Goodwill, Intangible Assets and Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the year ended December 31, 2022 (in thousands):

	Amount
Balance at beginning of year	$	479,500
Goodwill from current year acquisitions		9,863
Effect of foreign exchange rate changes		(10,466	)
Balance at end of year	$	478,897

Goodwill by Reportable Segment

Goodwill by reportable segment as of December 31, 2022 was as follows (in thousands):

	Reportable Segment
	Photonics			Vision			Precision Motion			Total
Goodwill	$	208,387		$	167,891		$	253,848		$	630,126
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	105,926		$	136,169		$	236,802		$	478,897

Goodwill by reportable segment as of December 31, 2021 was as follows (in thousands):

	Reportable Segment
	Photonics			Vision			Precision Motion			Total
Goodwill	$	214,564		$	160,675		$	255,490		$	630,729
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	112,103		$	128,953		$	238,444		$	479,500

Intangible Assets

Intangible assets as of December 31, 2022 and 2021, respectively, are summarized as follows (dollar amounts in thousands):

	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Amortizable intangible assets:
Patents and developed technologies	$	184,589	$	(132,350	)	$	52,239		10.1
Customer relationships		222,173		(121,527	)		100,646		15.0
Trademarks and trade names		23,311		(13,457	)		9,854		10.0
Amortizable intangible assets		430,073		(267,334	)		162,739		13.2
Non-amortizable intangible assets:
Trade names		13,027		—			13,027
Total	$	443,100	$	(267,334	)	$	175,766

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Amortizable intangible assets:
Patents and developed technologies	$	189,609	$	(122,130	)	$	67,479		10.7
Customer relationships		228,656		(104,386	)		124,270		15.5
Customer backlog		6,862		(2,254	)		4,608		0.7
Trademarks and trade names		23,976		(12,371	)		11,605		10.5
Amortizable intangible assets		449,103		(241,141	)		207,962		13.3
Non-amortizable intangible assets:
Trade names		13,027		—			13,027
Total	$	462,130	$	(241,141	)	$	220,989

Amortization Expense of Intangible Assets

Amortization expense was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Amortization expense – cost of revenue	$	13,270	$	13,288	$	11,123
Amortization expense – operating expenses		26,338		16,577		13,970
Total amortization expense	$	39,608	$	29,865	$	25,093

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
2023	$	12,065	$	20,322	$	32,387
2024		9,805		17,053		26,858
2025		8,312		14,428		22,740
2026		6,949		12,275		19,224
2027		4,206		9,900		14,106
Thereafter		10,902		36,522		47,424
Total	$	52,239	$	110,500	$	162,739