Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the six months ended June 28, 2024 (in thousands):

Balance at beginning of the period	$	484,507
Goodwill acquired from Motion Solutions acquisition		106,430
Effect of foreign exchange rate changes		(3,909	)
Balance at end of the period	$	587,028

Goodwill by Reportable Segment

Goodwill by reportable segment as of June 28, 2024 was as follows (in thousands):

	Reportable Segment
	Precision Medicine and Manufacturing			Medical Solutions			Robotics and Automation			Total
Goodwill	$	209,878		$	274,035		$	254,344		$	738,257
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	107,417		$	242,313		$	237,298		$	587,028

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 June 28, 2024 and December 31, 2023, respectively, are summarized as follows (in thousands):

	June 28, 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	$	220,075	$	(152,662	)	$	67,413	$	187,092	$	(146,342	)	$	40,750
Customer relationships		266,544		(150,671	)		115,873		225,183		(142,478	)		82,705
Customer backlog		5,500		(2,750	)		2,750		—		—			—
Trademarks and trade names		23,491		(15,616	)		7,875		23,628		(15,088	)		8,540
Amortizable intangible assets		515,610		(321,699	)		193,911		435,903		(303,908	)		131,995
Non-amortizable intangible assets:
Trade names		13,027		—			13,027		13,027		—			13,027
Total intangible assets	$	528,637	$	(321,699	)	$	206,938	$	448,930	$	(303,908	)	$	145,022

Amortization Expense of Intangible Assets

Amortization expense for the three and six months ended June 28, 2024 and June 30, 2023, respectively, was as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 28,		June 30,		June 28,		June 30,
	2024		2023		2024		2023
Amortization expense – cost of revenue	$	3,685	$	3,046	$	7,377	$	6,068
Amortization expense – operating expenses		6,907		5,124		12,657		10,213
Total amortization expense	$	10,592	$	8,170	$	20,034	$	16,281

Estimated Amortization Expense

As of June 28, 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)	$	7,360	$	12,631	$	19,991
2025		14,286		22,372		36,658
2026		13,430		20,069		33,499
2027		10,598		15,936		26,534
2028		8,861		12,853		21,714
Thereafter		12,878		42,637		55,515
Total	$	67,413	$	126,498	$	193,911