Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Intangible Assets

Depreciation is computed using the straight-line method over the following estimated useful lives:

Buildings and leasehold improvements	3 - 40 years
Machinery and equipment	3 - 20 years
Furniture and fixtures	3 - 15 years

Amortization is computed using the straight-line method over the following estimated useful lives:

Intellectual property	6 - 30 years
Customer relationships	14 years

Our intangible assets consist of the following:

	December 31,
	2023		2022
Definite-lived intangible assets	(in thousands)
Intellectual property	$	12,450	$	6,295
Customer relationships	47,547		47,547
Capitalized internal-use software	3,323		—
Less:  Accumulated amortization	(9,838)		(3,807)
Total, net	53,482		50,035
Indefinite-lived intangible assets
Trademarks	14,571		14,571
Total intangible assets, net	$	68,053	$	64,606

Schedule of Goodwill

The changes in the carrying amount of goodwill were as follows:

	Years Ended December 31,
	2023		2022
	(in thousands)
Balance, beginning of period	$	81,892	$	85,727
Additions due to acquisitions	—		—
Decreases due to acquisition adjustments (Note 4)	—		(3,835)
Balance, end of period	81,892		81,892

The acquisition adjustments were recorded during the first quarter of 2022. The revisions were the result of the finalization of our preliminary estimates and third party valuation models related to the acquisition of BASX (Note 4) in 2021. The impact of such revisions on consolidated net income were not significant.