INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

Intangible assets are as follows:

(in thousands)	December 31, 2023		December 31, 2022
Definite-lived intangible assets
Customer relationships	$	59,543	$	58,764
Unpatented technology	18,416		18,208
Patented technology	3,677		3,635
Trade names	13,595		13,441
All other	9,763		9,653
Gross value of definite-lived intangible assets	$	104,994	$	103,701
Customer relationships amortization	(29,820)		(25,349)
Unpatented technology amortization	(11,764)		(10,013)
Patented technology amortization	(3,030)		(2,891)
Trade names amortization	(6,892)		(6,154)
All other amortization	(9,391)		(9,260)
Accumulated amortization	$	(60,897)	$	(53,667)
Net definite-lived intangible assets	$	44,097	$	50,034
Indefinite-lived intangible assets
Trademarks	1,530		1,530
Total intangible assets, net	$	45,627	$	51,564

The following summarizes the changes in the carrying amount of intangible assets:

	Year ended December 31,
(in thousands)	2023		2022
Balance at beginning of period	$	51,564	$	33,215
Business acquisitions and adjustments	—		27,412
Amortization expense	(7,230)		(7,348)
Currency translation adjustments	1,293		(1,715)
Balance at end of the period	$	45,627	$	51,564

Amortization of intangible assets is included in Cost of operations and SG&A in the Consolidated Statement of Operations but is not allocated to segment results.

Definite-lived intangible assets are assessed for impairment on an interim basis when impairment indicators exist. During the fourth quarter of 2023, we identified factors that indicated a triggering event had occurred, mainly due to the decrease in the common stock price during the quarter. We performed a quantitative assessment in accordance with ASC 360 and concluded that no impairment of intangible assets exists at December 31, 2023.

Estimated future intangible asset amortization expense, during the year ended December 31, 2023 is as follows (in thousands):

	Amortization Expense
Twelve months ending December 31, 2024	$	7,558
Twelve months ending December 31, 2025	6,685
Twelve months ending December 31, 2026	5,530
Twelve months ending December 31, 2027	4,916
Twelve months ending December 31, 2028	4,633
Thereafter	14,775