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Intangible Assets and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in carrying amount of goodwill
The following tables present goodwill information for the nine months ended September 30, 2022:
(In thousands)As of December 31, 2021
Addition to Goodwill (1)
Adjustments to Goodwill (2)
Effect of
Exchange Rates (3)
As of September 30, 2022
Total goodwill$278,810 $12,069 $1,013 $146 $292,038 
_________________________________________
(1)    In May 2022, the Company acquired Hardent, Inc. (“Hardent”), which resulted in the Company recognizing additional goodwill. Refer to Note 16, “Acquisition,” for additional information.
(2)    The adjustments to goodwill primarily include a correction of an immaterial error related to an understatement in other current liabilities that originated from the acquisition of AnalogX in 2021 and working capital adjustments from the acquisition of Hardent.
(3)    Effect of exchange rates relates to foreign currency translation adjustments for the period.
As of September 30, 2022
(In thousands)Gross Carrying AmountAccumulated Impairment LossesNet Carrying Amount
Total goodwill$313,808 $(21,770)$292,038 
Components of intangible assets
The components of the Company’s intangible assets as of September 30, 2022 and December 31, 2021 were as follows:
  As of September 30, 2022
(In thousands)Useful Life
Gross Carrying
 Amount (1) (2)
Accumulated
 Amortization (1) (2)
Net Carrying
 Amount
Existing technology
3 to 10 years
$299,925 $(258,072)$41,853 
Customer contracts and contractual relationships
0.5 to 10 years
37,996 (36,193)1,803 
Non-compete agreements and trademarks
3 years
300 (300)— 
In-process research and development (“IPR&D”)Not applicable11,200 — 11,200 
Total intangible assets $349,421 $(294,565)$54,856 
_________________________________________
(1)    During the nine months ended September 30, 2022, the Company acquired certain intangible assets for $3.0 million in cash. The assets were classified as existing technology and are being amortized over their expected useful life of five years. During the nine months ended September 30, 2022, the amortization for the acquired assets was not material.
(2)    In May 2022, the Company acquired Hardent, which resulted in the Company recognizing additional intangible assets. Refer to Note 16, “Acquisition,” for additional information.
  As of December 31, 2021
(In thousands)Useful Life
Gross Carrying
 Amount
Accumulated
 Amortization
Net Carrying
 Amount
Existing technology
3 to 10 years
$292,058 $(247,422)$44,636 
Customer contracts and contractual relationships
0.5 to 10 years
37,793 (35,209)2,584 
Non-compete agreements and trademarks
3 years
300 (300)— 
IPR&DNot applicable11,200 — 11,200 
Total intangible assets $341,351 $(282,931)$58,420 
Estimated future amortization of intangible assets
The estimated future amortization of intangible assets as of September 30, 2022 was as follows (in thousands):
Years Ending December 31:Amount
2022 (remaining three months)$4,154 
202315,134 
202412,759 
20256,718 
20264,400 
Thereafter491 
Total amortizable purchased intangible assets43,656 
IPR&D11,200 
Total intangible assets$54,856