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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Goodwill activity for each of the Company’s reportable segments, Materials Solutions (“MS”), Microcontamination Control (“MC”), and Advanced Materials Handling (“AMH”), for the years ended December 31, 2023 and 2022 is shown below:
(In thousands) | MS |  | MC |  | AMH |  | Total
December 31, 2021 | $ | 470,875 |  |  | $ | 248,725 |  |  | $ | 74,102 |  |  | $ | 793,702 |
Addition due to acquisitions | 3,628,457 |  |  | — |  |  | — |  |  | 3,628,457 |
Purchase accounting adjustments | 5 |  |  | — |  |  | — |  |  | 5 |
Goodwill included in assets held-for-sale | (8,822) |  |  | — |  |  | — |  |  | (8,822) |
Foreign currency translation | 1,626 |  |  | (6,637) |  |  | — |  |  | (5,011) |
December 31, 2022 | 4,092,141 |  |  | 242,088 |  |  | 74,102 |  |  | 4,408,331 |
Goodwill impairment | (115,217) |  |  | — |  |  | — |  |  | (115,217) |
Disposition of businesses | (340,643) |  |  | — |  |  | — |  |  | (340,643) |
Purchase accounting adjustments | (1,021) |  |  | — |  |  | — |  |  | (1,021) |
Goodwill included in assets held-for-sale | (3,885) |  |  | — |  |  | — |  |  | (3,885) |
Foreign currency translation | (25) |  |  | (1,680) |  |  | — |  |  | (1,705) |
December 31, 2023 | $ | 3,631,350 |  |  | $ | 240,408 |  |  | $ | 74,102 |  |  | $ | 3,945,860 |
As of December 31, 2023, goodwill amounted to approximately $3,945.9 million, a decrease of $462.5 million from the balance at December 31, 2022. The decrease in goodwill in 2023 reflects (1) the goodwill impairment of our EC reporting unit of $104.8 million and for a small, industrial specialty chemicals business of $10.4 million, as described in Note 3, (2) the sale of the QED and EC businesses and related goodwill of the respective business of $90.0 million and $250.6 million respectively as described in Note 5, (3) purchase accounting adjustments recognized during the one-year measurement period of $1.0 million, (4) goodwill reclassified to asset held-for-sale of $3.9 million related to the PIM business as described in Note 5 and (5) foreign currency translation of $1.7 million. Identifiable intangible assets at December 31, 2023 and 2022 consist of the following:
2023
(In thousands) | Gross carrying amount |  | Accumulated amortization |  | Net carrying value |  | Weighted average life in years
Developed technology | $ | 1,256,469 |  |  | $ | 455,720 |  |  | $ | 800,749 |  |  | 7.2
Trademarks and trade names | 172,031 |  |  | 37,877 |  |  | 134,154 |  |  | 14.0
Customer relationships | 630,743 |  |  | 293,782 |  |  | 336,961 |  |  | 14.0
In-process research and development (1) | 7,100 |  |  | — |  |  | 7,100 |  |  |
Other | 23,924 |  |  | 20,919 |  |  | 3,005 |  |  | 5.6
| $ | 2,090,267 |  |  | $ | 808,298 |  |  | $ | 1,281,969 |  |  | 9.7
2022
(In thousands) | Gross carrying amount |  | Accumulated amortization |  | Net carrying value |  | Weighted average life in years
Developed technology | $ | 1,302,101 |  |  | $ | 313,876 |  |  | $ | 988,225 |  |  | 7.3
Trademarks and trade names | 250,473 |  |  | 29,565 |  |  | 220,908 |  |  | 14.3
Customer relationships | 863,947 |  |  | 273,039 |  |  | 590,908 |  |  | 15.4
In-process research and development (1) | 31,100 |  |  | — |  |  | 31,100 |  |  |
Other | 31,206 |  |  | 20,392 |  |  | 10,814 |  |  | 4.3
| $ | 2,478,827 |  |  | $ | 636,872 |  |  | $ | 1,841,955 |  |  | 10.8
(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we determine the useful life and begin amortizing the assets. The table below sets forth the amortization expense for finite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021:
(In thousands) | 2023 |  | 2022 |  | 2021
Amortization expense | $ | 214,477 |  |  | $ | 143,953 |  |  | $ | 47,856 |
The amortization expense for each of the five succeeding years and thereafter relating to finite-lived intangible assets currently recorded in the Company’s consolidated balance sheets is estimated to be the following at December 31, 2023:
(In thousands) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Future amortization expense | $ | 191,213 |  |  | 185,102 |  |  | 182,265 |  |  | 178,479 |  |  | 175,983 |  |  | 368,927 |  |  | $ | 1,281,969 |

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