Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the net carrying amount of goodwill for the six months ended June 30, 2020 are as follows:


Balance as of December 31, 2019	$	618,042

Goodwill adjustment resulting from business acquisition	(1,009)

Foreign currency translation	(348)

Balance as of June 30, 2020	$	616,685

Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. During the six months ended June 30, 2020, the Company recorded a measurement period adjustment related to a prior business combination.

Other intangible assets consist of the following:


	June 30, 2020									December 31, 2019
	Weighted Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets with definite lives:

Customer and distributor relationships	24	$	342,420	$	(124,865)	$	342,568	$	(115,311)

Sales representation, marketing and promotional rights	25	149,376		(51,000)		149,376		(48,000)

Patents and other intangible assets	15	72,209		(47,663)		70,646		(46,456)

Developed technology	16	106,604		(16,438)		106,604		(13,171)

Intangible assets with indefinite lives:

Trademarks and tradenames		86,544		—		86,544		—

	22	$	757,153	$	(239,966)	$	755,738	$	(222,938)

Customer and distributor relationships, trademarks and tradenames, developed technology and patents and other intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses. Sales representation, marketing and promotional rights represent intangible assets created under our agreement with Musculoskeletal Transplant Foundation (“MTF”).

Amortization expense related to intangible assets which are subject to amortization totaled $8.5 million and $8.3 million in the three months ended June 30, 2020 and 2019, respectively, and $17.0 million and $15.7 million in the six months ended June 30, 2020 and 2019, respectively, and is included as a reduction of revenue (for amortization related to our sales representation, marketing and promotional rights) and in selling and administrative expense (for all other intangible assets) in the consolidated condensed statements of comprehensive income (loss). Included in developed technology is $6.0 million of earn-out consideration that is considered probable as of June 30, 2020 associated with a prior asset acquisition. This is recorded in other current liabilities at June 30, 2020.

The estimated intangible asset amortization expense remaining for the year ending December 31, 2020 and for each of the five succeeding years is as follows:


	Amortization included in expense		Amortization recorded as a reduction of revenue		Total
Remaining, 2020	$	14,019	$	3,000	$	17,019
2021	27,449		6,000		33,449
2022	26,293		6,000		32,293
2023	25,516		6,000		31,516
2024	24,691		6,000		30,691
2025	24,947		6,000		30,947