Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 339

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 339
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ance in connection with the January 6, 2022 acquisition of Smiths Medical, see Note 2: Acquisitions.    The following table summarizes the activity in our restructuring-related accrual by major type of cost (in thousands): 

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

Severance Pay and BenefitsRetention and Facility Closure CostsTotalAccrued balance, January 1, 2023$4,416 $1,507 $5,923 Charges incurred5,521 1,189 6,710 Payments(6,694)(1,192)(7,886)Other adjustments(1)(234)(785)(1,019)Currency translation(198)38 (160)Accrued balance, December 31, 2023$2,811 $757 $3,568 Charges incurred18,299 1,272 19,571 Payments(11,687)(1,632)(13,319)Other adjustments(2)327 — 327 Currency translation(212)10 (202)Accrued balance, December 31, 2024$9,538 $407 $9,945 _______________________________________________(1)    Relates to accrued restructuring charges for estimated facility closure costs and severance costs that will not be utilized and were reversed during the year.(2)    Relates to adjustments to accrued restructuring charges as a result of merging Smiths Medical entities during 2024.Strategic Transaction and Integration Expenses

We incurred $40.2 million, $35.6 million and $61.7 million in strategic transaction and integration expenses in 2024, 2023 and 2022, respectively, which are included in restructuring, strategic transaction and integration expenses in our consolidated statement of operations. The strategic transaction and integration expenses during 2024 and 2023 were primarily related to consulting expenses and employee costs incurred to integrate our Smiths Medical business acquired in 2022. The strategic transaction and integration expenses during 2022 were primarily related to transaction and integration expenses associated with our acquisition of Smiths Medical on January 6, 2022 (see Note 2: Acquisitions) which primarily included legal expenses, bank fees, employee costs and a United Kingdom stamp tax. 

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ICU MEDICAL, INC. AND SUBSIDIARIESNOTES