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Goodwill and Intangible Assets, Net | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The Company tests goodwill at least annually for possible impairment. The Company completes the annual testing of impairment for goodwill on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill. The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 1, 2024, its annual impairment testing date for fiscal year 2024. There were no impairments measured in the periods presented. While the Company believes that its estimates of current value are reasonable, if actual results differ from the estimates and judgments used, including such items as future cash flows and the volatility inherent in markets which the Company serves, impairment charges against the carrying value of those assets could be required in the future. The changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows:
| Life Sciences |  | Diagnostics |  | Consolidated
| (In thousands)
Balance at December 31, 2023 | $ | 4,587,938 |  |  | $ | 1,945,612 |  |  | $ | 6,533,550 |
Foreign currency translation | (25,686) |  |  | (10,893) |  |  | (36,579) |
Balance at June 30, 2024 | $ | 4,562,252 |  |  | $ | 1,934,719 |  |  | $ | 6,496,971 |
Identifiable intangible asset balances by category were as follows:
| June 30, 2024 |  | December 31, 2023
| (In thousands)
Patents | $ | 27,808 |  |  | $ | 27,811 |
Less: Accumulated amortization | (26,181) |  |  | (26,072) |
Net patents | 1,627 |  |  | 1,739 |
Trade names and trademarks | 143,930 |  |  | 145,542 |
Less: Accumulated amortization | (82,645) |  |  | (73,781) |
Net trade names and trademarks | 61,285 |  |  | 71,761 |
Licenses | 26,866 |  |  | 27,018 |
Less: Accumulated amortization | (17,077) |  |  | (16,551) |
Net licenses | 9,789 |  |  | 10,467 |
Core technology | 1,572,822 |  |  | 1,582,458 |
Less: Accumulated amortization | (673,335) |  |  | (607,814) |
Net core technology | 899,487 |  |  | 974,644 |
Customer relationships | 2,820,177 |  |  | 2,842,531 |
Less: Accumulated amortization | (966,878) |  |  | (878,821) |
Net customer relationships | 1,853,299 |  |  | 1,963,710 |
Total | $ | 2,825,487 |  |  | $ | 3,022,321 |
Total amortization expense related to amortizable intangible assets was $90.6 million and $181.9 million for the three and six months ended June 30, 2024, respectively, and $92.8 million and $184.6 million for the three and six months ended July 2, 2023, respectively. Estimated amortization expense related to amortizable intangible assets is $177.5 million for the remainder of fiscal year 2024, $332.9 million for fiscal year 2025, $326.8 million for fiscal year 2026, $299.8 million for fiscal year 2027, and $274.3 million for fiscal year 2028

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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