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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the six months ended June 30, 2022 are as follows:
Balance as of December 31, 2021 | $ | 617,528 |
Goodwill resulting from business acquisition | 140,338 |
Foreign currency translation | (1,113) |
Balance as of June 30, 2022 | $ | 756,753 |
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 three months ended June 30, 2022, the Company acquired In2Bones Global, Inc. as further described in Note 4. Goodwill resulting from the acquisition amounted to $140.3 million and acquired intangible assets including distributor relationships and developed technology amounted to $63.9 million. Other intangible assets consist of the following:
| June 30, 2022 |  | December 31, 2021
| Weighted Average Amortization Period (Years) | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Intangible assets with definite lives: | 22 |  |  |  |  |  |  |
Customer and distributor relationships | 24 | $ | 368,835 |  |  | $ | (161,651) |  |  | $ | 342,452 |  |  | $ | (152,934) |
Sales representation, marketing and promotional rights | 25 | 149,376 |  |  | (63,000) |  |  | 149,376 |  |  | (60,000) |
Developed technology | 15 | 143,904 |  |  | (30,208) |  |  | 106,604 |  |  | (26,495) |
Patents and other intangible assets | 14 | 77,191 |  |  | (51,671) |  |  | 76,392 |  |  | (50,890) |
Intangible assets with indefinite lives: |  |  |  |  |  |  |  |
Trademarks and tradenames |  | 86,544 |  |  | — |  |  | 86,544 |  |  | — |
|  | $ | 825,850 |  |  | $ | (306,530) |  |  | $ | 761,368 |  |  | $ | (290,319) |
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 $8.2 million for both the three months ended June 30, 2022 and 2021, and $16.2 million and $16.6 million in the six months ended June 30, 2022 and 2021, 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). The estimated intangible asset amortization expense remaining for the year ending December 31, 2022 and for each of the five succeeding years is as follows:
| Amortization included in expense |  | Amortization recorded as a reduction of revenue |  | Total
Remaining, 2022 | $ | 14,731 |  |  | $ | 3,000 |  |  | $ | 17,731 |
2023 | 28,715 |  |  | 6,000 |  |  | 34,715 |
2024 | 28,427 |  |  | 6,000 |  |  | 34,427 |
2025 | 28,846 |  |  | 6,000 |  |  | 34,846 |
2026 | 28,502 |  |  | 6,000 |  |  | 34,502 |
2027 | 29,207 |  |  | 6,000 |  |  | 35,207 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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