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Intangible Assets
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

Intangible assets at December 31 were as follows:

December 31, 2024

 

Intangible Assets

 

Useful life

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Currency Exchange

 

 

Net

 

Amortized intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Patents

 

5-15 years

 

$

16,040

 

 

$

(15,954

)

 

$

404

 

 

$

490

 

 Developed product technology

 

2-10 years

 

 

182,499

 

 

 

(134,123

)

 

 

(7,146

)

 

 

41,230

 

 Customer relationships

 

7-12 years

 

 

69,718

 

 

 

(51,563

)

 

 

(1,699

)

 

 

16,456

 

 Software license and other

 

3-4 years

 

 

2,743

 

 

 

(2,677

)

 

 

(66

)

 

 

-

 

 Total amortized intangible assets

 

 

 

 

271,000

 

 

 

(204,317

)

 

 

(8,507

)

 

 

58,176

 

Intangible assets with indefinite lives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and trade names

 

Indefinite

 

 

10,303

 

 

 

-

 

 

 

(1,082

)

 

 

9,221

 

 Total Intangible assets with indefinite lives

 

 

 

 

10,303

 

 

 

-

 

 

 

(1,082

)

 

 

9,221

 

Total intangible assets

 

 

 

$

281,303

 

 

$

(204,317

)

 

$

(9,589

)

 

$

67,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Amortization expense related to intangible assets subject to amortization was $16.5 million, $15.3 million, and $15.6 million for the twelve months ended December 31, 2024, 2023, and 2022, 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 9.4 years. The schedule below sets future amortization expense of our currently owned intangible assets:

2025

 

$

22,190

 

2026

 

 

15,635

 

2027

 

 

14,650

 

2028

 

 

3,676

 

2029

 

 

652

 

2030 and thereafter

 

 

1,373

 

Total

 

$

58,176