Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Goodwill and Intangible Assets

The following table summarizes the activity in Goodwill, by segment during the years ended December 31, 2023 and 2022:


	Prevention & Recovery		Reconstructive		Total
	(In thousands)
Balance, January 1, 2022	$	1,088,533	$	845,725	$	1,934,258
Goodwill attributable to acquisitions(1)	—		61,241		61,241

Impact of foreign currency translation	(10,897)		(1,014)		(11,911)
Balance, December 31, 2022	1,077,636		905,952		1,983,588
Goodwill attributable to acquisitions(1)	—		43,683		43,683

Impact of foreign currency translation	23,859		9,763		33,622
Balance, December 31, 2023	$	1,101,495	$	959,398	$	2,060,893

(1) Includes purchase accounting adjustments associated with acquisitions discussed in Note 5, “Acquisitions”.

The following table summarizes the Company’s Intangible assets, excluding Goodwill:


	Year Ended December 31,
	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Definite-Lived Intangible Assets
Acquired customer relationships	$	548,234	$	(279,757)	$	528,489	$	(215,962)
Acquired technology	632,801		(184,216)		553,284		(134,967)
Acquired trade names	458,917		(100,061)		414,801		(74,644)
Software	83,849		(42,910)		72,371		(39,202)
Other intangible assets	16,335		(5,829)		9,917		(3,360)
	$	1,740,136	$	(612,773)	$	1,578,862	$	(468,135)

Amortization expense related to acquired intangible assets, including acquired customer relationships, acquired technology, and acquired trade names, are presented on the face of the Consolidated Statements of Operations. Other intangible assets amortization expense consists primarily of amortization of software intangibles and is recorded as a component of Selling, general, and administrative expense in the Consolidated Statements of Operations. Total amortization expense is $140.2 million, $133.7 million, and $125.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

See Note 2, “Summary of Significant Accounting Policies” for discussion regarding impairment of Intangible assets.

Expected Amortization Expense

The Company’s expected annual amortization expense for intangible assets for the next five years is as follows:


	December 31, 2023
	(In thousands)
2024	$	145,822
2025	144,572
2026	139,483
2027	131,403
2028	96,556