Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the net carrying amount of goodwill for the three months ended March 31, 2023 are as follows:


Balance as of December 31, 2022	$	815,429



Foreign currency translation	70

Balance as of March 31, 2023	$	815,499

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.

Other intangible assets consist of the following:


	March 31, 2023					December 31, 2022
	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	$	369,881	$	(175,291)	$	369,854	$	(170,870)

Sales representation, marketing and promotional rights	25	149,376		(67,500)		149,376		(66,000)

Developed technology	18	320,204		(37,146)		320,204		(34,675)

Patents and other intangible assets	16	80,335		(52,865)		79,838		(52,472)

Intangible assets with indefinite lives:

Trademarks and tradenames		86,544		—		86,544		—

		$	1,006,340	$	(332,802)	$	1,005,816	$	(324,017)

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 $8.8 million and $8.0 million for the three months ended March 31, 2023 and 2022, 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.

The estimated intangible asset amortization expense remaining for the year ending December 31, 2023 and for each of the five succeeding years is as follows:


	Amortization included in expense		Amortization recorded as a reduction of revenue		Total
Remaining, 2023	$	21,947	$	4,500	$	26,447
2024	28,773		6,000		34,773
2025	29,563		6,000		35,563
2026	29,316		6,000		35,316
2027	30,367		6,000		36,367
2028	33,507		6,000		39,507