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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] |
Summary of business combination assets acquired liabilities assumed | The following table presents the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of May 16, 2023 (in thousands):
Purchase Price |  |  |  |
Cash paid |  | $ | 1,311,531 |
Less: cash acquired |  |  | (25,624 | )
Net cash consideration |  |  | 1,285,907 |
Identifiable Net Assets (Liabilities) Acquired |  |  |  |
Accounts receivable |  |  | 20,099 |
Inventory |  |  | 14,706 |
Prepaid and other assets |  |  | 1,327 |
Property, plant and equipment |  |  | 9,056 |
Operating lease assets |  |  | 5,204 |
Intangible assets |  |  | 418,100 |
Accounts payable and accrued expenses |  |  | (31,664 | )
Operating lease liabilities |  |  | (5,204 | )
Tax liabilities |  |  | (3,871 | )
Deferred revenue |  |  | (15,219 | )
Other liabilities |  |  | (5,728 | )
Total identifiable net assets acquired |  |  | 406,806 |
Goodwill |  |  | 879,101 |
Net cash consideration |  | $ | 1,285,907 |
Summary of the purchase price allocated to the intangible assets acquired and the estimated useful lives | The details of the purchase price allocated to the intangible assets acquired and the estimated useful lives are as follows (dollars in thousands ):
|  | Amount |  |  | Weighted-Average Life |
Developed technology |  | $ | 80,000 |  |  |  | 10 years |
Customer relationships |  |  | 330,600 |  |  |  | 10 years |
Trade name |  |  | 7,500 |  |  |  | 5 years |
Total |  |  | $418,100 |  |  |  |  |
Summary of Business Acquisition Pro Forma Information | The following unaudited pro forma information shows the results of the Company’s operations for the nine months ended September 30, 2023 and October 1, 2022, as if the acquisition had occurred on January 1, 2022 (in thousands):
|  | September 30, 2023 |  |  | October 1, 2022 |
Revenue |  | $ | 2,174,209 |  |  | $ | 2,197,028 |
Net income |  |  | 426,238 |  |  |  | 448,102 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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