / shares	$ 38.51
Exercised (in dollars per share) | $ / shares	38.92
Options outstanding, ending (in dollars per share) | $ / shares	38.35
Options exercisable at period end (in dollars per share) | $ / shares	$ 38.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 3 months 18 days
Options Exercisable, Aggregate Intrinsic Value | $	$ 8.1

v3.23.2

STOCK-BASED COMPENSATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years
RSUs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years
Performance period	5 years
Weighted average illiquidity discount	11.23%	9.25%
Restriction period	6 months	6 months

v3.23.2

STOCK-BASED COMPENSATION (Restricted Stock and Restricted Stock Units Activity) (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
RSUs
Time-Vested and Performance-Vested Activity
Nonvested, beginning (in shares) | shares	291,929
Granted (in shares) | shares	230,782
Vested (in shares) | shares	(100,648)
Forfeited (in shares) | shares	(40,091)
Nonvested, ending (in shares) | shares	381,972
Weighted Average Grant Date Fair Value
Nonvested, beginning (in dollars per share) | $ / shares	$ 77.58
Granted (in dollars per share) | $ / shares	75.74
Vested (in dollars per share) | $ / shares	79.20
Forfeited (in dollars per share) | $ / shares	71.21
Nonvested, ending (in dollars per share) | $ / shares	$ 76.71
PRSUs
Time-Vested and Performance-Vested Activity
Nonvested, beginning (in shares) | shares	263,906
Granted (in shares) | shares	105,757
Vested (in shares) | shares	(24,427)
Forfeited (in shares) | shares	(62,396)
Nonvested, ending (in shares) | shares	282,840
Weighted Average Grant Date Fair Value
Nonvested, beginning (in dollars per share) | $ / shares	$ 90.29
Granted (in dollars per share) | $ / shares	74.32
Vested (in dollars per share) | $ / shares	107.26
Forfeited (in dollars per share) | $ / shares	83.39
Nonvested, ending (in dollars per share) | $ / shares	$ 84.38

v3.23.2

STOCK-BASED COMPENSATION (Valuation Assumptions) (Details) - PRSUs - $ / shares	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value (in dollars per share)	$ 74.29	$ 97.58
Risk-free interest rate	3.79%	1.58%
Expected volatility	46.00%	42.00%
Expected life (in years)	3 years	3 years 10 months 24 days
Expected dividend yield	0.00%	0.00%

v3.23.2

RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring And Other Charges Components) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 936	$ (5)	$ 2,000	$ 1,098
Acquisition and integration costs	556	3,333	938	5,269
Other general expenses	26	205	109	501
Total restructuring and other charges	$ 1,518	$ 3,533	$ 3,047	$ 6,868

v3.23.2

RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring Restructuring-Related Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Restructuring charges:
Restructuring and other charges	$ 936	$ (5)	$ 2,000	$ 1,098
Total restructuring and restructuring-related charges	3,116	884	4,921	2,637
Cost of sales
Restructuring charges:
Total restructuring and restructuring-related charges	516	179	693	334
Selling, general and administrative
Restructuring charges:
Total restructuring and restructuring-related charges	1,346	384	1,587	702
Research, development and engineering
Restructuring charges:
Total restructuring and restructuring-related charges	$ 318	$ 326	$ 641	$ 503

v3.23.2

RESTRUCTURING AND OTHER CHARGES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Restructuring Cost and Reserve [Line Items]
Acquisition and integration costs	$ 556	$ 3,333	$ 938	$ 5,269
Oscor And Aran Acquisitions
Restructuring Cost and Reserve [Line Items]
Acquisition and integration costs			900	5,300
(Benefit) expense to adjust the fair value of acquisition related contingent consideration			$ (300)	$ 100

v3.23.2

RESTRUCTURING AND OTHER CHARGES (Schedule of Restructuring Reserve By Type of Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Restructuring Reserve [Roll Forward]
Beginning balance			$ 2,366
Charges incurred, net of reversals	$ 936	$ (5)	2,000	$ 1,098
Cash payments			(3,003)
Ending balance	1,363		1,363
Operational excellence initiatives
Restructuring Reserve [Roll Forward]
Beginning balance			232
Charges incurred, net of reversals			710
Cash payments			(833)
Ending balance	109		109
Strategic reorganization and alignment
Restructuring Reserve [Roll Forward]
Beginning balance			2,134
Charges incurred, net of reversals			979
Cash payments			(2,170)
Ending balance	943		943
Manufacturing alignment to support growth
Restructuring Reserve [Roll Forward]
Beginning balance			0
Charges incurred, net of reversals			311
Cash payments			0
Ending balance	$ 311		$ 311

v3.23.2

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	19.80%	14.70%	19.30%	16.10%
Income before provision for income taxes	$ 29,892	$ 24,423	$ 45,889	$ 38,371
Discrete tax benefits	400	$ 500	500
Unrecognized tax benefits	8,000		8,000
Unrecognized tax benefits that would impact effective tax rate	7,900		7,900
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	$ 1,900		$ 1,900

v3.23.2

COMMITMENTS AND CONTINGENCIES (Schedule of Product Warranty Liability) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 77
Additions to warranty reserve, net of reversals	7
Balance at end of period	$ 84

v3.23.2

EARNINGS PER SHARE (“EPS”) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Feb. 28, 2023
Numerator for basic and diluted EPS:
Net income	$ 23,971	$ 20,836	$ 37,036	$ 32,203
Denominator for basic and diluted EPS:
Weighted average shares outstanding - Basic (in shares)	33,312	33,111	33,285	33,101
Dilutive effect of share-based awards (in shares)	374	239	346	225
Weighted average shares outstanding - Diluted (in shares)	33,686	33,350	33,631	33,326
Basic EPS (in dollars per share)	$ 0.72	$ 0.63	$ 1.11	$ 0.97
Diluted EPS (in dollars per share)	0.71	$ 0.62	1.10	$ 0.97
Capped Call Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)					$ 108.59
Capped call (in shares)					5,700
Strike price (in dollars per share)			108.59
2028 Convertible Senior Notes | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)	$ 87.20		$ 87.20		$ 87.20
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from calculation of earnings per share (in shares)	0	5	2	4
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from calculation of earnings per share (in shares)	83	165	108	165
Capped Call Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Capped call (in shares)					5,700

v3.23.2

STOCKHOLDERS' EQUITY (Shares Issued and Outstanding) (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Class Of Stock [Roll Forward]
Shares outstanding at beginning of period (in shares)	33,169,778
Shares outstanding at ending of period (in shares)	33,308,080
Common Stock
Class Of Stock [Roll Forward]
Shares outstanding at beginning of period (in shares)	33,169,778	33,063,336
Stock options exercised (in shares)	58,413	0
Shares outstanding at ending of period (in shares)	33,308,080	33,121,833
Restricted Stock | Common Stock
Class Of Stock [Roll Forward]
Vesting of RSUs, net of shares withheld to cover taxes (in shares)	79,889	58,497

v3.23.2

STOCKHOLDERS' EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	$ 1,417,936	$ 1,364,350	$ 1,417,456	$ 1,354,697
Unrealized gain (loss) on cash flow hedges	1,679	(230)	4,402	2,026
Balance, ending balance	1,445,655	1,363,451	1,445,655	1,363,451
Foreign exchange contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Unrealized gain (loss) on cash flow hedges	(1,041)	(233)	(1,588)	(361)
Interest rate swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Unrealized gain (loss) on cash flow hedges	(533)	416	(997)	1,022
Defined Benefit Plan Liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(346)	(890)	(346)	(890)
Balance, ending balance	(346)	(890)	(346)	(890)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	3,927	1,170	1,760	(2,291)
Reclassification from AOCI, before tax	2,126	(291)	5,572	2,565
Reclassification from AOCI, tax	(447)	61	(1,170)	(539)
Balance, ending balance	4,060	1,110	4,060	1,110
Cash Flow Hedges | Foreign exchange contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(1,318)	(295)	(2,010)	(457)
Reclassification from AOCI, tax	277	62	422	96
Cash Flow Hedges | Interest rate swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(675)	526	(1,262)	1,293
Reclassification from AOCI, tax	142	(110)	265	(271)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	12,075	21,833	4,150	29,720
Reclassification from AOCI, before tax	(2,901)	(27,274)	5,024	(35,161)
Reclassification from AOCI, tax	0	0	0	0
Unrealized gain (loss) on cash flow hedges	(2,901)	(27,274)	5,024	(35,161)
Balance, ending balance	9,174	(5,441)	9,174	(5,441)
Total Pre-Tax Amount
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	15,656	22,113	5,564	26,539
Balance, ending balance	12,888	(5,221)	12,888	(5,221)
Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(690)	(76)	(235)	651
Balance, ending balance	(718)	(63)	(718)	(63)
Net-of-Tax Amount
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	14,966	22,037	5,329	27,190
Balance, ending balance	$ 12,170	$ (5,284)	$ 12,170	$ (5,284)

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - Fair Value - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets: Interest rate swap		$ 1,262
Assets: Foreign currency hedging contracts	$ 4,060	521
Liabilities: Foreign currency hedging contracts		23
Liabilities: Contingent consideration	555	11,756
Quoted Prices in Active Markets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets: Interest rate swap		0
Assets: Foreign currency hedging contracts	0	0
Liabilities: Foreign currency hedging contracts
Liabilities: Contingent consideration	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets: Interest rate swap		1,262
Assets: Foreign currency hedging contracts	4,060	521
Liabilities: Foreign currency hedging contracts		23
Liabilities: Contingent consideration	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets: Interest rate swap		0
Assets: Foreign currency hedging contracts	0	0
Liabilities: Foreign currency hedging contracts
Liabilities: Contingent consideration	$ 555	$ 11,756

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Interest Rate Swaps) (Details) - Interest Rate Swap Maturing June 2023 - Prepaid expenses and other current assets	Dec. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount	$ 100,000,000
Pay Fixed Rate	2.1785%
Receive Current Floating Rate	4.3869%
Fair Value	$ 1,262,000

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Foreign Currency Contracts) (Details) - Designated as Hedging Instrument $ in Thousands	Jun. 30, 2023 USD ($) $ / $ $ / €	Dec. 31, 2022 USD ($) $ / $ $ / $ $ / €
Foreign Exchange Contract Maturing December Two Thousand Twenty Three, Contract One | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Notional Amount	$ 18,289
$/Foreign currency (in dollars per foreign currency) | $ / $	0.0481
Fair Value	$ 3,436
Foreign Exchange Contract Maturing September Two Thousand Twenty Three, Contract | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Notional Amount	$ 40,377
$/Foreign currency (in dollars per foreign currency) | $ / €	1.0796
Fair Value	$ 624
Foreign Exchange Contract Maturing December Two Thousand Twenty Three, Contract Two | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Notional Amount		$ 37,175
$/Foreign currency (in dollars per foreign currency) | $ / $		0.0489
Fair Value		$ 504
Foreign Exchange Contract Maturing March Two Thousand Twenty Three, Contract Two | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Notional Amount		$ 2,685
$/Foreign currency (in dollars per foreign currency) | $ / €		0.0249
Fair Value		$ 17
Foreign Exchange Contract Maturing March Two Thousand Twenty Three, Contract Three | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Notional Amount		$ 17,309
$/Foreign currency (in dollars per foreign currency) | $ / $		1.0751
Fair Value		$ (23)

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Impact of Cash Flow Hedges on Other Comprehensive Income (Loss), AOCI and the Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total sales	$ 400,044	$ 350,081	$ 778,829	$ 660,993
Cost of sales	294,240	257,184	576,352	486,621
Operating expenses	64,228	60,190	126,735	119,168
Interest expense	11,459	7,773	28,713	13,741
Sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	(83)	(371)	(134)	(425)
Sales | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI	364	(1,167)	513	(1,681)
Cost of sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	1,384	554	2,092	746
Cost of sales | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI	1,739	96	5,014	1,365
Operating expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	17	112	52	136
Operating expenses | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI	17	78	45	355
Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	675	(526)	1,262	(1,293)
Interest expense | Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI	$ 6	$ 702	$ 0	$ 2,526

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details)		3 Months Ended		6 Months Ended
	Apr. 06, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Apr. 06, 2022 EUR (€)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instruments net loss to be reclassified to net income during next twelve months				$ 4,100,000
Chinese Venture Capital Fund
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity method investment ownership		7.40%		7.40%		7.40%
Accrued expenses and other current liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability, current		$ 600,000		$ 600,000			$ 11,200,000
Prepaid expenses and other current assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability, noncurrent		600,000		600,000			600,000
USB Acquisition
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities: contingent consideration		0		0			0
Consideration transferred					$ 500,000
InoMec Ltd
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities: contingent consideration		600,000		600,000			1,100,000
Payments to acquire business				300,000
Contingent consideration, range of outcomes, value, high		900,000		900,000
Aran Acquisition
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities: contingent consideration							10,900,000
Consideration transferred	$ 141,300,000
Payments to acquire business	133,900,000			10,900,000
Contingent consideration liability, current	$ 10,900,000							€ 10,000,000
Designated as Hedging Instrument | Revolving Credit Facility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding borrowings | €						€ 100,000,000
Foreign exchange contracts | Not Designated as Hedging Instrument
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
National amount		15,000,000		15,000,000			$ 12,000,000
Unrealized gain on cash flow hedges, pretax		$ 100,000	$ 400,000	$ 100,000	$ 700,000

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Estimated Fair Values for Contingent Consideration) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value measurement at beginning of period	$ 11,732	$ 1,976	$ 11,756	$ 2,415
Amount recorded for current year acquisitions	0	7,375	0	7,375
Fair value measurement adjustment	0	0	(265)	54
Payments	(11,177)	0	(11,177)	(493)
Foreign currency translation	0	(279)	241	(279)
Fair value measurement at end of period	$ 555	$ 9,072	$ 555	$ 9,072

v3.23.2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Equity Method Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Equity method investment	$ 8,231		$ 8,231		$ 8,252
Non-marketable equity securities	5,637		5,637		5,637
Total equity investments	13,868		13,868		$ 13,889
Equity method investment (gain) loss	$ (134)	$ 320	$ 21	$ 2,724

v3.23.2

SEGMENT INFORMATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

v3.23.2

SEGMENT INFORMATION (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	$ 400,044	$ 350,081	$ 778,829	$ 660,993
Operating Segments | Medical
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	389,111	339,834	753,377	641,861
Operating Segments | Medical | Cardio & Vascular
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	208,494	180,604	399,697	339,641
Operating Segments | Medical | Cardiac Rhythm Management & Neuromodulation
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	153,411	135,945	298,550	259,269
Operating Segments | Medical | Advanced Surgical, Orthopedics & Portable Medical
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	27,206	23,285	55,130	42,951
Operating Segments | Non-Medical
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	$ 10,933	$ 10,247	$ 25,452	$ 19,132

v3.23.2

SEGMENT INFORMATION (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Segment Reporting Information [Line Items]
Operating income	$ 41,576	$ 32,707	$ 75,742	$ 55,204
Unallocated expenses, net	(11,684)	(8,284)	(29,853)	(16,833)
Income before taxes	29,892	24,423	45,889	38,371
Operating Segments
Segment Reporting Information [Line Items]
Operating income	68,775	56,205	127,607	101,018
Operating Segments | Medical
Segment Reporting Information [Line Items]
Operating income	68,497	54,580	123,303	98,728
Operating Segments | Non-Medical
Segment Reporting Information [Line Items]
Operating income	278	1,625	4,304	2,290
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating income	$ (27,199)	$ (23,498)	$ (51,865)	$ (45,814)

v3.23.2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Concentration Risk [Line Items]
Revenue recognized that was included in contract liability balance at beginning of period	$ 1.3	$ 0.8	$ 2.7	$ 1.7
Revenue Benchmark | Product Concentration Risk | Transferred over Time
Concentration Risk [Line Items]
Concentration risk percentage	27.00%	32.00%	27.00%	31.00%

v3.23.2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Disaggregated Revenue) (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Medical | Customer A
Disaggregation of Revenue [Line Items]
Concentration risk percentage	17.00%	18.00%	18.00%	18.00%
Medical | Customer B
Disaggregation of Revenue [Line Items]
Concentration risk percentage	17.00%	17.00%	17.00%	17.00%
Medical | Customer C
Disaggregation of Revenue [Line Items]
Concentration risk percentage	13.00%	14.00%	13.00%	14.00%
Medical | All other customers
Disaggregation of Revenue [Line Items]
Concentration risk percentage	53.00%	51.00%	52.00%	51.00%
Non-Medical | Customer D
Disaggregation of Revenue [Line Items]
Concentration risk percentage	20.00%	42.00%	21.00%	37.00%
Non-Medical | All other customers
Disaggregation of Revenue [Line Items]
Concentration risk percentage	80.00%	58.00%	79.00%	63.00%

v3.23.2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Revenue by Ship To Location) (Details) - Geographic Concentration Risk - Revenue from contract with customer benchmark	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Medical | United States
Disaggregation of Revenue [Line Items]
Concentration risk percentage	54.00%	52.00%	54.00%	51.00%
Medical | All other countries
Disaggregation of Revenue [Line Items]
Concentration risk percentage	46.00%	48.00%	46.00%	49.00%
Non-Medical | United States
Disaggregation of Revenue [Line Items]
Concentration risk percentage	64.00%	71.00%	62.00%	67.00%
Non-Medical | Canada
Disaggregation of Revenue [Line Items]
Concentration risk percentage	12.00%		11.00%
Non-Medical | All other countries
Disaggregation of Revenue [Line Items]
Concentration risk percentage	24.00%	29.00%	27.00%	33.00%

v3.23.2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Assets and Liability) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 80,010	$ 71,927
Contract liabilities	$ 8,777	$ 5,616

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