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Goodwill and Intangible Assets (Tables)
 3 Months Ended
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