Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill activity for each of the Company’s reportable segments, Materials Solutions (“MS”), Microcontamination Control (“MC”), and Advanced Materials Handling (“AMH”), for the years ended December 31, 2023 and 2022 is shown below:


(In thousands)	MS		MC		AMH		Total
December 31, 2021	$	470,875	$	248,725	$	74,102	$	793,702
Addition due to acquisitions	3,628,457		—		—		3,628,457
Purchase accounting adjustments	5		—		—		5

Goodwill included in assets held-for-sale	(8,822)		—		—		(8,822)
Foreign currency translation	1,626		(6,637)		—		(5,011)
December 31, 2022	4,092,141		242,088		74,102		4,408,331
Goodwill impairment	(115,217)		—		—		(115,217)
Disposition of businesses	(340,643)		—		—		(340,643)
Purchase accounting adjustments	(1,021)		—		—		(1,021)
Goodwill included in assets held-for-sale	(3,885)		—		—		(3,885)
Foreign currency translation	(25)		(1,680)		—		(1,705)
December 31, 2023	$	3,631,350	$	240,408	$	74,102	$	3,945,860

As of December 31, 2023, goodwill amounted to approximately $3,945.9 million, a decrease of $462.5 million from the balance at December 31, 2022. The decrease in goodwill in 2023 reflects (1) the goodwill impairment of our EC reporting unit of $104.8 million and for a small, industrial specialty chemicals business of $10.4 million, as described in Note 3, (2) the sale of the QED and EC businesses and related goodwill of the respective business of $90.0 million and $250.6 million respectively as described in Note 5, (3) purchase accounting adjustments recognized during the one-year measurement period of $1.0 million, (4) goodwill reclassified to asset held-for-sale of $3.9 million related to the PIM business as described in Note 5 and (5) foreign currency translation of $1.7 million.

Identifiable intangible assets at December 31, 2023 and 2022 consist of the following:


2023
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value		Weighted average life in years
Developed technology	$	1,256,469	$	455,720	$	800,749	7.2
Trademarks and trade names	172,031		37,877		134,154		14.0
Customer relationships	630,743		293,782		336,961		14.0
In-process research and development (1)	7,100		—		7,100
Other	23,924		20,919		3,005		5.6
	$	2,090,267	$	808,298	$	1,281,969	9.7


2022
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value		Weighted average life in years
Developed technology	$	1,302,101	$	313,876	$	988,225	7.3
Trademarks and trade names	250,473		29,565		220,908		14.3
Customer relationships	863,947		273,039		590,908		15.4
In-process research and development (1)	31,100		—		31,100
Other	31,206		20,392		10,814		4.3
	$	2,478,827	$	636,872	$	1,841,955	10.8

(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we determine the useful life and begin amortizing the assets.

The table below sets forth the amortization expense for finite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021:


(In thousands)	2023		2022		2021
Amortization expense	$	214,477	$	143,953	$	47,856

The amortization expense for each of the five succeeding years and thereafter relating to finite-lived intangible assets currently recorded in the Company’s consolidated balance sheets is estimated to be the following at December 31, 2023:


(In thousands)	2024		2025	2026	2027	2028	Thereafter	Total
Future amortization expense	$	191,213	185,102	182,265	178,479	175,983	368,927	$	1,281,969