XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill The following table sets forth the changes in the carrying amount of goodwill by segment (in millions):
|  | BSI BioSpin |  |  | BSI CALID |  |  | BSI NANO |  |  | BEST |  |  | Total |
Balance at December 31, 2021 |  | $ | 42.4 |  |  | $ | 57.9 |  |  | $ | 238.9 |  |  | $ | 0.3 |  |  | $ | 339.5 |
Current period additions |  |  | 18.6 |  |  |  | 55.3 |  |  |  | 58.0 |  |  |  | — |  |  |  | 131.9 |
Foreign currency impact |  |  | (3.2 | ) |  |  | (5.8 | ) |  |  | (4.8 | ) |  |  | — |  |  |  | (13.8 | )
Balance at December 31, 2022 |  |  | 57.8 |  |  |  | 107.4 |  |  |  | 292.1 |  |  |  | 0.3 |  |  |  | 457.6 |
Current period additions |  |  | 25.8 |  |  |  | 83.8 |  |  |  | 4.5 |  |  |  | — |  |  |  | 114.1 |
Current period adjustments |  |  | — |  |  |  | — |  |  |  | (5.0 | ) |  |  | — |  |  |  | (5.0 | )
Foreign currency impact |  |  | 2.9 |  |  |  | 10.3 |  |  |  | 2.7 |  |  |  | — |  |  |  | 15.9 |
Balance at December 31, 2023 |  |  | 86.5 |  |  |  | 201.5 |  |  |  | 294.3 |  |  |  | 0.3 |  |  |  | 582.6 |
Current period additions |  |  | 141.3 |  |  |  | 536.0 |  |  |  | 281.0 |  |  |  | — |  |  |  | 958.3 |
Foreign currency impact |  |  | (6.6 | ) |  |  | (21.5 | ) |  |  | (5.5 | ) |  |  | — |  |  |  | (33.6 | )
Balance at December 31, 2024 |  | $ | 221.2 |  |  | $ | 716.0 |  |  | $ | 569.8 |  |  | $ | 0.3 |  |  | $ | 1,507.3 |
During 2024, there were two new reporting units, Automation and NanoString, that were created from the Chemspeed Technologies, AG and NanoString acquisitions, respectively. Automation and NanoString are included in the BBIO and BNANO segments, respectively. For Automation, there was $127.8 million allocated to goodwill. The fair value of Automation was calculated to be $186.3 million, which was $13.0 million (7.5%) over the carrying value of the reporting unit as of the most recent Step 1 performed as of October 1, 2024. The valuation was conducted using both the income approach (which estimates fair value based on the future cash flows) and the market approach (which estimates fair value based on similar companies). The reporting unit fair value measurement is classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs. Significant assumptions inherent in the valuation methodologies for goodwill include, but are not limited to, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. The fair value excess is expected given the arms-length transaction of Chemspeed that occurred just six months prior to the analysis. The Company is not aware of any potential events or trends which could have a negative impact on the estimated fair value. As of the date of these financial statements, the Company believes goodwill to be recoverable. For NanoString, there was $253.8 million allocated to goodwill. The fair value of NanoString was calculated to be $392.6 million based on the initial purchase price allocation. Given the proximity of the close date between the acquisition date and the valuation date, the Company did not include NanoString in its Step 1 analysis. The valuation methodology used to determine the fair value of the identifiable assets acquired and liabilities assumed in determining the initial purchase price allocation is consistent with that described in Note 2, Summary of Significant Accounting Policies. Furthermore, NanoString is facing certain litigation matters related to its GeoMx Digital Spatial Profiler products and CosMx Spatial Molecular Imager products, refer to Note 26, Commitments and Contingencies for more information. As of the date of these financial statements, the Company believes the goodwill to be recoverable. Intangible Assets The following is a summary of intangible assets (in millions):
|  | 2024 |  |  | 2023 |
|  | Gross |  |  |  |  |  | Net |  |  | Gross |  |  |  |  |  | Net |
|  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Carrying |  |  | Accumulated |  |  | Carrying |
|  | Amount |  |  | Amortization |  |  | Amount |  |  | Amount |  |  | Amortization |  |  | Amount |
Existing technology and related patents (a) |  | $ | 724.5 |  |  | $ | (291.3 | ) |  | $ | 433.2 |  |  | $ | 428.3 |  |  | $ | (250.4 | ) |  | $ | 177.9 |
Customer relationships |  |  | 550.6 |  |  |  | (125.6 | ) |  |  | 425.0 |  |  |  | 227.4 |  |  |  | (93.5 | ) |  |  | 133.9 |
Trade names (b) |  |  | 60.9 |  |  |  | (16.1 | ) |  |  | 44.8 |  |  |  | 28.4 |  |  |  | (10.1 | ) |  |  | 18.3 |
Other |  |  | 16.5 |  |  |  | (7.0 | ) |  |  | 9.5 |  |  |  | 2.2 |  |  |  | (1.8 | ) |  |  | 0.4 |
Intangible assets |  | $ | 1,352.5 |  |  | $ | (440.0 | ) |  | $ | 912.5 |  |  | $ | 686.3 |  |  | $ | (355.8 | ) |  | $ | 330.5 |
a) Included in existing technology and related patents, there is in process research and development of $2.7 million and $3.5 million as of December 31, 2024 and 2023, respectively. b) Included in trade names, there are indefinite lived assets of $2.8 million and $3.0 million as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024, 2023 and 2022, the Company incurred amortization expense of $99.1 million, $47.1 million and $37.1 million, respectively. The estimated future amortization expense related to amortizable intangible assets is as follows (in millions):
2025 |  | $ | 111.8 |
2026 |  |  | 106.8 |
2027 |  |  | 98.9 |
2028 |  |  | 93.9 |
2029 |  |  | 88.1 |
Thereafter |  |  | 407.5 |
Total |  | $ | 907.0 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration