INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

Intangible assets on the Company’s consolidated balance sheets consist of the following (in thousands):

		December 31, 2022						December 31, 2021
		Gross		Accumulated		Net Book		Gross		Accumulated		Net Book
	Life	Amount		Amortization		Value		Amount		Amortization		Value
Customer lists	5 - 18 years	$	112,378	$	(34,377)	$	78,001	$	94,079	$	(27,639)	$	66,440
Trade name	10 - 19 years		15,320		(6,900)		8,421		14,649		(5,927)		8,722
Design and technologies	10 - 15 years		41,212		(8,558)		32,654		34,241		(5,617)		28,624
Total		$	168,910	$	(49,835)	$	119,075	$	142,969	$	(39,183)	$	103,786

Intangible assets resulting from the 2022 acquisitions of FPH, ThinGap, and Airex were $28,611 (Note 2). Intangible assets resulting from the 2021 acquisitions of ORMEC, ALIO and Spectrum Controls were $45,000 (Note 2). The intangible assets acquired consist of customer lists, technology, and trade names.

Total amortization expense for intangible assets for the years 2022, 2021 and 2020 was $11,169, $6,245 and $5,928, respectively.

Estimated amortization expense for intangible assets is as follows (in thousands):

	Estimated
	Amortization Expense
2023	$	12,206
2024		11,880
2025		11,864
2026		11,766
2027		11,323
Thereafter		60,036
Total estimated amortization expense	$	119,075