Goodwill, Intangible Assets and Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the year ended December 31, 2024 (in thousands):

	Amount
Balance at beginning of year	$	484,507
Goodwill from current year acquisitions		106,761
Effect of foreign exchange rate changes		(7,170	)
Balance at end of year	$	584,098

Goodwill by Reportable Segment

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

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

	Reportable Segment
	Automation Enabling Technologies			Medical Solutions			Total
Goodwill	$	433,525		$	202,211		$	635,736
Accumulated impairment of goodwill		(119,507	)		(31,722	)		(151,229	)
Total	$	314,018		$	170,489		$	484,507

Intangible Assets

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

	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Amortizable intangible assets:
Patents and developed technologies	$	218,867	$	(159,041	)	$	59,826		7.6
Customer relationships		265,156		(158,938	)		106,218		13.2
Trademarks and trade names		23,367		(16,594	)		6,773		9.2
Amortizable intangible assets		507,390		(334,573	)		172,817		11.1
Non-amortizable intangible assets:
Trade names		13,027		—			13,027
Total	$	520,417	$	(334,573	)	$	185,844

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Amortizable intangible assets:
Patents and developed technologies	$	187,092	$	(146,342	)	$	40,750		9.6
Customer relationships		225,183		(142,478	)		82,705		14.4
Trademarks and trade names		23,628		(15,088	)		8,540		9.5
Amortizable intangible assets		435,903		(303,908	)		131,995		12.6
Non-amortizable intangible assets:
Trade names		13,027		—			13,027
Total	$	448,930	$	(303,908	)	$	145,022

Amortization Expense of Intangible Assets

Amortization expense for the periods presented was as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Amortization expense – cost of revenue	$	14,773	$	12,150	$	13,270
Amortization expense – operating expenses		25,794		20,445		26,338
Total amortization expense	$	40,567	$	32,595	$	39,608

Estimated Future Amortization Expense

Estimated future amortization expense for each of the five succeeding years and thereafter is as follows (in thousands):

Year Ending December 31,	Cost of Revenue		Operating Expenses		Total
2025	$	14,222	$	22,173	$	36,395
2026		13,384		19,880		33,264
2027		10,568		15,768		26,336
2028		8,837		12,697		21,534
2029		6,064		9,148		15,212
Thereafter		6,751		33,325		40,076
Total	$	59,826	$	112,991	$	172,817