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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2014
Goodwill and Other Intangible Assets [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the nine months ended September 30, 2014 are as follows:
Balance as of December 31, 2013 | $ | 248,428 |
Goodwill resulting from a business acquisition | 7,773 |
Foreign currency translation | 16 |
Balance as of September 30, 2014 | $ | 256,217 |
Other intangible assets consist of the following:
| December 31, 2013 |  | September 30, 2014
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |
Customer relationships | $ | 135,690 |  |  | $ | (54,982 | ) |  | $ | 135,690 |  |  | $ | (58,523 | )
Promotional, marketing & distribution rights | 149,376 |  |  | (12,000 | ) |  | 149,376 |  |  | (16,500 | )
Patents and other intangible assets | 53,903 |  |  | (39,091 | ) |  | 63,395 |  |  | (40,806 | )
Unamortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames | 86,544 |  |  | — |  |  | 86,544 |  |  | — |
| $ | 425,513 |  |  | $ | (106,073 | ) |  | $ | 435,005 |  |  | $ | (115,829 | )
Customer relationships, trademarks, tradenames, patents and other intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses. Promotional, marketing and distribution rights represent intangible assets created under our Sports Medicine Joint Development and Distribution Agreement (the "JDDA") with Musculoskeletal Transplant Foundation (“MTF”). On January 3, 2012, the Company entered into the JDDA with MTF to obtain MTF's worldwide promotion rights with respect to allograft tissues within the field of sports medicine and related products. The initial consideration from the Company included a $63.0 million up-front payment for the rights and certain assets, with an additional $84.0 million contingently payable over a four year period depending on MTF meeting supply targets for tissue. On January 3, 2013 and January 3, 2014, we paid $34.0 million and $16.7 million, respectively, of the additional consideration; $16.7 million of the additional consideration is due within the next fiscal year with the remainder due in 2016. The $33.3 million related to the remaining contingent obligation as of September 30, 2014 is accrued in other current and other long term liabilities as we believe it is probable MTF will meet the supply targets. Trademarks and tradenames were recognized principally in connection with the 1997 acquisition of Linvatec Corporation. We continue to market products, release new product and product extensions and maintain and promote these trademarks and tradenames in the marketplace through legal registration and such methods as advertising, medical education and trade shows. It is our belief that these trademarks and tradenames will generate cash flow for an indefinite period of time. Therefore, our trademarks and tradenames intangible assets are not amortized. Amortization expense related to intangible assets which are subject to amortization totaled $3,353 and $9,080 in the three and nine months ended September 30, 2013, respectively, and $3,266 and $9,756 in the three and nine months ended September 30, 2014, respectively, and is included as a reduction of revenue (for amortization related to our promotional, marketing and distribution rights) and in selling and administrative expense (for all other intangible assets) on the consolidated condensed statements of comprehensive income. The weighted average amortization period for intangible assets which are amortized is 27 years. Customer relationships are being amortized over a weighted average life of 33 years. Promotional, marketing and distribution rights are being amortized over a weighted average life of 25 years. Patents and other intangible assets are being amortized over a weighted average life of 11 years. The estimated intangible asset amortization expense for the year ending December 31, 2014, including the nine month period ended September 30, 2014 and for each of the five succeeding years is as follows:
| Amortization included in expense |  | Amortization recorded as a reduction of revenue |  | Total
2014 | $ | 7,043 |  |  | $ | 6,000 |  |  | $ | 13,043 |
2015 | 6,539 |  |  | 6,000 |  |  | 12,539 |
2016 | 7,385 |  |  | 6,000 |  |  | 13,385 |
2017 | 7,371 |  |  | 6,000 |  |  | 13,371 |
2018 | 7,316 |  |  | 6,000 |  |  | 13,316 |
2019 | 7,316 |  |  | 6,000 |  |  | 13,316 |

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