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Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill activity for each of the Company’s reportable segments that carry goodwill, Material Solutions (“MS”), Microcontamination Control (“MC”), and Advanced Materials Handling (“AMH”), was as follows at September 28, 2024 and December 31, 2023:
(In thousands)MSMCAMHTotal
December 31, 2023$3,631,350 $240,408 $74,102 $3,945,860 
Foreign currency translation(6)721 — 715 
September 28, 2024$3,631,344 $241,129 $74,102 $3,946,575 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
Identifiable intangible assets at September 28, 2024 and December 31, 2023 consisted of the following:
September 28, 2024
(In thousands)Gross carrying
amount
Accumulated
amortization
Net carrying
value
Developed technology$1,257,034 $565,448 $691,586 
Trademarks and trade names172,050 46,092 125,958 
Customer relationships630,822 319,652 311,170 
In-process research and development (1)
6,600 — 6,600 
Other25,545 22,229 3,316 
$2,092,051 $953,421 $1,138,630 
December 31, 2023
(In thousands)Gross carrying
amount
Accumulated
amortization
Net carrying
value
Developed technology$1,256,469 $455,720 $800,749 
Trademarks and trade names172,031 37,877 134,154 
Customer relationships630,743 293,782 336,961 
In-process research and development (1)
7,100 — 7,100 
Other23,924 20,919 3,005 
$2,090,267 $808,298 $1,281,969 
(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we move the asset to developed technology, determine the useful life and begin amortizing the assets.
Estimated Future Amortization Expense
Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at September 28, 2024:
(In thousands)Remaining 20242025202620272028ThereafterTotal
Future amortization expense$139,613 185,370 180,380 177,822 174,709 280,736 $1,138,630