Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill activity for each of the Company’s reportable segments that carry goodwill, Materials Solutions (“MS”), Microcontamination Control (“MC”), and Advanced Materials Handling (“AMH”), was as follows at December 31, 2022 and September 30, 2023:


(In thousands)	MS		MC		AMH		Total
December 31, 2022	$	4,092,141	$	242,088	$	74,102	$	4,408,331

Goodwill impairment	(104,785)		—		—		(104,785)
Disposition of business	(90,005)		—		—		(90,005)
Purchase accounting adjustments	(1,021)		—		—		(1,021)

Assets held-for-sale	(254,524)		—		—		(254,524)
Foreign currency translation	(43)		(3,917)		—		(3,960)
September 30, 2023	$	3,641,763	$	238,171	$	74,102	$	3,954,036

The changes in our goodwill balance of $454.3 million reflect (1) the goodwill impairment of our EC reporting unit of $104.8 million, as described in Note 3, (2) the sale of the QED business and related goodwill of that business of $90.0 million, see Note 5, (3) purchase accounting adjustments of $1.0 million, (4) goodwill reclassified to asset held-for-sale of $254.5 million related to the PIM and EC businesses as described in Note 5 and (5) foreign currency translation of $4.0 million.

Identifiable intangible assets at September 30, 2023 and December 31, 2022 consist of the following:


September 30, 2023
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,262,647	$	421,703	$	840,944
Trademarks and trade names	172,260		35,395		136,865
Customer relationships	673,718		294,056		379,662
In-process research and development (1)	7,600		—		7,600
Other	23,924		20,632		3,292
	$	2,140,149	$	771,786	$	1,368,363


December 31, 2022
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,302,101	$	313,876	$	988,225
Trademarks and trade names	250,473		29,565		220,908
Customer relationships	863,947		273,039		590,908
In-process research and development (1)	31,100		—		31,100
Other	31,206		20,392		10,814
	$	2,478,827	$	636,872	$	1,841,955

(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we determine the useful life and begin amortizing the assets.

Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at September 30, 2023:


(In thousands)	Remaining 2023		2024	2025	2026	2027	Thereafter	Total
Future amortization expense	$	51,134	194,670	188,318	185,372	181,684	567,185	$	1,368,363