Goodwill and Intangible Assets (Tables)

6 Months Ended

Jul. 01, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the six months ended July 1, 2022 (in thousands):

Balance at beginning of the period	$	479,500
Effect of foreign exchange rate changes		(13,089	)
Balance at end of the period	$	466,411

Goodwill by Reportable Segment

Goodwill by reportable segment as of July 1, 2022 was as follows (in thousands):

	Reportable Segment
	Photonics			Vision			Precision Motion			Total
Goodwill	$	207,646		$	156,223		$	253,771		$	617,640
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	105,185		$	124,501		$	236,725		$	466,411

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 July 1, 2022 and December 31, 2021, respectively, are summarized as follows (in thousands):

	July 1, 2022							December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortizable intangible assets:
Patents and developed technologies	$	183,807	$	(125,291	)	$	58,516	$	189,609	$	(122,130	)	$	67,479
Customer relationships		221,306		(111,021	)		110,285		228,656		(104,386	)		124,270
Customer backlog		6,831		(5,693	)		1,138		6,862		(2,254	)		4,608
Trademarks and trade names		23,255		(12,722	)		10,533		23,976		(12,371	)		11,605
Amortizable intangible assets		435,199		(254,727	)		180,472		449,103		(241,141	)		207,962
Non-amortizable intangible assets:
Trade names		13,027		—			13,027		13,027		—			13,027
Totals	$	448,226	$	(254,727	)	$	193,499	$	462,130	$	(241,141	)	$	220,989

Amortization Expense of Intangible Assets

Amortization expense was as follows (in thousands):

	Three Months Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
	2022		2021		2022		2021
Amortization expense – cost of revenue	$	3,336	$	2,982	$	6,757	$	5,959
Amortization expense – operating expenses		7,173		3,586		14,515		7,161
Total amortization expense	$	10,509	$	6,568	$	21,272	$	13,120

Estimated Amortization Expense

Estimated amortization expense for each of the five succeeding years and thereafter as of July 1, 2022 was as follows (in thousands):

Year Ending December 31,	Cost of Revenue		Operating Expenses		Total
2022 (remainder of year)	$	6,599	$	11,957	$	18,556
2023		11,976		20,215		32,191
2024		9,737		16,961		26,698
2025		8,265		14,348		22,613
2026		6,916		12,200		19,116
Thereafter		15,023		46,275		61,298
Total	$	58,516	$	121,956	$	180,472