IDEXX Laboratories (IDXX) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-19271
Entity Registrant Name	IDEXX LABORATORIES INC /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0393723
Entity Address, Address Line One	One IDEXX Drive
Entity Address, City or Town	Westbrook
Entity Address, State or Province	ME
Entity Address, Postal Zip Code	04092
City Area Code	207
Local Phone Number	556-0300
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	IDXX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		82,587,328
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000874716
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 397,433	$ 453,932
Accounts receivable, net	507,208	457,445
Inventories	390,599	380,282
Other current assets	206,733	203,595
Total current assets	1,501,973	1,495,254
Long-Term Assets:
Property and equipment, net	708,725	702,177
Operating lease right-of-use assets	119,886	115,499
Goodwill	408,672	365,961
Intangible assets, net	115,352	84,500
Other long-term assets	498,907	496,534
Total long-term assets	1,851,542	1,764,671
TOTAL ASSETS	3,353,515	3,259,925
Current Liabilities:
Accounts payable	117,462	110,643
Accrued liabilities	476,249	478,712
Credit facility	250,000	250,000
Current portion of long-term debt	74,998	74,997
Current portion of deferred revenue	38,193	37,195
Total current liabilities	956,902	951,547
Long-Term Liabilities:
Deferred income tax liabilities	8,746	7,235
Long-term debt, net of current portion	620,778	622,883
Long-term deferred revenue, net of current portion	28,043	28,533
Long-term operating lease liabilities, net of current portion	103,879	99,671
Other long-term liabilities	66,261	65,526
Total long-term liabilities	827,707	823,848
Total liabilities	1,784,609	1,775,395
Commitments, Contingencies and Guarantees (Note 16)
Stockholders’ Equity:
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 107,667 shares in 2024 and 107,506 shares in 2023; Outstanding: 82,873 shares in 2024 and 83,032 shares in 2023	10,767	10,751
Additional paid-in capital	1,604,749	1,569,565
Deferred stock units: Outstanding: 59 units in 2024 and 59 units in 2023	5,510	5,530
Retained earnings	4,680,150	4,444,571
Accumulated other comprehensive loss	(80,397)	(71,206)
Treasury stock, at cost: 24,794 shares in 2024 and 24,474 shares in 2023	(4,651,873)	(4,474,681)
Total stockholders’ equity	1,568,906	1,484,530
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,353,515	$ 3,259,925

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	107,667,000	107,506,000
Common stock, shares outstanding (in shares)	82,873,000	83,032,000
Deferred stock units, outstanding (in shares)	59,000	59,000
Treasury stock, shares (in shares)	24,794,000	24,474,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 964,095	$ 900,195
Cost of Revenue:
Total cost of revenue	371,025	357,224
Gross profit	593,070	542,971
Expenses:
Sales and marketing	149,453	147,804
General and administrative	92,024	70,101
Research and development	52,635	44,667
Income from operations	298,958	280,399
Interest expense	(7,911)	(13,127)
Interest income	4,432	416
Income before provision for income taxes	295,479	267,688
Provision for income taxes	59,900	53,634
Net income	$ 235,579	$ 214,054
Earnings per Share:
Basic (in USD per share)	$ 2.84	$ 2.58
Diluted (in USD per share)	$ 2.81	$ 2.55
Weighted Average Shares Outstanding:
Basic (in shares)	83,096	82,992
Diluted (in shares)	83,957	83,959
Product revenue
Revenue:
Total revenue	$ 543,049	$ 505,942
Cost of Revenue:
Total cost of revenue	176,770	173,610
Service revenue
Revenue:
Total revenue	421,046	394,253
Cost of Revenue:
Total cost of revenue	$ 194,255	$ 183,614

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 235,579	$ 214,054
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(19,773)	4,258
Reclassification adjustment for defined benefit plans included in net income, net of tax of $19 in 2024 and $20 in 2023	94	119
Unrealized gain (loss) on Euro-denominated notes, net of tax expense (benefit) of $505 in 2024 and $(465) in 2023	1,618	(1,490)
Unrealized gain (loss) on investments, net of tax expense (benefit) of $0 in 2024 and $2 in 2023	1	6
Reclassification adjustment on investments included in net income, net of tax of $51 in 2024 and $0 in 2023	163	0
Unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on foreign currency exchange contracts, net of tax expense (benefit) of $2,252 in 2024 and $(26) in 2023	5,848	(209)
Unrealized gain (loss) on cross currency swaps, net of tax expense (benefit) of $638 in 2024 and $(387) in 2023	2,049	(1,240)
Unrealized gain (loss) on interest rate swap, net of tax expense (benefit) of $656 in 2024 and $(14) in 2023	2,106	(45)
Reclassification adjustments for (gain) loss included in net income, net of tax (expense) benefit of $(470) in 2024 and $(117) in 2023	(1,297)	(218)
Unrealized gain (loss) on derivative instruments	8,706	(1,712)
Other comprehensive (loss) income, net of tax	(9,191)	1,181
Comprehensive income	$ 226,388	$ 215,235

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Reclassification adjustment for defined benefit plans included in net income, tax	$ 19	$ 20
Unrealized gain (loss) on Euro-denominated notes, tax expense (benefit)	505	(465)
Unrealized gain (loss) on investments, tax expense (benefit)	0	2
Reclassification adjustment on investments included in net income, tax	51	0
Unrealized gain (loss) on foreign currency exchange contracts, tax expense (benefit)	2,252	(26)
Unrealized gain (loss) on cross currency swaps, tax expense (benefit)	638	(387)
Unrealized gain (loss) on interest rate swap, tax expense (benefit)	656	(14)
Reclassification adjustment for (gain) loss included in net income, tax (expense) benefit	$ (470)	$ (117)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Deferred Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Balance beginning of period (in shares) at Dec. 31, 2022		107,193
Balance beginning of period at Dec. 31, 2022	$ 608,737	$ 10,719	$ 1,463,215	$ 5,182	$ 3,599,529	$ (77,796)	$ (4,392,112)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	214,054				214,054
Other comprehensive (loss) income, net of tax	1,181					1,181
Repurchases of common stock, net	(9,554)						(9,554)
Common stock issued under stock plans, including excess tax benefit (in shares)		128
Common stock issued under stock plans, including excess tax benefit	12,753	$ 13	12,765	(25)
Share-based compensation cost	13,930		13,923	7
Balance end of period (in shares) at Mar. 31, 2023		107,321
Balance end of period at Mar. 31, 2023	$ 841,101	$ 10,732	1,489,903	5,164	3,813,583	(76,615)	(4,401,666)
Balance beginning of period (in shares) at Dec. 31, 2023	107,506	107,506
Balance beginning of period at Dec. 31, 2023	$ 1,484,530	$ 10,751	1,569,565	5,530	4,444,571	(71,206)	(4,474,681)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	235,579				235,579
Other comprehensive (loss) income, net of tax	(9,191)					(9,191)
Repurchases of common stock, net	(177,192)						(177,192)
Common stock issued under stock plans, including excess tax benefit (in shares)		161
Common stock issued under stock plans, including excess tax benefit	20,780	$ 16	20,792	(28)
Share-based compensation cost	$ 14,400		14,392	8
Balance end of period (in shares) at Mar. 31, 2024	107,667	107,667
Balance end of period at Mar. 31, 2024	$ 1,568,906	$ 10,767	$ 1,604,749	$ 5,510	$ 4,680,150	$ (80,397)	$ (4,651,873)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 235,579	$ 214,054
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,904	28,331
Impairment charge	250	0
Provision for credit losses	1,530	2,325
Deferred income taxes	(2,571)	(3,757)
Share-based compensation expense	14,400	13,930
Other	909	(362)
Changes in assets and liabilities:
Accounts receivable	(53,841)	(44,133)
Inventories	(2,412)	(23,887)
Other assets and liabilities	(21,416)	(5,307)
Accounts payable	(4,450)	3,327
Deferred revenue	703	(609)
Net cash provided by operating activities	198,585	183,912
Cash Flows from Investing Activities:
Purchases of property and equipment	(30,273)	(39,511)
Acquisitions of a business	(77,000)	0
Proceeds from net investment hedges	329	0
Net cash used by investing activities	(106,944)	(39,511)
Cash Flows from Financing Activities:
Repayments under credit facility, net	0	(147,500)
Payments of acquisition-related holdbacks	0	(1,780)
Repurchases of common stock, net	(154,764)	0
Proceeds from exercises of stock options and employee stock purchase plans	20,879	12,796
Shares withheld for statutory tax withholding payments on restricted stock	(10,189)	(9,597)
Net cash used by financing activities	(144,074)	(146,081)
Net effect of changes in exchange rates on cash	(4,066)	501
Net decrease in cash and cash equivalents	(56,499)	(1,179)
Cash and cash equivalents at beginning of period	453,932	112,546
Cash and cash equivalents at end of period	397,433	111,367
Supplemental Cash Flow Information:
Cash paid for income taxes	13,233	7,200
Unpaid property and equipment, reflected in accounts payable and accrued liabilities	$ 15,182	$ 12,453

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying unaudited condensed consolidated financial statements of IDEXX Laboratories, Inc. and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information and with the requirements of Regulation S-X, Rule 10-01 for financial statements required to be filed as a part of this Quarterly Report on Form 10-Q. Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “IDEXX,” the “Company,” “we,” “our,” or “us” refer to IDEXX Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements include the accounts of IDEXX Laboratories, Inc. and our wholly owned and majority-owned subsidiaries. We do not have any variable interest entities for which we are the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of our management, all adjustments necessary for a fair statement of our financial position and results of operations. All such adjustments are of a recurring nature. The condensed consolidated balance sheet data as of December 31, 2023, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, (the “2023 Annual Report”).

ACCOUNTING POLICIES

ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Significant Accounting Policies The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2024, are consistent with those discussed in “Note 2. Summary of Significant Accounting Policies” to the consolidated financial statements in our 2023 Annual Report, and as updated below. New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The implementation of ASU 2023-07 is not expected to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of income tax rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our consolidated financial statements.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	Revenues by Product and Service Categories and by Principal Geographic Areas We present disaggregated revenue for our CAG segment based on major product and service categories. Our Water and LPD segments are comprised of a single major product category. The following table presents revenue by major product and service categories: (in thousands) For the Three Months Ended 2024 2023 CAG segment revenue: CAG Diagnostics recurring revenue: $ 780,144 $ 726,902 IDEXX VetLab consumables 316,929 291,114 Rapid assay products 86,315 82,032 Reference laboratory diagnostic and consulting services 344,338 323,180 CAG Diagnostics services and accessories 32,562 30,576 CAG Diagnostics capital - instruments 34,092 33,144 Veterinary software, services and diagnostic imaging systems: 75,049 67,233 Recurring revenue 59,700 51,707 Systems and hardware 15,349 15,526 CAG segment revenue 889,285 827,279 Water segment revenue 43,071 38,883 LPD segment revenue 28,205 29,208 Other segment revenue 3,534 4,825 Total revenue $ 964,095 $ 900,195 The following table presents revenue by principal geographic area, based on customers’ domiciles: (in thousands) For the Three Months Ended 2024 2023 United States $ 631,009 $ 590,413 Europe, the Middle East and Africa 199,831 176,008 Asia Pacific Region 76,304 78,360 Canada 36,711 35,962 Latin America & Caribbean 20,240 19,452 Total revenue $ 964,095 $ 900,195 Contracts with Multiple Performance Obligations We enter into arrangements with multiple performance obligations where customers purchase a combination of IDEXX products and services. Determining whether products and services are considered distinct performance obligations that should be accounted for separately requires significant judgment. We determine the transaction price for a contract based on the total consideration we expect to receive in exchange for the transferred goods or services. To the extent the transaction price includes variable consideration, such as volume rebates or expected price adjustments, we apply judgment in constraining the estimated variable consideration due to factors that may cause reversal of revenue recognized. We evaluate constraints based on our historical and projected experience with similar customer arrangements. We allocate revenue to each performance obligation in proportion to the relative standalone selling prices, and recognize revenue when transfer of the related goods or services has occurred for each obligation. We utilize the observable standalone selling price when available, which represents the price charged for the promised product or service when sold separately. When standalone selling prices for our products or services are not directly observable, we determine the standalone selling prices using relevant information available and apply suitable estimation methods including, but not limited to, the cost plus a margin approach. We recognize revenue as each performance obligation is satisfied, either at a point in time or over time, as described in the revenue categories above. We do not disclose information about remaining performance obligations that are part of arrangements with an original expected duration of one year or less. The following customer arrangements represent our most significant customer contracts that contain multiple performance obligations: Customer Commitment Arrangements . We offer customers incentives upon entering into multi-year arrangements to purchase annual minimum amounts of products and services. Free or Discounted Instruments and Systems . Many of our customer commitment arrangements, such as our IDEXX 360 program, provide customers with free or discounted instruments or systems upon entering into multi-year arrangements to purchase annual minimum amounts of products and services. We allocate total consideration, including future committed purchases and expected price adjustments, based on relative standalone selling prices to identified performance obligations and recognize instrument revenue and cost at the time of installation and customer acceptance in advance of billing the customer, which is also when the customer obtains control of the instrument based on legal title transfer. Our right to future consideration related to instrument revenue is recorded as a contract asset within other current and long-term assets. The contract asset is transferred to accounts receivable when customers are billed for products and services over the term of the arrangement. We have determined that these arrangements do not include a significant financing component. On December 31, 2023, our contract assets were $223.1 million, of which approximately $14.5 million was reclassified to accounts receivable when customers were billed for related products and services during the three months ended March 31, 2024. Furthermore, as a result of new placements under commitment arrangements, net of subsequent amounts reclassified to accounts receivable and allowances established for credit losses, our contract assets were $230.0 million as of March 31, 2024. We monitor customer purchases over the term of their arrangement to assess the realizability of our contract assets and review estimates of variable consideration. Impairments and revenue adjustments that relate to performance obligations satisfied in prior periods, including cumulative catch-up adjustments to revenue arising from contract modifications, during the three months ended March 31, 2024, were not material. Up-Front Consideration Paid to Customers . We provide customers with incentives in the form of IDEXX Points upon entering into multi-year arrangements to purchase annual minimum amounts of future products and/or services. If a customer breaches their agreement, they are required to refund all or a portion of the up-front consideration, or make other repayments, remedial actions, or both. Up-front incentives to customers (previously referred to as “customer acquisition costs”) in the form of IDEXX Points or, from time to time, cash, are not made in exchange for distinct goods or services and are capitalized as consideration paid to customers within other current and long-term assets, which are subsequently recognized as a reduction to revenue over the term of the customer arrangement. If these up-front incentives are subsequently utilized to purchase instruments, we allocate total consideration, including future committed purchases less up-front incentives and estimates of expected price adjustments, based on relative standalone selling prices, to identified performance obligations, and recognize instrument revenue and cost at the time of installation and customer acceptance. To the extent invoiced instrument revenue exceeds recognized instrument revenue, we record deferred revenue as a contract liability, which is subsequently recognized upon the purchase of products and services over the term of the contract. We have determined these arrangements do not include a significant financing component. On December 31, 2023, our capitalized consideration paid to customers was $168.9 million, of which approximately $14.4 million was recognized as a reduction of revenue during the three months ended March 31, 2024. Furthermore, as a result of new payments to customers, net of subsequent recognition, our capitalized consideration paid to customers was $168.2 million as of March 31, 2024. We monitor customer purchases over the term of their arrangement to assess the realizability of our capitalized consideration paid to customers and review estimates of variable consideration. Impairments and revenue adjustments that relate to performance obligations satisfied in prior periods, including cumulative catch-up adjustments to revenue arising from contract modifications, during the three months ended March 31, 2024, were not material. Rebate Arrangements . Our rebate arrangements provide customers the opportunity to earn future rebates based on the volume of products and/or services they purchase over the term of the arrangement. Rebate incentives are typically offered in multi-year arrangements that include customer commitments to purchase annual minimum amounts of products and services, or, to a lesser extent, are sometimes offered without future purchase commitments. We account for the customer’s right to earn rebates on future purchases as a separate performance obligation and determine the standalone selling price based on an estimate of rebates the customer will earn over the term of the arrangement. Total consideration allocated to identified performance obligations is limited to goods and services that the customer is presently obligated to purchase and does not include estimates of future purchases that are optional. We allocate total consideration to identified performance obligations, including the customer’s right to earn rebates on future purchases, which is deferred and subsequently recognized upon the purchase of products and/or services, partly offsetting rebates as they are earned. On December 31, 2023, our deferred revenue related to rebate and up-front consideration arrangements was $32.9 million, of which approximately $3.0 million was recognized when customers purchased eligible products and services during the three months ended March 31, 2024. Furthermore, as a result of new customer purchases under rebate and up-front consideration arrangements, net of subsequent recognition, our deferred revenue was $31.9 million as of March 31, 2024, of which approximately 26%, 28%, 21%, 14%, and 11% are expected to be recognized during the remainder of 2024, the full years 2025, 2026, 2027, and thereafter, respectively. For our customer commitment arrangements, we estimate future revenues related to multi-year arrangements to be approximately $3.9 billion, of which approximately 22%, 25%, 22%, 17%, and 14% are expected to be recognized during the remainder of 2024, the full years 2025, 2026, 2027, and thereafter, respectively. These future revenues relate to performance obligations not yet satisfied, for which customers have committed to future purchases, net of the expected revenue reductions from consideration paid to customers and expected price adjustments, and as a result, are lower than stated contractual commitments by our customers. Instrument Rental Arrangements . Revenues from instrument rental and reagent rental arrangements are recognized either as operating leases on a ratable basis over the term of the arrangement or as sales-type leases at the time of installation and customer acceptance. Customers typically pay for the right to use instruments under rental arrangements in equal monthly amounts over the term of the rental arrangement. For some arrangements, customers are provided with the right to purchase the instrument at the end of the lease term. Our reagent rental arrangements provide customers the right to use our instruments upon entering into multi-year arrangements to purchase annual minimum amounts of consumables. These types of arrangements include an embedded lease for the right to use our instrument, and we determine the amount of lease revenue allocated to the instrument based on relative standalone selling prices. Lease revenues are presented in product revenue on our consolidated income statement. Lease revenue was approximately $3.8 million for the three months ended March 31, 2024, compared to $4.5 million for the three months ended March 31, 2023, including both operating leases and sales-type leases. Sales-type Reagent Rental Arrangements . Our reagent rental arrangements that effectively transfer control of instruments to our customers are classified as sales-type leases, and we recognize instrument revenue and cost in advance of billing the customer, at the time of installation and customer acceptance. Our right to future consideration related to instrument revenue is recorded as a lease receivable within other current and long-term assets, and is transferred to accounts receivable when customers are billed for products and services over the term of the arrangement. On December 31, 2023, our lease receivable assets were $23.1 million, of which approximately $1.5 million was reclassified to accounts receivable when customers were billed for related products and services during the three months ended March 31, 2024. Furthermore, as a result of new placements under sales-type reagent rental arrangements, net of subsequent amounts reclassified to accounts receivable, and allowances established for credit losses, our lease receivable assets were $21.8 million as of March 31, 2024. The impacts of discounting and unearned income as of March 31, 2024, were not material. Profit and loss recognized at the commencement date and interest income during the three months ended March 31, 2024, were not material. We monitor customer purchases over the term of their arrangement to assess the realizability of our lease receivable assets. Impairments during the three months ended March 31, 2024, were not material. Operating-type Reagent Rental Arrangements . Our reagent rental arrangements that do not effectively transfer control of instruments to our customers are classified as operating leases and we recognize instrument revenue and costs ratably over the term of the arrangement. The cost of the instrument is capitalized within property and equipment. During the three months ended March 31, 2024, we transferred instrume nts of $3.4 million, compared to $3.8 million during the three months ended March 31, 2023, from inventory to property and equipment. We estimate future revenue to be recognized related to our reagent rental arrangements of approximately $59.9 million, of which approximately 20%, 23%, 20%, 16%, and 21% are expected to be recognized during the remainder of 2024, and the full years 2025, 2026, 2027, and thereafter, respectively. These future revenues relate to performance obligations not yet satisfied for which customers have committed to future purchases, net of expected price adjustments, and as a result, may be lower than stated contractual commitments by our customers. Deferred Extended Warranties and Post-Contract Support Revenue On December 31, 2023, our deferred revenue related to extended warranties and post-contract support was $26.0 million, of which approximately $15.8 million was recognized during the three months ended March 31, 2024. Furthermore, as a result of new arrangements, our deferred revenue related to extended warranties and post-contract support was $26.0 million at March 31, 2024. We do not disclose information about remaining performance obligations that are part of contracts with an original expected duration of one year or less, and do not adjust for the effect of the financing components when the period between customer payment and revenue recognition is one year or less. Deferred revenue related to extended warranties and post-contract support with an original duration of more than one year was $9.5 million at March 31, 2024, of which approximately 32%, 33%, 20%, 8%, and 7% are expected to be recognized during the remainder of 2024, and the full years 2025, 2026, 2027, and thereafter, respectively. We have determined these arrangements do not include a significant financing component. Costs to Obtain a Contract On December 31, 2023, our deferred commission costs, included within other current and long-term assets, were $19.7 million, of which approximately $1.8 million of commission expense was recognized during the three months ended March 31, 2024. Furthermore, as a result of commissions related to new extended warranties and SaaS subscriptions, net of subsequent recognition, our deferred commission costs were $19.7 million at March 31, 2024. Impairments of deferred commission costs during the three months ended March 31, 2024, were not material.

ACQUISITIONS, ASSET PURCHASES A

ACQUISITIONS, ASSET PURCHASES AND INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS, ASSET PURCHASES AND INVESTMENTS	ACQUISITIONS, ASSET PURCHASES AND INVESTMENTS We believe that our acquisitions of businesses and other assets enhance our existing businesses by either expanding our geographic range, customer base, or existing product and service lines. From time to time, we may acquire small reference laboratories or radiology practices that we account for as either asset purchases or business combinations. Business Combinations On February 1, 2024, we acquired the assets of a privately-owned software and data platform business based in the U.S. that extends our practice management system cloud-native workflow and delivers strategic data solutions to our customers and their clients, for approximately $81.4 million, including an estimated contingent payment of $4.4 million. We estimate the preliminary fair values and the lives of the assets and liabilities acquired are as follows: completed technology of approximately $17.1 million, with a life of 6 years; customer relationship intangibles of approximately $12.5 million, with a life of 10 years; a non-compete agreement of approximately $4.7 million, with a life of 5 years; a trademark of approximately $0.7 million, with a life of 10 years; approximately $45.8 million of goodwill, representing synergies with our software business; and approximately $0.6 million of net tangible assets, including accounts receivable. Goodwill related to this acquisition is expected to be deductible for tax purposes. Pro forma information has not been presented for this acquisition because such information is not material to the financial statements. The results of operations have been included in our CAG segment since the acquisition date. The purchase price allocation is subject to revision as additional information becomes available regarding working capital adjustments, tax-related matters, contingencies, and certain assets and liabilities. The acquisition expenses were not significant.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The fair value of options, restricted stock units, deferred stock units, performance-based restricted stock units, and employee stock purchase rights awarded during the three months ended March 31, 2024, totaled $65.6 million, compared to $57.3 million for the three months ended March 31, 2023. The total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards outstanding as of March 31, 2024 , was $107.2 million, which will be recognized over a weighted average period of approximately 1.9 years. During the three months ended March 31, 2024, we recognized share-based compensation expenses of $14.4 million, compared to $13.9 million for the three months ended March 31, 2023. During the first quarter of 2024, we granted approximately $11.5 million of performance-based restricted stock units that are contingent upon our performance against pre-established financial performance metrics over a period beginning on January 1, 2024, and ending on December 31, 2026. Earned shares will vest on the later of the third anniversary of the grant date or the date of certification of our performance under the terms of the performance-based restricted stock units grant. We determine the assumptions used in the valuation of option awards as of the date of grant. Differences in the expected stock price volatility, expected term, or risk-free interest rate may necessitate distinct valuation assumptions at each grant date. As such, we may use different assumptions for options granted throughout the year. Option awards are granted with an exercise price equal to or greater than the closing market price of our common stock at the date of grant. We have never paid any cash dividends on our common stock, and we have no intention to pay such a dividend at this time; therefore, we assume that no dividends will be paid over the expected terms of option awards. The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows: For the Three Months Ended 2024 2023 Expected stock price volatility 32 % 32 % Expected term, in years 7.0 6.7 Risk-free interest rate 4.3 % 3.7 % Weighted average fair value of options granted $ 241.72 $ 201.71

CREDIT LOSSES

CREDIT LOSSES	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
CREDIT LOSSES	CREDIT LOSSES We are exposed to credit losses primarily through our sales of products and services to our customers. We maintain allowances for credit losses for potentially uncollectible receivables. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. Additionally, our estimates are developed based on historical credit loss experience, estimates of recoveries, current economic conditions, and future expectations. Additional allowances may be required if either the financial condition of our customers were to deteriorate, or a strengthening U.S. dollar impacts the ability of foreign customers to make payments to us on their U.S. dollar-denominated purchases. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities include timely account reconciliations, dispute resolution, and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We may require collateralized asset support or a prepayment to mitigate credit risk. We do not have any off-balance sheet credit exposure related to our customers. Accounts Receivable The allowance for credit losses associated with accounts receiva bl e was $10.6 million and $9.5 million as of March 31, 2024, and December 31, 2023, respectively. The amount of accounts receivable reflected on the balance sheet is net of this reserve. Based on an aging analysis, as of March 31, 2024, approximately 84% of our accounts receivable had not yet reached the invoice due date, and approximately 16% was considered past due, of which approximately 1.8% was greater than 60 days past due. As of December 31, 2023, approximately 83% of our accounts receivable had not yet reached the invoice due date, and approximately 17% was considered past due, of which approximately 1.7% was greater than 60 days past due. Contract Assets and Lease Receivables The allowance for credit losses associated with the contract assets and lease receivables was $6.6 million and $6.4 million as of March 31, 2024, and December 31, 2023, respectively. The assets reflected on the balance sheet are net of these reserves. Historically, we have experienced low credit loss rates on our customer commitment programs and lease receivables. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
Inventory, Net [Abstract]
INVENTORIES	INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The components of inventories were as follows: (in thousands) March 31, 2024 December 31, 2023 Raw materials $ 103,049 $ 106,392 Work-in-process 28,229 28,989 Finished goods 259,321 244,901 Inventories $ 390,599 $ 380,282

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES Maturities of operating lease liabilities were as follows: (in thousands) March 31, 2024 2024 (remainder of year) $ 17,626 2025 25,203 2026 23,061 2027 18,201 2028 13,146 Thereafter 48,114 Total lease payments 145,351 Less imputed interest (22,185) Total $ 123,166 Total minimum future lease payments for leases that have not commenced as of March 31, 2024, are not material. Supplemental cash flow information for leases was as follows: (in thousands) For the Three Months Ended 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,155 $ 7,775 Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations (1) $ 11,525 $ 2,282 (1) Additions for the three months ended March 31, 2024, include $1.0 million of right-of-use assets obtained with the business acquisition in the first quarter of 2024.

OTHER CURRENT AND LONG-TERM ASS

OTHER CURRENT AND LONG-TERM ASSETS	3 Months Ended
	Mar. 31, 2024
Other Assets, Noncurrent [Abstract]
OTHER CURRENT AND LONG-TERM ASSETS	OTHER CURRENT AND LONG-TERM ASSETS Other Current Assets Other current assets consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Contract assets, net (1) $ 56,575 $ 55,111 Consideration paid to customers (2) 54,486 54,081 Prepaid expenses 47,648 48,370 Taxes receivable 14,459 16,972 Other assets 33,565 29,061 Other current assets $ 206,733 $ 203,595 (1) Contract assets, net, are net of allowances for credit losses. Refer to "Note 6. Credit Losses." (2) Refer to “Note 3. Revenue. Up-Front Consideration Paid to Customers” for more information regarding consideration paid to customers. Other Long-Term Assets Other long-term assets consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Contract assets, net (1) $ 173,434 $ 167,963 Consideration paid to customers (2) 113,735 114,850 Deferred income taxes 106,517 107,364 Equity investments 30,000 30,250 Investment in long-term product supply arrangements 24,395 25,943 Other assets 50,826 50,164 Other long-term assets $ 498,907 $ 496,534 (1) Contract assets, net, are net of allowances for credit losses. Refer to "Note 6. Credit Losses." (2) Refer to “Note 3. Revenue. Up-Front Consideration Paid to Customers” for more information regarding consideration paid to customers.

ACCOUNTS PAYABLE, ACCRUED LIABI

ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES	ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES Accounts Payable - Supplier Financing Program We have an agreement with a third party to provide a supplier finance program, which facilitates participating suppliers’ ability to finance payment obligations from us with a designated third-party financial institution. Participating suppliers may, at their sole discretion, make offers to finance one or more of our payment obligations prior to their scheduled due dates at a discounted price. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. The terms of payments are consistent with the terms of our trade payables. Activity related to the obligations is presented within operating activities on the unaudited consolidated statements of cash flows. The changes in our outstanding payment obligations under this arrangement, which are included in accounts payable on the unaudited condensed consolidated balance sheets, are as follows: (in thousands) For the Three Months Ended 2024 2023 Payment obligations outstanding at the beginning of the period $ 9,057 $ 10,171 Payment obligation additions during the period 13,068 13,031 Payment obligations settled during the period (11,725) (15,666) Payment obligations outstanding at the end of the period $ 10,400 $ 7,536 Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Accrued taxes $ 134,195 $ 86,553 Accrued expenses 125,583 113,596 Accrued employee compensation and related expenses 116,339 174,375 Accrued customer incentives and refund obligations 80,845 84,386 Current lease liabilities 19,287 19,802 Accrued liabilities $ 476,249 $ 478,712 Other Long-Term Liabilities Other long-term liabilities consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Accrued taxes $ 40,026 $ 39,642 Other accrued long-term expenses 26,235 25,884 Other long-term liabilities $ 66,261 $ 65,526

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Credit Facility At March 31, 2024, we had $250.0 million in outstanding borrowings under our Credit Facility, all of which is the $250.0 million Term Loan, with a weighted average effective interest rate of 6.3%, excluding any impact of our interest rate swap. At December 31, 2023, we had $250.0 million outstanding under our Credit Facility, all of which was the $250.0 million Term Loan, with a weighted average effective interest rate of 6.0%. At March 31, 2024, we had remaining borrowing availability of $998.5 million under our $1.25 billion Credit Facility. The funds available under the Credit Facility reflect a further reduction due to the issuance of letters of credit, which were primarily issued in connection with our workers’ compensation policy, for $1.5 million. The applicable interest rate for the Credit Facility is calculated at a per annum rate equal to either (at our option) (i) a prime rate plus a margin ranging from 0.0% to 0.375% based on our consolidated leverage ratio, (ii) an adjusted term SOFR rate, plus 0.10%, plus a margin ranging from 0.875% to 1.375% based on our consolidated leverage ratio, or (iii) an adjusted daily simple SOFR rate, plus 0.10%, plus a margin ranging from 0.875% to 1.375% based on our consolidated leverage ratio. In March 2023, we entered into an interest rate swap contract to manage the economic effect of $250.0 million of variable interest borrowings under our Credit Facility. Refer to “Note 19. Hedging Instruments” for a discussion of our derivative instruments and hedging activity. The Credit Facility contains affirmative, negative, and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates, and certain restrictive agreements. The sole financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, and share-based compensation, which is defined as the consolidated leverage ratio under the terms of the Credit Facility, not to exceed 3.5-to-1. As of March 31, 2024, we were in compliance with the covenants of the Credit Facility. Senior Notes The following describes all of our currently outstanding unsecured senior notes issued and sold in private placements (collectively, the “Senior Notes”) as of March 31, 2024: (Principal Amount in thousands) Issue Date Due Date Series Principal Amount Coupon Rate Senior Note Agreement 12/11/2013 12/11/2025 2025 Series B Notes $ 75,000 4.04 % NY Life 2013 Note Agreement 9/4/2014 9/4/2026 2026 Senior Notes $ 75,000 3.72 % NY Life 2014 Note Agreement 7/21/2014 7/21/2024 2024 Series B Notes $ 75,000 3.76 % Prudential 2015 Amended Agreement 6/18/2015 6/18/2025 2025 Series C Notes € 88,857 1.785 % Prudential 2015 Amended Agreement 2/12/2015 2/12/2027 2027 Series B Notes $ 75,000 3.72 % MetLife 2014 Note Agreement 3/14/2019 3/14/2029 2029 Series C Notes $ 100,000 4.19 % MetLife 2014 Note Agreement 4/2/2020 4/2/2030 MetLife 2030 Series D Notes $ 125,000 2.50 % MetLife 2014 Note Agreement 4/14/2020 4/14/2030 Prudential 2030 Series D Notes $ 75,000 2.50 % Prudential 2015 Amended Agreement The Senior Note Agreements contain affirmative, negative, and financial covenants customary for agreements of this type. The negative covenants include restrictions on liens, indebtedness of our subsidiaries, priority indebtedness, fundamental changes, investments, transactions with affiliates, certain restrictive agreements, and violations of laws and regulations. The sole financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, and share-based compensation, as defined in the Senior Note Agreements, not to exceed 3.5-to-1. As of March 31, 2024, we were in compliance with the covenants of the Senior Note Agreements.

REPURCHASES OF COMMON STOCK

REPURCHASES OF COMMON STOCK	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
REPURCHASES OF COMMON STOCK	REPURCHASES OF COMMON STOCK We primarily acquire shares by repurchases in the open market. We also acquire shares that are surrendered by employees in payment for the minimum required statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the three months ended March 31, 2024, and 2023, was not material. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022, and is included in the cost of treasury stock acquired in open market repurchases. The following is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders: (in thousands, except per share amounts) For the Three Months Ended 2024 2023 Shares repurchased in the open market 303 — Shares acquired through employee surrenders for statutory tax withholding 18 19 Total shares repurchased 321 19 Cost of shares repurchased in the open market $ 167,102 $ — Cost of shares for employee surrenders 10,189 9,597 Total cost of shares $ 177,291 $ 9,597 Average cost per share - open market repurchases $ 550.90 $ — Average cost per share - employee surrenders $ 560.56 $ 503.65 Average cost per share - total $ 551.45 $ 503.65

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate was 20.3% for the three months ended March 31, 2024, as compared to 20.0% for the three months ended March 31, 2023. The increase in our effective tax rate for the three months ended March 31, 2024, compared to the same period in the prior year, was primarily driven by geographical income mix partially offset by an increase in the tax rate benefits related to share-based compensation. The effective tax rate for the three months ended March 31, 2024, differed from the U.S. federal statutory tax rate of 21% primarily due to tax benefits from share-based compensation.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The changes in Accumulated Other Comprehensive Income (“AOCI”), net of tax, consisted of the following: For the Three Months Ended March 31, 2024 Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax Unrealized Gain (Loss) on (in thousands) Unrealized (Loss) Gain on Investments, Foreign Currency Exchange Contracts Interest Rate Swap Euro-Denominated Notes Cross Currency Swaps Defined Benefit Plans, Net of Tax Cumulative Translation Total Balance as of December 31, 2023 $ (164) $ (2,397) $ 1,106 $ 2,346 $ 1,428 $ (3,559) $ (69,966) $ (71,206) Other comprehensive income (loss) before reclassifications 1 5,848 2,106 1,618 2,049 — (19,773) (8,151) Reclassified from accumulated other comprehensive income 163 (567) (730) — — 94 — (1,040) Balance as of March 31, 2024 $ — $ 2,884 $ 2,482 $ 3,964 $ 3,477 $ (3,465) $ (89,739) $ (80,397) For the Three Months Ended March 31, 2023 Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax Unrealized Gain (Loss) on (in thousands) Unrealized (Loss) on Investments, Foreign Currency Exchange Contracts Interest Rate Swap Euro-Denominated Notes Cross Currency Swaps Defined Benefit Plans, Net of Tax Cumulative Translation Total Balance as of December 31, 2022 $ (172) $ 839 $ — $ 4,947 $ 7,057 $ (2,776) $ (87,691) $ (77,796) Other comprehensive income (loss) before reclassifications 6 (209) (45) (1,490) (1,240) — 4,258 1,280 Reclassified from accumulated other comprehensive income — (218) — — — 119 — (99) Balance as of March 31, 2023 $ (166) $ 412 $ (45) $ 3,457 $ 5,817 $ (2,657) $ (83,433) $ (76,615) The following table presents components and amounts reclassified out of AOCI to net income: (in thousands) Affected Line Item in the Statements of Income Amounts Reclassified from AOCI For the Three Months Ended March 31, 2024 2023 Foreign currency exchange contracts Cost of revenue $ 810 $ 335 Tax expense (243) (117) Gain, net of tax $ 567 $ 218 Interest rate swap contracts Interest expense $ 957 $ — Tax expense (227) — Gain, net of tax $ 730 $ — Investments Other operating expense $ (214) $ — Tax benefit 51 — Loss, net of tax $ (163) $ — Defined benefit plans Cost of revenue and operating expenses $ (113) $ (139) Tax benefit 19 20 Loss, net of tax $ (94) $ (119)

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to our stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the total unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase our common stock at the average market price during the period. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed, and issuance is not contingent. Refer to “Note 5. Share Based Compensation” to the consolidated financial statements in our 2023 Annual Report for additional information regarding deferred stock units. The following is a reconciliation of weighted average shares outstanding for basic and diluted earnings per share: (in thousands) For the Three Months Ended 2024 2023 Shares outstanding for basic earnings per share 83,096 82,992 Shares outstanding for diluted earnings per share: Shares outstanding for basic earnings per share 83,096 82,992 Dilutive effect of share-based payment awards 861 967 83,957 83,959 Certain awards and options to acquire shares have been excluded from the calculation of shares outstanding for diluted earnings per share because they were anti-dilutive. The following table presents information concerning those anti-dilutive awards and options: (in thousands) For the Three Months Ended 2024 2023 Weighted average number of shares underlying anti-dilutive awards 36 35 Weighted average number of shares underlying anti-dilutive options 414 345

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND GUARANTEES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND GUARANTEES	COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments Refer to “Note 8. Leases” for more information regarding our lease commitments. Contingencies We are subject to claims that may arise in the ordinary course of business, including with respect to actual and threatened litigation and other matters. We accrue for loss contingencies when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. However, the results of legal actions cannot be predicted with certainty, and therefore our actual losses with respect to these contingencies could exceed our accruals. Except for the litigation matter described below, as of March 31, 2024, our accruals with respect to actual and threatened litigation were not material. We are a defendant in an ongoing litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement. The plaintiff has asserted a claim of approximately $50 million, inclusive of interest through June 30, 2020, alleging that the incorrect royalty provision was applied to certain licensed products and services throughout the agreement term and that royalties were also due on non-licensed diagnostic services that were provided concurrently with licensed services. The trial court previously ruled in favor of the plaintiff in this matter. The appellate court reversed the trial court’s decision, and the state supreme court granted the plaintiff’s petition for review. The state supreme court held a hearing to review the appellate court decision in January 2024, and a ruling is pending. While we believe the claim is without merit and will continue to vigorously defend ourselves against the plaintiff’s allegations, litigation is inherently unpredictable, and there can be no assurance that we will prevail in this matter. During the third quarter of 2020, we established an accrual of $27.5 million related to this ongoing matter, which represents the amount of the contingent loss that we have determined to be probable and estimable. We have not made any adjustments to this accrual since it was established. The actual cost of resolving this matter may be higher or lower than the amount we have accrued. From time to time, we have received notices alleging that our products infringe third-party proprietary rights, although we are not aware of any pending litigation with respect to such claims. Patent litigation frequently is complex and expensive, and the outcome of patent litigation can be difficult to predict. There can be no assurance that we will prevail in any infringement proceedings that may be commenced against us. If we lose any such litigation, we may be stopped from selling certain products and/or we may be required to pay damages as a result of the litigation. Guarantees We enter into agreements with third parties in the ordinary course of business under which we are obligated to indemnify such third parties for and against various risks and losses. The precise terms of such indemnities vary with the nature of the agreement. In many cases, we limit the maximum amount of our indemnification obligations, but in some cases, those obligations may be theoretically unlimited. We have not incurred material expenses in discharging any of these indemnification obligations and, based on our analysis of the nature of the risks involved, we believe that the fair value of potential indemnification under these agreements is minimal. Accordingly, we have recorded no liabilities for these obligations as of March 31, 2024, and December 31, 2023.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We operate primarily through three business segments: Companion Animal Group (“CAG”), water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides products and services for veterinarians and the biomedical research community, primarily related to diagnostics and information management. Water provides innovative testing solutions for the detection and quantification of various microbiological parameters in water. LPD provides diagnostic tests, services, and related instrumentation that are used to manage the health status of livestock and poultry, to improve producer efficiency, and to ensure the quality and safety of milk. Our Other operating segment combines and presents our human medical diagnostic business (“OPTI Medical”) with our out-licensing arrangements because they do not meet the quantitative or qualitative thresholds for reportable segments. OPTI Medical develops, manufactures, and distributes human medical diagnostic products and services. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. Our reportable segments are CAG, Water, LPD, and Other. Assets are not allocated to segments for internal reporting purposes. Intersegment revenues, which are not included in the table below, were not material for the periods ended March 31, 2024 and 2023. The following is a summary of segment performance: (in thousands) For the Three Months Ended March 31, CAG Water LPD Other Consolidated Total 2024 Revenue $ 889,285 $ 43,071 $ 28,205 $ 3,534 $ 964,095 Income from operations $ 279,696 $ 19,430 $ 866 $ (1,034) $ 298,958 Interest expense, net (3,479) Income before provision for income taxes 295,479 Provision for income taxes 59,900 Net income attributable to IDEXX Laboratories, Inc. stockholders $ 235,579 2023 Revenue $ 827,279 $ 38,883 $ 29,208 $ 4,825 $ 900,195 Income from operations $ 261,750 $ 16,971 $ 1,308 $ 370 $ 280,399 Interest expense, net (12,711) Income before provision for income taxes 267,688 Provision for income taxes 53,634 Net income attributable to IDEXX Laboratories, Inc. stockholders $ 214,054

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. We have certain financial assets and liabilities that are measured at fair value on a recurring basis, certain nonfinancial assets and liabilities that may be measured at fair value on a non-recurring basis, and certain financial assets and liabilities that are not measured at fair value in our unaudited condensed consolidated balance sheets but for which we disclose the fair value. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We did not have any transfers between Level 1 and Level 2, or transfers in or out of Level 3, of the fair value hierarchy during the three months ended March 31, 2024. Our cross currency swap contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our cross currency swap contracts prevailing market conditions as of the close of business on each balance sheet date. The product of this calculation is then adjusted for counterparty risk. Our foreign currency exchange contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our foreign currency exchange contracts using an income approach, based on prevailing market forward exchange rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. Our interest rate swap contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our interest rate swap contracts using current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk. The amounts outstanding under our unsecured Credit Facility and Senior Notes (“long-term debt”) are measured at carrying value in our unaudited condensed consolidated balance sheets though we disclose the fair value of these financial instruments. We determine the fair value of the amount outstanding under our Credit Facility and long-term debt using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk. Our Credit Facility and long-term debt are valued using Level 2 inputs. The estimated fai r value of our Credit Facility approximates its carrying value. The estimated fair value and carrying value of our long-term debt w ere $660.6 million and $696.1 million , respectively, as of March 31, 2024, and $670.0 million and $698.2 million, respectively, as of December 31, 2023. The following tables set forth our assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy: (in thousands) As of March 31, 2024 Quoted Prices Significant Significant Balance as of March 31, 2024 Assets Money market funds (1) $ 251,669 $ — $ — $ 251,669 Equity mutual funds (2) $ 26 $ — $ — $ 26 Cross currency swaps (3) $ — $ 1,046 $ — $ 1,046 Foreign currency exchange contracts (3) $ — $ 4,774 $ — $ 4,774 Interest rate swap (4) $ — $ 3,256 $ — $ 3,256 Liabilities Cross currency swaps (3) $ — $ 2,736 $ — $ 2,736 Foreign currency exchange contracts (3) $ — $ 1,080 $ — $ 1,080 Deferred compensation (5) $ 26 $ — $ — $ 26 Contingent Consideration $ — $ — $ 4,400 $ 4,400 (in thousands) As of December 31, 2023 Quoted Prices Significant Significant Balance as of December 31, 2023 Assets Money market funds (1) $ 290,807 $ — $ — $ 290,807 Equity mutual funds (2) $ 99 $ — $ — $ 99 Cross currency swaps (3) $ — $ 664 $ — $ 664 Foreign currency exchange contracts (3) $ — $ 1,783 $ — $ 1,783 Interest rate swap (4) $ — $ 1,451 $ — $ 1,451 Liabilities Cross currency swaps (3) $ — $ 5,041 $ — $ 5,041 Foreign currency exchange contracts (3) $ — $ 5,532 $ — $ 5,532 Deferred compensation (5) $ 99 $ — $ — $ 99 (1) Money market funds with an original maturity of less than ninety days are included within cash and cash equivalents. The remaining balance of cash and cash equivalents as of March 31, 2024, consists of demand deposits. (2) Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other current assets. Refer to footnote (5) below for a discussion of the related deferred compensation liability. (3) Cross currency swaps and foreign currency exchange contracts are included within other current assets, other long-term assets, accrued liabilities, or other long-term liabilities depending on the gain (loss) position and anticipated settlement date. (4) Interest rate swap is included within other long-term assets. (5) A deferred compensation plan assumed as part of a previous business combination is included within accrued liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in footnote (2) above. The estimated fair values of certain financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable, approximate their respective carrying values due to their short maturity. Contingent Consideration We have classified our liabilities for contingent consideration related to acquisitions within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include the achievements of future revenues. The contingent consideration is included within other short-term and long-term liabilities. Changes in the estimated fair value of contingent consideration are recorded in the unaudited condensed consolidated statements of income. The fair values of liabilities for contingent consideration for the three months ended March 31, 2024 and 2023, are as follows: Three Months Ended (in thousands) 2024 2023 Contingent consideration at the beginning of the period $ — $ 120 Contingent consideration recorded from acquisition 4,400 — Contingent consideration at the end of the period $ 4,400 $ 120

HEDGING INSTRUMENTS

HEDGING INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING INSTRUMENTS	HEDGING INSTRUMENTS Disclosure within this note is presented to provide transparency about how and why we use derivative and non-derivative instruments (collectively “hedging instruments”), how the instruments and related hedged items are accounted for, and how the instruments and related hedged items affect our financial position, results of operations, and cash flows. We are exposed to certain risks related to our ongoing business operations. We utilize hedging instruments to manage a portion of our foreign currency exchange risk and interest rate risk. To manage the impact of interest rate fluctuations associated with $250.0 million of borrowings under our variable-rate Credit Facility, we entered into an interest rate swap in 2023. We have designated the interest rate swap as a cash flow hedge. Our subsidiaries enter into foreign currency exchange contracts to manage the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. From time to time, we may also enter into other foreign currency exchange contracts, cross currency swaps, or foreign-denominated debt issuances to minimize the impact of foreign currency fluctuations associated with specific balance sheet exposures, including net investments in certain foreign subsidiaries. The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions, including transactions denominated in the euro, British pound, Japanese yen, Canadian dollar, and Australian dollar. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large well-capitalized multinational financial institutions, and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions. We recognize all hedging instrument assets and liabilities at fair value at the balance sheet date. Instruments that do not qualify for hedge accounting treatment are recorded at fair value through earnings. To qualify for hedge accounting treatment, cash flow and net investment hedges must be highly effective in offsetting changes to expected future cash flows or fair value on hedged transactions. If the instrument qualifies for hedge accounting, changes in the fair value of the hedging instrument from the effective portion of the hedge are deferred in AOCI, net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We immediately record in earnings the extent to which a hedging instrument is not effective in achieving offsetting changes in fair value. We de-designate hedging instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in AOCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Refer to “Note 14. Accumulated Other Comprehensive Income” for further information regarding the effect of hedging instruments on our unaudited condensed consolidated statements of income for the three months ended March 31, 2024, and 2023. We enter into master netting arrangements with the counterparties to our derivative transactions, which permit certain outstanding receivables and payables to be offset in the event of default. Our derivative contracts do not require either party to post cash collateral. We elect to present our derivative assets and liabilities in the unaudited condensed consolidated balance sheets on a gross basis. All cash flows related to our foreign currency exchange contracts are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. Cash Flow Hedges We have designated our foreign currency exchange contracts and our interest rate swap as cash flow hedges as these derivative instruments manage our exposure to variability in the cash flows of forecasted transactions attributable to foreign currency exchange and to interest rates on variable interest obligations under the terms of our Credit Facility. Unless noted otherwise, we have also designated our derivative instruments as qualifying for hedge accounting treatment. We did not de-designate any instruments from hedge accounting treatment during the three months ended March 31, 2024, or 2023. As of March 31, 2024, the estimated amount of gains, net of tax, from our foreign exchange contracts which are expected to be reclassified out of AOCI and into earnings within the next 12 months is $2.9 million if exchange rates do not fluctuate from the levels as of March 31, 2024. As of March 31, 2024, the estimated amount of gains, net of tax, from our interest rate swap contract which are expected to be reclassified out of AOCI and into earnings within the next twelve months is $2.2 million if interest rates do not fluctuate from the levels as of March 31, 2024. Foreign Currency Exchange Contracts : We target to hedge approximately 75% to 85% of the estimated exposure from intercompany product purchases and sales denominated in the euro, British pound, Canadian dollar, Japanese yen, and Australian dollar. We have additional unhedged foreign currency exposures related to intercompany foreign transactions and emerging markets where it is not practical to hedge. We primarily utilize foreign currency exchange contracts with durations of less than 24 months. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the current and following year. As a result, our risk with respect to foreign currency exchange rate fluctuations and the notional value of foreign currency exchange contracts may vary throughout the year. The U.S. dollar is the currency purchased or sold in all of our foreign currency exchange contracts. The notional amount of foreign currency exchange contracts to hedge forecasted intercompany inventory purchases and sales totaled $285.9 million and $294.0 million as of March 31, 2024, and December 31, 2023, respectively. Interest Rate Swap : We entered into an interest rate swap contract to manage the economic effect of variable interest obligations on amounts borrowed under the terms of the Credit Facility. Beginning on March 31, 2023, the variable interest rate associated with $250.0 million of borrowings outstanding under the Credit Facility became effectively fixed at 3.9% plus the applicable credit spread, through October 20, 2025. The following table presents the effect of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives: (in thousands) Three Months Ended 2024 2023 Financial statement line items in which effects of cash flow hedges are recorded Cost of revenue $ 371,025 $ 357,224 Foreign exchange contracts Amount of gain reclassified from accumulated other comprehensive income into net income $ 810 $ 335 Financial statement line items in which effects of cash flow hedges are recorded Interest expense $ (7,911) $ (13,127) Interest rate swap contract Amount of gain reclassified from accumulated other comprehensive income into net income $ 957 $ — Net Investment Hedges, Euro-Denominated Notes In June 2015, we issued and sold through a private placement an aggregate principal amount of €88.9 million in euro-denominated 1.785% Series C Senior Notes due June 18, 2025. We have designated these euro-denominated notes as a hedge of our euro net investment in certain foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in foreign currency exchange rates in the euro relative to the U.S. dollar. As a result of this designation, gains and losses from the change in translated U.S. dollar value of these euro-denominated notes are recorded in AOCI rather than to earnings. We recorded gains of $1.6 million , net of tax, within AOCI as a result of this net investment hedge for the three months ended March 31, 2024, and losses of $1.5 million for the three months ended March 31, 2023. The related cumulative unrealized gain recorded as of March 31, 2024, will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidate d or all or a portion of the hedge no longer qualifies for hedge accounting treatment. Refer to Note 13 to the consolidated financial statements included in our 2023 Annual Report for further information regarding the issuance of these euro-denominated notes. Net Investment Hedges, Cross Currency Swaps We have entered into several cross currency swap contracts as a hedge of our net investment in foreign operations to offset foreign currency translation gains and losses on the net investment. These cross currency swaps have maturity dates beginning on June 30, 2025, through June 30, 2028. At maturity of the cross currency swap contracts we will deliver the notional amount of €15 million and will receive approximately $17.5 million from the counterparties on June 18, 2025; we will deliver the notional amount of €35 million and will receive $37.8 million from the counterparties on March 31, 2028; and we will deliver the notional amount of €90 million and will receive $98.2 million from the counterparties on June 30, 2028. The changes in fair value of the cross currency swap contracts are recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidate d. During the three months ended March 31, 2024, we recorded gains of $2.0 million, net of tax, within AOCI as a result of these net investment hedges, and losses of $1.2 million during the three months ended March 31, 2023. We will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swaps. This interest rate component is excluded from the assessment of hedge effectiveness and is recognized as a reduction to interest expense over the life of the hedge instrument. We recognized ap proximately $0.3 million related to the excluded component as a reduction of interest expense for the three months ended March 31, 2024, and $0.7 million for the three months ended March 31, 2023. Fair Values of Hedging Instruments Designated as Hedges in Consolidated Balance Sheets The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following derivative instruments, unless otherwise noted: (in thousands) Hedging Assets March 31, 2024 December 31, 2023 Derivatives and non-derivatives designated as hedging instruments Balance Sheet Classification Foreign currency exchange contracts Other current assets $ 4,715 $ 1,783 Cross currency swaps Other current assets — — Interest rate swap contract Other long-term assets 3,256 1,451 Foreign currency exchange contracts Other long-term assets 59 — Cross currency swaps Other long-term assets 1,046 664 Total derivative instruments presented as hedging instruments on the balance sheet 9,076 3,898 Gross amounts subject to master netting arrangements not offset on the balance sheet (1,067) (1,783) Net amount $ 8,009 $ 2,115 (in thousands) Hedging Liabilities March 31, 2024 December 31, 2023 Derivatives and non-derivatives designated as hedging instruments Balance Sheet Classification Foreign currency exchange contracts Accrued liabilities $ 999 $ 5,532 Cross currency swaps Other long-term liabilities 2,736 5,041 Foreign currency exchange contracts Other long-term liabilities 81 — Total derivative instruments presented as hedging instruments on the balance sheet 3,816 10,573 Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1) Long-term debt 96,064 98,187 Total hedging instruments presented on the balance sheet 99,880 108,760 Gross amounts subject to master netting arrangements not offset on the balance sheet (1,067) (1,783) Net amount $ 98,813 $ 106,977 (1) Amounts represent reported carrying amounts of our foreign currency-denominated debt. Refer to “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Gain (loss), net of tax	$ 235,579	$ 214,054

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The implementation of ASU 2023-07 is not expected to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of income tax rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our consolidated financial statements.
Share-Based Compensation	We determine the assumptions used in the valuation of option awards as of the date of grant. Differences in the expected stock price volatility, expected term, or risk-free interest rate may necessitate distinct valuation assumptions at each grant date. As such, we may use different assumptions for options granted throughout the year. Option awards are granted with an exercise price equal to or greater than the closing market price of our common stock at the date of grant. We have never paid any cash dividends on our common stock, and we have no intention to pay such a dividend at this time; therefore, we assume that no dividends will be paid over the expected terms of option awards.
Credit Losses	We are exposed to credit losses primarily through our sales of products and services to our customers. We maintain allowances for credit losses for potentially uncollectible receivables. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. Additionally, our estimates are developed based on historical credit loss experience, estimates of recoveries, current economic conditions, and future expectations. Additional allowances may be required if either the financial condition of our customers were to deteriorate, or a strengthening U.S. dollar impacts the ability of foreign customers to make payments to us on their U.S. dollar-denominated purchases. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities include timely account reconciliations, dispute resolution, and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We may require collateralized asset support or a prepayment to mitigate credit risk. We do not have any off-balance sheet credit exposure related to our customers.
Inventories	Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Accounts Payable - Supplier Financing Program	Accounts Payable - Supplier Financing Program
Earnings Per Share	Basic earnings per share is computed by dividing net income attributable to our stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the total unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase our common stock at the average market price during the period. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed, and issuance is not contingent.
Fair Value Measurements	U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. We have certain financial assets and liabilities that are measured at fair value on a recurring basis, certain nonfinancial assets and liabilities that may be measured at fair value on a non-recurring basis, and certain financial assets and liabilities that are not measured at fair value in our unaudited condensed consolidated balance sheets but for which we disclose the fair value. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We did not have any transfers between Level 1 and Level 2, or transfers in or out of Level 3, of the fair value hierarchy during the three months ended March 31, 2024. Our cross currency swap contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our cross currency swap contracts prevailing market conditions as of the close of business on each balance sheet date. The product of this calculation is then adjusted for counterparty risk. Our foreign currency exchange contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our foreign currency exchange contracts using an income approach, based on prevailing market forward exchange rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. Our interest rate swap contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our interest rate swap contracts using current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk. The amounts outstanding under our unsecured Credit Facility and Senior Notes (“long-term debt”) are measured at carrying value in our unaudited condensed consolidated balance sheets though we disclose the fair value of these financial instruments. We determine the fair value of the amount outstanding under our Credit Facility and long-term debt using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk. Our Credit Facility and long-term debt are valued using Level 2 inputs. The estimated fai
Hedging Instruments	We are exposed to certain risks related to our ongoing business operations. We utilize hedging instruments to manage a portion of our foreign currency exchange risk and interest rate risk. To manage the impact of interest rate fluctuations associated with $250.0 million of borrowings under our variable-rate Credit Facility, we entered into an interest rate swap in 2023. We have designated the interest rate swap as a cash flow hedge. Our subsidiaries enter into foreign currency exchange contracts to manage the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. From time to time, we may also enter into other foreign currency exchange contracts, cross currency swaps, or foreign-denominated debt issuances to minimize the impact of foreign currency fluctuations associated with specific balance sheet exposures, including net investments in certain foreign subsidiaries. The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions, including transactions denominated in the euro, British pound, Japanese yen, Canadian dollar, and Australian dollar. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large well-capitalized multinational financial institutions, and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions. We recognize all hedging instrument assets and liabilities at fair value at the balance sheet date. Instruments that do not qualify for hedge accounting treatment are recorded at fair value through earnings. To qualify for hedge accounting treatment, cash flow and net investment hedges must be highly effective in offsetting changes to expected future cash flows or fair value on hedged transactions. If the instrument qualifies for hedge accounting, changes in the fair value of the hedging instrument from the effective portion of the hedge are deferred in AOCI, net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We immediately record in earnings the extent to which a hedging instrument is not effective in achieving offsetting changes in fair value. We de-designate hedging instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in AOCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Refer to “Note 14. Accumulated Other Comprehensive Income” for further information regarding the effect of hedging instruments on our unaudited condensed consolidated statements of income for the three months ended March 31, 2024, and 2023. We enter into master netting arrangements with the counterparties to our derivative transactions, which permit certain outstanding receivables and payables to be offset in the event of default. Our derivative contracts do not require either party to post cash collateral. We elect to present our derivative assets and liabilities in the unaudited condensed consolidated balance sheets on a gross basis. All cash flows related to our foreign currency exchange contracts are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. Cash Flow Hedges We have designated our foreign currency exchange contracts and our interest rate swap as cash flow hedges as these derivative instruments manage our exposure to variability in the cash flows of forecasted transactions attributable to foreign currency exchange and to interest rates on variable interest obligations under the terms of our Credit Facility. Unless noted otherwise, we have also designated our derivative instruments as qualifying for hedge accounting treatment.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenue by major product and service categories: (in thousands) For the Three Months Ended 2024 2023 CAG segment revenue: CAG Diagnostics recurring revenue: $ 780,144 $ 726,902 IDEXX VetLab consumables 316,929 291,114 Rapid assay products 86,315 82,032 Reference laboratory diagnostic and consulting services 344,338 323,180 CAG Diagnostics services and accessories 32,562 30,576 CAG Diagnostics capital - instruments 34,092 33,144 Veterinary software, services and diagnostic imaging systems: 75,049 67,233 Recurring revenue 59,700 51,707 Systems and hardware 15,349 15,526 CAG segment revenue 889,285 827,279 Water segment revenue 43,071 38,883 LPD segment revenue 28,205 29,208 Other segment revenue 3,534 4,825 Total revenue $ 964,095 $ 900,195
Schedule of Revenue By Principal Geographic Area, Based On Customers’ Domiciles	The following table presents revenue by principal geographic area, based on customers’ domiciles: (in thousands) For the Three Months Ended 2024 2023 United States $ 631,009 $ 590,413 Europe, the Middle East and Africa 199,831 176,008 Asia Pacific Region 76,304 78,360 Canada 36,711 35,962 Latin America & Caribbean 20,240 19,452 Total revenue $ 964,095 $ 900,195

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Averages of the Assumptions Used in Estimating the Fair Value of Stock Option Awards	The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows: For the Three Months Ended 2024 2023 Expected stock price volatility 32 % 32 % Expected term, in years 7.0 6.7 Risk-free interest rate 4.3 % 3.7 % Weighted average fair value of options granted $ 241.72 $ 201.71

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory, Net [Abstract]
Schedule of Components of Inventories	The components of inventories were as follows: (in thousands) March 31, 2024 December 31, 2023 Raw materials $ 103,049 $ 106,392 Work-in-process 28,229 28,989 Finished goods 259,321 244,901 Inventories $ 390,599 $ 380,282

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows: (in thousands) March 31, 2024 2024 (remainder of year) $ 17,626 2025 25,203 2026 23,061 2027 18,201 2028 13,146 Thereafter 48,114 Total lease payments 145,351 Less imputed interest (22,185) Total $ 123,166
Schedule of Lease and Supplemental Cash Flow Information	Supplemental cash flow information for leases was as follows: (in thousands) For the Three Months Ended 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,155 $ 7,775 Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations (1) $ 11,525 $ 2,282 (1) Additions for the three months ended March 31, 2024, include $1.0 million of right-of-use assets obtained with the business acquisition in the first quarter of 2024.

OTHER CURRENT AND LONG-TERM A_2

OTHER CURRENT AND LONG-TERM ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets, Noncurrent [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Contract assets, net (1) $ 56,575 $ 55,111 Consideration paid to customers (2) 54,486 54,081 Prepaid expenses 47,648 48,370 Taxes receivable 14,459 16,972 Other assets 33,565 29,061 Other current assets $ 206,733 $ 203,595 (1) Contract assets, net, are net of allowances for credit losses. Refer to "Note 6. Credit Losses." (2) Refer to “Note 3. Revenue. Up-Front Consideration Paid to Customers” for more information regarding consideration paid to customers.
Schedule of Other Long-Term Assets	Other long-term assets consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Contract assets, net (1) $ 173,434 $ 167,963 Consideration paid to customers (2) 113,735 114,850 Deferred income taxes 106,517 107,364 Equity investments 30,000 30,250 Investment in long-term product supply arrangements 24,395 25,943 Other assets 50,826 50,164 Other long-term assets $ 498,907 $ 496,534 (1) Contract assets, net, are net of allowances for credit losses. Refer to "Note 6. Credit Losses." (2) Refer to “Note 3. Revenue. Up-Front Consideration Paid to Customers” for more information regarding consideration paid to customers.

ACCOUNTS PAYABLE, ACCRUED LIA_2

ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Outstanding Payment Obligations	The changes in our outstanding payment obligations under this arrangement, which are included in accounts payable on the unaudited condensed consolidated balance sheets, are as follows: (in thousands) For the Three Months Ended 2024 2023 Payment obligations outstanding at the beginning of the period $ 9,057 $ 10,171 Payment obligation additions during the period 13,068 13,031 Payment obligations settled during the period (11,725) (15,666) Payment obligations outstanding at the end of the period $ 10,400 $ 7,536
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Accrued taxes $ 134,195 $ 86,553 Accrued expenses 125,583 113,596 Accrued employee compensation and related expenses 116,339 174,375 Accrued customer incentives and refund obligations 80,845 84,386 Current lease liabilities 19,287 19,802 Accrued liabilities $ 476,249 $ 478,712
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Accrued taxes $ 40,026 $ 39,642 Other accrued long-term expenses 26,235 25,884 Other long-term liabilities $ 66,261 $ 65,526

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Current Unsecured Senior Notes Outstanding	The following describes all of our currently outstanding unsecured senior notes issued and sold in private placements (collectively, the “Senior Notes”) as of March 31, 2024: (Principal Amount in thousands) Issue Date Due Date Series Principal Amount Coupon Rate Senior Note Agreement 12/11/2013 12/11/2025 2025 Series B Notes $ 75,000 4.04 % NY Life 2013 Note Agreement 9/4/2014 9/4/2026 2026 Senior Notes $ 75,000 3.72 % NY Life 2014 Note Agreement 7/21/2014 7/21/2024 2024 Series B Notes $ 75,000 3.76 % Prudential 2015 Amended Agreement 6/18/2015 6/18/2025 2025 Series C Notes € 88,857 1.785 % Prudential 2015 Amended Agreement 2/12/2015 2/12/2027 2027 Series B Notes $ 75,000 3.72 % MetLife 2014 Note Agreement 3/14/2019 3/14/2029 2029 Series C Notes $ 100,000 4.19 % MetLife 2014 Note Agreement 4/2/2020 4/2/2030 MetLife 2030 Series D Notes $ 125,000 2.50 % MetLife 2014 Note Agreement 4/14/2020 4/14/2030 Prudential 2030 Series D Notes $ 75,000 2.50 % Prudential 2015 Amended Agreement

REPURCHASES OF COMMON STOCK (Ta

REPURCHASES OF COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Common Stock Repurchases	The following is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders: (in thousands, except per share amounts) For the Three Months Ended 2024 2023 Shares repurchased in the open market 303 — Shares acquired through employee surrenders for statutory tax withholding 18 19 Total shares repurchased 321 19 Cost of shares repurchased in the open market $ 167,102 $ — Cost of shares for employee surrenders 10,189 9,597 Total cost of shares $ 177,291 $ 9,597 Average cost per share - open market repurchases $ 550.90 $ — Average cost per share - employee surrenders $ 560.56 $ 503.65 Average cost per share - total $ 551.45 $ 503.65

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The changes in Accumulated Other Comprehensive Income (“AOCI”), net of tax, consisted of the following: For the Three Months Ended March 31, 2024 Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax Unrealized Gain (Loss) on (in thousands) Unrealized (Loss) Gain on Investments, Foreign Currency Exchange Contracts Interest Rate Swap Euro-Denominated Notes Cross Currency Swaps Defined Benefit Plans, Net of Tax Cumulative Translation Total Balance as of December 31, 2023 $ (164) $ (2,397) $ 1,106 $ 2,346 $ 1,428 $ (3,559) $ (69,966) $ (71,206) Other comprehensive income (loss) before reclassifications 1 5,848 2,106 1,618 2,049 — (19,773) (8,151) Reclassified from accumulated other comprehensive income 163 (567) (730) — — 94 — (1,040) Balance as of March 31, 2024 $ — $ 2,884 $ 2,482 $ 3,964 $ 3,477 $ (3,465) $ (89,739) $ (80,397) For the Three Months Ended March 31, 2023 Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax Unrealized Gain (Loss) on (in thousands) Unrealized (Loss) on Investments, Foreign Currency Exchange Contracts Interest Rate Swap Euro-Denominated Notes Cross Currency Swaps Defined Benefit Plans, Net of Tax Cumulative Translation Total Balance as of December 31, 2022 $ (172) $ 839 $ — $ 4,947 $ 7,057 $ (2,776) $ (87,691) $ (77,796) Other comprehensive income (loss) before reclassifications 6 (209) (45) (1,490) (1,240) — 4,258 1,280 Reclassified from accumulated other comprehensive income — (218) — — — 119 — (99) Balance as of March 31, 2023 $ (166) $ 412 $ (45) $ 3,457 $ 5,817 $ (2,657) $ (83,433) $ (76,615)
Schedule of Reclassifications Out of Other Comprehensive Income	The following table presents components and amounts reclassified out of AOCI to net income: (in thousands) Affected Line Item in the Statements of Income Amounts Reclassified from AOCI For the Three Months Ended March 31, 2024 2023 Foreign currency exchange contracts Cost of revenue $ 810 $ 335 Tax expense (243) (117) Gain, net of tax $ 567 $ 218 Interest rate swap contracts Interest expense $ 957 $ — Tax expense (227) — Gain, net of tax $ 730 $ — Investments Other operating expense $ (214) $ — Tax benefit 51 — Loss, net of tax $ (163) $ — Defined benefit plans Cost of revenue and operating expenses $ (113) $ (139) Tax benefit 19 20 Loss, net of tax $ (94) $ (119)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Shares Outstanding for Basic and Diluted Earnings Per Share	The following is a reconciliation of weighted average shares outstanding for basic and diluted earnings per share: (in thousands) For the Three Months Ended 2024 2023 Shares outstanding for basic earnings per share 83,096 82,992 Shares outstanding for diluted earnings per share: Shares outstanding for basic earnings per share 83,096 82,992 Dilutive effect of share-based payment awards 861 967 83,957 83,959
Schedule of Number of Anti-Dilutive Stock Options	The following table presents information concerning those anti-dilutive awards and options: (in thousands) For the Three Months Ended 2024 2023 Weighted average number of shares underlying anti-dilutive awards 36 35 Weighted average number of shares underlying anti-dilutive options 414 345

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Performance	The following is a summary of segment performance: (in thousands) For the Three Months Ended March 31, CAG Water LPD Other Consolidated Total 2024 Revenue $ 889,285 $ 43,071 $ 28,205 $ 3,534 $ 964,095 Income from operations $ 279,696 $ 19,430 $ 866 $ (1,034) $ 298,958 Interest expense, net (3,479) Income before provision for income taxes 295,479 Provision for income taxes 59,900 Net income attributable to IDEXX Laboratories, Inc. stockholders $ 235,579 2023 Revenue $ 827,279 $ 38,883 $ 29,208 $ 4,825 $ 900,195 Income from operations $ 261,750 $ 16,971 $ 1,308 $ 370 $ 280,399 Interest expense, net (12,711) Income before provision for income taxes 267,688 Provision for income taxes 53,634 Net income attributable to IDEXX Laboratories, Inc. stockholders $ 214,054

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis	The following tables set forth our assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy: (in thousands) As of March 31, 2024 Quoted Prices Significant Significant Balance as of March 31, 2024 Assets Money market funds (1) $ 251,669 $ — $ — $ 251,669 Equity mutual funds (2) $ 26 $ — $ — $ 26 Cross currency swaps (3) $ — $ 1,046 $ — $ 1,046 Foreign currency exchange contracts (3) $ — $ 4,774 $ — $ 4,774 Interest rate swap (4) $ — $ 3,256 $ — $ 3,256 Liabilities Cross currency swaps (3) $ — $ 2,736 $ — $ 2,736 Foreign currency exchange contracts (3) $ — $ 1,080 $ — $ 1,080 Deferred compensation (5) $ 26 $ — $ — $ 26 Contingent Consideration $ — $ — $ 4,400 $ 4,400 (in thousands) As of December 31, 2023 Quoted Prices Significant Significant Balance as of December 31, 2023 Assets Money market funds (1) $ 290,807 $ — $ — $ 290,807 Equity mutual funds (2) $ 99 $ — $ — $ 99 Cross currency swaps (3) $ — $ 664 $ — $ 664 Foreign currency exchange contracts (3) $ — $ 1,783 $ — $ 1,783 Interest rate swap (4) $ — $ 1,451 $ — $ 1,451 Liabilities Cross currency swaps (3) $ — $ 5,041 $ — $ 5,041 Foreign currency exchange contracts (3) $ — $ 5,532 $ — $ 5,532 Deferred compensation (5) $ 99 $ — $ — $ 99 (1) Money market funds with an original maturity of less than ninety days are included within cash and cash equivalents. The remaining balance of cash and cash equivalents as of March 31, 2024, consists of demand deposits. (2) Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other current assets. Refer to footnote (5) below for a discussion of the related deferred compensation liability. (3) Cross currency swaps and foreign currency exchange contracts are included within other current assets, other long-term assets, accrued liabilities, or other long-term liabilities depending on the gain (loss) position and anticipated settlement date. (4) Interest rate swap is included within other long-term assets. (5) A deferred compensation plan assumed as part of a previous business combination is included within accrued liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in footnote (2) above.
Schedule of Contingent Consideration Liability	The fair values of liabilities for contingent consideration for the three months ended March 31, 2024 and 2023, are as follows: Three Months Ended (in thousands) 2024 2023 Contingent consideration at the beginning of the period $ — $ 120 Contingent consideration recorded from acquisition 4,400 — Contingent consideration at the end of the period $ 4,400 $ 120

HEDGING INSTRUMENTS (Tables)

HEDGING INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Investment Hedges and Income Statement Impact of Hedging Instruments	The following table presents the effect of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives: (in thousands) Three Months Ended 2024 2023 Financial statement line items in which effects of cash flow hedges are recorded Cost of revenue $ 371,025 $ 357,224 Foreign exchange contracts Amount of gain reclassified from accumulated other comprehensive income into net income $ 810 $ 335 Financial statement line items in which effects of cash flow hedges are recorded Interest expense $ (7,911) $ (13,127) Interest rate swap contract Amount of gain reclassified from accumulated other comprehensive income into net income $ 957 $ —
Schedule of Hedging Instruments	The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following derivative instruments, unless otherwise noted: (in thousands) Hedging Assets March 31, 2024 December 31, 2023 Derivatives and non-derivatives designated as hedging instruments Balance Sheet Classification Foreign currency exchange contracts Other current assets $ 4,715 $ 1,783 Cross currency swaps Other current assets — — Interest rate swap contract Other long-term assets 3,256 1,451 Foreign currency exchange contracts Other long-term assets 59 — Cross currency swaps Other long-term assets 1,046 664 Total derivative instruments presented as hedging instruments on the balance sheet 9,076 3,898 Gross amounts subject to master netting arrangements not offset on the balance sheet (1,067) (1,783) Net amount $ 8,009 $ 2,115 (in thousands) Hedging Liabilities March 31, 2024 December 31, 2023 Derivatives and non-derivatives designated as hedging instruments Balance Sheet Classification Foreign currency exchange contracts Accrued liabilities $ 999 $ 5,532 Cross currency swaps Other long-term liabilities 2,736 5,041 Foreign currency exchange contracts Other long-term liabilities 81 — Total derivative instruments presented as hedging instruments on the balance sheet 3,816 10,573 Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1) Long-term debt 96,064 98,187 Total hedging instruments presented on the balance sheet 99,880 108,760 Gross amounts subject to master netting arrangements not offset on the balance sheet (1,067) (1,783) Net amount $ 98,813 $ 106,977 (1) Amounts represent reported carrying amounts of our foreign currency-denominated debt. Refer to “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue by Major Product and Service Categories) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 964,095	$ 900,195
CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	889,285	827,279
Water segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	43,071	38,883
LPD segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	28,205	29,208
Other segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	3,534	4,825
CAG Diagnostics recurring revenue: | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	780,144	726,902
IDEXX VetLab consumables | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	316,929	291,114
Rapid assay products | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	86,315	82,032
Reference laboratory diagnostic and consulting services | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	344,338	323,180
CAG Diagnostics services and accessories | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	32,562	30,576
CAG Diagnostics capital - instruments | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	34,092	33,144
Veterinary software, services and diagnostic imaging systems: | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	75,049	67,233
Recurring revenue | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	59,700	51,707
Systems and hardware | CAG segment revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 15,349	$ 15,526

REVENUE (Disaggregation of Re_2

REVENUE (Disaggregation of Revenue by Principal Geographic Area, Based on Customers' Domiciles) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 964,095	$ 900,195
United States
Disaggregation of Revenue [Line Items]
Total revenue	631,009	590,413
Europe, the Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	199,831	176,008
Asia Pacific Region
Disaggregation of Revenue [Line Items]
Total revenue	76,304	78,360
Canada
Disaggregation of Revenue [Line Items]
Total revenue	36,711	35,962
Latin America & Caribbean
Disaggregation of Revenue [Line Items]
Total revenue	$ 20,240	$ 19,452

REVENUE (Free or Discounted Ins

REVENUE (Free or Discounted Instruments and Systems) (Details) - Free or discounted instruments and systems - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Commitment contract assets	$ 230	$ 223.1
Commitment contract assets reclassified to accounts receivable	$ 14.5

REVENUE (Up-Front Consideration

REVENUE (Up-Front Consideration Paid to Customers) (Details) - Customer commitment arrangements, multi-year arrangements - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized customer acquisition costs	$ 168.2	$ 168.9
Recognized as a reduction of revenue	$ 14.4

REVENUE (Rebate Arrangements) (

REVENUE (Rebate Arrangements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Rebate and up-front considerations arrangements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 31.9	$ 32.9
Deferred revenue recognized	3
Customer commitment arrangements, multi-year arrangements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimation of future revenues	$ 3,900

REVENUE (Remaining Performance

REVENUE (Remaining Performance Obligation) (Details)	Mar. 31, 2024
Rebate and up-front considerations arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	26%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Rebate and up-front considerations arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	28%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Rebate and up-front considerations arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	21%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Rebate and up-front considerations arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	14%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Rebate and up-front considerations arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	11%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Customer commitment arrangements, multi-year arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	22%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Customer commitment arrangements, multi-year arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	25%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Customer commitment arrangements, multi-year arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	22%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Customer commitment arrangements, multi-year arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	17%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Customer commitment arrangements, multi-year arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	14%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Reagent rental arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	20%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Reagent rental arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	23%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Reagent rental arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	20%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Reagent rental arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	16%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Reagent rental arrangements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	21%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Extended warranties and post contract support | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	32%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Extended warranties and post contract support | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	33%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Extended warranties and post contract support | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	20%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Extended warranties and post contract support | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	8%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Extended warranties and post contract support | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation (as a percent)	7%
Revenue, remaining performance obligation, expected timing of satisfaction, period

REVENUE (Instrument Rental Arra

REVENUE (Instrument Rental Arrangements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Lease revenue	$ 3.8	$ 4.5

REVENUE (Reagent Rental Arrange

REVENUE (Reagent Rental Arrangements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Reagent rental arrangements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimation of future revenues	$ 59.9
Sales-type reagent rental arrangements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lease receivable asset	21.8		$ 23.1
Lease receivable asset reclassified to accounts receivable	1.5
Operating-type reagent rental arrangements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Instruments transferred to property and equipment	$ 3.4	$ 3.8

REVENUE (Deferred Extended Warr

REVENUE (Deferred Extended Warranties and Post-Contract Support Revenue) (Details) - Extended warranties and post contract support - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 26	$ 26
Deferred revenue recognized	15.8
Estimation of future revenues	$ 9.5

REVENUE (Costs to Obtain a Cont

REVENUE (Costs to Obtain a Contract) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred commission costs	$ 19.7	$ 19.7
Commissions expense recognized	$ 1.8

ACQUISITIONS, ASSET PURCHASES_2

ACQUISITIONS, ASSET PURCHASES AND INVESTMENTS (Details) - USD ($) $ in Thousands	Feb. 01, 2024	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 408,672	$ 365,961
United States | Privately-Owned Software and Data Platform Business
Business Acquisition [Line Items]
Payments to acquire business	$ 81,400
Contingent consideration	4,400
Goodwill	45,800
United States | Privately-Owned Software and Data Platform Business | Completed technology
Business Acquisition [Line Items]
Net tangible assets	$ 17,100
Finite-lived intangible asset, useful life (in years)	6 years
United States | Privately-Owned Software and Data Platform Business | Customer relationship intangibles
Business Acquisition [Line Items]
Net tangible assets	$ 12,500
Finite-lived intangible asset, useful life (in years)	10 years
United States | Privately-Owned Software and Data Platform Business | Non-compete agreement
Business Acquisition [Line Items]
Net tangible assets	$ 4,700
Finite-lived intangible asset, useful life (in years)	5 years
United States | Privately-Owned Software and Data Platform Business | Trademark
Business Acquisition [Line Items]
Net tangible assets	$ 700
Finite-lived intangible asset, useful life (in years)	10 years
United States | Privately-Owned Software and Data Platform Business | Tangible Assets
Business Acquisition [Line Items]
Net tangible assets	$ 600

SHARE-BASED COMPENSATION (Narra

SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Fair value of share-based compensation awards, granted	$ 65.6	$ 57.3
Unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards outstanding	$ 107.2
Weighted average recognition period for unrecognized compensation expense (in years)	1 year 10 months 24 days
Share-based compensation expense	$ 14.4	$ 13.9
Restricted Stock Units (RSUs) including performance-based restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	$ 11.5

SHARE-BASED COMPENSATION (Assum

SHARE-BASED COMPENSATION (Assumptions Used) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected stock price volatility	32%	32%
Expected term, in years	7 years	6 years 8 months 12 days
Risk-free interest rate	4.30%	3.70%
Weighted average fair value of options granted (in USD per share)	$ 241.72	$ 201.71

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts receivable allowance for credit losses	$ 10.6	$ 9.5
Percent of accounts receivable not past due (as a percent)	84%	83%
Percent of accounts receivable past due (as a percent)	16%	17%
Accounts receivable, noncurrent, threshold period past due (in days)	60 days	60 days
Reserve for contract assets and sales-type leases	$ 6.6	$ 6.4
Greater than 60 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Percent of accounts receivable past due (as a percent)	1.80%	1.70%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 103,049	$ 106,392
Work-in-process	28,229	28,989
Finished goods	259,321	244,901
Inventories	$ 390,599	$ 380,282

LEASES (Maturities of Operating

LEASES (Maturities of Operating Lease Liabilities) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remainder of year)	$ 17,626
2025	25,203
2026	23,061
2027	18,201
2028	13,146
Thereafter	48,114
Total lease payments	145,351
Less imputed interest	(22,185)
Total	$ 123,166

LEASES (Supplemental Cash Flow

LEASES (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 7,155	$ 7,775
Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations	11,525	2,282
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations	11,525	$ 2,282
United States | Privately-Owned Software and Data Platform Business
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations	1,000
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations	$ 1,000

OTHER CURRENT AND LONG-TERM A_3

OTHER CURRENT AND LONG-TERM ASSETS (Schedule Of Other Current Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent [Abstract]
Contract assets, net	$ 56,575	$ 55,111
Consideration paid to customers	54,486	54,081
Prepaid expenses	47,648	48,370
Taxes receivable	14,459	16,972
Other assets	33,565	29,061
Other current assets	$ 206,733	$ 203,595

OTHER CURRENT AND LONG-TERM A_4

OTHER CURRENT AND LONG-TERM ASSETS (Schedule Of Other Long-term Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent [Abstract]
Contract assets, net	$ 173,434	$ 167,963
Consideration paid to customers	113,735	114,850
Deferred income taxes	106,517	107,364
Equity investments	30,000	30,250
Investment in long-term product supply arrangements	24,395	25,943
Other assets	50,826	50,164
Other long-term assets	$ 498,907	$ 496,534

ACCOUNTS PAYABLE, ACCRUED LIA_3

ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES (Schedule of Supplier Financing Program) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplier Finance Program, Obligation [Roll Forward]
Payment obligations outstanding at the beginning of the period	$ 9,057	$ 10,171
Payment obligation additions during the period	13,068	13,031
Payment obligations settled during the period	(11,725)	(15,666)
Payment obligations outstanding at the end of the period	$ 10,400	$ 7,536

ACCOUNTS PAYABLE, ACCRUED LIA_4

ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued taxes	$ 134,195	$ 86,553
Accrued expenses	125,583	113,596
Accrued employee compensation and related expenses	116,339	174,375
Accrued customer incentives and refund obligations	80,845	84,386
Current lease liabilities	19,287	19,802
Accrued liabilities	$ 476,249	$ 478,712
Operating lease, liability, current, statement of financial position [extensible enumeration]	Accrued liabilities	Accrued liabilities

ACCOUNTS PAYABLE, ACCRUED LIA_5

ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES (Schedule Of Other Long-term Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued taxes	$ 40,026	$ 39,642
Other accrued long-term expenses	26,235	25,884
Other long-term liabilities	$ 66,261	$ 65,526

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Credit facility	$ 250,000,000	$ 250,000,000		$ 250,000,000
Senior Notes
Line of Credit Facility [Line Items]
Consolidated leverage ratio, maximum	3.5
Revolving Credit Facility
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	6.30%			6%
Line of credit facility, remaining borrowing capacity	$ 998,500,000
Line of credit facility, maximum borrowing capacity	1,250,000,000
Reduction of credit facility availability	$ 1,500,000
Consolidated leverage ratio, maximum	3.5
Term Loan
Line of Credit Facility [Line Items]
Credit facility	$ 250,000,000			$ 250,000,000
Face amount			$ 250,000,000
Term Loan | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Term Loan | Daily Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Minimum | Term Loan | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0%
Minimum | Term Loan | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, additional (as a percent)	0.875%
Minimum | Term Loan | Daily Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, additional (as a percent)	0.875%
Maximum | Term Loan | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.375%
Maximum | Term Loan | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, additional (as a percent)	1.375%
Maximum | Term Loan | Daily Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, additional (as a percent)	1.375%

DEBT (Schedule of Current Unsec

DEBT (Schedule of Current Unsecured Senior Notes Outstanding) (Details) - Senior Notes	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)
2025 Series B Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 75,000,000
Coupon Rate	4.04%	4.04%
2026 Senior Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 75,000,000
Coupon Rate	3.72%	3.72%
2024 Series B Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 75,000,000
Coupon Rate	3.76%	3.76%
2025 Series C Notes
Line of Credit Facility [Line Items]
Principal Amount | €		€ 88,857,000
Coupon Rate	1.785%	1.785%
2027 Series B Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 75,000,000
Coupon Rate	3.72%	3.72%
2029 Series C Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 100,000,000
Coupon Rate	4.19%	4.19%
MetLife 2030 Series D Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 125,000,000
Coupon Rate	2.50%	2.50%
Prudential 2030 Series D Notes
Line of Credit Facility [Line Items]
Principal Amount	$ 75,000,000
Coupon Rate	2.50%	2.50%

REPURCHASES OF COMMON STOCK (De

REPURCHASES OF COMMON STOCK (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Shares repurchased in the open market (in shares)	303	0
Shares acquired through employee surrenders for statutory tax withholding (in shares)	18	19
Total shares repurchased (in shares)	321	19
Cost of shares repurchased in the open market	$ 167,102	$ 0
Cost of shares for employee surrenders	10,189	9,597
Total cost of shares	$ 177,291	$ 9,597
Average cost per share - open market repurchases (in USD per share)	$ 550.90	$ 0
Average cost per share - employee surrenders (in USD per share)	560.56	503.65
Average cost per share - total (in USD per share)	$ 551.45	$ 503.65

INCOME TAXES_ (Details)

INCOME TAXES  (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.30%	20%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	$ 1,484,530	$ 608,737
Balance end of period	1,568,906	841,101
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(71,206)	(77,796)
Other comprehensive income (loss) before reclassifications	(8,151)	1,280
Reclassified from accumulated other comprehensive income	(1,040)	(99)
Balance end of period	(80,397)	(76,615)
Unrealized (Loss) Gain on Investments, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(164)	(172)
Other comprehensive income (loss) before reclassifications	1	6
Reclassified from accumulated other comprehensive income	163	0
Balance end of period	0	(166)
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax | Foreign Currency Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(2,397)	839
Other comprehensive income (loss) before reclassifications	5,848	(209)
Reclassified from accumulated other comprehensive income	(567)	(218)
Balance end of period	2,884	412
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax | Interest Rate Swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	1,106	0
Other comprehensive income (loss) before reclassifications	2,106	(45)
Reclassified from accumulated other comprehensive income	(730)	0
Balance end of period	2,482	(45)
Unrealized Gain (Loss) on Net Investment Hedges, Net of Tax | Euro-Denominated Notes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	2,346	4,947
Other comprehensive income (loss) before reclassifications	1,618	(1,490)
Reclassified from accumulated other comprehensive income	0	0
Balance end of period	3,964	3,457
Unrealized Gain (Loss) on Net Investment Hedges, Net of Tax | Cross Currency Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	1,428	7,057
Other comprehensive income (loss) before reclassifications	2,049	(1,240)
Reclassified from accumulated other comprehensive income	0	0
Balance end of period	3,477	5,817
Defined Benefit Plans, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(3,559)	(2,776)
Other comprehensive income (loss) before reclassifications	0	0
Reclassified from accumulated other comprehensive income	94	119
Balance end of period	(3,465)	(2,657)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(69,966)	(87,691)
Other comprehensive income (loss) before reclassifications	(19,773)	4,258
Reclassified from accumulated other comprehensive income	0	0
Balance end of period	$ (89,739)	$ (83,433)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Reclassifications Out of Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue	$ 371,025	$ 357,224
Interest expense	7,911	13,127
Tax benefit (expense)	59,900	53,634
Gain (loss), net of tax	235,579	214,054
Reclassification Out of Accumulated Other Comprehensive Income | Investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating expense	(214)	0
Tax benefit (expense)	51	0
Gain (loss), net of tax	(163)	0
Reclassification Out of Accumulated Other Comprehensive Income | Defined benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue	(113)	(139)
Tax benefit (expense)	19	20
Gain (loss), net of tax	(94)	(119)
Foreign currency exchange contracts | Reclassification Out of Accumulated Other Comprehensive Income | Foreign currency exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue	810	335
Tax benefit (expense)	(243)	(117)
Gain (loss), net of tax	567	218
Interest rate swap contracts | Reclassification Out of Accumulated Other Comprehensive Income | Foreign currency exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	957	0
Tax benefit (expense)	(227)	0
Gain (loss), net of tax	$ 730	$ 0

EARNINGS PER SHARE (Schedule Of

EARNINGS PER SHARE (Schedule Of Reconciliation Of Shares Outstanding For Basic And Diluted Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares outstanding for basic earnings per share:
Shares outstanding for basic earnings per share (in shares)	83,096	82,992
Shares outstanding for diluted earnings per share:
Shares outstanding for basic earnings per share (in shares)	83,096	82,992
Dilutive effect of share-based payment awards (in shares)	861	967
Shares outstanding for diluted earnings per share (in shares)	83,957	83,959

EARNINGS PER SHARE (Schedule _2

EARNINGS PER SHARE (Schedule Of Number Of Anti-Dilutive Stock Options) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares underlying anti-dilutive shares (in shares)	36	35
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares underlying anti-dilutive shares (in shares)	414	345

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND GUARANTEES (Details) - USD ($)	198 Months Ended
	Jun. 30, 2020	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Damages sought	$ 50,000,000
Loss contingency accrual				$ 27,500,000
Guarantee obligation liability		$ 0	$ 0

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of business segments	3

SEGMENT REPORTING (Schedule of

SEGMENT REPORTING (Schedule of Segment Performance) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 964,095	$ 900,195
Income from operations	298,958	280,399
Interest expense, net	(3,479)	(12,711)
Income before provision for income taxes	295,479	267,688
Provision for income taxes	59,900	53,634
Net income	235,579	214,054
CAG
Segment Reporting Information [Line Items]
Revenue	889,285	827,279
Income from operations	279,696	261,750
Water
Segment Reporting Information [Line Items]
Revenue	43,071	38,883
Income from operations	19,430	16,971
LPD
Segment Reporting Information [Line Items]
Revenue	28,205	29,208
Income from operations	866	1,308
Other
Segment Reporting Information [Line Items]
Revenue	3,534	4,825
Income from operations	$ (1,034)	$ 370

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Privately-Owned Software and Data Platform Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, term (in years)	3 years
Contingent consideration, maximum	$ 30
Contingent consideration, current	1.7
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value disclosure	660.6	$ 670
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value disclosure	$ 696.1	$ 698.2

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Money market funds | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, term of contract (in days)	90 days
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 4,400
Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	251,669	$ 290,807
Fair Value, Recurring | Equity mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity mutual funds	26	99
Fair Value, Recurring | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,046	664
Derivative liability	2,736	5,041
Fair Value, Recurring | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4,774	1,783
Derivative liability	1,080	5,532
Fair Value, Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,256	1,451
Fair Value, Recurring | Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	26	99
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	251,669	290,807
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Equity mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity mutual funds	26	99
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	26	99
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Equity mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity mutual funds	0	0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,046	664
Derivative liability	2,736	5,041
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4,774	1,783
Derivative liability	1,080	5,532
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,256	1,451
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	4,400
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Equity mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity mutual funds	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Sche_2

FAIR VALUE MEASUREMENTS (Schedule of Contingent Consideration Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 120
Contingent consideration recorded from acquisition	4,400	0
Ending balance	$ 4,400	$ 120

HEDGING INSTRUMENTS (Narrative)

HEDGING INSTRUMENTS (Narrative) (Details)				3 Months Ended
	Jun. 30, 2028 USD ($)	Mar. 31, 2028 USD ($)	Jun. 18, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2015 EUR (€)
Derivative [Line Items]
Credit facility				$ 250,000,000			$ 250,000,000	$ 250,000,000
Unrealized gains (losses) on Euro-denominated notes, net of tax				1,618,000	$ (1,490,000)
Proceeds from net investment hedges				329,000	0
Unrealized gains (losses) on cross currency swaps, net of tax				2,049,000	(1,240,000)
Excluded component recognized as reduction of interest				300,000	$ 700,000
Euro-Denominated Notes
Derivative [Line Items]
Debt instrument, face amount | €									€ 88,900,000
Stated interest rate (as a percent)									1.785%
Interest Rate Swap
Derivative [Line Items]
Estimated net amount of gain expected to be reclassified out of accumulated other comprehensive income and into earnings within next 12 months				2,200,000
Derivative, fixed interest rate (as a percent)					3.90%
Foreign Currency Exchange Contracts
Derivative [Line Items]
Estimated net amount of gain expected to be reclassified out of accumulated other comprehensive income and into earnings within next 12 months				$ 2,900,000
General duration of foreign currency exchange contracts (in months)				24 months
Derivative, notional amount				$ 285,900,000			$ 294,000,000
Cross Currency Swaps | Derivatives and non-derivatives designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount | €						€ 15,000,000
Cross Currency Swaps | Forecast | Derivatives and non-derivatives designated as hedging instruments
Derivative [Line Items]
Proceeds from net investment hedges			$ 17,500,000
Cross Currency Swaps | Derivatives and non-derivatives designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount | €						35,000,000
Cross Currency Swaps | Forecast | Derivatives and non-derivatives designated as hedging instruments
Derivative [Line Items]
Proceeds from net investment hedges		$ 37,800,000
Cross Currency Swaps | Derivatives and non-derivatives designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount | €						€ 90,000,000
Cross Currency Swaps | Forecast | Derivatives and non-derivatives designated as hedging instruments
Derivative [Line Items]
Proceeds from net investment hedges	$ 98,200,000
Minimum | Foreign Currency Exchange Contracts
Derivative [Line Items]
Cash flow hedge, hedge percentage of estimated exposure from intercompany products purchases and sales (as a percent)				75%
Maximum | Foreign Currency Exchange Contracts
Derivative [Line Items]
Cash flow hedge, hedge percentage of estimated exposure from intercompany products purchases and sales (as a percent)				85%
Term Loan
Derivative [Line Items]
Credit facility				$ 250,000,000				$ 250,000,000
Debt instrument, face amount					$ 250,000,000
Term Loan | Interest Rate Swap
Derivative [Line Items]
Credit facility					$ 250,000,000

HEDGING INSTRUMENTS (Schedule o

HEDGING INSTRUMENTS (Schedule of Derivatives Designated In Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Currency Fair Value Hedge Derivative [Line Items]
Cost of revenue	$ 371,025	$ 357,224
Interest expense	(7,911)	(13,127)
Derivatives and non-derivatives designated as hedging instruments
Foreign Currency Fair Value Hedge Derivative [Line Items]
Cost of revenue	371,025	357,224
Interest expense	(7,911)	(13,127)
Foreign currency exchange contracts | Derivatives and non-derivatives designated as hedging instruments
Foreign Currency Fair Value Hedge Derivative [Line Items]
Amount of gain reclassified from accumulated other comprehensive income into net income	810	335
Interest rate swap contracts | Derivatives and non-derivatives designated as hedging instruments
Foreign Currency Fair Value Hedge Derivative [Line Items]
Amount of gain reclassified from accumulated other comprehensive income into net income	$ 957	$ 0

HEDGING INSTRUMENTS (Schedule_2

HEDGING INSTRUMENTS (Schedule of Fair Values And Balance Sheet Classifications Of Derivatives Designated As Hedging Instruments) (Details) - Derivatives and non-derivatives designated as hedging instruments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total derivative instruments presented as hedging instruments on the balance sheet	$ 9,076	$ 3,898
Gross amounts subject to master netting arrangements not offset on the balance sheet	(1,067)	(1,783)
Net amount	8,009	2,115
Total hedging instruments presented on the balance sheet	99,880	108,760
Gross amounts subject to master netting arrangements not offset on the balance sheet	(1,067)	(1,783)
Net amount	98,813	106,977
Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total hedging instruments presented on the balance sheet	3,816	10,573
Other current assets | Foreign currency exchange contracts | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total derivative instruments presented as hedging instruments on the balance sheet	4,715	1,783
Other current assets | Cross currency swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total derivative instruments presented as hedging instruments on the balance sheet	0	0
Other long-term assets | Foreign currency exchange contracts | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total derivative instruments presented as hedging instruments on the balance sheet	59	0
Other long-term assets | Cross currency swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total derivative instruments presented as hedging instruments on the balance sheet	1,046	664
Other long-term assets | Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total derivative instruments presented as hedging instruments on the balance sheet	3,256	1,451
Accrued liabilities | Foreign currency exchange contracts | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total hedging instruments presented on the balance sheet	999	5,532
Other long-term liabilities | Foreign currency exchange contracts | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total hedging instruments presented on the balance sheet	81	0
Other long-term liabilities | Cross currency swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Total hedging instruments presented on the balance sheet	2,736	5,041
Long-term debt | Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet
Derivatives, Fair Value [Line Items]
Total hedging instruments presented on the balance sheet	$ 96,064	$ 98,187