Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 332

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 332
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 recognized at a point in time. Shipping Costs Costs to ship finished goods to our customers are included in cost of goods sold on the consolidated statements of operations.Post-retirement and Post-employment Benefits 

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

We sponsor a Section 401(k) retirement plan ("plan") for employees. Our contributions to our 401(k) plan were approximately $19.1 million, $19.2 million and $14.6 million in 2024, 2023 and 2022, respectively. We also have post-retirement and post-employment obligations related to employees located in certain international countries. These obligations are immaterial to our financial statements taken as a whole.Research and Development The majority of our research and development costs are expensed as incurred.  In certain circumstances when an asset will have an alternative future use we capitalize the costs related to those assets.  Research and development costs include salaries and related benefits, consulting fees, production supplies, samples, travel costs, utilities and other miscellaneous administrative costs.Interest expense, netThe following table presents interest (expense) income, net (in thousands): As of December 31,202420232022Interest expense$(106,541)$(102,727)$(70,805)Interest income10,788 7,508 4,430 Interest expense, net$(95,753)$(95,219)$(66,375)Other expense, netThe following table presents other expense, net (in thousands): As of December 31,202420232022Foreign exchange losses, net$(9,792)$(5,918)$(5,780)Loss on disposition of assets(1,608)(153)(2,554)Other miscellaneous (expense) income, net(1,823)166 3,198 Other expense, net$(13,223)$(5,905)$(5,136)The foreign exchange losses in 2024 were primarily related to the strengthening of the U.S. dollar relative to certain foreign currencies, including the Mexican peso and Argentine peso.In 2024, other miscellaneous (expense) income, net primarily includes $2.6 million in fees related to our accounts receivable purchase program. In 2023, other miscellaneous (expense) income, net primarily includes $3.7 million in fees related to our accounts rece