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GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS, NET
The following table presents the changes in the carrying amount of goodwill for the six months ended June 30, 2025. The carrying amount of goodwill was $9.0 million as of June 30, 2024, and there were no changes in the carrying amount of goodwill during the six months ended June 30, 2024.
June 30, 2025
Industrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Beginning balance$7,541 $1,449 $20,349 $29,339 
Effect of foreign currency translation— — 272 272 
Measurement period adjustments— — (3,829)(3,829)
Ending balance$7,541 $1,449 $16,792 $25,782 
The ending balance of goodwill includes no accumulated impairment losses to date. Refer to Note 3 for additional information related to the Deflecto acquisition and measurement period adjustments recorded during the six months ended June 30, 2025.
Other intangible assets, net consisted of the following:
June 30, 2025
Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Book Value
(In thousands)
Patents:
Intellectual property operations5 years$366,402 $(342,144)$24,258 
Industrial operations7 years3,400 (1,813)1,587 
Total patents369,802 (343,957)25,845 
Customer relationships:
Industrial operations7 years5,300 (2,824)2,476 
Manufacturing operations15 years22,438 (1,029)21,409 
Total customer relationships27,738 (3,853)23,885 
Trade name and trademarks:
Industrial operations7 years3,430 (1,828)1,602 
Manufacturing operations10 years401 (29)372 
Manufacturing operationsIndefinite8,685 — 8,685 
Total trade name and trademarks12,516 (1,857)10,659 
Developed technology - manufacturing operations10 years1,000 (70)930 
Favorable leases - manufacturing operations1.9 years704 (380)324 
Total$411,760 $(350,117)$61,643 
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 
Total other intangible asset amortization expense in the consolidated statements of operations and comprehensive income (loss) was $6.3 million and $3.7 million for the three months ended June 30, 2025 and 2024, respectively, and $11.7 million and $7.5 million for the six months ended June 30, 2025 and 2024, respectively. The Company did not record charges related to impairment of other intangible assets for the six months ended June 30, 2025 and 2024. There was no accelerated amortization of other intangible assets for the six months ended June 30, 2025 and 2024. Intellectual Property Operations amortization of patents was $5.4 million and $3.2 million for the three months ended June 30, 2025 and 2024, respectively, and $9.9 million and $6.7 million for the six months ended June 30, 2025 and 2024, respectively. Intellectual Property Operations amortization of patents is expensed in cost of revenues. Industrial Operations amortization of intangible assets was $433,000 for the three months ended June 30, 2025 and 2024, and $868,000 and $866,000 for the six months ended June 30, 2025 and 2024, respectively. Manufacturing Operations amortization of intangible assets was $427,000 and $899,000 for the three and six months ended June 30, 2025. 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,
Remainder of 2025$12,335 
202610,970 
20278,510 
20284,243 
20291,660 
20301,660 
Thereafter13,580 
Total$52,958 
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 six months ended June 30, 2025, ARG exercised the option to acquire all rights to license and enforce the portfolio and capitalized $15.0 million in patent and patent rights costs.