Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

The Company tests goodwill at least annually for possible impairment. The Company completes the annual testing of impairment for goodwill on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill.

The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its

reporting units as of January 2, 2023, its annual impairment testing date for fiscal year 2023. The Company concluded based on the first step of the process that there was no goodwill impairment.

The changes in the carrying amount of goodwill for fiscal years 2023 and 2022 are as follows:

		Life Sciences		Diagnostics		Consolidated
	(In thousands)
Balance at January 2, 2022		$	4,656,769	$	1,970,350	$	6,627,119
Foreign currency translation		(98,268)		(41,617)		(139,885)
Acquisitions, earnouts and measurement period adjustments		(6,926)		1,460		(5,466)
Balance at January 1, 2023		4,551,575		1,930,193		6,481,768
Foreign currency translation		36,363		15,419		51,782
Balance at December 31, 2023		$	4,587,938	$	1,945,612	$	6,533,550

Identifiable intangible asset balances at December 31, 2023 and January 1, 2023 were as follows:

	December 31, 2023		January 1, 2023
	(In thousands)
Patents	$	27,811	$	28,020
Less: Accumulated amortization	(26,072)		(26,055)
Net patents	1,739		1,965
Trade names and trademarks	145,542		149,453
Less: Accumulated amortization	(73,781)		(63,590)
Net trade names and trademarks	71,761		85,863
Licenses	27,018		62,614
Less: Accumulated amortization	(16,551)		(54,254)
Net licenses	10,467		8,360
Core technology	1,582,458		1,556,740
Less: Accumulated amortization	(607,814)		(449,689)
Net core technology	974,644		1,107,051
Customer relationships	2,842,531		2,943,761
Less: Accumulated amortization	(878,821)		(775,104)
Net customer relationships	1,963,710		2,168,657
In-process research and development	—		5,278
Net amortizable intangible assets	$	3,022,321	$	3,377,174

Total amortization expense related to amortizable intangible assets was $365.1 million in fiscal year 2023, $370.6 million in fiscal year 2022 and $256.6 million in fiscal year 2021. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $362.6 million in fiscal year 2024, $335.0 million in fiscal year 2025, $328.8 million in fiscal year 2026, $301.6 million in fiscal year 2027, and $275.9 million in fiscal year 2028.