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Goodwill and Intangible Assets (Tables) | 3 Months Ended
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Mar. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Changes in Goodwill | 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 | 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 |
Amortization Expense of Intangible Assets | 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 |
Estimated Amortization Expense | 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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