Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the three months ended March 29, 2024 (in thousands):

Balance at beginning of the period	$	484,507
Goodwill acquired from Motion Solutions acquisition		108,791
Effect of foreign exchange rate changes		(3,442	)
Balance at end of the period	$	589,856

Goodwill by Reportable Segment

Goodwill by reportable segment as of March 29, 2024 was as follows (in thousands):

	Reportable Segment
	Precision Medicine and Manufacturing			Medical Solutions			Robotics and Automation			Total
Goodwill	$	210,042		$	276,696		$	254,347		$	741,085
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	107,581		$	244,974		$	237,301		$	589,856

Goodwill by reportable segment as of December 31, 2023 was as follows (in thousands):

	Reportable Segment
	Precision Medicine and Manufacturing			Medical Solutions			Robotics and Automation			Total
Goodwill	$	211,380		$	169,738		$	254,618		$	635,736
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	108,919		$	138,016		$	237,572		$	484,507

Intangible Assets

Intangible assets as of March 29, 2024 and December 31, 2023, respectively, are summarized as follows (in thousands):

	March 29, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortizable intangible assets:
Patents and developed technologies	$	220,268	$	(149,119	)	$	71,149	$	187,092	$	(146,342	)	$	40,750
Customer relationships		265,590		(145,937	)		119,653		225,183		(142,478	)		82,705
Customer backlog		4,100		(1,025	)		3,075		—		—			—
Trademarks and trade names		23,501		(15,315	)		8,186		23,628		(15,088	)		8,540
Amortizable intangible assets		513,459		(311,396	)		202,063		435,903		(303,908	)		131,995
Non-amortizable intangible assets:
Trade names		13,027		—			13,027		13,027		—			13,027
Total intangible assets	$	526,486	$	(311,396	)	$	215,090	$	448,930	$	(303,908	)	$	145,022

Amortization Expense of Intangible Assets

Amortization expense was as follows (in thousands):

	Three Months Ended
	March 29,		March 31,
	2024		2023
Amortization expense – cost of revenue	$	3,692	$	3,022
Amortization expense – operating expenses		5,750		5,089
Total amortization expense	$	9,442	$	8,111

Estimated Amortization Expense

As of March 29, 2024, 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
2024 (remainder of year)	$	11,054	$	17,213	$	28,267
2025		14,298		21,288		35,586
2026		13,439		19,587		33,026
2027		10,603		15,958		26,561
2028		8,865		13,177		22,042
Thereafter		12,890		43,691		56,581
Total	$	71,149	$	130,914	$	202,063