Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the net carrying amount of goodwill for the years ended December 31, are as follows:


	2020		2019
Balance as of January 1,	$	618,042	$	400,440

Goodwill resulting from business combinations	—		217,482

Goodwill adjustment resulting from business combinations	(1,009)		—

Foreign currency translation	1,407		120

Balance as of December 31,	$	618,440	$	618,042

During 2019, the Company acquired Buffalo Filter as further described in Note 2. Goodwill resulting from the acquisition amounted to $215.8 million and acquired intangible assets including customer and distributor relationships, developed technology and trademarks and tradenames amounted to $140.0 million. Total accumulated goodwill impairment losses aggregated $107.0 million at December 31, 2020 and 2019, respectively. During 2019, the Company acquired a

distributor as further described in Note 2 resulting in identifiable intangible assets of $4.1 million and goodwill. During 2020, the Company recorded a measurement period adjustment related to the acquired distributor.

Other intangible assets consist of the following:


	December 31, 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	$	342,639	$	(134,555)	$	342,568	$	(115,311)

Sales representation, marketing and promotional rights	25	149,376		(54,000)		149,376		(48,000)

Patents and other intangible assets	15	73,516		(48,882)		70,646		(46,456)

Developed technology	16	106,604		(19,705)		106,604		(13,171)

Intangible assets with indefinite lives:

Trademarks and tradenames		86,544		—		86,544		—

	22	$	758,679	$	(257,142)	$	755,738	$	(222,938)

Amortization expense related to intangible assets which are subject to amortization totaled $34.2 million, $32.3 million and $23.2 million for the years ending December 31, 2020, 2019 and 2018, 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 statements of comprehensive income. Included in developed technology is $1.6 million, $6.5 million and $21.3 million of earn-out consideration that was paid during 2020, 2019 and 2018, respectively, and an additional accrual of $6.0 million that is considered probable as of December 31, 2020 associated with a prior asset acquisition. The accrual is recorded in other current and other long-term liabilities at December 31, 2020.

The estimated amortization expense related to intangible assets at 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
2021	$	27,535	$	6,000	$	33,535
2022	26,377		6,000		32,377
2023	25,609		6,000		31,609
2024	24,794		6,000		30,794
2025	25,046		6,000		31,046