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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Goodwill activity for each of the Company’s reportable segments, Materials Solutions (“MS”) and Advanced Purity Solutions (“APS”), for the years ended December 31, 2024 and 2023 is shown below:
(In thousands) | MS |  | APS |  | Total
December 31, 2022 | $ | 4,092,141 |  |  | $ | 316,190 |  |  | $ | 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 |  |  | $ | 314,510 |  |  | $ | 3,945,860 |
Foreign currency translation | (36) |  |  | (2,253) |  |  | (2,289) |
December 31, 2024 | $ | 3,631,314 |  |  | $ | 312,257 |  |  | $ | 3,943,571 |
As of December 31, 2024, goodwill amounted to approximately $3,943.6 million, a decrease of $2.3 million from the balance at December 31, 2023, relating to foreign currency translation. As described in Note 20, the Company realigned its segments in the fourth quarter of 2024. The Company combined its previous segments, Advanced Materials Handing and Microcontamination Control into the new APS segment. We completed an assessment of any potential goodwill impairment for all reporting units immediately prior and subsequent to the reallocation and determined that no impairment existed. Identifiable intangible assets at December 31, 2024 and 2023 consist of the following:
2024
(In thousands) | Gross carrying amount |  | Accumulated amortization |  | Net carrying value |  | Weighted average life in years
Developed technology | $ | 1,256,766 |  |  | $ | 601,700 |  |  | $ | 655,066 |  |  | 7.2
Trademarks and trade names | 171,970 |  |  | 48,754 |  |  | 123,216 |  |  | 14.0
Customer relationships | 630,496 |  |  | 326,495 |  |  | 304,001 |  |  | 14.0
In-process research and development (1) | 6,600 |  |  | — |  |  | 6,600 |  |  |
Other | 25,544 |  |  | 22,681 |  |  | 2,863 |  |  | 5.1
| $ | 2,091,376 |  |  | $ | 999,630 |  |  | $ | 1,091,746 |  |  | 9.7
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
(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, 2024, 2023, and 2022:
(In thousands) | 2024 |  | 2023 |  | 2022
Amortization expense | $ | 190,119 |  |  | $ | 214,477 |  |  | $ | 143,953 |
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, 2024:
(In thousands) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Future amortization expense | $ | 185,671 |  |  | 182,505 |  |  | 178,891 |  |  | 176,449 |  |  | 110,693 |  |  | 257,537 |  |  | $ | 1,091,746 |

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