Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 172

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 172
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 primarily related to the fair value revaluation of our Smiths Medical contingent earn-out liability. The change in fair value of the Smiths Medical contingent earn-out was driven by a decrease in our stock price.

Interest expense, net

The following table presents interest expense, net (in thousands): 

 Year ended December 31,202420232022Interest expense$(106,541)$(102,727)$(70,805)Interest income$10,788 $7,508 $4,430 Interest expense, net$(95,753)$(95,219)$(66,375)

In 2024, 2023 and 2022, interest expense primarily includes the contractual interest incurred on borrowings under the Credit Agreement, the per annum commitment fee charged on the available amount of the revolving credit facility contained in the Credit Agreement, the amortization of debt issuance costs incurred in connection with entering into the Credit Agreement (see Note 13: Long-Term Obligations in our accompanying consolidated financial statements) offset by the impact of the interest rate swaps (see Note 9: Derivatives and Hedging in our accompanying consolidated financial statements). The interest 

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expense increased in 2024, as compared to 2023, primarily due to amortization of certain swaps. The interest expense increased in 2023, as compared to 2022, primarily due to increases in the applicable SOFR reference rate. 

Interest income in all years was related to interest earned on interest-bearing securities and cash holdings.

Other expense, net 

The following table presents other expense, net (in thousands): 

 Year ended 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. The foreign exchange losses in 2023 were primarily related to the devaluation of the Argentine peso during the fourth quarter of 2023.

In 2024, other miscellaneous (expense) income, net primarily includes $2.6 million in fees associated with our accounts receivable purchase program