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Intangible Assets
12 Months Ended
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

Intangible assets at December 31 were as follows:

December 31, 2023

 

Intangible Assets

 

Useful life

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Currency Exchange

 

 

Net

 

Amortized intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Patents

 

5-15 years

 

$

16,040

 

 

$

(15,699

)

 

$

(245

)

 

$

96

 

 Developed product technology

 

2-10 years

 

 

169,499

 

 

 

(122,788

)

 

 

(6,192

)

 

 

40,519

 

 Customer relationships

 

7-12 years

 

 

62,465

 

 

 

(46,656

)

 

 

(1,671

)

 

 

14,138

 

 Software license and other

 

3-4 years

 

 

2,743

 

 

 

(2,677

)

 

 

(62

)

 

 

4

 

 Total amortized intangible assets

 

 

 

 

250,747

 

 

 

(187,820

)

 

 

(8,170

)

 

 

54,757

 

Intangible assets with indefinite lives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In process research and development

 

Indefinite

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Trademarks and trade names

 

Indefinite

 

 

10,303

 

 

 

-

 

 

 

(1,123

)

 

 

9,180

 

 Total Intangible assets with indefinite lives

 

 

 

 

10,303

 

 

 

-

 

 

 

(1,123

)

 

 

9,180

 

Total intangible assets

 

 

 

$

261,050

 

 

$

(187,820

)

 

$

(9,293

)

 

$

63,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

Intangible Assets

 

Useful life

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Currency Exchange

 

 

Net

 

Amortized intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patents

 

5-15 years

 

$

16,040

 

 

$

(15,437

)

 

$

(234

)

 

$

369

 

Developed product technology

 

2-10 years

 

 

169,499

 

 

 

(111,639

)

 

 

(6,176

)

 

 

51,684

 

Customer relationships

 

7-12 years

 

 

62,465

 

 

 

(42,784

)

 

 

(1,672

)

 

 

18,009

 

Software license and other

 

3-4 years

 

 

2,743

 

 

 

(2,677

)

 

 

(59

)

 

 

7

 

 Total amortized intangible assets

 

 

 

 

250,747

 

 

 

(172,537

)

 

 

(8,141

)

 

 

70,069

 

Intangible assets with indefinite lives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In process research and development

 

Indefinite

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Trademarks and trade names

 

Indefinite

 

 

10,303

 

 

 

-

 

 

 

(1,235

)

 

 

9,068

 

 Total Intangible assets with indefinite lives

 

 

 

 

10,303

 

 

 

-

 

 

 

(1,235

)

 

 

9,068

 

Total intangible assets

 

 

 

$

261,050

 

 

$

(172,537

)

 

$

(9,376

)

 

$

79,137

 

Amortization expense related to intangible assets subject to amortization was $15.3 million, $15.6 million and $16.2 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively. In process research and development is transferred to amortized intangible assets at the time the product becomes viable.

The weighted amortization period for intangible assets subject to amortization is 9.9 years. The schedule below sets future amortization expense of our currently owned intangible assets:

2024

 

$

14,899

 

2025

 

 

13,904

 

2026

 

 

12,340

 

2027

 

 

11,348

 

2028

 

 

878

 

2029 and thereafter

 

 

1,388

 

Total

 

$

54,757