OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

OTHER INTANGIBLE ASSETS, NET

8. OTHER INTANGIBLE ASSETS, NET

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.

The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2024 and December 31, 2023, respectively.

	2024						2023
(In thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Technology	$	330,593	$	(208,094)	$	122,499	$	308,256	$	(195,446)	$	112,810
Customer-related intangibles	736,612		(367,872)		368,740		670,966		(339,325)		331,641
Programs (1)	144,000		(48,600)		95,400		144,000		(41,400)		102,600
Other intangible assets	55,738		(45,546)		10,192		54,227		(43,666)		10,561
Total	$	1,266,943	$	(670,112)	$	596,831	$	1,177,449	$	(619,837)	$	557,612

(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.

During the year ended December 31, 2024, the Corporation acquired intangible assets of $99 million. The Corporation acquired Customer-related intangibles of $71 million, Technology of $26 million, and Other intangible assets of $2 million, which have weighted average amortization periods of 12 years, 15 years, and 3 years, respectively. During the year ended December 31, 2023, the Corporation did not acquire any intangible assets.

Amortization expense for the years ended December 31, 2024, 2023, and 2022 was $57 million, $65 million, and $61 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2025	$	72
2026	$	59
2027	$	56
2028	$	50
2029	$	50