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Goodwill and other intangible assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and other intangible assets | Goodwill and other intangible assets The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the six months ended June 30, 2024:
| Americas |  |  |  |  |  |  |  | EMEA |  | Asia |  | OEM |  |  |  | Total
December 31, 2023 | $ | 2,068,072 |  |  |  |  |  |  |  |  | $ | 487,744 |  |  | $ | 246,229 |  |  | $ | 112,010 |  |  |  |  | $ | 2,914,055 |
Currency translation adjustment | (2,172) |  |  |  |  |  |  |  |  | (10,857) |  |  | (8,397) |  |  | — |  |  |  |  | (21,426) |
June 30, 2024 | $ | 2,065,900 |  |  |  |  |  |  |  |  | $ | 476,887 |  |  | $ | 237,832 |  |  | $ | 112,010 |  |  |  |  | $ | 2,892,629 |
Our goodwill impairment testing is performed annually during the fourth quarter of each fiscal year in addition to periods where changes in circumstances indicate that the carrying value of our goodwill assets may not be recoverable. No impairment charges were recognized during the three and six months ended June 30, 2024. We did identify indicators of a potential impairment as of June 30, 2024 related to our Interventional Urology North America reporting unit, included within our Americas operating segment. The indicators of a potential impairment primarily arose from lower than anticipated sales results from our UroLift product line (“UroLift”), primarily driven by the adverse impact of persistent end-market challenges within the U.S. office site of service. We performed a quantitative impairment test of the reporting unit using both the income and the market approaches, which determined that the fair value of the reporting unit exceeded the carrying value. The more significant judgments and assumptions in determining the fair value included the amount and timing of expected future cash flows, the expected long-term growth rates and the discount rate used to estimate the present value of the future cash flows. Our assessment indicates that the Interventional Urology North America reporting unit is susceptible to future impairment charges if future revenue is lower than our current expectations, in particular with respect to the adverse impacts stemming from end market conditions related to UroLift, as well as from continuing negative impacts from macroeconomic factors, including increased inflation and higher interest rates. The carrying value of goodwill allocated to the Interventional Urology North America reporting unit as of June 30, 2024 was $645.9 million. The gross carrying amount of, and accumulated amortization relating to, intangible assets as of June 30, 2024 and December 31, 2023 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Customer relationships | $ | 1,358,377 |  |  | $ | 1,363,839 |  |  | $ | (591,302) |  |  | $ | (561,753) |
In-process research and development | 23,666 |  |  | 27,476 |  |  | — |  |  | — |
Intellectual property | 1,878,931 |  |  | 1,890,957 |  |  | (804,090) |  |  | (745,094) |
Distribution rights | 23,155 |  |  | 23,301 |  |  | (22,289) |  |  | (22,048) |
Trade names | 605,642 |  |  | 610,146 |  |  | (92,174) |  |  | (84,864) |
Non-compete agreements | 21,917 |  |  | 21,934 |  |  | (21,917) |  |  | (21,934) |
| $ | 3,911,688 |  |  | $ | 3,937,653 |  |  | $ | (1,531,772) |  |  | $ | (1,435,693) |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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