2024 Q1 Form 10-K Financial Statement

#000085698224000015 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $323.5M $324.5M $1.257B
YoY Change 8.72% 10.6% 9.24%
Cost Of Revenue $171.8M $174.0M $673.5M
YoY Change 7.91% 9.52% 6.59%
Gross Profit $151.7M $150.5M $583.9M
YoY Change 9.65% 11.87% 12.48%
Gross Profit Margin 46.9% 46.39% 46.44%
Selling, General & Admin $94.43M $95.75M $373.7M
YoY Change 4.75% 15.03% 9.09%
% of Gross Profit 62.24% 63.61% 64.0%
Research & Development $21.48M $21.64M $82.73M
YoY Change 0.79% 5.89% 9.56%
% of Gross Profit 14.16% 14.38% 14.17%
Depreciation & Amortization $23.60M $23.63M $89.99M
YoY Change 14.91% 15.29% 10.0%
% of Gross Profit 15.55% 15.7% 15.41%
Operating Expenses $115.8M $116.9M $459.9M
YoY Change 3.41% 12.87% 6.58%
Operating Profit $35.92M $33.61M $123.9M
YoY Change 36.16% 8.55% 41.55%
Interest Expense $8.046M -$3.054M $15.51M
YoY Change 300.1% 50.0% 144.69%
% of Operating Profit 22.4% -9.09% 12.51%
Other Income/Expense, Net -$1.574M $909.0K -$11.86M
YoY Change 78.26% -48.76% 140.27%
Pretax Income $34.35M $31.47M $112.1M
YoY Change 34.7% 4.35% 35.65%
Income Tax $6.108M $3.838M $17.68M
% Of Pretax Income 17.78% 12.2% 15.77%
Net Earnings $28.24M $27.63M $94.41M
YoY Change 36.41% -17.28% 26.7%
Net Earnings / Revenue 8.73% 8.51% 7.51%
Basic Earnings Per Share $0.49 $1.64
Diluted Earnings Per Share $0.48 $0.47 $1.62
COMMON SHARES
Basic Shares Outstanding 57.93M 57.75M 57.59M
Diluted Shares Outstanding 58.57M 58.36M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $581.9M $587.0M $587.0M
YoY Change 904.26% 905.06% 905.06%
Cash & Equivalents $581.9M $587.0M $587.0M
Short-Term Investments
Other Short-Term Assets $28.53M $28.30M $28.30M
YoY Change 19.45% 7.87% 7.87%
Inventory $302.7M $303.9M $303.9M
Prepaid Expenses
Receivables $180.7M $177.9M $177.9M
Other Receivables $11.43M $11.38M $11.38M
Total Short-Term Assets $1.105B $1.108B $1.108B
YoY Change 98.36% 109.51% 109.51%
LONG-TERM ASSETS
Property, Plant & Equipment $383.7M $383.5M $446.6M
YoY Change -0.98% 0.14% -0.37%
Goodwill $381.5M $382.2M
YoY Change 5.9% 6.23%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $58.68M $54.79M $58.84M
YoY Change 28.35% 23.54% 21.18%
Total Long-Term Assets $1.221B $1.217B $1.217B
YoY Change 8.36% 7.22% 7.22%
TOTAL ASSETS
Total Short-Term Assets $1.105B $1.108B $1.108B
Total Long-Term Assets $1.221B $1.217B $1.217B
Total Assets $2.326B $2.325B $2.325B
YoY Change 38.14% 39.74% 39.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.38M $65.94M $65.94M
YoY Change -26.24% -3.74% -3.74%
Accrued Expenses $113.2M $120.4M $132.1M
YoY Change -5.01% -2.23% 11.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $183.3M $203.6M $203.6M
YoY Change -15.1% -7.74% -7.74%
LONG-TERM LIABILITIES
Long-Term Debt $800.1M $823.0M $823.0M
YoY Change 329.2% 340.68% 340.68%
Other Long-Term Liabilities $14.96M $13.83M $91.12M
YoY Change 7.6% -6.15% -2.76%
Total Long-Term Liabilities $815.1M $836.8M $914.1M
YoY Change 306.89% 315.32% 225.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.3M $203.6M $203.6M
Total Long-Term Liabilities $815.1M $836.8M $914.1M
Total Liabilities $1.086B $1.123B $1.123B
YoY Change 111.95% 116.19% 116.19%
SHAREHOLDERS EQUITY
Retained Earnings $603.4M $575.2M
YoY Change 20.33% 19.64%
Common Stock $649.2M $638.2M
YoY Change -4.68% -5.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.240B $1.202B $1.202B
YoY Change
Total Liabilities & Shareholders Equity $2.326B $2.325B $2.325B
YoY Change 38.14% 39.74% 39.74%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $28.24M $27.63M $94.41M
YoY Change 36.41% -17.28% 26.7%
Depreciation, Depletion And Amortization $23.60M $23.63M $89.99M
YoY Change 14.91% 15.29% 10.0%
Cash From Operating Activities $36.22M $62.25M $145.2M
YoY Change 148.99% 122.26% 27.0%
INVESTING ACTIVITIES
Capital Expenditures $11.68M $7.794M $34.29M
YoY Change -8.63% -37.6% -23.85%
Acquisitions $3.346M $138.3M
YoY Change 67.3% 1568.61%
Other Investing Activities -$9.508M -$549.0K -$138.6M
YoY Change 359.1% -88.65% 1021.01%
Cash From Investing Activities -$22.05M -$8.343M -$175.3M
YoY Change 48.43% -51.86% 205.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.58M
YoY Change -22.35%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.00M 472.8M 559.3M
YoY Change 3522.33% -8324.21% -1028.09%
NET CHANGE
Cash From Operating Activities 36.22M 62.25M 145.2M
Cash From Investing Activities -22.05M -8.343M -175.3M
Cash From Financing Activities -18.00M 472.8M 559.3M
Net Change In Cash -5.157M 526.7M 528.6M
YoY Change 1093.75% 10583.94% -7449.64%
FREE CASH FLOW
Cash From Operating Activities $36.22M $62.25M $145.2M
Capital Expenditures $11.68M $7.794M $34.29M
Free Cash Flow $24.53M $54.46M $110.9M
YoY Change 1293.98% 250.93% 60.06%

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2150000
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589144000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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60558000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Capitalized
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858000
CY2021 us-gaap Interest Paid Capitalized
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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17092000
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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3713000
CY2022 mmsi Acquisition Of Developed Technology In Accrued Expenses
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3526000
CY2023 mmsi Stock Issued During Period Shares Treasury Stock Reissued Share Based Payment Arrangement
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CY2022 mmsi Stock Issued During Period Shares Treasury Stock Reissued Share Based Payment Arrangement
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CY2021 mmsi Stock Issued During Period Shares Treasury Stock Reissued Share Based Payment Arrangement
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3000
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CY2022 mmsi Stock Surrendered During Period Value Stock Options Exercised
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1140000
CY2021 mmsi Stock Surrendered During Period Value Stock Options Exercised
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates in Preparing Financial Statements</b>. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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CY2022Q4 us-gaap Cash Surrender Value Of Life Insurance
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15800000
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CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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19061000
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15576000
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3241000
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14182000
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
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10612000
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54793000
CY2022Q4 us-gaap Other Assets Noncurrent
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44352000
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3039000
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
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2260000
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10791000
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13830000
CY2022Q4 us-gaap Other Liabilities Noncurrent
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14736000
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21300000
CY2022 us-gaap Allocated Share Based Compensation Expense
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18000000.0
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2
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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-883000
CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
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1920000
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CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2023 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2022 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2023 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2022 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2021 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2023 us-gaap Income Tax Reconciliation Tax Exempt Income
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CY2021 us-gaap Income Tax Reconciliation Tax Exempt Income
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2023 mmsi Effective Income Tax Rate Reconciliation Remeasurement Of State Deferred Taxes Amount
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CY2022 mmsi Effective Income Tax Rate Reconciliation Remeasurement Of State Deferred Taxes Amount
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CY2021 mmsi Effective Income Tax Rate Reconciliation Remeasurement Of State Deferred Taxes Amount
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2023 mmsi Effective Income Tax Rate Reconciliation Remeasurement Of Contingent Consideration Liabilities Amount
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317000
CY2022 mmsi Effective Income Tax Rate Reconciliation Remeasurement Of Contingent Consideration Liabilities Amount
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1061000
CY2021 mmsi Effective Income Tax Rate Reconciliation Remeasurement Of Contingent Consideration Liabilities Amount
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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5237000
CY2022Q4 mmsi Deferred Tax Assets State Tax Credit Carryforwards Research
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4679000
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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34613000
CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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38547000
CY2023Q4 mmsi Deferred Tax Liabilities Foreign Withholding Tax
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CY2022Q4 mmsi Deferred Tax Liabilities Foreign Withholding Tax
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2023Q4 us-gaap Deferred Income Tax Assets Net
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CY2022Q4 us-gaap Deferred Income Tax Assets Net
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CY2022 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.034
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13706000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10718000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8867000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7432000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6089000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
33950000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
80762000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12416000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
68346000
CY2023Q4 mmsi Lessee Operating Lease Lease Not Yet Commenced Average Annual Maturities
LesseeOperatingLeaseLeaseNotYetCommencedAverageAnnualMaturities
700000
CY2023Q4 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P11Y
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023 dei Auditor Firm
AuditorFirmId
34

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