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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Intangible Assets | Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings and leasehold improvements | 3 - 40 years
Machinery and equipment | 3 - 20 years
Furniture and fixtures | 3 - 15 years
Amortization is computed using the straight-line method over the following estimated useful lives:
Intellectual property | 6 - 30 years
Customer relationships | 14 years
Our intangible assets consist of the following:
| December 31,
| 2023 |  | 2022
Definite-lived intangible assets | (in thousands)
Intellectual property | $ | 12,450 |  |  | $ | 6,295 |
Customer relationships | 47,547 |  |  | 47,547 |
Capitalized internal-use software | 3,323 |  |  | — |
Less: Accumulated amortization | (9,838) |  |  | (3,807) |
Total, net | 53,482 |  |  | 50,035 |
Indefinite-lived intangible assets |  |  |
Trademarks | 14,571 |  |  | 14,571 |
Total intangible assets, net | $ | 68,053 |  |  | $ | 64,606 |
Schedule of Goodwill | The changes in the carrying amount of goodwill were as follows:
| Years Ended December 31, |  |
| 2023 |  | 2022 |  |
| (in thousands) |  |
Balance, beginning of period | $ | 81,892 |  |  | $ | 85,727 |  |  |
Additions due to acquisitions | — |  |  | — |  |  |
Decreases due to acquisition adjustments (Note 4) | — |  |  | (3,835) |  |  |
Balance, end of period | 81,892 |  |  | 81,892 |  |  |
The acquisition adjustments were recorded during the first quarter of 2022. The revisions were the result of the finalization of our preliminary estimates and third party valuation models related to the acquisition of BASX (Note 4) in 2021. The impact of such revisions on consolidated net income were not significant.

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