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Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Goodwill
The following tables present goodwill information for the years ended December 31, 2024 and December 31, 2023:
(In thousands)December 31,
2023		Adjustment to Goodwill December 31,
2024
Total goodwill$286,812 — $286,812 

(In thousands)December 31,
2022
Divestiture of Goodwill (1)
December 31,
2023
Total goodwill$292,040 $(5,228)$286,812 
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(1)    In September 2023, the Company divested its PHY IP group, which resulted in the Company recognizing a decrease in goodwill based on the relative fair value of the Company’s single reporting unit in proportion to the fair value of the divested PHY IP group. Refer to Note 20, “Divestiture,” for additional information.
Intangible Assets, Net
The components of the Company’s intangible assets as of December 31, 2024 and December 31, 2023 were as follows:
As of December 31, 2024
(In thousands, except useful life)Useful Life
Gross Carrying Amount (1)
Accumulated Amortization (1)
Net Carrying Amount
Existing technology
3 to 10 years
$288,001 $(270,954)$17,047 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,484)12 
Non-compete agreements and trademarks3 years300 (300)— 
Total intangible assets$325,797 $(308,738)$17,059 
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(1)    The IPR&D projects acquired in connection with the acquisition of PLDA in 2021 were completed during the fourth quarter of 2024. The related intangible assets of $7.4 million were reclassified as existing technology and are being amortized over their expected useful life of five years. During the year ended December 31, 2024, the amortization for the reclassified assets was not material.
As of December 31, 2023
(In thousands, except useful life)Useful Life
Gross Carrying Amount (1)
Accumulated Amortization (1)
Net Carrying Amount
Existing technology
3 to 10 years
$286,712 $(265,756)$20,956 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,083)413 
Non-compete agreements and trademarks3 years300 (300)— 
IPR&DNot applicable7,400 — 7,400 
Total intangible assets$331,908 $(303,139)$28,769 
______________________________________
(1)    In September 2023, the Company disposed of approximately $7.4 million of net intangible assets (including $3.8 million of IPR&D) in connection with the divestiture of the Company’s PHY IP group. Refer to Note 20, “Divestiture,” for additional information.
Amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022 was $11.7 million, $14.7 million and $15.6 million, respectively.
The estimated future amortization expense of intangible assets as of December 31, 2024 was as follows (in thousands):
Years Ending December 31:Amount
2025$7,226 
20265,191 
20271,929 
20281,480 
20291,233 
Total intangible assets$17,059