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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill Goodwill is recorded when the consideration paid for a business combination exceeds the fair value of net tangible and identifiable intangible assets acquired. The Company tests its goodwill balances for impairment annually as of the beginning of the second quarter or more frequently if indicators are present or changes in circumstances suggest that an impairment may exist. The Company performed the most recent annual goodwill and indefinite-lived intangible asset impairment test as of the beginning of the second quarter of 2024 and noted no impairment. The following table summarizes changes in goodwill during the three months ended March 28, 2025 (in thousands):
| Amount |
Balance at beginning of the period | $ | 584,098 |
Effect of foreign exchange rate changes |  | 4,956 |
Balance at end of the period | $ | 589,054 |
Goodwill by reportable segment as of March 28, 2025 was as follows (in thousands):
| Reportable Segment |  |  |
| Automation Enabling Technologies |  |  | Medical Solutions |  |  |  | Total |
Goodwill | $ | 432,461 |  |  | $ | 307,822 |  |  |  | $ | 740,283 |
Accumulated impairment of goodwill |  | (119,507 | ) |  |  | (31,722 | ) |  |  |  | (151,229 | )
Total | $ | 312,954 |  |  | $ | 276,100 |  |  |  | $ | 589,054 |
Goodwill by reportable segment as of December 31, 2024 was as follows (in thousands):
| Reportable Segment |  |
| Automation Enabling Technologies |  |  | Medical Solutions |  |  | Total |
Goodwill | $ | 439,980 |  |  | $ | 295,347 |  |  | $ | 735,327 |
Accumulated impairment of goodwill |  | (119,507 | ) |  |  | (31,722 | ) |  |  | (151,229 | )
Total | $ | 320,473 |  |  | $ | 263,625 |  |  | $ | 584,098 |
Intangible Assets Intangible assets as of March 28, 2025 and December 31, 2024, respectively, are summarized as follows (in thousands):
| March 28, 2025 |  |  | December 31, 2024 |
| Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents and developed technologies | $ | 220,852 |  |  | $ | (164,259 | ) |  | $ | 56,593 |  |  | $ | 218,867 |  |  | $ | (159,041 | ) |  | $ | 59,826 |
Customer relationships |  | 267,582 |  |  |  | (166,044 | ) |  |  | 101,538 |  |  |  | 265,156 |  |  |  | (158,938 | ) |  |  | 106,218 |
Trademarks and trade names |  | 23,600 |  |  |  | (17,034 | ) |  |  | 6,566 |  |  |  | 23,367 |  |  |  | (16,594 | ) |  |  | 6,773 |
Amortizable intangible assets |  | 512,034 |  |  |  | (347,337 | ) |  |  | 164,697 |  |  |  | 507,390 |  |  |  | (334,573 | ) |  |  | 172,817 |
Non-amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 13,027 |  |  |  | — |  |  |  | 13,027 |  |  |  | 13,027 |  |  |  | — |  |  |  | 13,027 |
Total intangible assets | $ | 525,061 |  |  | $ | (347,337 | ) |  | $ | 177,724 |  |  | $ | 520,417 |  |  | $ | (334,573 | ) |  | $ | 185,844 |
All definite-lived intangible assets are amortized either on a straight-line basis or an economic benefit basis over their remaining estimated useful life. Amortization expense for patents and developed technologies is included in cost of revenue in the accompanying consolidated statements of operations. Amortization expense for customer relationships and definite-lived trademarks, trade names and other intangibles is included in operating expenses in the accompanying consolidated statements of operations. Amortization expense was as follows (in thousands):
| Three Months Ended |
| March 28, |  |  | March 29, |
| 2025 |  |  | 2024 |
Amortization expense – cost of revenue | $ | 3,561 |  |  | $ | 3,692 |
Amortization expense – operating expenses |  | 5,554 |  |  |  | 5,750 |
Total amortization expense | $ | 9,115 |  |  | $ | 9,442 |
As of March 28, 2025, estimated amortization expense for each of the five succeeding years and thereafter was as follows (in thousands):
Year Ending December 31, |  | Cost of Revenue |  |  | Operating Expenses |  |  | Total |
2025 (remainder of year) |  | $ | 10,739 |  |  | $ | 16,762 |  |  | $ | 27,501 |
2026 |  |  | 13,455 |  |  |  | 20,037 |  |  |  | 33,492 |
2027 |  |  | 10,616 |  |  |  | 15,894 |  |  |  | 26,510 |
2028 |  |  | 8,875 |  |  |  | 12,802 |  |  |  | 21,677 |
2029 |  |  | 6,095 |  |  |  | 9,196 |  |  |  | 15,291 |
Thereafter |  |  | 6,813 |  |  |  | 33,413 |  |  |  | 40,226 |
Total |  | $ | 56,593 |  |  | $ | 108,104 |  |  | $ | 164,697 |

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