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GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Changes in the carrying amount of goodwill consisted of the following:
September 30, 2024
Industrial OperationsEnergy OperationsTotal
(In thousands)
Beginning balance$7,541 $1,449 $8,990 
Acquisition of business— — — 
Impairment losses— — — 
Ending balance$7,541 $1,449 $8,990 
December 31, 2023
Industrial OperationsEnergy OperationsTotal
(In thousands)
Beginning balance$7,541 $— $7,541 
Acquisition of business— 1,449 1,449 
Impairment losses— — — 
Ending balance$7,541 $1,449 $8,990 
The ending balance of goodwill includes no accumulated impairment losses to date. Refer to Note 1 for additional information related to the Printronix and Benchmark acquisitions.
Other intangible assets, net consisted of the following:
September 30, 2024
Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Book Value
(In thousands)
Patents:
Intellectual property operations6 years$351,403 $(327,499)$23,904 
Industrial operations7 years3,400 (1,446)1,954 
Total patents354,803 (328,945)25,858 
Customer relationships - industrial operations7 years5,300 (2,256)3,044 
Trade name and trademarks - industrial operations7 years3,430 (1,460)1,970 
Total$363,533 $(332,661)$30,872 
December 31, 2023
Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Book Value
(In thousands)
Patents:
Intellectual property operations6 years$341,403 $(316,114)$25,289 
Industrial operations7 years3,400 (1,083)2,317 
Total patents344,803 (317,197)27,606 
Customer relationships - industrial operations7 years5,300 (1,689)3,611 
Trade name and trademarks - industrial operations7 years3,430 (1,091)2,339 
Total$353,533 $(319,977)$33,556 
Total other intangible asset amortization expense in the consolidated statements of operations was $5.1 million and $3.0 million for the three months ended September 30, 2024 and 2023, respectively, and $12.7 million and $9.1 million for the nine months ended September 30, 2024 and 2023, respectively. The Company did not record charges related to impairment of other intangible assets for the nine months ended September 30, 2024 and 2023. There was no accelerated amortization of other intangible assets for the nine months ended September 30, 2024 and 2023. Intellectual Property Operations amortization of patents is expensed in cost of revenues and Industrial Operations amortization is expensed in general and administrative expenses.
The following table presents the scheduled annual aggregate amortization expense (in thousands):
Years Ending December 31,
Remainder of 2024$5,146 
202518,485 
20264,173 
20271,734 
20281,334 
Total$30,872 
During the year ended December 31, 2022, ARG entered into an agreement granting ARG the exclusive option to acquire all rights to license and enforce a patent portfolio and all future patents and patent applications, and incurred $15.0 million of certain patent and patent rights costs, which was fully paid in 2023. The patent costs are included in prepaid expenses and other current assets in the consolidated balance sheet as of September 30, 2024. During the year ended December 31, 2023 and during the nine months ended September 30, 2024, ARG entered into agreements to obtain preferential future returns for existing patent portfolios for $10.0 million in each respective period, of which $6.0 million was paid in the fourth quarter of 2023 and $14.0 million was paid during the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, zero and $4.0 million of certain patent and patent rights acquisition costs was accrued, respectively, and included in accrued expenses and other current liabilities (see Note 8).