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Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets 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 |
On April 27, 2022, the Company entered into a purchase and sale agreement with a third-party manufacturer to purchase certain assets to design and manufacture fan wheels for the purchase price of $6.5 million. As of December 31, 2023, approximately $5.5 million is included intangible asset (intellectual property) and approximately $1.0 million is included in property, plant and equipment, respectively, on our consolidated balance sheets. Amortization expense recorded in cost of sales is as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Amortization expense | $ | 5,331 |  |  | $ | 3,599 |  |  | $ | 246 |
Total future amortization expense for finite-lived intangible assets was estimated as follows:
| (in thousands)
2024 | $ | 5,367 |
2025 | 4,651 |
2026 | 4,651 |
2027 | 4,651 |
2028 | 4,560 |
Thereafter | 29,081 |
Total future amortization expense | 52,961 |
Internal-use software projects in process | 521 |
Total | $ | 53,482 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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