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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Indefinite Lived Intangible Assets As of September 30, 2024 and December 31, 2023 the carrying values of our indefinite lived intangible assets were as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Goodwill | $ | 248,745 |  | $ | 247,337
In-process R&D | 2,183 |  | 2,154
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 did not record any impairment of indefinite lived intangible assets during the three and nine months ended September 30, 2024. In-process research and development, procurement contracts and agreements were included in Other intangibles, net on the Condensed Consolidated Balance Sheets as of September 30, 2024 and the Consolidated Balance Sheets as of December 31, 2023. 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. We evaluate our goodwill and non-amortizing 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. As of September 30, 2024 we concluded that our assessment of current factors did not indicate that goodwill or non-amortizing intangible assets are more likely than not to be impaired. We will continue to evaluate the recoverability of these non-amortizing intangible assets in future periods as necessary. As of September 30, 2024 and December 31, 2023 the carrying value of goodwill, all of which is related to our Medical Devices segment, was as follows (in thousands):
| Medical Devices Segment
Balance as of December 31, 2023 | $ | 247,337 |
Foreign currency translation | 1,408
Balance as of September 30, 2024 | $ | 248,745 |
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 September 30, 2024 and December 31, 2023 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):
September 30, 2024 |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (Years)
Acquired technology |  | $ | 203,219 |  | $ | 68,167 |  | $ | 135,052 |  | 18.2
Other intangibles: |  |  |  |  |  |  |  |
Customer lists and relationships |  | 28,754 |  | 11,342 |  | 17,412 |  | 21.6
Distribution and manufacturing rights and know-how |  | 9,735 |  | 9,279 |  | 456 |  | 5.0
Patents |  | 4,422 |  | 3,261 |  | 1,161 |  | 17.0
Other |  | 11,541 |  | 5,239 |  | 6,302 |  | 5.0
Total other intangibles |  | $ | 54,452 |  | $ | 29,121 |  | $ | 25,331 |  | 9.3
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
Amortization Expense The following is a summary of amortization expense as recorded in General, administrative, and marketing expenses on our Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amortization expense | $ | 3,990 |  |  | $ | 3,766 |  |  | $ | 11,650 |  |  | $ | 11,453 |
As of September 30, 2024 scheduled amortization of intangible assets for the next five years is as follows (in thousands):
| Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Total
Amortization expense | $ | 4,073 |  |  | $ | 13,634 |  |  | $ | 13,249 |  |  | $ | 13,140 |  |  | $ | 12,944 |  |  | $ | 12,745 |  |  | $ | 69,785 |

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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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