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GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 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:
December 31, 2024
Industrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Beginning balance$7,541 $1,449 $— $8,990 
Acquisition of business— — 20,628 20,628 
Effect of foreign currency translation— — (279)(279)
Impairment losses— — — — 
Ending balance$7,541 $1,449 $20,349 $29,339 
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. Refer to Note 3 for additional information related to the Deflecto acquisition.
Other intangible assets, net consisted of the following:
December 31, 2024
Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Book Value
(In thousands)
Patents:
Intellectual property operations6 years$351,403 $(332,211)$19,192 
Industrial operations7 years3,400 (1,568)1,832 
Total patents354,803 (333,779)21,024 
Customer relationships:
Industrial operations7 years5,300 (2,446)2,854 
Manufacturing operations15 years20,200 (269)19,931 
Total customer relationships25,500 (2,715)22,785 
Trade name and trademarks
Industrial operations7 years3,430 (1,583)1,847 
Manufacturing operations10 years400 (8)392 
Manufacturing operationsIndefinite8,009 — 8,009 
Total trade name and trademarks11,839 (1,591)10,248 
Developed technology - manufacturing operations10 years1,000 (20)980 
Favorable leases - manufacturing operations1.9 years704 (312)392 
Total$393,846 $(338,417)$55,429 
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 and comprehensive income (loss) was $18.4 million and $13.1 million for the years ended December 31, 2024 and 2023, respectively. The Company did not record charges related to impairment of other intangible assets for the years ended December 31, 2024 and 2023. There was no accelerated amortization of other intangible assets for the years ended December 31, 2024 and 2023. Intellectual Property Operations amortization of patents was $16.1 million and $11.4 million for the years ended December 31, 2024 and 2023, respectively, and is expensed in cost of revenues. Industrial Operations amortization of intangible assets was $1.7 million and $1.7 million for the years ended December 31, 2024 and 2023, respectively. Manufacturing Operations amortization of intangible assets was $609,000 for the period from October 18, 2024 through December 31, 2024. Industrial Operations and Manufacturing Operations amortization of intangible assets is expensed in general and administrative expenses.
The following table presents the scheduled annual aggregate amortization expense (in thousands):
Years Ending December 31,
2025$20,108 
20265,796 
20273,356 
20282,957 
20291,623 
Thereafter13,580 
Total$47,420 
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 December 31, 2024. During the years ended December 31, 2024 and 2023, 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 year ended December 31, 2024. As of December 31, 2024 and 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 9).