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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Indefinite Lived Intangible Assets As of December 31, 2023 and 2022 the carrying values of our indefinite lived intangible assets were as follows (in thousands):
| 2023 |  | 2022
Goodwill | $ | 247,337 |  |  | $ | 243,631 |
In-process R&D | 2,154 |  |  | 2,080 |
Procurement contracts and agreements | 2,013 |  |  | 2,013 |
We monitor the phases of development of our acquired in-process research and development projects, including the risks associated with further development and the amount and timing of benefits expected to be derived from the completed projects. Incremental costs associated with development are charged to expense as incurred. Capitalized costs are amortized over the estimated useful life of the developed asset once completed. Our in-process research and development projects are reviewed for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired. We evaluate our goodwill and indefinite lived intangible assets for impairment on an annual basis during the fourth quarter of the year, and, if necessary, during interim periods if factors indicate that an impairment review is warranted. We did not record any impairment of indefinite lived intangible assets, including goodwill, during the twelve months ended December 31, 2023, 2022, and 2021. In-process research and development, procurement contracts and agreements are included in Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2023 and 2022. Based on our experience with similar agreements, we believe that our acquired procurement contracts and agreements have indefinite useful lives, as we expect to continue to renew these contracts for the foreseeable future. As of December 31, 2023 and 2022 the value of our goodwill, all of which was related to our Medical Devices segment, was as follows (in thousands):
| Medical Devices Segment
| 2023 |  | 2022
Balance as of January 1, | $ | 243,631 |  |  | $ | 250,000 |
Foreign currency translation | 3,706 |  |  | (6,369) |
Balance as of December 31, | $ | 247,337 |  |  | $ | 243,631 |
Definite Lived Intangible Assets The definite lived intangible assets balance includes balances related to acquired technology, customer relationships, distribution and manufacturing rights and know-how, patents, and other definite lived intangible assets. As of December 31, 2023 and 2022 the gross carrying values, accumulated amortization, and approximate amortization period of our definite lived intangible assets were as follows (in thousands, except weighted average useful life):
December 31, 2023 |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (Years)
Acquired technology |  | $ | 201,897 |  |  | $ | 59,304 |  |  | $ | 142,593 |  |  | 18.2
Other intangibles: |  |  |  |  |  |  |  |
Customer lists and relationships |  | 28,729 |  |  | 10,334 |  |  | 18,395 |  |  | 21.6
Distribution and manufacturing rights and know-how |  | 9,608 |  |  | 7,807 |  |  | 1,801 |  |  | 5.0
Patents |  | 4,365 |  |  | 3,225 |  |  | 1,140 |  |  | 17.0
Other |  | 7,815 |  |  | 3,680 |  |  | 4,135 |  |  | 5.0
Total other intangibles |  | $ | 50,517 |  |  | $ | 25,046 |  |  | $ | 25,471 |  |  | 10.0
December 31, 2022 |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (Years)
Acquired technology |  | $ | 198,420 |  |  | $ | 47,157 |  |  | $ | 151,263 |  |  | 18.2
Other intangibles: |  |  |  |  |  |  |  |
Customer lists and relationships |  | 31,030 |  |  | 11,100 |  |  | 19,930 |  |  | 20.5
Distribution and manufacturing rights and know-how |  | 9,274 |  |  | 5,796 |  |  | 3,478 |  |  | 5.0
Patents |  | 4,246 |  |  | 3,180 |  |  | 1,066 |  |  | 17.0
Other |  | 5,360 |  |  | 2,543 |  |  | 2,817 |  |  | 4.4
Total other intangibles |  | $ | 49,910 |  |  | $ | 22,619 |  |  | $ | 27,291 |  |  | 10.3
Amortization Expense Amortization expense recorded in General, administrative, and marketing expenses on our Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31 was as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Amortization expense | $ | 15,198 |  |  | $ | 15,310 |  |  | $ | 16,820 |
As of December 31, 2023 scheduled amortization of intangible assets for the next five years is as follows (in thousands):
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Total
Amortization expense | $ | 15,121 |  |  | $ | 13,200 |  |  | $ | 12,972 |  |  | $ | 12,866 |  |  | $ | 12,644 |  |  | $ | 66,803 |

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