| Supplemental Balance Sheet and Cash Flow Information |
Note 3. Supplemental Balance Sheet and Cash Flow Information:
Inventories:
Inventories consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Raw materials |
|
$ |
79,377 |
|
$ |
84,551 |
Finished goods(1) |
|
|
106,072 |
|
|
92,474 |
Inventories, net |
|
$ |
185,449 |
|
$ |
177,025 |
| (1) |
Finished goods inventory of $5,718 and $5,387 is included within Other assets in the June 30, 2024 and June 30, 2023 Balance Sheets, respectively, as it is forecasted to be sold after the 12 months subsequent to the consolidated balance sheet date.
|
Property and Equipment:
Property and equipment consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2024 |
|
2023 |
Land |
|
$ |
8,150 |
|
$ |
9,100 |
Buildings and improvements |
|
|
243,863 |
|
|
245,302 |
Machinery and equipment |
|
|
215,948 |
|
|
190,019 |
Construction in progress |
|
|
39,749 |
|
|
15,491 |
Property and equipment, cost |
|
|
507,710 |
|
|
459,912 |
Accumulated depreciation and amortization |
|
|
(256,556) |
|
|
(233,712) |
Property and equipment, net |
|
$ |
251,154 |
|
$ |
226,200 |
Intangibles assets were comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Useful Life |
|
June 30, |
|
|
(years) |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Developed technology |
|
9 - 15 |
|
$ |
675,674 |
|
$ |
616,311 |
Tradenames |
|
2 - 20 |
|
|
151,561 |
|
|
146,945 |
Customer relationships |
|
7 - 16 |
|
|
211,276 |
|
|
213,878 |
Patents |
|
10 |
|
|
4,343 |
|
|
3,815 |
Other intangibles |
|
5 - 15 |
|
|
12,006 |
|
|
11,566 |
Definite-lived intangible assets |
|
|
|
|
1,054,860 |
|
|
992,515 |
Accumulated amortization |
|
|
|
|
(547,779) |
|
|
(480,570) |
Definite-lived intangibles assets, net |
|
|
|
|
507,081 |
|
|
511,945 |
In process research and development(1) |
|
|
|
|
— |
|
|
22,700 |
Total intangible assets, net |
|
|
|
$ |
507,081 |
|
$ |
534,645 |
(1)The in process research and development has been placed into service and is included within Developed technology. The amortization period for this developed technology asset is estimated to be 14 years.
Changes to the carrying amount of net intangible assets consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Beginning balance |
|
$ |
534,645 |
|
$ |
531,522 |
Acquisitions |
|
|
66,400 |
|
|
75,600 |
Other additions(1) |
|
|
950 |
|
|
5,710 |
Held-for-sale intangibles(2) |
|
|
(14,323) |
|
|
— |
Amortization expense |
|
|
(79,854) |
|
|
(77,491) |
Currency translation |
|
|
(737) |
|
|
(696) |
Ending balance |
|
$ |
507,081 |
|
$ |
534,645 |
(1)Includes the purchase of a $4.6 million intangible asset from Wilson Wolf, an equity method investee of the Company during the year-ended June 30, 2023. This asset will be amortized over a life of 10 years.
(2)Refer to Note 1 for further detail on held-for-sale intangibles.
Amortization expense related to developed technologies included in cost of sales was $46.6 million, $44.3 million, and $40.6 million in fiscal 2024, 2023, and 2022, respectively. Amortization expense related to trade names, customer
relationships, non-compete agreements, and patents included in selling, general and administrative expense was $33.2 million, $33.2 million, and $33.5 million, in fiscal 2024, 2023, and 2022 respectively.
The estimated future amortization expense for intangible assets as of June 30, 2024 is as follows (in thousands):
|
|
|
|
2025 |
|
$ |
77,259 |
2026 |
|
|
73,297 |
2027 |
|
|
63,138 |
2028 |
|
|
59,491 |
2029 |
|
|
46,923 |
Thereafter |
|
|
186,973 |
Total |
|
$ |
507,081 |
Goodwill:
Changes in goodwill by segment and in total consist of (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics and |
|
|
|
|
Protein Sciences |
|
Genomics |
|
Total |
June 30, 2022 |
|
$ |
376,493 |
|
$ |
445,608 |
|
$ |
822,101 |
Acquisitions |
|
|
51,257 |
|
|
— |
|
|
51,257 |
Currency translation |
|
|
(723) |
|
|
102 |
|
|
(621) |
June 30, 2023 |
|
$ |
427,027 |
|
$ |
445,710 |
|
$ |
872,737 |
Acquisitions |
|
|
— |
|
|
104,650 |
|
|
104,650 |
Held-for-sale goodwill(1) |
|
|
(1,400) |
|
|
— |
|
|
(1,400) |
Currency translation |
|
|
(2,178) |
|
|
(1,146) |
|
|
(3,324) |
June 30, 2024 |
|
$ |
423,449 |
|
$ |
549,214 |
|
$ |
972,663 |
(1) Refer to Note 1 for further detail on goodwill reclassified to current assets held-for-sale.
Other Assets:
Other assets consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Equity method investment in Wilson Wolf |
|
$ |
242,337 |
|
$ |
255,857 |
Derivative instruments |
|
|
9,813 |
|
|
16,857 |
Long-term inventory |
|
|
5,718 |
|
|
5,387 |
Other |
|
|
6,397 |
|
|
7,201 |
Other assets |
|
$ |
264,265 |
|
$ |
285,302 |
Supplemental Cash Flow Information:
Supplemental cash flow information was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
2024 |
|
2023 |
|
2022 |
Income taxes paid |
|
$ |
65,254 |
|
$ |
88,428 |
|
$ |
30,341 |
Interest paid |
|
|
14,502 |
|
|
8,368 |
|
|
11,027 |
|