Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 180

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 180
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 and deferred income taxes, and a $19.2 million increase in accounts receivable. Offsetting these amounts was a $22.9 million decrease in prepaid expenses and other current assets and a $37.5 million increase in accounts payable. The increase in inventory was primarily to build inventory safety stock levels. The increase in other assets was due to the purchase of spare parts. The primary drivers for the net decrease in accrued liabilities was primarily due to the payout of annual bonuses and decrease in deferred revenue. The net changes in income taxes was a result of recording the current deferred provision and the timing of payments. The increase in accounts receivable was primarily due to the net impact of collection efforts and the timing of revenue. The net decrease in prepaid expenses and other current assets was primarily due to a decrease in deferred costs mostly offset by capitalized debt issuance costs allocated to the revolving credit facility. The increase in accounts payable was due to the timing of payments. 

Cash Flows from Investing Activities

The following table summarizes the changes in our investing cash flows (in thousands):

For the Years Ended December 31,Variance20242023202220242023Investing Cash Flows:Purchases of property, plant and equipment$(79,373)$(83,893)$(90,311)$4,520 $6,418 (1)Proceeds from sale of assets746 1,501 989 (755)512 Intangible asset additions(10,833)(9,777)(9,018)(1,056)(759)Business acquisitions, net of cash acquired— — (1,844,164)— 1,844,164 (2)Purchases of investment securities— — (3,397)— 3,397 (3)Proceeds from sale of investment securities500 4,222 36,433 (3,722)(32,211)(4)Net cash used in investing activities$(88,960)$(87,947)$(1,909,468)$(1,013)$1,821,521 

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(1)    Our purchases of property, plant and equipment will vary from period to period based on additional investments needed to support new and existing products and expansion of our manufacturing facilities.

(2)    Our business acquisitions will vary from period to period based upon our current growth strategy and our ability to execute on desirable target companies. In 2022, we acquired Smiths Medical. The cash consideration for the transaction was