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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2022
Goodwill And Other Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350, “Intangibles – Goodwill and Other”. The following table represents the change in the carrying value of goodwill for the nine months ended September 30, 2022 (amounts in thousands):
Balance at December 31, 2021 |  | $ | 860,362 |
Measurement period adjustment - BioFlex |  |  | (376 | )
Measurement period adjustment - Avitide |  |  | (1,768 | )
Cumulative translation adjustment |  |  | (6,812 | )
Balance at September 30, 2022 |  | $ | 851,406 |
During each of the fourth quarters of 2021, 2020 and 2019, the Company completed its annual impairment assessments and concluded that goodwill was not impaired in any of those years. The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three and nine months ended September 30, 2022. Intangible Assets Intangible assets with a definitive life are amortized over their useful lives using the straight-line method, and the amortization expense is recorded within cost of product revenue and selling, general and administrative expenses in the Company’s statements of comprehensive income. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions existed that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for the Company's products or changes in the size of the market for the Company’s products. An impairment results if the carrying value of the asset exceeds the estimated fair value of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its intangible assets are recoverable at September 30, 2022. Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of the Company’s intangible assets for the periods presented. Intangible assets, net consisted of the following at September 30, 2022:
|  | September 30, 2022 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
|  | (Amounts in thousands) |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Technology - developed(1) |  | $ | 189,627 |  |  | $ | (27,864 | ) |  | $ | 161,763 |  |  |  | 16 |
Patents |  |  | 240 |  |  |  | (240 | ) |  |  | — |  |  |  | 8 |
Customer relationships |  |  | 251,482 |  |  |  | (61,681 | ) |  |  | 189,801 |  |  |  | 15 |
Trademarks |  |  | 7,658 |  |  |  | (1,202 | ) |  |  | 6,456 |  |  |  | 19 |
Other intangibles |  |  | 2,772 |  |  |  | (1,932 | ) |  |  | 840 |  |  |  | 4 |
Total finite-lived intangible assets |  |  | 451,779 |  |  |  | (92,919 | ) |  |  | 358,860 |  |  |  | 16 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |
Total intangible assets |  | $ | 452,479 |  |  | $ | (92,919 | ) |  | $ | 359,560 |  |  |  |
(1) Includes an upfront payment paid to DRS Daylight Solutions, Inc. ("Daylight") in September 2022 to exclusively license and commercialize rights to use certain technology and intellectual property which Daylight owns. The expected useful life of this technology is 15 years, which is the term of the Agreement and the period the Company expects to be able to utilize the license and which the technology will contribute directly to cash flows. See Note 9, "Commitments and Contingencies" for more information on this transaction. Intangible assets consisted of the following at December 31, 2021:
|  | December 31, 2021 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
|  | (Amounts in thousands) |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Technology - developed |  | $ | 146,097 |  |  | $ | (21,553 | ) |  | $ | 124,544 |  |  |  | 17 |
Patents |  |  | 240 |  |  |  | (240 | ) |  |  | — |  |  |  | 8 |
Customer relationships |  |  | 254,699 |  |  |  | (50,719 | ) |  |  | 203,980 |  |  |  | 15 |
Trademarks |  |  | 7,699 |  |  |  | (877 | ) |  |  | 6,822 |  |  |  | 19 |
Other intangibles |  |  | 2,839 |  |  |  | (1,611 | ) |  |  | 1,228 |  |  |  | 4 |
Total finite-lived intangible assets |  |  | 411,574 |  |  |  | (75,000 | ) |  |  | 336,574 |  |  |  | 16 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |
Total intangible assets |  | $ | 412,274 |  |  | $ | (75,000 | ) |  | $ | 337,274 |  |  |  |
Amortization expense for finite-lived intangible assets was $6.6 million and $5.7 million for each of the three months ended September 30, 2022 and 2021, respectively, and $19.8 million and $16.1 million for each of the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company expects to record the following amortization expense in future periods (amounts in thousands):
|  | Estimated |
|  | Amortization |
For the Years Ended December 31, |  | Expense |
2022 (remaining three months) |  | $ | 7,316 |
2023 |  |  | 29,145 |
2024 |  |  | 28,559 |
2025 |  |  | 28,220 |
2026 |  |  | 28,220 |
2027 and thereafter |  |  | 237,400 |
Total |  | $ | 358,860 |

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- Definition Goodwill And Other Intangible Assets Disclosure [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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