Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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