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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill The following table represents the change in the carrying value of goodwill for the three months ended March 31, 2025 (amounts in thousands):
Balance at December 31, 2024 |  | $ | 1,030,995 |
908 Devices PAT Portfolio acquisition |  |  | 50,134 |
Cumulative translation adjustment |  |  | 1,284 |
Balance at March 31, 2025 |  | $ | 1,082,413 |
The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three months ended March 31, 2025. Intangible assets Indefinite-lived intangible assets are reviewed for impairment at least annually. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. There has been no impairment of the Company’s intangible assets for the periods presented. Intangible assets, net, consisted of the following at March 31, 2025:
|  | March 31, 2025 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
|  | (Amounts in thousands) |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Technology – developed |  | $ | 295,875 |  |  | $ | (65,433 | ) |  | $ | 230,442 |  |  |  | 16 |
Patents |  |  | 240 |  |  |  | (240 | ) |  |  | — |  |  |  | 8 |
Customer relationships |  |  | 275,017 |  |  |  | (105,691 | ) |  |  | 169,326 |  |  |  | 15 |
Trademarks |  |  | 10,493 |  |  |  | (2,429 | ) |  |  | 8,064 |  |  |  | 18 |
Other intangibles |  |  | 3,910 |  |  |  | (3,217 | ) |  |  | 693 |  |  |  | 3 |
Total finite-lived intangible assets |  |  | 585,535 |  |  |  | (177,010 | ) |  |  | 408,525 |  |  |  | 15 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |
Total intangible assets |  | $ | 586,235 |  |  | $ | (177,010 | ) |  | $ | 409,225 |  |  |  |
Intangible assets, net, consisted of the following at December 31, 2024:
|  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
|  | (Amounts in thousands) |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Technology – developed |  | $ | 283,380 |  |  | $ | (60,272 | ) |  | $ | 223,108 |  |  |  | 16 |
Patents |  |  | 240 |  |  |  | (240 | ) |  |  | — |  |  |  | 8 |
Customer relationships |  |  | 267,599 |  |  |  | (100,646 | ) |  |  | 166,953 |  |  |  | 15 |
Trademarks |  |  | 8,641 |  |  |  | (2,283 | ) |  |  | 6,358 |  |  |  | 19 |
Other intangibles |  |  | 3,812 |  |  |  | (3,034 | ) |  |  | 778 |  |  |  | 3 |
Total finite-lived intangible assets |  |  | 563,672 |  |  |  | (166,475 | ) |  |  | 397,197 |  |  |  | 15 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |
Total intangible assets |  | $ | 564,372 |  |  | $ | (166,475 | ) |  | $ | 397,897 |  |  |  |
Amortization expense for finite-lived intangible assets was $9.1 million and $8.7 million for each of the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company expects to record the following amortization expense in future periods (amounts in thousands):
|  | Estimated |
|  | Amortization |
For the Years Ended December 31, |  | Expense |
2025 (remaining nine months) |  | $ | 28,265 |
2026 |  |  | 37,551 |
2027 |  |  | 37,189 |
2028 |  |  | 37,156 |
2029 |  |  | 36,976 |
2030 and thereafter |  |  | 231,388 |
Total |  | $ | 408,525 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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