XML 33 R21.htm IDEA: XBRL DOCUMENT v3.24.0.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

Goodwill

The following table sets forth the changes in the carrying amount of goodwill by segment (in millions):

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI Nano

 

 

BEST

 

 

Total

 

Balance at December 31, 2020

 

$

30.8

 

 

$

61.3

 

 

$

228.0

 

 

$

0.3

 

 

$

320.4

 

Current period additions/adjustments

 

 

12.8

 

 

 

0.6

 

 

 

16.6

 

 

 

 

 

 

30.0

 

Foreign currency impact

 

 

(1.2

)

 

 

(4.0

)

 

 

(5.7

)

 

 

 

 

 

(10.9

)

Balance at December 31, 2021

 

 

42.4

 

 

 

57.9

 

 

 

238.9

 

 

 

0.3

 

 

 

339.5

 

Current period additions/adjustments

 

 

18.6

 

 

 

55.3

 

 

 

58.0

 

 

 

 

 

 

131.9

 

Foreign currency impact

 

 

(3.2

)

 

 

(5.8

)

 

 

(4.8

)

 

 

 

 

 

(13.8

)

Balance at December 31, 2022

 

 

57.8

 

 

 

107.4

 

 

 

292.1

 

 

 

0.3

 

 

 

457.6

 

Current period additions/adjustments

 

 

25.8

 

 

 

83.8

 

 

 

(0.5

)

 

 

 

 

 

109.1

 

Foreign currency impact

 

 

2.9

 

 

 

10.3

 

 

 

2.7

 

 

 

 

 

 

15.9

 

Balance at December 31, 2023

 

$

86.5

 

 

$

201.5

 

 

$

294.3

 

 

$

0.3

 

 

$

582.6

 

The Company has historically evaluated its goodwill for impairment annually as of December 31 or more frequently if impairment indicators arose in accordance with Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other.” In the fourth quarter of 2022, the Company changed the date of its annual assessment of goodwill to October 1st for all reporting units. The change in testing date for goodwill is a change in accounting principle, which management believes is preferable as the new date of the assessment better aligns with the Company’s budgeting process and will create a more efficient and timely process surrounding the impairment tests. The change in the assessment date does not delay, accelerate or avoid a potential impairment charge. The Company has determined that it is impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1st of prior reporting periods without the use of hindsight. As such, the Company prospectively applied the change in annual goodwill impairment testing date from October 1, 2022. No impairment was recognized during the years ended December 31, 2023, 2022, or 2021.

Intangible Assets

The following is a summary of intangible assets (in millions):

 

 

2023

 

 

2022

 

 

 

Gross

 

 

 

 

 

Net

 

 

Gross

 

 

 

 

 

Net

 

 

 

Carrying

 

 

Accumulated

 

 

Carrying

 

 

Carrying

 

 

Accumulated

 

 

Carrying

 

 

 

Amount

 

 

Amortization

 

 

Amount

 

 

Amount

 

 

Amortization

 

 

Amount

 

Existing technology and related patents

 

$

428.3

 

 

$

(250.4

)

 

$

177.9

 

 

$

354.7

 

 

$

(219.0

)

 

$

135.7

 

Customer relationships

 

 

227.4

 

 

 

(93.5

)

 

 

133.9

 

 

 

192.3

 

 

 

(72.1

)

 

 

120.2

 

Trade names

 

 

28.4

 

 

 

(10.1

)

 

 

18.3

 

 

 

22.3

 

 

 

(7.4

)

 

 

14.9

 

Other

 

 

2.2

 

 

 

(1.8

)

 

 

0.4

 

 

 

1.0

 

 

 

(0.9

)

 

 

0.1

 

Intangible assets

 

$

686.3

 

 

$

(355.8

)

 

$

330.5

 

 

$

570.3

 

 

$

(299.4

)

 

$

270.9

 

For the years ended December 31, 2023, 2022 and 2021, the Company recorded amortization expense of approximately $47.1 million, $37.1 million and $37.4 million, respectively, in the consolidated statements of income and comprehensive income. At December 31, 2023, the net carrying amount of trade names includes $3.0 million related to indefinite-lived intangible assets which are not amortized but are evaluated for impairment.

The estimated future amortization expense related to amortizable intangible assets is as follows (in millions):

 

 2024

 

$

46.9

 

 2025

 

 

46.4

 

 2026

 

 

43.7

 

 2027

 

 

36.6

 

 2028

 

 

35.9

 

2029

 

 

31.6

 

Thereafter

 

 

86.4

 

Total

 

$

327.5

 

 

 

 

On a quarterly basis, the Company reviews its intangible assets to determine if there have been any triggering events that could indicate an impairment. In connection with certain restructuring programs initiated in 2023, the Company performed impairment assessments of its long-lived assets comparing the carrying values to the sum of their undiscounted future cash flows. Based on the results of these analyses, the Company determined there were no impairments to its long-lived assets, including intangible assets and goodwill. No other triggering events were identified for the years ended December 31, 2023, and 2022. See Note 21, Other Charges, Net for discussion related to impairment of other long-lived assets in connection with the BCA restructuring plan.