Goodwill, Intangible Assets and Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the year ended December 31, 2021 (in thousands):

	December 31, 2021
Balance at beginning of year	$	285,980
Goodwill from current year acquisitions		202,711
Effect of foreign exchange rate changes		(9,191	)
Balance at end of year	$	479,500

Goodwill by Reportable Segment

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

Goodwill by reportable segment as of December 31, 2020 was as follows (in thousands):

	Reportable Segment
	Photonics			Vision			Precision Motion			Total
Goodwill	$	218,517		$	165,195		$	53,497		$	437,209
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	116,056		$	133,473		$	36,451		$	285,980

Intangible Assets

Intangible assets as of December 31, 2021 and 2020, respectively, are summarized as follows (dollar amounts in thousands):

	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

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Amortizable intangible assets:
Patents and developed technologies	$	164,430	$	(110,572	)	$	53,858		8.8
Customer relationships		167,429		(92,892	)		74,537		10.9
Trademarks and trade names		18,367		(11,268	)		7,099		7.8
Amortizable intangible assets		350,226		(214,732	)		135,494		9.9
Non-amortizable intangible assets:
Trade names		13,027		—			13,027
Total	$	363,253	$	(214,732	)	$	148,521

Amortization Expense of Intangible Assets

Amortization expense was as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019
Amortization expense – cost of revenue	$	13,288	$	11,123	$	10,588
Amortization expense – operating expenses		16,577		13,970		15,857
Total amortization expense	$	29,865	$	25,093	$	26,445

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
2022	$	13,749	$	27,071	$	40,820
2023		12,451		20,935		33,386
2024		10,100		17,575		27,675
2025		8,529		14,867		23,396
2026		7,108		12,659		19,767
Thereafter		15,542		47,376		62,918
Total	$	67,479	$	140,483	$	207,962