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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 9. 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. The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2023 and 2022 (amounts in thousands):
Balance as of December 31, 2021 |  | $ | 860,362 |
Measurement period adjustment - BioFlex |  |  | (346 | )
Measurement period adjustment - Avitide |  |  | (1,768 | )
Cumulative translation adjustment |  |  | (2,735 | )
Balance as of December 31, 2022 |  | $ | 855,513 |
Acquisition of FlexBiosys, Inc. |  |  | 14,321 |
Acquisition of Metenova Holding AB |  |  | 115,778 |
Cumulative translation adjustment |  |  | 1,508 |
Balance as of December 31, 2023 |  | $ | 987,120 |
During each of the fourth quarters of 2023, 2022 and 2021, the Company completed its annual impairment assessments and concluded that goodwill was not impaired in any of those years. 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 expense in the Company’s consolidated 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. If impairment indicators are present, the Company determines whether the underlying intangible asset is recoverable through estimated future undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition 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 definite-lived intangible assets are recoverable at December 31, 2023. Indefinite-lived intangible assets are tested for impairment at least annually. There has been no impairment of our intangible assets for the periods presented. Intangible assets, net consisted of the following at December 31, 2023:
|  | December 31, 2023 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
|  | (Amounts in thousands) |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Technology - developed |  | $ | 249,594 |  |  | $ | (44,162 | ) |  | $ | 205,432 |  |  |  | 16 |
Patents |  |  | 240 |  |  |  | (240 | ) |  |  | — |  |  |  | 8 |
Customer relationships |  |  | 269,949 |  |  |  | (83,963 | ) |  |  | 185,986 |  |  |  | 15 |
Trademarks |  |  | 8,757 |  |  |  | (1,789 | ) |  |  | 6,968 |  |  |  | 19 |
Other intangibles |  |  | 3,914 |  |  |  | (2,514 | ) |  |  | 1,400 |  |  |  | 3 |
Total finite-lived intangible assets |  |  | 532,454 |  |  |  | (132,668 | ) |  |  | 399,786 |  |  |  | 15 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |
Total intangible assets |  | $ | 533,154 |  |  | $ | (132,668 | ) |  | $ | 400,486 |  |  |  |
Intangible assets consisted of the following at December 31, 2022:
|  | December 31, 2022 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
|  | (Amounts in thousands) |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Technology - developed |  | $ | 190,463 |  |  | $ | (30,992 | ) |  | $ | 159,471 |  |  |  | 16 |
Patents |  |  | 240 |  |  |  | (240 | ) |  |  | — |  |  |  | 8 |
Customer relationships |  |  | 252,934 |  |  |  | (66,559 | ) |  |  | 186,375 |  |  |  | 15 |
Trademarks |  |  | 7,682 |  |  |  | (1,319 | ) |  |  | 6,363 |  |  |  | 19 |
Other intangibles |  |  | 2,811 |  |  |  | (2,044 | ) |  |  | 767 |  |  |  | 4 |
Total finite-lived intangible assets |  |  | 454,130 |  |  |  | (101,154 | ) |  |  | 352,976 |  |  |  | 16 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |
Total intangible assets |  | $ | 454,830 |  |  | $ | (101,154 | ) |  | $ | 353,676 |  |  |  |
Amortization expense for finite-lived intangible assets was $31.1 million, $27.1 million and $22.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the Company expects to record the following amortization expense (amounts in thousands):
|  | Estimated |
|  | Amortization |
For the Years Ended December 31, |  | Expense |
2024 |  | $ | 34,314 |
2025 |  |  | 33,879 |
2026 |  |  | 33,524 |
2027 |  |  | 33,421 |
2028 |  |  | 32,689 |
2029 and thereafter |  |  | 231,959 |
Total |  | $ | 399,786 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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