Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 358

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 358
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 volatility on our variable-rate term loan A and variable-rate term loan B (see Note 13: Long-Term Obligations). We exchange, at specified intervals, the difference between 

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ICU MEDICAL, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

fixed and floating interest amounts calculated by reference to an agreed-upon notional amount. Effective March 30, 2022, the term loan A swap, as amended, has an initial notional amount of $300.0 million, reducing to $150.0 million evenly on a quarterly basis through its final maturity on March 30, 2027. We pay a fixed rate of 1.32% and will receive the greater of 3-month USD SOFR or (0.15)%. The total notional amount of this outstanding derivative as of December 31, 2024 was approximately $213.2 million. Effective March 30, 2022, the term loan B swap, as amended, has an initial notional amount of $750.0 million, reducing to $46.9 million evenly on a quarterly basis through its final maturity on March 30, 2026. We pay a fixed rate of 1.17% and receive the greater of 3-month USD SOFR or 0.35%. The total notional amount of this outstanding derivative as of December 31, 2024 was approximately $234.4 million. In June 2023, we entered into an additional interest rate swap that hedges both term loan A and term loan B interest payments. The total notional amount of the swap is $300.0 million. The hedge matures on June 30, 2028. We pay a fixed rate of 3.88% and receive 3-months USD SOFR. These forward-starting swaps effectively convert the relevant portion of the floating-rate term loans to fixed rates.    The following table presents the fair values of our derivative instruments included within the consolidated balance sheets (in thousands):  Derivatives Designated as Cash Flow Hedging InstrumentsConsolidated Balance Sheet LocationForeign Exchange Forward ContractsInterest Rate SwapsGross DerivativesAs of December 31, 2024Prepaid expenses and other current assets$6,716 $11,038 $17,754 Other assets— 5,724 5,724 Total assets$6,