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OTHER INTANGIBLE ASSETS, NET | 6 Months Ended
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Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
OTHER INTANGIBLE ASSETS, NET | OTHER INTANGIBLE ASSETS, NET Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years. The following tables present the cumulative composition of the Corporation’s intangible assets:
|  | June 30, 2024 |  | December 31, 2023
(In thousands) |  | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net
Technology |  | $ | 311,884 |  |  | $ | (202,231) |  |  | $ | 109,653 |  |  | $ | 308,256 |  |  | $ | (195,446) |  |  | $ | 112,810 |
Customer related intangibles |  | 680,466 |  |  | (353,942) |  |  | 326,524 |  |  | 670,966 |  |  | (339,325) |  |  | 331,641 |
Programs (1) |  | 144,000 |  |  | (45,000) |  |  | 99,000 |  |  | 144,000 |  |  | (41,400) |  |  | 102,600 |
Other intangible assets |  | 54,879 |  |  | (44,608) |  |  | 10,271 |  |  | 54,227 |  |  | (43,666) |  |  | 10,561 |
Total |  | $ | 1,191,229 |  |  | $ | (645,781) |  |  | $ | 545,448 |  |  | $ | 1,177,449 |  |  | $ | (619,837) |  |  | $ | 557,612 |
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. During the six months ended June 30, 2024, the Corporation acquired intangible assets of $18 million. The Corporation acquired Customer-related intangibles of $12 million, Technology of $5 million, and Other intangible assets of $1 million, which have weighted average amortization periods of 18 years, 15 years, and 4 years, respectively. Total intangible amortization expense for the six months ended June 30, 2024 was $29 million, as compared to $33 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions) |
2024 | $ | 57 |
2025 | $ | 55 |
2026 | $ | 54 |
2027 | $ | 51 |
2028 | $ | 45 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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