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Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The carrying values of intangible assets were as follows:
 
 December 31, 2024December 31, 2023
 Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In thousands)(In thousands)
Goodwill$1,018,677 $— $1,018,677 $907,331 $— $907,331 
Definite-lived intangible assets subject to amortization:
Developed technology$341,303 $(247,904)$93,399 $300,240 $(219,210)$81,030 
Customer relationships454,298 (164,279)290,019 296,616 (145,739)150,877 
Trademarks72,804 (41,733)31,071 43,862 (35,089)8,773 
Backlog14,170 (13,705)465 14,847 (13,483)1,364 
In-service research and development5,000 (5,000)— 5,000 (5,000)— 
Non-compete agreements5,265 (1,145)4,120 810 (710)100 
Total intangible assets subject to amortization$892,840 $(473,766)$419,074 $661,375 $(419,231)$242,144 
Indefinite-lived intangible assets not subject to amortization:
Trademarks$— $— $— $27,000 $— $27,000 
Total intangible assets not subject to amortization$— $— $— $27,000 $— $27,000 
Intangible assets$892,840 $(473,766)$419,074 $688,375 $(419,231)$269,144 
Segment Allocation of Goodwill and Trademarks
The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows:
 
Smart Infrastructure SolutionsAutomation SolutionsConsolidated
 (In thousands)
Balance at December 31, 2022$477,834 $384,419 $862,253 
Acquisitions32,243 5,816 38,059 
Translation impact
1,447 5,572 7,019 
Balance at December 31, 2023$511,524 $395,807 $907,331 
Acquisitions120,962 2,620 123,582 
    Translation impact(3,128)(9,108)(12,236)
Balance at December 31, 2024$629,358 $389,319 $1,018,677 
The changes in the carrying amount of indefinite-lived trademarks are as follows:
Smart Infrastructure SolutionsAutomation
 Solutions		Consolidated
 (In thousands)
Balance at December 31, 2022 and 2023$27,000 $— $27,000 
Reclassify to definite-lived(27,000)— (27,000)
Balance at December 31, 2024$— $— $— 
Annual Impairment Test
The annual measurement date for our goodwill impairment test is our fiscal November month-end. For our 2024 goodwill impairment test, we performed a qualitative assessment for all six reporting units and determined that it was more likely than not that the fair value of each reporting unit was greater than its respective carrying value. Therefore, we did not record any goodwill impairment in 2024. We did not recognize any goodwill or indefinite-lived intangible asset impairment in 2023 or 2022.
Amortization Expense
We recognized amortization expense in income from continuing operations of $59.4 million, $48.1 million, and $41.7 million in 2024, 2023, and 2022, respectively. We expect to recognize annual amortization expense of $61.3 million in 2025, $50.7 million in 2026, $45.9 million in 2027, $36.8 million in 2028, and $31.0 million in 2029 related to our intangible assets balance as of December 31, 2024.
The weighted-average amortization period for our customer relationships, trademarks, developed technology, non-compete agreements, and backlog is 19.5 years, 7.5 years, 7.3 years, 5.0 years, 5.0 years, and 5.0 years, respectively.
At the beginning of 2024, we re-evaluated the useful life of a certain trademark in our Smart Infrastructure Solutions segment and concluded that an indefinite life for this trademark was no longer appropriate. We estimated a useful life of eight years for the trademark and will re-evaluate this estimate if and when our expected use of the trademark changes. We began amortizing the trademark in 2024, which resulted in amortization expense of $3.4 million for the year ended December 31, 2024. As of December 31, 2024 and 2023, the net book value of this trademark was $23.6 million and $27.0 million, respectively.