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Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in carrying amount of goodwill
The following tables present goodwill information for the years ended December 31, 2023 and December 31, 2022:
(In thousands)December 31,
2022
Divestiture of Goodwill (1)
December 31,
2023
Total goodwill$292,040 $(5,228)$286,812 
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(1)    In September 2023, the Company divested its PHY IP group, which resulted in the Company recognizing a decrease in goodwill based on the relative fair value of the Company’s single reporting unit in proportion to the fair value of the divested PHY IP group. Refer to Note 20, “Divestiture,” for additional information.
(In thousands)December 31,
2021
Additions to Goodwill (1)
Adjustment to Goodwill (2)
Effect of Exchange Rates (3)
December 31,
2022
Total goodwill$278,810 $12,069 $1,013 $148 $292,040 
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(1)    In May 2022, the Company acquired Hardent, Inc. (“Hardent”), which resulted in the Company recognizing additional goodwill. Refer to Note 21, “Acquisitions,” for additional information.
(2)    The adjustment to goodwill primarily includes a correction of an immaterial error related to an understatement in other current liabilities that originated from the acquisition of AnalogX Inc. (“AnalogX”) in 2021 and working capital adjustments from the acquisition of Hardent within the measurement period of one year.
(3)    Effect of exchange rates relates to foreign currency translation adjustments for the period.
Components of intangible assets
The components of the Company’s intangible assets as of December 31, 2023 and December 31, 2022 were as follows:
As of December 31, 2023
(In thousands, except useful life)Useful Life
Gross Carrying Amount (1)
Accumulated Amortization (1)
Net Carrying Amount
Existing technology
3 to 10 years
$286,712 $(265,756)$20,956 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,083)413 
Non-compete agreements and trademarks3 years300 (300)— 
IPR&DNot applicable7,400 — 7,400 
Total intangible assets$331,908 $(303,139)$28,769 
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(1)    In September 2023, the Company disposed of approximately $7.4 million of net intangible assets (including $3.8 million of IPR&D) in connection with the divestiture of the Company’s PHY IP group. Refer to Note 20, “Divestiture,” for additional information.
As of December 31, 2022
(In thousands, except useful life)Useful Life
Gross Carrying Amount (1) (2)
Accumulated Amortization (1) (2)
Net Carrying Amount
Existing technology
3 to 10 years
$299,925 $(261,708)$38,217 
Customer contracts and contractual relationships
0.5 to 10 years
37,996 (36,533)1,463 
Non-compete agreements and trademarks3 years300 (300)— 
IPR&DNot applicable11,200 — 11,200 
Total intangible assets$349,421 $(298,541)$50,880 
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(1)    During the year ended December 31, 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 year ended December 31, 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 21, “Acquisitions,” for additional information.
Estimated future amortization expense of intangible assets
The estimated future amortization expense of intangible assets as of December 31, 2023 was as follows (in thousands):
Years Ending December 31:Amount
2024$11,742 
20255,427 
20263,739 
2027461 
2028— 
Thereafter— 
Total amortizable purchased intangible assets21,369 
IPR&D7,400 
Total intangible assets$28,769