IDENTIFIABLE INTANGIBLE ASSETS

3 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure

IDENTIFIABLE INTANGIBLE ASSETS

Identifiable intangible assets are initially recorded at fair value at the time of acquisition, generally using an income or cost approach. The Company capitalizes costs incurred to renew or extend the term of recognized intangible assets and amortizes those costs over their expected useful lives.

The components of the Company’s identifiable intangible assets were:

	June 30, 2022
	Weighted Average Life	Cost		Accumulated Amortization		Net
	(Dollars in thousands)
Product technology	12 years	$	65,642	$	(34,456)	$	31,186
Customer relationships	12 years	56,830		(50,827)		$	6,003
Trademarks/brand names	6 years	1,600		(556)		$	1,044
Other intangibles	8 years	$	164	$	(22)	$	142
		$	124,236	$	(85,861)	$	38,375

	December 31, 2021
	Weighted Average Life	Cost		Accumulated Amortization		Net
	(Dollars in thousands)
Product technology	12 years	$	65,642	$	(32,484)	$	33,158
Customer relationships	12 years	56,830		(49,241)		7,589
Trademarks/brand names	6 years	1,600		(438)		1,162
Other intangibles	8 years	159		(12)		147
		$	124,231	$	(82,175)	$	42,056

Annual amortization expense (including amounts reported in cost of goods sold) is expected to be approximately $7.3 million in 2022, $6.6 million in 2023, $4.6 million in 2024, $3.3 million in 2025, and $3.3 million in 2026. For the three months ended June 30, 2022 and 2021, amortization expense totaled $1.8 million and $1.5 million, respectively, and included $1.0 million and $0.6 million, respectively, of amortization of product technology intangible assets that is presented within cost of goods sold. Amortization expense totaled $3.7 million and $2.5 million for the six months ended June 30, 2022 and 2021, respectively, and included $2.0 million and $0.9 million, respectively, of amortization of product technology intangible assets that is presented within cost of goods sold.