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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Indefinite Lived Intangible Assets The carrying values of our indefinite lived intangible assets were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Goodwill | $ | 240,958 |  |  | $ | 247,337 |
In-process R&D | $ | 2,026 |  |  | $ | 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 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 years ended December 31, 2024, 2023 and 2022. In-process research and development, procurement contracts and agreements are included in Other intangibles, net in the Consolidated Balance Sheets as of December 31, 2024 and 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. Changes in the carrying value of our goodwill, all of which was related to our Medical Devices segment, was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Balance as of January 1, | $ | 247,337 |  |  | $ | 243,631 |
Foreign currency translation | (6,379) |  |  | 3,706 |
Balance as of December 31, | $ | 240,958 |  |  | $ | 247,337 |
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. The major intangible asset classes consist of the following (in thousands, except weighted average useful life):
December 31, 2024 |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (Years)
Acquired technology |  | $ | 195,912 |  |  | $ | 67,861 |  |  | $ | 128,051 |  |  | 18.3
Other intangibles: |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 28,611 |  |  | $ | 11,617 |  |  | $ | 16,994 |  |  | 21.6
Distribution and manufacturing rights and know-how |  | 9,033 |  |  | 9,033 |  |  | — |  |  | 5.0
Patents |  | 4,428 |  |  | 3,460 |  |  | 968 |  |  | 17.0
Other |  | 11,776 |  |  | 5,445 |  |  | 6,331 |  |  | 5.0
Other intangibles, net |  | $ | 53,848 |  |  | $ | 29,555 |  |  | $ | 24,293 |  |  | 9.4
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
Other intangibles, net |  | $ | 50,517 |  |  | $ | 25,046 |  |  | $ | 25,471 |  |  | 10.0
Amortization Expense Amortization expense recorded in General, administrative, and marketing expenses in our Consolidated Statements of Operations and Comprehensive Loss was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Amortization expense | $ | 15,855 |  |  | $ | 15,198 |  |  | $ | 15,310 |
The estimated future amortization expense of intangible assets with definite lives as of December 31, 2024 for the next five years is as follows (in thousands):
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Total
Amortization expense | $ | 13,190 |  |  | $ | 12,833 |  |  | $ | 12,730 |  |  | $ | 12,542 |  |  | $ | 12,342 |  |  | $ | 63,637 |

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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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