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Goodwill and other intangible assets | 9 Months Ended
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Sep. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and other intangible assets | Goodwill and other intangible assets The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the nine months ended September 28, 2025:
| Americas |  |  |  |  |  |  |  | EMEA |  | Asia |  |  |  | Total
December 31, 2024 | $ | 1,932,769 |  |  |  |  |  |  |  |  | $ | 465,489 |  |  | $ | 234,056 |  |  |  |  | $ | 2,632,314 |
Goodwill impairment | (403,925) |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  | (403,925) |
Goodwill related to acquisitions | 11,766 |  |  |  |  |  |  |  |  | 185,419 |  |  | 55,197 |  |  |  |  | 252,382 |
Currency translation adjustment | 2,892 |  |  |  |  |  |  |  |  | 45,227 |  |  | 8,887 |  |  |  |  | 57,006 |
September 28, 2025 | $ | 1,543,502 |  |  |  |  |  |  |  |  | $ | 696,135 |  |  | $ | 298,140 |  |  |  |  | $ | 2,537,777 |
As previously disclosed, our Interventional Urology North America (“IU reporting unit”) has been at risk of impairment since we recognized a goodwill impairment charge for the year ended December 31, 2024 and, as a result, we have been monitoring our IU reporting unit for a potential additional goodwill impairment. During the third quarter of 2025, utilizing various inputs such as the latest business outlook and recent fair value indicators, we determined that there was a deterioration in market and business conditions which resulted in the identification of a triggering event. As a result, in connection with the preparation of the financial statements for the three months ended September 28, 2025, we performed an impairment assessment and determined that the carrying value of the IU reporting unit exceeded its fair value. Consequently, we recognized a goodwill impairment charge of $403.9 million in the Condensed Consolidated Statements of Income for the three months ended September 28, 2025. As of September 28, 2025, there is no remaining goodwill related to the IU reporting unit. We estimated the fair value of the reporting unit using a market approach, supplemented by an income approach, to validate and support the analysis. The impairment charge was largely driven by unfavorable changes in key assumptions utilized to estimate fair value, relative to our 2024 valuation, specifically, lower market multiples, higher stand-alone operating costs and lower revenue growth. The gross carrying amount of, and accumulated amortization relating to, intangible assets as of September 28, 2025 and December 31, 2024 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization
| September 28, 2025 |  | December 31, 2024 |  | September 28, 2025 |  | December 31, 2024
Customer relationships | $ | 1,540,494 |  |  | $ | 1,354,087 |  |  | $ | (679,925) |  |  | $ | (620,619) |
In-process research and development | 6,417 |  |  | 23,666 |  |  | — |  |  | — |
Intellectual property | 2,098,525 |  |  | 1,870,407 |  |  | (1,038,075) |  |  | (863,066) |
Distribution rights | 19,406 |  |  | 23,004 |  |  | (18,663) |  |  | (22,524) |
Trade names | 608,459 |  |  | 603,202 |  |  | (126,232) |  |  | (99,443) |
Non-compete agreements | 21,930 |  |  | 21,894 |  |  | (21,930) |  |  | (21,894) |
| $ | 4,295,231 |  |  | $ | 3,896,260 |  |  | $ | (1,884,825) |  |  | $ | (1,627,546) |
We test the recoverability of long-lived assets whenever events or circumstances indicate the carrying value of an asset may not be recoverable. During the first quarter of 2025, we identified indicators of a potential impairment related to the long-lived assets associated with our Titan SGS asset group, acquired as part of our 2022 acquisition of Standard Bariatrics Inc, which primarily consists of intangible assets. The indicators of a potential impairment primarily arose from lower than expected sales of our Titan SGS product line and anticipated continuing reduced demand for bariatric surgery procedures in future periods, driven by the growing adoption of GLP-1 products. We performed a recoverability test, utilizing an updated long-term forecast reflecting higher uncertainty of revenue growth in future periods compared to previous estimates, and concluded that the undiscounted cash flows of the Titan SGS product line exceeded the carrying value of the related assets by approximately 10%. Accordingly, no impairment was recognized during the three months ended March 29, 2025 related to the Titan SGS asset group. During the second quarter of 2025, the Titan SGS product line performed largely in line with the forecast used in the first quarter 2025 recoverability test and no other indicators of a potential impairment were identified. During the third quarter of 2025, we identified additional indicators of a potential impairment related to the Titan SGS asset group due to lower than expected sales growth during the period and a further downward revision to sales forecasts compared to the forecast utilized in our first quarter 2025 impairment analysis. As a result, in connection with the preparation of the financial statements for the three months ended September 28, 2025, we performed a recoverability test and as a result, we determined that the carrying value of the asset group was not fully recoverable. We subsequently recognized an impairment charge of $100.0 million, representing the amount by which the carrying value of the asset group exceeded its estimated fair value, as determined utilizing the income approach. After the recognition of the impairment charge, the carrying value of the intangible assets of the Titan SGS asset group was $25.1 million.

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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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