Goodwill and Purchased Intangible Assets

12 Months Ended

Dec. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Purchased Intangible Assets

Goodwill and Purchased Intangible Assets:

Goodwill and purchased intangible assets with indefinite useful lives are not amortized but are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and considers other factors including, but not limited to, adverse industry or economic trends, restructuring actions and lower projections of profitability that may impact future operating results. The Company performed its annual assessment in the fourth quarter of fiscal 2024 and concluded that no impairment charge was required.

Goodwill

The changes in the carrying amount of goodwill are as follows:

	Year Ended
	December 28, 2024		December 30, 2023
	(in thousands)
Balance, beginning of the period	$	315,811	$	315,811
Acquired business		14,169		—
Balance, end of the period	$	329,980	$	315,811

The $14.2 million of goodwill acquired in 2024 resulted from the purchase of Lumina Instruments, Inc. See Note 3, “Business Combination,” for further details.

Purchased Intangible Assets

Purchased intangible assets as of December 28, 2024 and December 30, 2023 are as follows:

	Gross Carrying Amount		Accumulated Amortization		Net
	(in thousands)
December 28, 2024
Finite-lived intangible assets:
Developed technology	$	387,716	$	298,013	$	89,703
Customer and distributor relationships		73,321		39,370		33,951
Trademarks and trade names		14,171		10,368		3,803
Total identifiable intangible assets	$	475,208	$	347,751	$	127,457
December 30, 2023
Finite-lived intangible assets:
Developed technology	$	378,197	$	254,350	$	123,847
Customer and distributor relationships		73,321		34,782		38,539
Trademarks and trade names		14,171		9,182		4,989
Total identifiable intangible assets	$	465,689	$	298,314	$	167,375

Intangible asset amortization expense amounted to $49.4 million, $54.8 million and $55.3 million for the years ended December 28, 2024, December 30, 2023 and December 31, 2022, respectively. Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, estimated amortization expenses are $33.8 million for 2025, $32.6 million for 2026, $24.4 million for 2027, $13.5 million for 2028, and $6.2 million for 2029.