| Selected Balance Sheet Data |
Note 3. Selected Balance Sheet Data:
Inventories:
Inventories consist of (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
2023 |
|
2023 |
|
|
|
|
|
|
|
Raw materials |
|
$ |
83,247 |
|
$ |
84,551 |
Finished goods(1) |
|
|
102,907 |
|
|
92,474 |
Inventories, net |
|
$ |
186,154 |
|
$ |
177,025 |
(1) Finished goods inventory of $5,315 and $5,387 included within Other long-term assets in the respective December 31, 2023 and June 30, 2023, Consolidated Balance Sheet. The inventory is included in long-term assets 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):
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
2023 |
|
2023 |
Land |
|
$ |
8,180 |
|
$ |
9,100 |
Buildings and improvements |
|
|
243,640 |
|
|
245,302 |
Machinery and equipment |
|
|
199,533 |
|
|
190,019 |
Construction in progress |
|
|
28,065 |
|
|
15,491 |
Property and equipment, cost |
|
|
479,418 |
|
|
459,912 |
Accumulated depreciation and amortization |
|
|
(245,214) |
|
|
(233,712) |
Property and equipment, net |
|
$ |
234,204 |
|
$ |
226,200 |
Intangible Assets:
Intangible assets consist of (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
2023 |
|
2023 |
|
|
|
|
|
|
|
Developed technology |
|
$ |
657,192 |
|
$ |
616,311 |
Trade names |
|
|
152,206 |
|
|
146,945 |
Customer relationships |
|
|
211,733 |
|
|
213,878 |
Patents |
|
|
4,080 |
|
|
3,815 |
Other intangibles |
|
|
11,865 |
|
|
11,566 |
Definite-lived intangible assets |
|
|
1,037,076 |
|
|
992,515 |
Accumulated amortization |
|
|
(509,171) |
|
|
(480,570) |
Definite-lived intangibles assets, net |
|
|
527,905 |
|
|
511,945 |
In process research and development |
|
|
22,700 |
|
|
22,700 |
Total intangible assets, net |
|
$ |
550,605 |
|
$ |
534,645 |
Changes to the carrying amount of net intangible assets for the period ended December 31, 2023 consist of (in thousands):
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
534,645 |
Acquisitions |
|
|
66,400 |
Other additions |
|
|
556 |
Held-for-sale intangibles(1) |
|
|
(14,323) |
Amortization expense |
|
|
(40,383) |
Currency translation |
|
|
3,710 |
Ending balance |
|
$ |
550,605 |
(1) Refer to Note 1 for further detail on held-for-sale intangibles.
The estimated future amortization expense for intangible assets as of December 31, 2023 is as follows (in thousands):
|
|
|
|
Remainder 2024 |
|
$ |
39,332 |
2025 |
|
|
75,553 |
2026 |
|
|
71,575 |
2027 |
|
|
61,394 |
2028 |
|
|
57,733 |
Thereafter |
|
|
222,318 |
Total |
|
$ |
527,905 |
Goodwill:
Changes to the carrying amount of goodwill for the period ended December 31, 2023 consist of (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics and |
|
|
|
|
Protein Sciences |
|
Genomics |
|
Total |
June 30, 2023 |
|
$ |
427,027 |
|
$ |
445,710 |
|
$ |
872,737 |
Acquisitions |
|
|
— |
|
|
102,546 |
|
|
102,546 |
Held-for-sale goodwill(1) |
|
|
(1,400) |
|
|
— |
|
|
(1,400) |
Currency translation |
|
|
318 |
|
|
5,881 |
|
|
6,199 |
December 31, 2023 |
|
$ |
425,945 |
|
$ |
554,137 |
|
$ |
980,082 |
(1)Refer to Note 1 for further detail on goodwill reclassified to current assets held-for-sale.
We evaluate the carrying value of goodwill in the fourth quarter of each fiscal year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. The Company performed a qualitative goodwill impairment assessment for all of its reporting units during the fourth quarter of fiscal 2023. No indicators of impairment were identified as part of our assessment.
Other Assets:
Other assets consist of (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
2023 |
|
2023 |
|
|
|
|
|
|
|
Investment in Wilson Wolf |
|
$ |
249,730 |
|
$ |
255,857 |
Derivative instruments |
|
|
11,589 |
|
|
16,857 |
Long-term inventory |
|
|
5,315 |
|
|
5,387 |
Other |
|
|
7,725 |
|
|
7,201 |
Other assets |
|
$ |
274,359 |
|
$ |
285,302 |
|