Goodwill, Intangible Assets and Impairment Charges (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Summary of Changes in Goodwill |
The following table summarizes changes in goodwill during the year ended December 31, 2025 (in thousands):
|
|
|
|
|
Amount |
|
Balance at beginning of year |
$ |
584,098 |
|
Goodwill from current year acquisitions |
|
43,192 |
|
Effect of foreign exchange rate changes |
|
20,058 |
|
Balance at end of year |
$ |
647,348 |
|
|
| Goodwill by Reportable Segment |
Goodwill by reportable segment as of December 31, 2025 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segment |
|
|
|
|
|
Automation Enabling Technologies |
|
|
Medical Solutions |
|
|
Total |
|
Goodwill |
$ |
447,313 |
|
|
$ |
351,264 |
|
|
$ |
798,577 |
|
Accumulated impairment of goodwill |
|
(119,507 |
) |
|
|
(31,722 |
) |
|
|
(151,229 |
) |
Total |
$ |
327,806 |
|
|
$ |
319,542 |
|
|
$ |
647,348 |
|
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 |
|
|
| Intangible Assets |
Intangible assets as of December 31, 2025 and 2024, respectively, are summarized as follows (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
|
Weighted Average Remaining Life (Years) |
|
Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
Patents and developed technologies |
$ |
235,851 |
|
|
$ |
(180,798 |
) |
|
$ |
55,053 |
|
|
|
7.0 |
|
Customer relationships |
|
296,868 |
|
|
|
(191,037 |
) |
|
|
105,831 |
|
|
|
11.7 |
|
Trademarks and trade names |
|
25,261 |
|
|
|
(18,396 |
) |
|
|
6,865 |
|
|
|
9.3 |
|
Amortizable intangible assets |
|
557,980 |
|
|
|
(390,231 |
) |
|
|
167,749 |
|
|
|
10.0 |
|
Non-amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
Trade names |
|
13,027 |
|
|
|
— |
|
|
|
13,027 |
|
|
|
|
Total |
$ |
571,007 |
|
|
$ |
(390,231 |
) |
|
$ |
180,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
| Amortization Expense of Intangible Assets |
Amortization expense for the periods presented was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Amortization expense – cost of revenue |
$ |
16,276 |
|
|
$ |
14,773 |
|
|
$ |
12,150 |
|
Amortization expense – operating expenses |
|
27,477 |
|
|
|
25,794 |
|
|
|
20,445 |
|
Total amortization expense |
$ |
43,753 |
|
|
$ |
40,567 |
|
|
$ |
32,595 |
|
|
| 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 |
|
2026 |
|
$ |
15,044 |
|
|
$ |
23,111 |
|
|
$ |
38,155 |
|
2027 |
|
|
12,118 |
|
|
|
19,263 |
|
|
|
31,381 |
|
2028 |
|
|
10,311 |
|
|
|
16,221 |
|
|
|
26,532 |
|
2029 |
|
|
7,440 |
|
|
|
12,616 |
|
|
|
20,056 |
|
2030 |
|
|
4,764 |
|
|
|
10,129 |
|
|
|
14,893 |
|
Thereafter |
|
|
5,376 |
|
|
|
31,356 |
|
|
|
36,732 |
|
Total |
|
$ |
55,053 |
|
|
$ |
112,696 |
|
|
$ |
167,749 |
|
|